During Insurance Europe's General Assembly on 22 May 2019, the Federation announced a new member aboard: The Association of Insurance Companies in the Federation of Bosnia and Herzegovina (UDOFBiH).
Last year, the BiH insurance market totaled EUR 365 million (BAM 713 million), 4.4% more y-o-y, as data from the local insurance agency - AZOBIH shows.
Bosnian insurance market grew solidly y-o-y, in terms of gross written premiums (GWP), from EUR 232 million in 2008 to EUR 349 million in 2017. Around half of premiums were brought by MTPL only. Paid claims (PC) fluctuated between EUR 95 - 136 million.
The Government of Republic of Srpska has established a Draft Law on Amendments to the Law on Insurance Companies. The proposed articles will include changes in insurers' internal organization, higher amounts of founding capital required, as well as changes in administrative procedures.
ASA Osiguranje, one of the youngest insurance companies in Bosnia, which was established in 2007 and is part of the ASA Group, ended 2018 with positive results (~+20%), and, according to the General Director Feda MORANKIC, the same positive trend is expected in 2019.
CROATIA osiguranje (CO) has announced on 23 January that both agreements concluded in June last year, to acquire through its Bosnian subsidiary the full ownership of the Bosnian Testing Center LLC and the CENTRAL INSURANCE company, are canceled.
The Bosnian market saw a consolidated GWP growth rate of 4% y-o-y in 1H2018, to EUR 183.5 million. Of this total, the non-life insurance segment accounts for by far the largest part with over 80%. Moreover, the MTPL insurance class provides for a clear half of the total GWP volume.
Austrian insurer GRAWE has increased its presence on the Bosnian specialty market by acquiring the local insurer ATOS Osiguranje, former "Bobar osiguranje, for a total consideration of just over KM 23 million (~ EUR 12 million), the local financial press reports.
Bosnian insurers reported aggregate 1Q2018 GWP of BAM 167.07 million (~EUR 85.4 million), up by 2.45% y-o-y, according to the most recent market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) remains stable.
The Bosnian subsidiary of Austrian insurer GRAWE (GRAWE osiguranje) finalized the absorption of local non-life insurer VGT osiguranje, according to the latest registered operations by RVP - The Registry of Securities of the Federation Bosnia and Herzegovina.
The net profit of Bosnian insurer Sarajevo Osiguranje increased to 258,546 marka (132,193 euro) in 2017, from 55,032 marka a year earlier, the company said.
The House of Representatives of the Parliament of FBiH, one of the two administrative entities that form Bosnia & Herzegovina has approved this week the new law on compulsory MTPL, taking thus a big step towards the a free MTPL market.
Last year, the aggregate GWP of the 27 Bosnian insurers increased by 7.77% y-o-y to BAM 683.23 million (EUR 349.33 million), as data from the local insurance agency - AZOBIH show.
At the beginning of the year, Adriatic Insurance Company has lost its leading position on the market.
Bosnia's Competition Council said it has approved the acquisition of a majority shareholding interest in local insurer Zovko Osiguranje by its peer Bosna Sunce Osiguranje.