STATISTICS: SERBIA, 1H2017: Positive trend and a stable porfolio structure

Serbian insurers ended 1H2017 with GWP up by 10.3% y-o-y, to EUR 404.2 million, a growth rate slightly helped by the local currency's appreciation. Denominated in Serbian Dinars, the market results show an 8.12% increase in premiums.

The market portfolio's structure didn't change much in 1H2017, save a minor increase in the life insurance segment's share, from 21.96% in June 2016, to 22.48% at the end of June 2017. All relevant portfolio segments saw a positive evolution in the first half of 2017, but among the "big" one, the MoD insurance class recorded the highest growth rate, of 17.4%. On the other hand, the MTPL continues to hold the largest share in the portfolio (32%), while property insurance ranks third, with an almost 21% share.

Insurer DUNAV Osiguranje remained leader in the sector, although its market share has continuously deteriorated, to 27.1% in the first half of 2017 from the about 30% in 2010. DUNAV Osiguranje has generated a premium income of EUR 109.4 million, 8.8% up y-o-y.

GENERALI Osiguranje ranked second in the market hierarchy with EUR 84.8 million of premium income, 1.4% up y-o-y, and a 21% market share. GENERALI Osiguranje tops the life insurance segment, generating 27.5% of the life GWP.

Although the Vienna Insurance Group's companies in Serbia - Wiener Stadtische Osiguranje and the two AXA companies that were acquired in the previous year - were merged only in August 2017, it is worth mentioning this operation which resulted in a stronger position of the Group in the market rankings. Wiener Stadtische Osiguranje generated more than EUR 44 million in premiums in the 1st half of 2017. This corresponds to a double-digit increase of almost 30% compared to the previous year. The AXA companies' "absorption" will not actually change Wiener's position in the rankings, but will improve it in terms of market share, also adding to company's future development potential.

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


Related articles

photodune-3834701-laughing-girl-xs

STATISTICS: SERBIA, FY2017: positive trend in business; changes in preparation of the regulatory side

Serbian insurance market ended 2017 with FWP worth EUR 785.8 million, 8.8% up y-o-y, a result supported in part also by the Serbian Dinar appreciation against the European currency. In local currency, the GWP growth was of only 4.4%. Most of the market growth came from the non-life insurance side, which saw a 11% increase in premiums, thus raising its weight in the market portfolio by about 1.5 percentage points.

2018-05-03

Serbian Government expects EUR 100 million from the future DUNAV sale, in case it will decide the company's privatization

The Serbian Government has set the approximate privatization price for DUNAV Osiguranje to EUR 110 million, an article published by the Croatian insurance portal osiguranje.hr reads. Yet, the privatization decision is still pending, as the Government is currently analyzing the results of company's diagnostic review, to determine DUNAV's financial and competitive position before effectively launching the privatization process.

2017-01-12

ON THE MOVE

TOP EVENT

FIAR 2018 - Motor Insurance Conference (I & II): with the right use of technoloogy, clients' expectations and MTPL insurer's profitability may go hand in hand

The first and second parts of the Motor Insurance Conference taking place at FIAR 2018 focused on the new MTPL Law in Romania and the way it changed the market after almost 1 year of implementation, as well as the consequences of the new legislative framework and the operational challenges this brings, but also the most suitable solutions for balancing regulation, insurers' appetites and customer expectations on the MTPL market.

16.05.2018

FIAR 2018: Brokers' Conference (II): digitization and technology are needed for efficient operations, but will not replace the human touch in consultancy

The second part of the Brokers' Conference taking place at FIAR 2018 analyzed the impact of European Union's legislative overhaul - IDD & GDPR -, also bringing into debate study cases and real-life scenarios of what the brokers face on the market, and, last but not least, trying to see whether digitization and InsurTech could truly lead to disintermediation.


15.05.2018

Brokers' Conference (I): Until 1 July, when we will see the final version of the IDD, we cannot say for certain if we are ready and how ready we actually are

The second day of debates at FIAR 2018 started with The Brokers' Conference, the event dedicated to the mediation market in Romania and in the CEE region. The first part of the conference focused on a market overview and also analyzed the challenges of the IDD implementation, as well as the potential impact of IPID for MTPL and PAD.

15.05.2018

INSURANCE IN A DIGITAL WORLD Conference: capacity, consistency and culture are the three key success factors in the digital transformation of insurers

The INSURANCE IN A DIGITAL WORLD Conference, taking place at FIAR 2018, brought into debate the impact of digitization on the insurance industry. The first part of the conference focused on risks & opportunities of digitalization for both industry and consumers, as well as case studies and best practices: BigData & IoT, BlockChain, Peer-to-Peer, and AI.

14.05.2018

Insurance Market Trends Conference (II): GDPR and IDD, European regulations affecting all business lines, as well as the compliance with the Solvency II framework, are the main challenges ahead for the Romanian market

During the second part of the Insurance Market Trends Conference, taking place at FIAR 2018, the debates focused on the current situation in Romania and the sustainable development for a growing and stable insurance market, as well as the challenges and opportunities for the local insurers.


14.05.2018

See all