Recently published research from Business Monitor International, "Serbia Insurance Report Q1 2015", is now available at Fast Market Research
[USPRwire, Fri Jan 30 2015] Small and, by many metrics, underdeveloped, Serbia's insurance sector is unlikely to expand rapidly through the forecast period. Nevertheless, its strengths are considerably greater than its weaknesses.
As of late 2014, the most recent data from the regulator supports our view that the fortunes and prospects of the life and non-life segments of Serbia's insurance sector diverge quite markedly. The life segment continues to grow quite rapidly from a low base. The small increase in premiums that we expect in USD terms for 2015 is largely the result of currency movements. Low household incomes and a lack of understanding of the benefits of insurance mean that the segment will still be underdeveloped by most metrics at the end of the forecast period: nevertheless, trends are positive.
Conversely, the non-life segment faces headwinds - in spite of the general improvement in the economic and financial situation over recent years. This is partly because volume growth in the important motor vehicle and property segments will likely be slow. It is also because of competition in terms of prices.
For now, the non-life segment remains much larger than the non-life segment. We expect that total premiums will grow slowly in RSD terms and broadly track sideways over the rest of the forecast period. However, we would stress that most recent developments can be interpreted positively. The regulatory environment is sound, with insurers complying with the US FATCA regime from mid-2014. While widespread floods in the middle of the year have boosted claims costs, the non-life companies have shown themselves to be effective in containing these (and, we would presume, other) expenses in the past. Announcements from the companies highlight how they see rapid settlement of claims to be points of differentiation. The change to the style of Delta Generali indicates that they are competing on brand, as well as price. UNIQA has successfully absorbed the business of La...
The Serbia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Serbia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Serbian insurance industry.
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