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Synopsis
Timetric’s 'Non-Life Insurance in Serbia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Serbian non-life insurance segment, and a comparison of the Serbian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Serbian economy and demographics, explains the various types of natural hazard and their impact on the Serbian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'Non-Life Insurance in Serbia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Serbian non-life insurance segment, including:

- The Serbian non-life segment’s detailed outlook by product category

- A comprehensive overview of the Serbian economy and demographics

- A comparison of the Serbian non-life insurance segment with its regional counterparts

- The various distribution channels in the Serbian non-life insurance segment

- Detailed analysis of natural hazards and their impact on the Serbian insurance industry

- Details of the competitive landscape in the non-life insurance segment in Serbia

- Details of regulatory policy applicable to the Serbian insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Serbia:

- It provides historical values for the Serbian non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

- It offers a detailed analysis of the key categories in the Serbian non-life insurance segment, and market forecasts to 2020.

- It provides a comparison of the Serbian non-life insurance segment with its regional counterparts

- It analyzes the various distribution channels for non-life insurance products in Serbia.

- It analyzes various natural hazards and their impact on the Serbian insurance industry

- It profiles the top non-life insurance companies in Serbia, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Serbian non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Serbian non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Serbian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Motor insurance accounted for 65.4% of the non-life segment’s gross written premium in 2015.

- The total number of vehicles in Serbia increased during the review period, indicating an increase in the number of new vehicle registrations.

- The presence of mandatory liability insurance supported the category's growth during the review period.

- A rise in imports and exports, and new product launches pertaining to marine, aviation and transit insurance will drive the category over the forecast period.

- Direct marketing is the largest distribution channel in Serbia, having accounted for 85.1% of the segment’s direct written premium in 2015.

- The Serbian non-life segment is highly concentrated, with the 10 leading insurers accounting for 98.2% of the gross written premium in 2015.

Table Of Contents

Non-Life Insurance in Serbia, Key Trends and Opportunities to 2020
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
5.4.5 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Direct marketing
6.1.2 Brokers
6.1.3 Agencies
6.1.4 Bancassurance
6.1.5 E-commerce
7 Natural and Man-made Hazards
7.1 Flooding
7.2 Earthquakes
7.3 Extreme Temperature and Droughts
7.4 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Kompanija Dunav Osiguranje ADO - company overview
8.1.2 Generali Osiguranje Srbija ADO - company overview
8.1.3 DDOR Novi Sad Osiguranje - company overview
8.1.4 Wiener Städtische Osiguranje ADO - company overview
8.1.5 Uniqa Nezivotno Osiguranje - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life Insurance
9.3.2 Property Insurance
9.3.3 Motor Insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Health insurance
9.4.2 Personal accident insurance for passengers on public transport
9.4.3 Aviation liability insurance
9.4.4 Motor third-party liability insurance
9.4.5 Marine liability insurance
9.4.6 Liability Insurance for bank deposits
9.4.7 Liability insurance for tour operators
9.4.8 Clinical trials liability insurance
9.4.9 Professional indemnity insurance for insurance brokers
9.4.10 Liability insurance for oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 National Bank of Serbia
9.5.3 Association of Serbian Insurers
9.5.4 Association for Insurance Law of Serbia
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer



List of Tables
Table 1: Serbian Non-Life Insurance - Key Facts, 2015
Table 2: Serbian Non-Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Serbian Government Credit Ratings, 2016
Table 4: Serbian Non-Life Insurance - Gross Written Premium (RSD Billion and US$ Million), 2011-2015
Table 5: Serbian Non-Life Insurance - Penetration (%), 2011-2015
Table 6: Serbian Non-Life Insurance - Gross Written Premium (RSD Billion and US$ Million), 2015-2020
Table 7: Serbian Non-Life Insurance - Penetration (%), 2015-2020
Table 8: Serbian Non-Life Insurance - Premium per Capita (RSD and US$), 2011-2015
Table 9: Serbian Non-Life Insurance - Premium per Capita (RSD and US$), 2015-2020
Table 10: Serbian Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 11: Serbian Non-Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 12: Serbian Non-Life Insurance - Paid Claims (RSD Billion and US$ Million), 2011-2015
Table 13: Serbian Non-Life Insurance - Paid Claims (RSD Billion and US$ Million), 2015-2020
Table 14: Serbian Non-Life Insurance - Profitability Ratio (%), 2011-2015
Table 15: Serbian Non-Life Insurance - Profitability Ratio (%), 2015-2020
Table 16: Serbian Non-Life Insurance - Total Assets (RSD Billion and US$ Billion), 2011-2015
Table 17: Serbian Non-Life Insurance - Total Assets (RSD Billion and US$ Billion), 2015-2020
Table 18: Serbian Non-Life Insurance - Direct Written Premium by Category (RSD Billion),2011-2015
Table 19: Serbian Non-Life Insurance - Direct Written Premium by Category (RSD Billion), 2015-2020
Table 20: Serbian Property Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2015
Table 21: Serbian Property Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2015-2020
Table 22: Serbian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 23: Serbian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 24: Serbian Property Insurance - Paid Claims (RSD Billion and US$ Million), 2011-2015
Table 25: Serbian Property Insurance - Paid Claims (RSD Billion and US$ Million), 2015-2020
Table 26: Serbian Property Insurance - Loss Ratio (%), 2011-2015
Table 27: Serbian Property Insurance - Loss Ratio (%), 2015-2020
Table 28: Serbian Motor Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2015
Table 29: Serbian Motor Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2015-2020
Table 30: Serbian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 31: Serbian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 32: Serbian Motor Insurance - Paid Claims (RSD Billion and US$ Billion), 2011-2015
Table 33: Serbian Motor Insurance - Paid Claims (RSD Billion and US$ Billion), 2015-2020
Table 34: Serbian Motor Insurance - Loss Ratio (%), 2011-2015
Table 35: Serbian Motor Insurance - Loss Ratio (%), 2015-2020
Table 36: Serbian Liability Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2015
Table 37: Serbian Liability Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2015-2020
Table 38: Serbian Liability Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 39: Serbian Liability Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 40: Serbian Liability Insurance - Paid Claims (RSD Million and US$ Million), 2011-2015
Table 41: Serbian Liability Insurance - Paid Claims (RSD Million and US$ Million), 2015-2020
Table 42: Serbian Liability Insurance - Loss Ratio (%), 2011-2015
Table 43: Serbian Liability Insurance - Loss Ratio (%), 2015-2020
Table 44: Serbian Transport Network - Global Rankings
Table 45: Serbian Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2015
Table 46: Serbian Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2015-2020
Table 47: Serbian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 48: Serbian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 49: Serbian Marine, Aviation and Transit Insurance - Paid Claims (RSD Million and US$ Million), 2011-2015
Table 50: Serbian Marine, Aviation and Transit Insurance - Paid Claims (RSD Million and US$ Million), 2015-2020
Table 51: Serbian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 52: Serbian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 53: Serbian Average Annual Loss by Hazard
Table 54: Serbian Non-Life Segment - Market Shares of Leading Insurers (%), 2015
Table 55: Kompanija Dunav Osiguranje ADO - Key Facts
Table 56: Kompanija Dunav Osiguranje ADO - Key Financials (RSD Billion), 2011-2015
Table 57: Generali Osiguranje Srbija ADO - Key Facts
Table 58: Generali Osiguranje Srbija ADO- Key Financials (RSD Million), 2011-2015
Table 59: DDOR Novi Sad Osiguranje - Key Facts
Table 60: DDOR Novi Sad Osiguranje - Key Financials (RSD Billion), 2011-2015
Table 61: Wiener Stadtische Osiguranje ADO - Key Facts
Table 62: Wiener Stadtische Osiguranje ADO - Key Financials (RSD Billion), 2011-2015
Table 63: Uniqa Nezivotno Osiguranje - Key Facts
Table 64: Uniqa Nezivotno Osiguranje - Key Financials (RSD Billion), 2011-2015
Table 65: Serbia - Insurance Regulatory Framework Key Features
Table 66: Serbia - Life Insurance Regulatory Framework
Table 67: Serbia - Property Insurance Regulatory Framework
Table 68: Serbia - Motor Insurance Regulatory Framework
Table 69: Serbia - Bonus-Malus System
Table 70: Serbia - Liability Insurance Regulatory Framework
Table 71: Serbia - Minimum Cover Under Passenger Liability Insurance for Aircraft Owners
Table 72: Serbia - Minimum Capital Requirements
Table 73: Serbia - Corporate Tax Rates for the Financial Year 2016
Table 74: Serbian Insurance Industry - Policies and Premium, 2011-2015
Table 75: Serbian Insurance Industry - Policies and Premium, 2015-2020
Table 76: Serbian Non-Life Insurance - Claims and Expenses, 2011-2015
Table 77: Serbian Non-Life Insurance - Claims and Expenses, 2015-2020
Table 78: Serbian Non-Life Insurance - Assets and Investments, 2011-2015
Table 79: Serbian Non-Life Insurance - Assets and Investments, 2015-2020
Table 80: Serbian Non-Life Insurance - Property Insurance, 2011-2015
Table 81: Serbian Non-Life Insurance - Property Insurance, 2015-2020
Table 82: Serbian Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 83: Serbian Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 84: Serbian Non-Life Insurance - Motor Insurance, 2011-2015
Table 85: Serbian Non-Life Insurance - Motor Insurance, 2015-2020
Table 86: Serbian Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 87: Serbian Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 88: Serbian Non-Life Insurance - Liability Insurance, 2011-2015
Table 89: Serbian Non-Life Insurance - Liability Insurance, 2015-2020
Table 90: Serbian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 91: Serbian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 92: Insurance Industry Definitions




List of Figures
Figure 1: Serbian Real GDP (RSD Trillion), 2011-2020
Figure 2: Serbian Consumer Price Inflation (%), 2011-2020
Figure 3: Exchange Rate (RSD-US$ and %), 2011-2020
Figure 4: Serbian Unemployment Rate (%), 2011-2020
Figure 5: Serbian Population by Age Group (Million), 1991-2025
Figure 6: Serbian Non-Life Insurance Penetration - Regional Comparison (%), 2015
Figure 7: Serbian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 8: Serbian Non-Life Insurance - Gross Written Premium (RSD Billion), 2011-2020
Figure 9: Serbian Non-Life Insurance - Penetration (%), 2011-2020
Figure 10: Serbian Non-Life Insurance - Premium per Capita (RSD), 2011-2020
Figure 11: Serbian Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 12: Serbian Non-Life Insurance - Paid Claims (RSD Billion), 2011-2020
Figure 13: Serbian Non-Life Insurance - Profitability Ratio (%), 2011-2020
Figure 14: Serbian Non-Life Insurance - Total Assets (RSD Billion), 2011-2020
Figure 15: Serbian Non-Life Insurance - Direct Written Premium by Category (RSD Billion), 2011-2020
Figure 16: Serbian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 17: Serbian Property Insurance - Construction Value Output by Category (RSD Million), 2011-2015
Figure 18: Serbian Property Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2020
Figure 19: Serbian Property Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 20: Serbian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 21: Serbian Property Insurance - Paid Claims (RSD Billion), 2011-2020
Figure 22: Serbian - Earned Premium, Incurred Loss and Loss Ratio (RSD Billion and %), 2011-2020
Figure 23: Serbian Motor Insurance - Road Traffic Accident Fatalities, 2011-2014
Figure 24: Serbian Motor Insurance - Number of Registered Vehicles, 2010-2013
Figure 25: Serbian Motor Insurance - Direct Written Premium by Sub-Category (RSD Billion), 2011-2020
Figure 26: Serbian Motor Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 27: Serbian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 28: Serbian Motor Insurance - Paid Claims (RSD Billion), 2011-2020
Figure 29: Serbian Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (RSD Billion and %), 2011-2020
Figure 30: Serbian Liability Insurance - Direct Written Premium (RSD Billion), 2011-2020
Figure 31: Serbian Liability Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 32: Serbian Liability Insurance - Paid Claims (RSD Million), 2011-2020
Figure 33: Serbian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (RSD Million and %), 2011-2020
Figure 34: Serbian Marine, Aviation and Transit Insurance - Exports and Imports (RSD Billion), 2011-2015
Figure 35: Serbian Marine, Aviation and Transit Insurance - Direct Written Premium (RSD Billion), 2011-2020
Figure 36: Serbian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 37: Serbian Marine, Aviation and Transit Insurance - Paid Claims (RSD Million), 2011-2020
Figure 38: Serbian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (RSD Million and %), 2011-2020
Figure 39: Serbian Non-life Insurance - Direct Written Premium by Distribution Channel (%), 2015
Figure 40: Serbian - Frequency of Hazards by Type, 1990-2014
Figure 41: Serbian Mortality by Hazards Type, 1990-2014
Figure 42: Serbian Economic Loss by Hazards Type, 1990-2014
Figure 43: Serbian Non-Life Segment - Market Shares of Leading Insurers (%), 2015
Figure 44: Serbia - Insurance Supervision and Control at Various Levels
Figure 45: Serbia - Insurance Regulatory Frameworks for Company Registration and Operation

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