Serbia Financial Sector Assessment Program Update : Insurance Sector
The Serbian insurance sector remains small and underdeveloped. Over the last three years, the market experienced very little growth in real terms mainly due to weak economic growth, premium payment difficulties in the industrial sector, which force...
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/277231468114873879/Serbia-Insurance-sector-technical-note http://hdl.handle.net/10986/28075 |
| Summary: | The Serbian insurance sector remains
small and underdeveloped. Over the last three years, the
market experienced very little growth in real terms mainly
due to weak economic growth, premium payment difficulties in
the industrial sector, which forced many corporate
policyholders to cancel their insurance, and fierce price
competition among the growing number of players. With
consumption of 76 Pounds and 10 Pounds per capita for
non-life and life insurance, respectively, Serbia lags
behind most of its neighbors in Southeastern and Central
Europe. In 2009 the industry accounted for only 4.6 percent
of total assets and 5.6 percent of total capital in the
Serbian financial sector. Although in 2008 the total gross
premium written (GPW) for both life and non-life was SRD
52.2 billion (dinars), representing a 5.3 percent annual
inflation-adjusted increase over the previous year, in 2009
the sector is likely to experience an 8 percent contraction
due to the impact of the economic crisis. |
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