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 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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Bibliographic Details
Main Authors: World Bank, International Monetary Fund
Format: Report biblioteca
Language:English
en_US
Published: Washington, DC 2009-10
Subjects: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,
Online Access:http://documents.worldbank.org/curated/en/277231468114873879/Serbia-Insurance-sector-technical-note
http://hdl.handle.net/10986/28075
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