STATISTICS: Bosnia, 1H2017: Insurers based in Srpska Rep. increased their share to about one third of the market

The insurance market of Bosnia and Herzegovina continued its ascending path during the first half of 2017, recording a 8.9% increase in GWP, to EUR 176.4 million.

According to the preliminary market figures provided by the local insurance agency - AZOBiH, FBiH insurers' contribution amounted to EUR 123.4 million (7.3% more y-o-y, ~70% of total market), while the RS insurers accounted for the remainder EUR 53.0 million, up by 12.7% y-o-y.

"This growth was based on the growth of non-life insurance premiums of 8.5% and life insurance premium growth of 10.6% (...). Taking into consideration the overall economic situation in the country, this change, although not large, for the insurance market in Bosnia and Herzegovina is still significant", Samir OMERHODZIC, untill recently Director, Insurance Agency of Bosnia and Herzegovina told XPRIMM.

At the end of first half-year, 27 insurers operated in the Bosnian market, of which 13 were domiciled in FBiH and 14 RS-based insurers. "There were no changes in the number of insurance companies. There was a change in the ownership structure of one domestic insurance company. GRAWE Insurance, a company that has been present for many years in Bosnia and Herzegovina, has taken over 95% stake in the domestic insurer VGT", said Samir OMERHODZIC.

Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.

Access www.xprimm.com and download the 1H2017 Bosnia-Herzegovina insurance market statistics.

Related articles

STATISTICS: BOSNIA, 3Q: 8% y-o-y increase in GWP and a new market leader

Based on the figures released by AZOBIH - Insurance Agency of Bosnia and Herzegovina, at the end of September 2016 the aggregate value of GWP by the 27 insurers active in Republika Srpska and Federation of Bosnia and Herzegovina - the two administrative entities of the country, was of EUR 245.2 million, or 7.9% more y-o-y, while the value of claims paid was down by 5.2% y-o-y, to EUR 90.9 million.

2017-01-12

STATISTICS: BOSNIA, 1H2016: Motor lines generate about 80% of the non-life insurer's expenses for claims

The aggregate GWP value generated by the Bosnian insurers was up by 7.86% y-o-y to BAM 316.90 million (EUR 162.03 million) in the first half of 2016, according to the figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). About 71% of total GWP were made by the 12 insurance companies which are registered in the FBiH (or EUR 115 million) the remaining 29% (EUR 47 million) being reported by the 13 RS insurers.

2016-09-01

STATISTICS: Bosnian insurance market remained on track during 1Q

According to the 1Q 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 totalled almost EUR 75 million, at the end of March 2016, representing an increase of 7% y-o-y.

2016-08-04

STATISTICS: BiH, FY2015: steady growth fueled by the MTPL line

The Bosnian insurance market saw a 4.7% y-o-y growth, to GWP of EUR 301 million, while paid claims remained fairly stable at the previous year's level, of EUR 128 million. It is however interesting to observe that the strongest contribution to the market growth belonged to insurers from smallest administrative entity of the country, the Republica Srpska. Thus, RS's share in the overall premium production increased by about 1.5 pp, to 29%.

2016-02-04

STATISTICS: BOSNIA, 3Q: Double-digit increase of RS based insurers pushed up the aggregate market figures

Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina (FBiH) and the Srpska Republic (RS), in 3Q2015 the aggregate value of GWP by the 24 insurers active in the two administrative entities that formed the country was EUR 227.2 million, or 4.4% more y-o-y. Overall, the value of claims paid increased by almost 5% y-o-y to EUR 96 million.

2015-11-19

STATISTICS: BOSNIA, 1H2015: Srpska based insurers increased their weight in the market

The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).

2015-10-08

ON THE MOVE

TOP EVENT

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

See all