Serbia Insurance Report 2012
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.
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.
Contents
Executive SummaryTable: Total Premiums 2008-2016
Key Insights And Key Risks
SWOT Analysis
Serbia Insurance Industry SWOT
Serbia Political SWOT
Serbia Economic SWOT
Serbia Business Environment SWOT
Life
Central And Eastern Europe Life Sector Overview
Table: Central And Eastern European Life Premiums, 2009-2016 (US$mn)
Serbia Life Sector Update
Life Industry Forecast Scenario
Table: Life Premiums 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Insurance Key Drivers, Demographics 2008-2016
Non-Life
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern European Non-Life Premiums, 2008-2016 (US$mn)
Serbia Non-Life Sector Update
Non- Life Industry Forecast Scenario
Table: Total Non-Life Premiums 2005-2015
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Serbia Economic Activity, 2008-2015
Political Stability Outlook
Table: Europe Security Risk Ratings
Healthcare
Healthcare Insurance
Epidemiology
Table: Insurance Key Drivers, Disability-Adjusted Life Years 2005-2015
Motor
Table: Insurance Key Drivers, Autos 2008-2015
Insurance Risk/Reward Ratings
Table: Serbia’s Insurance Risk/Reward Ratings
Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Serbia’s Insurance Sector
Table: Life Segment Premiums 2010 (RSDmn)
Table: Non-Life Segment Premiums, 2010 (RSDmn)
Company Profiles
Local Company Profiles
Dunav
Regional Company Profiles
AXA
BNP Paribas Cardif
ERGO
Generali
Groupama
MetLife ALICO
UNIQA
Vienna Insurance Group
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Risk/Reward Indicators And Rationale
Table: Weighting Of Indicators Skip to top