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Serbia Insurance Report 2012
Business Monitor International, Nov 2011, Pages: 61
Business Monitor International's Serbia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Serbia's insurance industry.
At first glance, Serbia appears to be an unexciting and unpromising market for insurance. In absolute terms, it is small. Non-life premiums have been stagnant. There is no obvious catalyst for non-life penetration to grow – except for joint initiatives between the government and the trade association to promote compulsory insurance lines in particular niches. Although Serbia is not, and is some way from becoming, a full member of the EU, the market is crowded with foreign players.
AXA, which established a non-life operation in Serbia in mid-2011, is the latest multi-national to see that the opportunities are, actually, significant. Various changes that are underway in the crucial market for motor insurance mean that prices and profits for the insurers could increase. Non-motor lines are underdeveloped, but are growing. The regulator and the trade association are effective and are clearly taking the sector in the right direction.
Serbia’s life segment is something of a wildcard in the context of Central and Eastern Europe.
Fewer than 10% of the population actually use life insurance. However, the number has been increasing consistently – with the result that the global financial crisis appears to have had virtually no impact on the development of the life segment, which grew at double-digit rates in H111.
The main problem appears to be a lack of education rather than the lack of resources of Serbian households. Generali, Vienna Insurance Group, Uniqa, MetLife Alico, AXA and several other multi-national players are active in the segment. Life insurance is, by most metrics, very underdeveloped; however, it is impossible to believe that this will remain the case through the forecast period.
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