As there were no significant differences between the growth rates recorded by the life and non-life segments, their weight in the market portfolio remained rather unchanged as compared with 1H2017, of 22% for life insurance and 78% for non-life insurance. Yet, the non-life business saw a slightly higher growth rate than the life insurance segment (9.9% vs. 7.5%).
Property insurance lines, in particular the fire and allied perils class, have reported the highest growth rate among the relevant business lines in the market portfolio. Thus, gross premiums written for property insurance amounted to RSD 11.4 billion (EUR 96.65 million), 11.8% up y-o-y (14.4% increase in euro).
Motor insurance lines have also recorded a positive dynamic, with GWP increasing by 9.15% (11.7% in euro) y-o-y. Although the highest growth rate was shown by the Motor Hull line, MTPOL insurance remains the main motor insurance business line in the Serbian market, with a GWP volume of EUR 143.4 million, almost four times bigger than the one of the Motor Hull line (EUR 39.2 million).
AT the end of June 2018, the insurance market in Serbia comprised 21 insurance undertakings, two less compared to the corresponding period a year earlier. VIENNA Insurance Group acquired, through its Serbian unit Wiener Stadtische Osiguranje, the two AXA companies operating on the local market: AXA Non-Life Insurance (AXA Nezivotno Osiguranje) and AXA Life Insurance (AXA Zivotno Osiguranje). The acquisition announced in July 2016 was finalized in the third quarter of 2017, when the two AXA units were absorbed by Wiener Stadtische Osiguranje.
According to market data provided by the Natinal Bank of Serbia, the balance sheet total of the local insurance and reinsurance undertakings increased at end-Q2 2018 to RSD 253.6 billion (EUR 2,148 million), up by 9.8% y-o-y. The undertakings primarily engaged in non-life insurance reported a combined ratio of 89.2% (90.5% in Q2 2017). The favorable trend of this ratio resulted from the faster growth of earned net premium relative to net claims and underwritten expenses, the NBS report said.
The state controlled insurer DUNAV remained the market leader, with a 27.6% market share, followed by GENERALI Osiguranje (22.17%) and DDOR, belonging to the Italian UnipolSai Assicurazioni S.p.A. (12.09).