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...
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/277231468114873879/Serbia-Insurance-sector-technical-note http://hdl.handle.net/10986/28075 |
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okr-10986-28075 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
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English en_US |
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ACCIDENT INSURANCE ACCOUNTING ACCOUNTING STANDARDS ANNUAL FINANCIAL STATEMENTS ARREARS ASSET MANAGEMENT ASSETS BALANCE SHEET BALANCE SHEETS BANKRUPT BANKRUPT COMPANIES BANKRUPTCY BANKRUPTCY COURT BANKRUPTCY COURTS BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURES BANKRUPTCY PROCEEDINGS BODILY INJURY BROKER BROKERAGE BROKERAGE FIRMS BROKERAGE OPERATIONS BROKERS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CASH FLOW CATASTROPHIC INSURANCE CLAIM CLAIMANTS COMMISSIONS COMPETITIVENESS CONSUMER EDUCATION CONSUMER PROTECTION CONSUMERS CORE BUSINESS COURT PROCEEDINGS CREDIT QUALITY CREDITORS CURRENCY DEBTS DEPENDENT DIRECT ACCESS DISASTERS DISPOSABLE INCOME DISPOSABLE INCOMES DOUBTFUL DEBTS EARNED PREMIUM ECONOMIC CRISIS ECONOMIC STAGNATION EQUITY STAKE EXCHANGE RATE FINAL SETTLEMENT FINANCIAL ANALYSIS FINANCIAL ARRANGEMENTS FINANCIAL CRISIS FINANCIAL INDICATORS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY FOREIGN COMPANIES FRONTING COMPANY GOVERNMENT BUDGET GROSS DOMESTIC PRODUCT GROUP LIFE INSURANCE GUARANTEE FUND IMMEDIATE PAYMENT INDEPENDENT AUDITOR INDEPENDENT INSURANCE AGENTS INFLATION INFORMATION TECHNOLOGY INSOLVENCIES INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSOLVENT INSURERS INSUFFICIENT ASSETS INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE COVERAGE INSURANCE FRAUD INSURANCE INDUSTRY INSURANCE LAW INSURANCE LICENSES INSURANCE MARKET INSURANCE PENETRATION INSURANCE PLANS INSURANCE POLICIES INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE PROPERTY INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE RESERVES INSURANCE STATISTICS INSURANCE SUPERVISION INSURER INSURERS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARDS ISSUANCE LAWS LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVERAGE LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURANCE COMPANY LIFE INSURANCE PREMIUMS LIFE INSURANCE PRODUCTS LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITION LIQUIDITY RATIO LOCAL MARKET LONG-TERM BORROWINGS LONG-TERM DEBT LONG-TERM DEBT MARKET MARGIN REQUIREMENTS MARKET CONCENTRATION MARKET CONDITIONS MARKET DISCIPLINE MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PLAYERS MARKET SHARE MARKET SUPERVISION MARKET TRANSPARENCY MONETARY FUND MONEY LAUNDERING MONEY MARKET MONEY MARKET INSTRUMENTS MORTGAGE MORTGAGE LOANS MOTOR INSURANCE NATURAL DISASTERS NET PROFIT NEW CREDIT NEW MARKET NON-LIFE INSURANCE OUT-OF-COURT SETTLEMENT OUTSTANDING CLAIMS OVERDUE RECEIVABLES PENSION PERSONAL PROPERTY POLICYHOLDERS PORTFOLIO PORTFOLIOS POTENTIAL LIABILITY PREMIUM PAYMENT PRICE COMPETITION PRIVATE INVESTORS PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY INSURANCE PROPERTY MARKET PUBLIC EDUCATION RATES RECEIVABLES RECEIVERS REGULATORY FRAMEWORK REGULATORY REGIME REGULATORY REQUIREMENTS REINSURANCE REINSURANCE COMPANIES REINSURANCE CONTRACTS REINSURANCE REQUIREMENT REINSURANCE REQUIREMENTS REINSURERS RESERVE RETURN RETURNS RISK ASSESSMENT RISK CAPITAL RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT POLICY RISK MANAGEMENT SYSTEMS RISK TRANSFER SAVINGS SETTLEMENT SETTLEMENTS SHAREHOLDERS SHORT-TERM BANK DEPOSITS SOCIAL CAPITAL SOLVENCY SOLVENCY REQUIREMENTS STATUTORY REQUIREMENT STATUTORY REQUIREMENTS STRATEGIC INVESTOR SUPERVISORY BOARD SUPERVISORY FRAMEWORK TAX TAX CREDIT TAX DEDUCTIBLE TAX INCENTIVES TAX TREATMENT TECHNICAL ASSISTANCE TERRORISM TRADING TREASURY TREATIES UNDERWRITING UNPAID CLAIMS VALID CLAIMS VOLATILITY VOLUNTARY LIQUIDATION WORLD TRADE |
| spellingShingle |
ACCIDENT INSURANCE ACCOUNTING ACCOUNTING STANDARDS ANNUAL FINANCIAL STATEMENTS ARREARS ASSET MANAGEMENT ASSETS BALANCE SHEET BALANCE SHEETS BANKRUPT BANKRUPT COMPANIES BANKRUPTCY BANKRUPTCY COURT BANKRUPTCY COURTS BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURES BANKRUPTCY PROCEEDINGS BODILY INJURY BROKER BROKERAGE BROKERAGE FIRMS BROKERAGE OPERATIONS BROKERS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CASH FLOW CATASTROPHIC INSURANCE CLAIM CLAIMANTS COMMISSIONS COMPETITIVENESS CONSUMER EDUCATION CONSUMER PROTECTION CONSUMERS CORE BUSINESS COURT PROCEEDINGS CREDIT QUALITY CREDITORS CURRENCY DEBTS DEPENDENT DIRECT ACCESS DISASTERS DISPOSABLE INCOME DISPOSABLE INCOMES DOUBTFUL DEBTS EARNED PREMIUM ECONOMIC CRISIS ECONOMIC STAGNATION EQUITY STAKE EXCHANGE RATE FINAL SETTLEMENT FINANCIAL ANALYSIS FINANCIAL ARRANGEMENTS FINANCIAL CRISIS FINANCIAL INDICATORS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY FOREIGN COMPANIES FRONTING COMPANY GOVERNMENT BUDGET GROSS DOMESTIC PRODUCT GROUP LIFE INSURANCE GUARANTEE FUND IMMEDIATE PAYMENT INDEPENDENT AUDITOR INDEPENDENT INSURANCE AGENTS INFLATION INFORMATION TECHNOLOGY INSOLVENCIES INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSOLVENT INSURERS INSUFFICIENT ASSETS INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE COVERAGE INSURANCE FRAUD INSURANCE INDUSTRY INSURANCE LAW INSURANCE LICENSES INSURANCE MARKET INSURANCE PENETRATION INSURANCE PLANS INSURANCE POLICIES INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE PROPERTY INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE RESERVES INSURANCE STATISTICS INSURANCE SUPERVISION INSURER INSURERS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARDS ISSUANCE LAWS LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVERAGE LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURANCE COMPANY LIFE INSURANCE PREMIUMS LIFE INSURANCE PRODUCTS LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITION LIQUIDITY RATIO LOCAL MARKET LONG-TERM BORROWINGS LONG-TERM DEBT LONG-TERM DEBT MARKET MARGIN REQUIREMENTS MARKET CONCENTRATION MARKET CONDITIONS MARKET DISCIPLINE MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PLAYERS MARKET SHARE MARKET SUPERVISION MARKET TRANSPARENCY MONETARY FUND MONEY LAUNDERING MONEY MARKET MONEY MARKET INSTRUMENTS MORTGAGE MORTGAGE LOANS MOTOR INSURANCE NATURAL DISASTERS NET PROFIT NEW CREDIT NEW MARKET NON-LIFE INSURANCE OUT-OF-COURT SETTLEMENT OUTSTANDING CLAIMS OVERDUE RECEIVABLES PENSION PERSONAL PROPERTY POLICYHOLDERS PORTFOLIO PORTFOLIOS POTENTIAL LIABILITY PREMIUM PAYMENT PRICE COMPETITION PRIVATE INVESTORS PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY INSURANCE PROPERTY MARKET PUBLIC EDUCATION RATES RECEIVABLES RECEIVERS REGULATORY FRAMEWORK REGULATORY REGIME REGULATORY REQUIREMENTS REINSURANCE REINSURANCE COMPANIES REINSURANCE CONTRACTS REINSURANCE REQUIREMENT REINSURANCE REQUIREMENTS REINSURERS RESERVE RETURN RETURNS RISK ASSESSMENT RISK CAPITAL RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT POLICY RISK MANAGEMENT SYSTEMS RISK TRANSFER SAVINGS SETTLEMENT SETTLEMENTS SHAREHOLDERS SHORT-TERM BANK DEPOSITS SOCIAL CAPITAL SOLVENCY SOLVENCY REQUIREMENTS STATUTORY REQUIREMENT STATUTORY REQUIREMENTS STRATEGIC INVESTOR SUPERVISORY BOARD SUPERVISORY FRAMEWORK TAX TAX CREDIT TAX DEDUCTIBLE TAX INCENTIVES TAX TREATMENT TECHNICAL ASSISTANCE TERRORISM TRADING TREASURY TREATIES UNDERWRITING UNPAID CLAIMS VALID CLAIMS VOLATILITY VOLUNTARY LIQUIDATION WORLD TRADE World Bank International Monetary Fund Serbia Financial Sector Assessment Program Update : Insurance Sector |
| geographic_facet |
Europe and Central Asia Serbia |
| description |
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. |
| format |
Report |
| author |
World Bank International Monetary Fund |
| author_facet |
World Bank International Monetary Fund |
| author_sort |
World Bank |
| title |
Serbia Financial Sector Assessment Program Update : Insurance Sector |
| title_short |
Serbia Financial Sector Assessment Program Update : Insurance Sector |
| title_full |
Serbia Financial Sector Assessment Program Update : Insurance Sector |
| title_fullStr |
Serbia Financial Sector Assessment Program Update : Insurance Sector |
| title_full_unstemmed |
Serbia Financial Sector Assessment Program Update : Insurance Sector |
| title_sort |
serbia financial sector assessment program update : insurance sector |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/277231468114873879/Serbia-Insurance-sector-technical-note http://hdl.handle.net/10986/28075 |
| _version_ |
1764465678566293504 |
| spelling |
okr-10986-280752021-04-23T14:04:45Z Serbia Financial Sector Assessment Program Update : Insurance Sector World Bank International Monetary Fund ACCIDENT INSURANCE ACCOUNTING ACCOUNTING STANDARDS ANNUAL FINANCIAL STATEMENTS ARREARS ASSET MANAGEMENT ASSETS BALANCE SHEET BALANCE SHEETS BANKRUPT BANKRUPT COMPANIES BANKRUPTCY BANKRUPTCY COURT BANKRUPTCY COURTS BANKRUPTCY LEGISLATION BANKRUPTCY PROCEDURES BANKRUPTCY PROCEEDINGS BODILY INJURY BROKER BROKERAGE BROKERAGE FIRMS BROKERAGE OPERATIONS BROKERS CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CAPITALIZATION CASH FLOW CATASTROPHIC INSURANCE CLAIM CLAIMANTS COMMISSIONS COMPETITIVENESS CONSUMER EDUCATION CONSUMER PROTECTION CONSUMERS CORE BUSINESS COURT PROCEEDINGS CREDIT QUALITY CREDITORS CURRENCY DEBTS DEPENDENT DIRECT ACCESS DISASTERS DISPOSABLE INCOME DISPOSABLE INCOMES DOUBTFUL DEBTS EARNED PREMIUM ECONOMIC CRISIS ECONOMIC STAGNATION EQUITY STAKE EXCHANGE RATE FINAL SETTLEMENT FINANCIAL ANALYSIS FINANCIAL ARRANGEMENTS FINANCIAL CRISIS FINANCIAL INDICATORS FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STABILITY FOREIGN COMPANIES FRONTING COMPANY GOVERNMENT BUDGET GROSS DOMESTIC PRODUCT GROUP LIFE INSURANCE GUARANTEE FUND IMMEDIATE PAYMENT INDEPENDENT AUDITOR INDEPENDENT INSURANCE AGENTS INFLATION INFORMATION TECHNOLOGY INSOLVENCIES INSOLVENT INSOLVENT COMPANIES INSOLVENT COMPANY INSOLVENT INSURERS INSUFFICIENT ASSETS INSURABLE RISKS INSURANCE INSURANCE AGENTS INSURANCE COMPANIES INSURANCE COMPANY INSURANCE COVERAGE INSURANCE FRAUD INSURANCE INDUSTRY INSURANCE LAW INSURANCE LICENSES INSURANCE MARKET INSURANCE PENETRATION INSURANCE PLANS INSURANCE POLICIES INSURANCE PREMIUM INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE PROPERTY INSURANCE REGULATION INSURANCE REGULATIONS INSURANCE RESERVES INSURANCE STATISTICS INSURANCE SUPERVISION INSURER INSURERS INTERNAL CONTROLS INTERNATIONAL ACCOUNTING INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL STANDARDS ISSUANCE LAWS LEGAL FRAMEWORK LEVEL PLAYING FIELD LEVERAGE LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURANCE COMPANY LIFE INSURANCE PREMIUMS LIFE INSURANCE PRODUCTS LIQUID ASSETS LIQUIDATION LIQUIDITY LIQUIDITY POSITION LIQUIDITY RATIO LOCAL MARKET LONG-TERM BORROWINGS LONG-TERM DEBT LONG-TERM DEBT MARKET MARGIN REQUIREMENTS MARKET CONCENTRATION MARKET CONDITIONS MARKET DISCIPLINE MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PLAYERS MARKET SHARE MARKET SUPERVISION MARKET TRANSPARENCY MONETARY FUND MONEY LAUNDERING MONEY MARKET MONEY MARKET INSTRUMENTS MORTGAGE MORTGAGE LOANS MOTOR INSURANCE NATURAL DISASTERS NET PROFIT NEW CREDIT NEW MARKET NON-LIFE INSURANCE OUT-OF-COURT SETTLEMENT OUTSTANDING CLAIMS OVERDUE RECEIVABLES PENSION PERSONAL PROPERTY POLICYHOLDERS PORTFOLIO PORTFOLIOS POTENTIAL LIABILITY PREMIUM PAYMENT PRICE COMPETITION PRIVATE INVESTORS PRIVATE SECTOR DEVELOPMENT PRIVATIZATION PROPERTY INSURANCE PROPERTY MARKET PUBLIC EDUCATION RATES RECEIVABLES RECEIVERS REGULATORY FRAMEWORK REGULATORY REGIME REGULATORY REQUIREMENTS REINSURANCE REINSURANCE COMPANIES REINSURANCE CONTRACTS REINSURANCE REQUIREMENT REINSURANCE REQUIREMENTS REINSURERS RESERVE RETURN RETURNS RISK ASSESSMENT RISK CAPITAL RISK EXPOSURE RISK INSURANCE RISK MANAGEMENT RISK MANAGEMENT POLICY RISK MANAGEMENT SYSTEMS RISK TRANSFER SAVINGS SETTLEMENT SETTLEMENTS SHAREHOLDERS SHORT-TERM BANK DEPOSITS SOCIAL CAPITAL SOLVENCY SOLVENCY REQUIREMENTS STATUTORY REQUIREMENT STATUTORY REQUIREMENTS STRATEGIC INVESTOR SUPERVISORY BOARD SUPERVISORY FRAMEWORK TAX TAX CREDIT TAX DEDUCTIBLE TAX INCENTIVES TAX TREATMENT TECHNICAL ASSISTANCE TERRORISM TRADING TREASURY TREATIES UNDERWRITING UNPAID CLAIMS VALID CLAIMS VOLATILITY VOLUNTARY LIQUIDATION WORLD TRADE 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. 2017-08-29T16:48:30Z 2017-08-29T16:48:30Z 2009-10 Report http://documents.worldbank.org/curated/en/277231468114873879/Serbia-Insurance-sector-technical-note http://hdl.handle.net/10986/28075 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Europe and Central Asia Serbia |