Serbia Financial Sector Assessment Program Update [electronic resource] : Insurance Sector.
Material type: TextSeries: Financial Sector Assessment Program | World Bank e-LibraryPublication details: Washington, D.C. : The World Bank, 2009Subject(s): Accounting | Asset Management | Bankruptcy | Bankruptcy and Resolution of Financial Distress | Capital Markets | Capital Requirements | Consumer Education | Consumer Protection | Consumers | Disasters | Finance and Financial Sector Development | Financial and Private Sector Development | Financial Crisis | Financial Regulation & Supervision | Financial Sector | Financial Stability | Gross Domestic Product | Inflation | Information Technology | Insurance | Insurance & Risk Mitigation | Insurance Industry | Insurance Law | Law and Development | Legal Framework | Liberalization | Money Laundering | Natural Disasters | Privatization | Risk Assessment | Risk Management | Savings | Social Capital | Standards and Financial Reporting | Technical Assistance | Terrorism | Treaties | UnderwritingOnline resources: Click here to access online Abstract: 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.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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