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Serbian insurers' premium income rises 16.3% y/y in Q3

Feb 1, 2024, 2:23:55 PMArticle by Iskra Pavlova
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February 1 (SeeNews) - The premium income of Serbian insurance companies increased by 16.3% on the year in the third quarter of 2023, reaching 115.6 billion dinars ($1.1 billion /989 million euro), central bank data showed.

Serbian insurers' premium income rises 16.3% y/y in Q3
License: Creative Commons CC0

Non-life insurance accounted for 81.5% of the total premium income in the period under review, up from 79.7% in the third quarter of 2022, while the share of life insurance decreased to 18.5% from 20.3%, according to figures released by Serbia's central bank last month.

The premium income in the non-life insurance segment grew by 19% year-on-year in the third quarter of 2023, with the property insurance premium income up by 11.4%. The motor third party liability (MTPL) insurance premium rose by 18.4%, while premium for full coverage motor vehicle insurance (casco) added 17.7%.

At the same time, voluntary health insurance saw its premium income jump by an annual 53.4% in the third quarter of 2023, in line with the population's changed behaviour towards healthcare since the start of the coronavirus pandemic.

The total assets of Serbian insurers rose 12% year-on-year to 384 billion dinars at end-September. The insurers' capital expanded by 3.3% to 70.7 billion dinars.

State-owned Dunav Osiguranje [BEL:DNOS] remained the largest insurer by premium income in Serbia with a 25.9% share in the third quarter of 2023, followed by Generali with 19.4% and DDOR with 11.1%.

A total of 20 insurers operated in Serbia in the third quarter of last year, unchanged compared to the same period of 2022, with 16 companies engaged in insurance activities only and four in reinsurance activities. Of the 16 insurance firms, four were exclusive life insurers, six were non-life insurers, and the remaining six offered both life and non-life insurance services.

Out of the 20 companies, 15 were majority foreign owned.

(1 euro = 117.172 dinars)

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