STATISTICS: SERBIA 1Q2018: Top 3 insurers accounted for almost two thirds of total market

The Serbian insurance market experienced a 2.4% y-o-y increase in Q1 GWP to RSD 24.7 billion (EUR 208 million), according to the NBS's (National Bank of Serbia) quarterly figures.

Non-life insurance made up 77.5% of total GWP (RSD 19.1 billion, up by 4% y-o-y), while the share of life insurance premiums was 22.5% (RSD 5.6 billion, down by 2.7% y-o-y).

In GWP terms, the largest non-life business lines were the two motor and the two property subclasses as follows: MTPL (~29% of total GWP), damages to property (~16%), Motor hull (8.5%), fire and allied perils (7.5%).

In terms of paid claims, the aggregate value was RSD 9.7 billion (~EUR 82 million), of which the two motor subclasses (MTPL and Motor hull, summed) generated about 42% of total or 60% of non-life claims - RSD 4.1 billion.

A total of 19 insurers operated on the market, two fewer compared with 1Q2017 after at the end of August 2017 the two AXA units (AXA Nezivotno Osiguranje and AXA Zivotno Osiguranje) have officially been absorbed by WIENER Stadtische Osiguranje - the local subsidiary of Austrian VIG.

Serbia's market leader as GWP was DUNAV Osiguranje (28% market share), followed by GENERALI Osiguranje (22.8%) and DDOR (11.6%).

Access www.xprimm.com and download the 1Q2018 Serbian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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