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Serbia Insurance Report 2013 - Product Image

Serbia Insurance Report 2013

  • Published: November 2012
  • Region: Serbia
  • 79 pages
  • Business Monitor International


  • AXA
  • Company Profiles
  • DDOR Novi Sad
  • Dunav Insurance Company
  • Generali PPF Holding
  • MetLife ALICO
  • MORE

Key Insights And Key Risks

A favourable interpretation of developments in Serbia’s insurance sector through 2012 would emphasise its resilience. Premiums have risen slowly, thanks in part to the development of new products and promotion by the major companies of new distribution channels (such as bancassurance and direct/online). In spite of the fairly lacklustre economic environment, non-life insurance, which accounts for over 83% of the premiums written, has continued to grow. The market is fairly crowded, with both subsidiaries of major multi-nationals and small local firms. However, as far as we can see, there is discipline in pricing. Through H112, motor CASCO was the only line for which premiums actually contracted.

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. READ MORE >

Executive Summary 5
Table: Total Premiums 2010-2017 5

Key Insights And Key Risks 5

SWOT Analysis 7

Serbia Insurance Industry SWOT 7

Serbia Political SWOT 8

Serbia Economic SWOT 8

Serbia Business Environment SWOT 9

Life Sector Overview 10

Central And Eastern Europe Life Sector Overview 10
Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn) 10

Serbia Life Sector Update 13

Life Industry Forecast Scenario 14
Table: Life Premiums 2010-2017 14

Growth Drivers And Risk Management Projections 15

Population 15
Table: Serbia Insurance Key Drivers, Demographics, 2010-2017 15

Non-Life Sector Overview 17

Central And Eastern Europe Non-Life Sector Overview 17
Table: Central And Eastern European Non-Life Premiums, 2010-2017 (US$mn) 17

Serbia Non-Life Sector Update 20

Non- Life Industry Forecast Scenario 22
Table: Total Non-Life Premiums 2010-2017 22

Growth Drivers And Risk Management Projections 23

Macroeconomic Outlook 23
Table: Serbia – Economic Activity, 2011-2016 25

Political Stability Outlook 26
Table: Europe Security Risk Ratings 27

Healthcare 28
Table: Major General And Specialised Hospitals 28

Epidemiology 30
Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2010-2017 32

Motor 33

Insurance Risk/Reward Ratings 35
Table: Serbia’s Insurance Risk/Reward Ratings 35
Table: Central And Eastern Europe Insurance Risk/Reward Ratings 36

Competitive Landscape 37

Competitive Landscape Analysis 37

Major Players In Serbia’s Insurance Sector 38

Company Profiles 40

AXA 40

DDOR Novi Sad 43

Dunav Insurance Company 45

Generali PPF Holding 47

Grazer Wechselseitige Versicherung AG (GRAWE) 53

MetLife ALICO 56

Zavarovalnica Triglav 59

UNIQA Group 62

Vienna Insurance Group 66

Demographic Outlook 70
Table: Serbia's Population By Age Group, 1990-2020 ('000) 71
Table: Serbia's Population By Age Group, 1990-2020 (% of total) 72
Table: Serbia's Key Population Ratios, 1990-2020 73
Table: Serbia's Rural And Urban Population, 1990-2020 73

BMI Methodology 74

Insurance Risk/Reward Ratings 76
Table: Insurance Risk/Reward Indicators And Rationale 76
Table: Weighting Of Indicators 78

Company Profiles
DDOR Novi Sad
Dunav Insurance Company
Generali PPF Holding
Grazer Wechselseitige Versicherung AG (GRAWE)
Zavarovalnica Triglav
Vienna Insurance Group

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