January 6 (SeeNews) - The premium income of Serbian insurance companies increased by 9.7% on the year in the third quarter of 2021, reaching 88.6 billion dinars ($901 million / 753 million euro), central bank data showed.
Non-life insurance accounted for 78.2% of the total premium income in the period under review, up from 77.6% in the third quarter of 2020, while the share of life insurance decreased to 21.8% from 22.4%, according to figures released by Serbia's central bank on Wednesday.
The premium income on the non-life insurance segment grew by 10.6% year-on-year in the third quarter of 2021, with the property insurance premium income up by 16.4%. The motor third party liability (MTPL) insurance premium rose by 2.3%, while premium for full coverage motor vehicle insurance (casco) added 10.3%.
The share of voluntary health insurance in total premium income increased to 6% in the third quarter of 2021 from 5.4% in the comparable period of 2020 on the back of a nominal growth in premiums of 21.8%.
The total assets of Serbian insurers added 6.7% year-on-year to 334.1 billion dinars at end-September. The insurers' capital expanded by 4.9% to 68.4 billion dinars.
Generali remained the largest insurer by premium income in Serbia with a 24.7% share, followed by state-owned Dunav Osiguranje [BEL:DNOS] with 19.3% and Wiener Stadtische with 15.2%.
A total of 20 insurers operated in Serbia in the third quarter of last year, unchanged compared to the same period of 2020, 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 = 117.623 dinars)