STATISTICS: SERBIA, 2008-2017 timeline: life insurance has doubled its share in the market portfolio

Serbia was one of few CEE insurance markets where the 2008 economic crisis was tackled with little sacrifice to market growth. The industry grew to EUR 195 million (+33%) from 2008 to 2017.

Life insurance has shown y-o-y increases, to EUR 120 million in premiums (+167%), while non-life segments maintain slower growth, adding EUR 75 million to the market (+14%).

In terms of Gross Written Premiums (GWP), the evolution can be divided into three segments, bounded by two important inflection years: 2010 and 2014. Between 2008-2010, the insurance market shrank in GWP terms, decreasing by 9.31% (- EUR 55 million), mainly due to the non-life evolution which faced a decrease of EUR 71 mil. The following stage, from 2010-2014, was the recovery interval of the market, with small fluctuations and an overall upward tendency. The third and final stage, between 2014-2017, represents the largest growth in GWP from this period, when all main insurance segments showed y-o-y increases. By 2016 both life and non-life sectors exceeded 2008 levels.

Paid claims (PC) followed a similar pattern to GWP, but at a smaller scale and with bigger fluctuations. During 2008-2017, paid claims for the overall market increased by 31.3% (+ EUR 74 mil). The non-life sector increased in PC, by 5.8% (+ EUR 12 million), the only exception being the motor hull line, where paid claims' level dropped by 13.3% (-EUR 7 million). PC for life insurance increased by 415.6% (+ EUR 62 million), giving it the biggest weight overall.

Throughout the decade, life insurance has slowly increased its share in the market portfolio, from 12.2% in 2008, to a peak point of 25.9% in 2016. In the final year (2017) life insurance slowed down, its weight going down to 24.4%.

Non-life structure consists mainly of MTPL insurance. In the non-life sector, MTPL kept a solid share of 35.9% (minimum was in 2008) to 47.1% (maximum, in year 2015). MTPL in the overall market represents between 31.5 - 35.8% of total GWP (it had the lowest share in 2008, and the highest in 2015) and 31.7 - 39.8%. Other important non-life classes are property insurance (23.6 - 28.1%) and motor hull insurance (10.1 - 17.4%). Those two classes were squeezed out by the ever growing MTPL line.

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