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Serbia Insurance Report 2009
Market |
Finance and Banking |
Report Type |
Market Research |
Country |
Serbia and Montenegro |
Published |
26 March 2009 |
Number of Pages |
47 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
The Serbian insurance sector is small, a fact evident from regional as well as a global comparison, and highlighted by the movement of larger firms from neighbouring countries (Croatia, Slovenia) in the Serbian market. The Serbian insurance sector is likely to remain small for the short to medium term.
While many insurance companies are highlighting their ventures into emerging markets such as those in Central and Eastern Europe, these ventures are generally on a small scale, and it is the view of some that Eastern European insurance markets are not likely to experience substantial growth in the short to medium term (2007 Euerko Annual Report).
Given the underdevelopment of insurance in Serbia, a country with relatively low per capita incomes, it is unsurprising to find the dominance of non-life segment lines, and in particular motor insurance, and compulsory insurances, such as general and Compulsory Third Party Motor Liability (CTPML) business in particular. Figures published by the National Bank of Serbia (NBS) that motor liability insurance accounted for the largest share of total premiums, at 29.9%, followed property insurance (against faire and other hazards, and other property insurance) at 28.3%. In contrast, life insurance accounts for just 10.9% of total premiums. The NBS is concerned at recent global financial events, and noted recently that: ‘Insurance companies in Serbia must be prepared to respond to the arising challenges, given the cohesive nature of the world economy and possibility of the spill over of effects in terms of rise in the price of capital, fluctuations in exchange rates of major currencies and poor performance in the securities market.’ Over the long term, the insurance sector should be a significant beneficiary of Serbia’s ultimate membership of the WTO and the EU. In the meantime, however, its relations with Kosovo remain an obstacle to the country’s joining either of these international bodies.
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