As in the case of Hungary, Poland, Romania or other insurance markets that are not a part of the Eurozone, or which have pegged the national currencies to the euro - all indicators regarding the Serbian market were affected in 3Q2012 by the devaluation of RSD in relation to EUR. As the data published by the National Bank of Serbia (NBS) showed, the total gross written premiums rose by 6.7% to RSD 47.5 billion in the first nine months of 2012. Transformed in EUR, the 13.7% devaluation of the official rate of the national currency had a major impact on the comparative calculations: GWP of EUR 413 million, 6% less y-o-y.
As in first half of the current year, the share of non-life insurance still dominated, with a "double-digit" increase in life insurance premiums: Non-life GWP accounted for 82.4% of the total market, while the share of life premiums rose to 17.6% compared with 15.8% at the end of September 2011. Calculated in RSD, non-life premiums increased 4.4% y-o-y, while life premiums were up 18.9%. The nominal changes calculated in EUR for both lines indicated a decrease of 8% for non-life insurance, and a 4.5% growth in case of the life insurance segment respectively.
At the same time, the insurance companies paid claims of RSD 17.59 billion (almost EUR 153 million), 1.3% higher than in the similar period of 2011.
Until September 30, 2012, 28 entities operated on the Serbian insurance market, 24 engage in insurance and four in reinsurance only. Local insurance market leader by gross premiums written remained DUNAV Osiguranje (30.2% market share), followed by DELTA GENERALI Osiguranje (20%) and DDOR Novi Sad (14%).
Access www.xprimm.com and download the 3Q2012 Serbian insurance market statistics.
Market portfolio (in EUR and RSD):
- Gross written premiums
- Paid claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking
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