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Life Insurance in Serbia, Key Trends and Opportunities to 2020

Published By :

Timetric

Published Date : Jan 2017

Category :

Life Insurance

No. of Pages : 89 Pages

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

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Serbian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics 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
Timetrics 'Life Insurance in Serbia Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Serbian life insurance segment, including:

An overview of the Serbian life insurance segment

The Serbian life insurance segments growth prospects by category

A comprehensive overview of the Serbian economy and demographics

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

The various distribution channels in the Serbian life insurance segment

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

Details of regulatory policy applicable to the Serbian insurance industry

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

It provides historical values for the Serbian life insurance segment for the reports 20112015 review period, and projected figures for the 20152020 forecast period.

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

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

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

It profiles the top 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 life insurance segment, and each category within it.

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

Assess the competitive dynamics in the 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
The life insurance segment accounted for 22.4% of the industrys gross written premium in 2015.

Endowment insurance was the most popular category in the segment; it accounted for 79.1% of its gross written premium in 2015, and is expected to reach 82.6% in 2020.

In December 2014, the Serbian government introduced a new insurance law, with particular focus on meeting Solvency II requirements.

In order to broaden their customer base, insurers are expected to develop a range of distribution models to reach more potential customers at various locations.

The Serbian life insurance segment was highly concentrated, as the five leading insurers accounted for 86.7% of the total written premium generated in 2015.
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 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Generali Osiguranje Srbija ADO company overview
7.1.2 Wiener Stadtische Osiguranje company overview
7.1.3 Grawe Osiguranje company overview
7.1.4 Uniqa Zivotno Osiguranje company overview
7.1.5 Kompanija Dunav Osiguranje ADO company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life Insurance
8.3.2 Property Insurance
8.3.3 Motor Insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Health insurance
8.4.2 Personal accident insurance for passengers on public transport
8.4.3 Aviation liability insurance
8.4.4 Motor third-party liability insurance
8.4.5 Marine liability insurance
8.4.6 Liability Insurance for bank deposits
8.4.7 Liability insurance for tour operators
8.4.8 Clinical trials liability insurance
8.4.9 Professional indemnity insurance for insurance brokers
8.4.10 Liability insurance for oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 National Bank of Serbia
8.5.3 Association of Serbian Insurers
8.5.4 Association for Insurance Law of Serbia
8.6 Non-Admitted Insurance Regulation
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetrics Services
11.4 Disclaimer



List of Tables
Table 1: Serbian Life Insurance Key Facts, 2015
Table 2: Serbian Life Insurance Segment Shares of the Top Insurers, 2015
Table 3: Serbian Government Credit Ratings, 2016
Table 4: Serbian Life Insurance Gross Written Premium (RSD Billion and US$ Million), 20112015
Table 5: Serbian Life Insurance Penetration (%), 20112015
Table 6: Serbian Life Insurance Gross Written Premium (RSD Billion and US$ Million), 20152020
Table 7: Serbian Life Insurance Penetration (%), 20152020
Table 8: Serbian Life Insurance Premium per Capita (RSD and US$), 20112015
Table 9: Serbian Life Insurance Premium per Capita (RSD and US$), 20152020
Table 10: Serbian Life Insurance Number of Policies Sold (Thousand), 20112015
Table 11: Serbian Life Insurance Number of Policies Sold (Thousand), 20152020
Table 12: Serbian Life Insurance Paid Claims (RSD Billion and US$ Million), 20112015
Table 13: Serbian Life Insurance Paid Claims (RSD Billion and US$ Million), 20152020
Table 14: Serbian Life Insurance Total Assets (RSD Billion and US$ Million), 20112015
Table 15: Serbian Life Insurance Total Assets (RSD Billion and US$ Million), 20152020
Table 16: Serbian Individual Life Insurance Direct Written Premium by Category (RSD Billion), 20112015
Table 17: Serbian Individual Life Insurance Direct Written Premium by Category (RSD Billion), 20152020
Table 18: Serbian Individual Life Insurance Number of Policies Sold by Category (Thousand), 20112015
Table 19: Serbian Individual Life Insurance Number of Policies Sold by Category (Thousand), 20152020
Table 20: Serbian Life Segment Market Shares of Leading Insurers (%), 2015
Table 21: Generali Osiguranje Srbija ADO Key Facts
Table 22: Generali Osiguranje Srbija ADO Key Financials (RSD Million), 20112015
Table 23: Wiener Stadtische Osiguranje Key Facts
Table 24: Wiener Stadtische Osiguranje Key Financials (RSD Billion), 20112015
Table 25: Grawe Osiguranje Key Facts
Table 26: Grawe Osiguranje Key Financials, 20112015
Table 27: Uniqa Zivotno Osiguranje Key Facts
Table 28: Uniqa Zivotno Osiguranje Key Financials (RSD Million), 20112015
Table 29: Kompanija Dunav Osiguranje ADO Key Facts
Table 30: Kompanija Dunav Osiguranje ADO Key Financials (RSD Billion), 20112015
Table 31: Serbia Insurance Regulatory Framework Key Features
Table 32: Serbia Life Insurance Regulatory Framework
Table 33: Serbia Property Insurance Regulatory Framework
Table 34: Serbia Motor Insurance Regulatory Framework
Table 35: Serbia Bonus-Malus System
Table 36: Serbia Liability Insurance Regulatory Framework
Table 37: Serbia Minimum Cover Under Passenger Liability Insurance for Aircraft Owners
Table 38: Serbia Minimum Capital Requirements
Table 39: Serbia Corporate Tax Rates for the Financial Year 2016
Table 40: Serbian Life Insurance Policies and Premium, 20112015
Table 41: Serbian Life Insurance Policies and Premium, 20152020
Table 42: Serbian Life Insurance Claims and Expenses, 20112015
Table 43: Serbian Life Insurance Claims and Expenses, 20152020
Table 44: Serbian Life Insurance Assets and Investments, 20112015
Table 45: Serbian Life Insurance Assets and Investments, 20152020
Table 46: Serbian Life Insurance Individual Life Insurance, 20112015
Table 47: Serbian Life Insurance Individual Life Insurance, 20152020
Table 48: Serbian Life Insurance Individual Life Insurance by Product, 20112015
Table 49: Serbian Life Insurance Individual Life Insurance by Product, 20152020
Table 50: Insurance Industry Definitions



List of Figures
Figure 1: Serbian Real GDP (RSD Trillion), 20112020
Figure 2: Serbian Consumer Price Inflation (%), 20112020
Figure 3: Exchange Rate (RSDUS$ and %), 20112020
Figure 4: Serbian Unemployment Rate (%), 20112020
Figure 5: Serbian Population by Age Group (Million), 19912025
Figure 6: Serbian Life Insurance Penetration Regional Comparison (%), 2015
Figure 7: Serbian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 8: Serbian Life Insurance Gross Written Premium (RSD Billion), 20112020
Figure 9: Serbian Life Insurance Penetration (%), 20112020
Figure 10: Serbian Life Insurance Premium per Capita (RSD), 20112020
Figure 11: Serbian Life Insurance Number of Policies Sold (Thousand), 20112020
Figure 12: Serbian Life Insurance Paid Claims (RSD Billion), 20112020
Figure 13: Serbian Life Insurance Total Assets (RSD Billion), 20112020
Figure 14: Serbian Individual Life Insurance Direct Written Premium by Category (RSD Billion), 20112020
Figure 15: Serbian Individual Life Insurance Direct Written Premium Share by Category, 20112020
Figure 16: Serbian Individual Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 17: Serbian Individual Life Insurance Number of Policies Sold by Category (Thousand), 20112020
Figure 18: Serbian Individual Life Insurance Penetration (%), 20112015
Figure 19: Serbian Individual Life Insurance Penetration (%), 20152020
Figure 20: Serbian Life Segment Market Shares of Leading Insurers (%), 2015
Figure 21: Serbia Insurance Supervision and Control at Various Levels
Figure 22: Serbia Insurance Regulatory Frameworks for Company Registration and Operation


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