Turkey's state-controlled Ziraat Bank provided a 50 million euro (USD 65
million) loan to Bosnia and announced plans for its local unit to enter
the country's insurance and leasing market, Bosnian media said on
Ziraat Bank oks 50 mln euro loan to Bosnia, to expand operations - See
The Bosnian insurance market remained on track during the first half of 2014 and reported GWP of EUR 144.8 million, 9.2% up y-o-y. On the other hand, insurers' balance was significantly affected by the damage caused by catastrophic flooding during this spring as the paid claims volume rose by about 27%, up to EUR 61 million.
According to the 1Q2014 financial figures published by the two market authorities which supervise the Bosnian insurance market (Insurance Supervisory Agency of Federation of Bosnia and Herzegovina - NADOS, and Insurance Agency of Republika Srpska - AZORS) - the local insurance industry totaled at the end of March 2014 almost EUR 70 million, or 12.5% more y-o-y.
The recent severe flooding in the Balkans has cost Bosnia an estimated EUR 2 billion (USD 2.7 billion) in damage, an international expert group said.
The Vienna Insurance Group (VIG) said on Tuesday pretax profit from its operations in Bosnia and Herzegovina totaled 100,000 euro in the first quarter of 2014, unchanged from a year earlier.
The worst thing that happened to us during these floods is that the
people who have lost their homes loved ones, lost their jobs as well.
Through their personal earnings, they will not be able to repair the
material damage, said the Bosnia Herzegovina Chairman of Foreign trade
Chamber, Ahmet Egrlic.
At the end of 2013 the total value of gross written premiums by insurance companies active in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) increased 4.4% y-o-y to EUR 270 million. The upward trend was due the double-digit increasing performance in the life insurance segment, while the value of GWP in the non-life insurance segment was up by 2% y-o-y and accounted for 81% of the overall market.
At the end of September 2013, the total value of gross written premiums by insurance companies active in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) increased to EUR 202 million, up by 3.5% y-o-y.
Uniqa on Successful Growth Path in Bosnia and Herzegovina. Provisions
increased by 15.2 percent in the first three quarters of the year and
generated the second-highest growth rate. Moreover, the market share was
extended to 12.2 percent.
The Bosnian insurance market went up by 4.23%, to almost EUR 132.65 million, in the first half of 2013, primarily as a result of an increase of over 6.36% recorded by its smaller segment, namely the insurers domiciled in the Republika Srpska (RS), according to data published by the Insurance Agency in the Republika Srpska (AZORS). At the same time, the GWP volume reported by the FBiH insurers increased slightly by 3.5% y-o-y, the Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina (NADOS) reported. In absolute terms, it is worth mentioning that half of the additional non-life premium production recorded by the entire Bosnian market in 1H2013 was provided by the RS market, while in the structure of the total premiums, the share of the 12 companies domiciled in FBiH amounted to 74.2% (EUR 98.41 million), while the 11 RS-based companies accounted for the remaining 25.8% (EUR 34.25 million).
BiH's insurance market went up 3.6% to almost EUR 62 million in the first three months of 2013, primarily as a result of an increase of over 7% of insurance companies based in the Republic of Srpska (RS), the Insurance Agency of Republika Srpska (AZORS) informed. At the same time, the volume of GWP of FBiH insurers increased slightly by 2.4% y-o-y, the Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS) reported. In the structure of the total premium, the share of the 12 companies domiciled in FBiH amounted to 74.7% (EUR 46 million), while the 11 RS - based companies accounted for 25.3% (almost EUR 16 million).
In FY 2012, the total GWP of BiH insurers totaled EUR 258 million, which is 3.5% more than in FY2011. By insurance classes, "on the life segment, the premiums growth was of about 8%, while on the general insurance segment it was of nearly 2.7%," pointed out Samir OMERHODZIC, Director, Insurance Agency of Bosnia and Herzegovina (AZOBIH) at the International Insurance Forum 2013. "Analyzing the figures, we can conclude that the upward trend continued. In Bosnia, the insurance industry has not felt the impact of the recession," underlined Mr. OMERHODZIC.
ASA Insurance in 2012 achieved a premium of 10.026.242 KM, which indicates an increase of 2.2 percent in comparison to 2011.
Despite the financial crisis, Bosnia and Hergovina's insurance market remained on the growth track followed in the previous period, increasing by 2.87% y-o-y. The 25 insurers resident in BiH made in 3Q2012 a total GWP amount of EUR 195.17 million, out of which 83.84% relates to non-life insurance. Non-life insurance recorded 2% growth rate, to EUR 163.63 million, while life insurance lines grew by 7.59%, up to EUR 31.53 million. Premiums in the Federation of Bosnia and Herzegovina (FBiH) increased by 1.86%, compared to a 5.69% increase in the Republic of Srpska (RS).
Bosnian insurer BOBAR Osiguranje has cut its core capital by BAM 1.56 million (USD 1.03 million / EUR 797.615), or by 15,581 shares, to BAM 13.4 million, the Banja Luka bourse said on Monday.
Bosnian insurer JAHORINA Osiguranje raised its share capital by 8.0
million marka (USD 5.3 million/ EUR 4.1 million) to over 17.1 million
marka, the Banja Luka Stock Exchange said on Thursday.
The Bosnian insurance market recorded an overall steady evolution in 1H2012, as compared to 1H2011. Yet, if the total GWP showed only a less than 1pp change, to EUR 127.27 million by the end of June 2012, from the EUR 126.11 million figure of 2011, a closer look reveals a different situation when considering the figures for each business line. Thus, while life insurance recorded a positive change of over 7%, on the non-life insurance lines the results were less encouraging.
Bosnian non-life insurer Neskovic Osiguranje raised its capital by 1.0 million marka to 7.0 million marka, the Banja Luka bourse said on Thursday.
Bosnian insurer Jahorina Osiguranje said it will raise 10.72 million marka in a capital increase.
The total premium in January-March 2012 in Bosnia & Herzegovina amounted to EUR 59.7 million, which is 0.34% less than in 1Q2011. In the structure of the total premium, the share of the companies with registered office in FBiH amounted to 75.59%, while the RS-based companies accounted for 24.41%, showed the cumulated financial figures published by Insurance Supervisory Agency of Federation of Bosnia and Herzegovina (NADOS) and Insurance Agency of Republika Srpska (AZORS).