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|E-mail article||Save||Additional News in English||Još vesti na Srpskom||Επιπλέον ειδήσεις στα Ελληνικά||Text|
At the end of Q2 2013, the insurance market in Serbia comprised 28 insurance companies, as in the same period a year earlier. Twenty-four companies engaged in insurance activities only and four are specialist reinsurance companies. Of the insurance companies, seven are exclusive life insurers, 11 exclusive non-life insurers, while six provide both life and non-life insurance.
Since foreign-owned insurance companies arrived in the Serbian market (13 since 2005) and obtained greenfield licences, at end-Q2 2013 they continue to record a dominant share of 89.9% in life insurance premium, 57.2% in non-life insurance premium, 67.5% of total assets and 66.4% of total employment.
In addition to insurance companies, the sales network also comprised 19 banks licenced for agency operations, 87 legal entities (insurance agency/brokerage), 105 insurance agents (natural persons – entrepreneurs), as well as 14,314 natural persons licensed to engage in insurance agency/brokerage.
The insurance premium structure in Q2 2013 differed slightly from the same period last year given that property insurance against fire and other hazards and other property insurance now accounted for the largest share of total premium (28.2%), followed by motor third party liability (MTPL) insurance (27.9%), life insurance (17.8%) and full coverage motor vehicle insurance (10.1%).
Q2 2013, 12 insurance companies engaged in compulsory motor third party liability (MTPL) insurance.
After an increase in 2012 and a mild decline in Q1 2013, MTPL premium edged up, in Serbia, by 0.6% in Q2 2013 relative to the same period last year. Portfolio concentration slightly decreased in this segment, given that in Q2 2013 three insurance companies with the largest share in MTPL premium accounted for 59.7% of the market, as opposed to 61.3% in the same The comparison of indicators between Q2 2013 and the same quarter in 2012 points to further, albeit slower development of the Serbian insurance market. The following changes in Q2 2013 were observed: - Insurance sector balance sheet total rose by 7.1% to RSD 150.9 bln;- Capital increased by 7.2% to RSD 35.3 bln;- Technical reserves gained 11.3% and were fully covered in life insurance and incompletely covered in non-life insurance;- Total premium gained 4.9% and came at RSD 34.1 bln;- Non-life insurance continued to account for the largest share of total premium (82.2%). Non-life insurance premium rose by 3.9%, with full coverage motor vehicle insurance declining by 6.0%;- The share of life insurance in total premium increased from 17.0% to 17.8%;- The Herfindahl Hirschman index points to moderate market concentration;- The number of insurance companies remained unchanged (28) from Q2 2012, while total employment edged up by 0.4% to 11,604. National Bank of Serbia
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Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά