Strategic Market Intelligence: Insurance Industry in Serbia - Key Trends and Opportunities to 2022
In 2017, the Serbian insurance industry GWP was valued at RSD9,309.4 million (US$863.9 million), with a CAGR of 9.8%, owing to the appreciation of the Serbian dinar. It is expected to value RSD122,015.0 million (US$1,342.4 million) by 2022.
The general insurance segment accounted for 75.6% of the industry’s GWP in 2017. Retail was the largest consumer segment, accounting for 69.9% of the general segment’s GWP in 2017. Motor insurance was the largest sub-segment, accounting for 56.5% of the general insurance’s GWP, followed by property insurance with 23.6%.
The presence of natural catastrophes with large economic losses due to climate change, coupled with high demand for mandatory classes such as motor third party liability insurance, supported the growth of the segment. Health insurance registered the highest growth rate among lines of businesses, with a CAGR of 25.4% during 2013-2017.
As of 2017, the top five insurers accounted for 77.2% of the overall market size, in terms of GWP. The insurance is competitive in nature, with the presence of domestic and foreign insurers. Of the top ten insurers, seven were foreign insurers in 2017. Between 2013 and 2017, the insurers Kompanija Dunav Osiguranje and Generali Osiguranje Srbija were in market leadership positions in the general and life insurance segments respectively.
The report Strategic Market Intelligence: Insurance Industry in Serbia - Key Trends and Opportunities to 2022, provides a detailed outlook by product category for the Serbian insurance industry, and a comparison of the Serbian insurance with its regional counterparts. It provides values for key performance indicators such as written premium, paid claims, loss ratio, penetration, and density during the review period (2013-2017) and forecast period (2017-2022). The report also gives a comprehensive overview of the Serbian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
The report provides -
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook