ACTUAL STATE AND PERSPECTIVE OF MTPL INSURANCE MARKET IN BiH The International Insurance Forum Insurance Agency of Bosnia and Herzegovina Samir Omerhodžić 3-4 March, 2013 Istanbul
Feb 24, 2016
ACTUAL STATE AND PERSPECTIVE OF MTPL INSURANCE MARKET IN BiH
The International Insurance Forum
Insurance Agency of Bosnia and HerzegovinaSamir Omerhodžić
3-4 March, 2013 Istanbul
2
BiH INSURANCE SECTOR• Institutions:
- Insurance Agency of BiH- FBiH and RS Insurance Supervisory Agencies- BiH Green Card Bureau- FBiH and RS Insurance Protection Funds- FBiH and RS Association of Insurance Companies- BiH Actuarial Association- Actuarial Association in RS
• 25 Insurance Companies - 14 with the seat in FBiH- 11 with the seat in RS
• 1 Reinsurance Company
• Insurance Intermediaries (agents and brokers)
MTPL INSURANCE MARKET IN BiH
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3
REVIEW OF MACROECONOMIC INDICATORS IN BiH
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Indicators Year
2008 2009 2010 2011
Nominal GDP (in EUR mln) 12.637 12.268 12.654 13.025
GDP per capita (in EUR) 3.290 3.193 3.293 3.392
Real GDP (growth rate in %) 5,42 -3,2 0,9 1,26
Retail prices growth rate (%) 15,72 15,28 3,1 3,7
Population (estimate in thousands) 3.842 3.843 3.843 3.840
Number of unemployed 493.405 510.534 522.080 536.728
Number of employed 694.416 686.044 683.399 687.917
Average gross salary (in EUR) 569 616 622 650
Average net salary (in EUR) 384 404 408 417
Import-Export Ratio (%) 41,2 44,71 52,1 52,96
Government Sector’s Foreign Debt (in EUR mln) 2.144 2.659 3.213 3.398
Foreign debt (as percentage of the GDP) 16,7 21,71 25,4 25,6
Macroeconomic indicators in BiH (in €)
MTPL INSURANCE MARKET IN BiH
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STRUCTURE OF THE BiH FINANCIAL SERVICES SECTOR
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Segments of the Financial Services Sector (financial institutions)
2009 2010 2011Assets growth index 10/09
Assets growth index 11/10
Assets
Share (%)
Assets
Share (%)
Assets
Share (%) (in EUR
mln) (in EUR
mln) (in EUR
mln)
Banks 10.535 82,07 10.457 84,34 10.713 84,71 99,26 102,45
Investment funds 452 3,52 459 3,7 409 3,23 101,47 88,98
Insurance and re-insurance companies 477 3,72 479 3,86 552 4,37 100,32 115,38
Micro-credit organizations 556 4,33 438 3,53 385 3,04 78,75 87,97
Leasing companies 817 6,36 567 4,57 587 4,65 69,34 103,7
Total for the sector 12.838 100 12.399 100 12.646 100 96,58 102,00
0% 20% 40% 60% 80% 100%
2009
2010
2011Banks
Investment funds
Insurance and re-insurance companies
Micro-credit organizations
Leasing companies
Structure of the BiH Financial Services Sector (in €)
MTPL INSURANCE MARKET IN BiH
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OWNERSHIP STRUCTURE
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Ownership Non-life Life Life and non-life Re-insurance Total
Domestic 12 1 1 1 15
Foreign 1 1 8 0 10
TOTAL 13 2 9 1 25
Domestic
Non-life
Life
Life and Non-life
Re-insurance
Foreign
Non-life
Life
Life and Non-life
Re-insurance
Ownership structure and types of insurance operations of BiH insurance companies in 2012
MTPL INSURANCE MARKET IN BiH
6
TOTAL PREMIUM IN BIH AND THE ENTITIES
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2009 Share
(%) 2010 Share (%) 2011 Share
(%) 2012 Share (%)
Premium growth Index
10/09 11/10 12/11
BiH 234.495.630 100 241.334.104 100 249.567.620 100 258.274.499 100 102,92 103,41 103,49
FBiH 173.150.649 73,84 178.645.592 74,02 182.415.829 73,09 186.834.271 73,09 103,17 102,11 102,42
RS 61.344.981 26,16 62.688.512 25,98 67.151.791 26,91 71.440.228 26,91 102,19 107,12 106,39
2009 2010 2011 20120%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
RS FBiH
Total premium in Bosnia and Herzegovina and the Entities (in €)
MTPL INSURANCE MARKET IN BiH
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TOTAL PREMIUM IN LIFE AND NON LIFE INSURANCE IN BiH
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2009 Share(%) 2010 Share
(%) 2011 Share(%) 2012 Share
(%)
Premium growth index
10/09 11/10 12/11
Non-life 198.990.447 84,86 203.219.732 84,21 208.633.911 83,60 214.221.108 82,94 100,53 102,12 102,68
Life 35.505.183 15,14 38.114.372 15,79 40.933.709 16,40 44.053.391 17,06 105,31 107,35 107,62
TOTAL 234.495.630 100 241.334.104 100 249.567.620 100 258.274.499 100 101,22 102,92 103,49
Total premium in life and nonlife insurance in Bosnia and Herzegovina (in €)
2009 2010 2011 20120
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
300,000,000
LifeNon-lifeTOTAL
MTPL INSURANCE MARKET IN BiH
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PREMIUMS PER INSURANCE TYPE IN BiH
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No Insurance Type 2009 Share(%) 2010 Share
(%) 2011 Share(%) 2012 Share
(%)
1 Accident 16.920.195 7,22 17.510.698 7,26 18.639.737 7,47 18.217.736 7,05
2 Health 4.299.144 1,83 3.829.347 1,59 2.966.759 1,19 3.019.274 1,17
3 Motor Casco 30.709.323 13,10 29.965.353 12,42 30.266.413 12,13 29.476.383 11,41
4 Railway Rolling Stock Casco 180 0,00 113588 0,05 0 0,00 0 0,00
5 Aircraft Hull Damage 189.860 0,08 229.762 0,10 658.924 0,26 105.804 0,04
6 Sea, Lake and River Vessels Hull Damage 13.521 0,01 15.573 0,01 14.834 0,01 27.753 0,01
7 Goods in Transit 2.603.783 1,11 2.347.790 0,97 2.595.000 1,04 2.682.018 1,04
8 Fire and Other Natural Perils 13.783.709 5,88 14.914.380 6,18 15.175.046 6,08 14.127.259 5,47
9 Other Damage to Property 11.486.678 4,90 13.152.199 5,45 13.110.993 5,25 16.124.502 6,24
10 Motor TPL (Third-Party Liability) 115.700.881 49,34 117.855.005 48,83 121.362.359 48,63 125.175.868 48,47
11 Aviation TPL 253.696 0,11 336.846 0,14 368.305 0,15 143.466 0,06
12 Marine TPL 8.639 0,00 17.142 0,01 13.123 0,01 13.600 0,01
13 General Liability 2.045.439 0,87 2.043.650 0,85 2.619.946 1,05 2.807.430 1,09
14 Credit 142.186 0,06 122.529 0,05 180.803 0,07 1.689.188 0,65
15 Surety 50.724 0,02 76.692 0,03 77.514 0,03 37.624 0,01
16 Financial Loss 780.168 0,33 687.427 0,28 577.817 0,23 564.025 0,22
17 Legal Protection 0 0,00 0 0,00 2.876 0,00 3.077 0,00
18 Assistance – Other Insurance Types 2.320 0,00 1.752 0,00 3.461 0,00 6.101 0,00
Total Non - Life Insurance Types 198.990.447 84,86 203.219.732 84,21 208.633.911 83,60 214.221.108 82,9419 Life (Life Insurance and Annuity Insurance) 35.153.634 14,99 37.719.878 15,63 40.483.856 16,22 40.801.910 15,80
Additional Insurance with Life Insurance 351.550 0,15 394.495 0,16 449.853 0,18 3.251.481 1,26
Total Life Insurance Types 35.505.183 15,14 38.114.372 15,79 40.933.709 16,40 44.053.391 17,06 Grand Total (Insurance Types 1-19) 234.495.630 100 241.334.104 100 249.567.621 100 258.274.499 100
Premiums per insurance type in BiH (in €)
MTPL INSURANCE MARKET IN BiH
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Percentage of the various types of the insurance in total premium in BiH for 2009, 2010, 2011 and 2012
2009 2010 2011 20120%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%Other
Accident
Health
Motor Casco
Fire and Other Natural Perils
Other Damage to Property
Motor TPL (Third-Party Liability)
Life
MTPL INSURANCE MARKET IN BiH
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PREMIUMS PER INSURANCE TYPE OF INSURANCE COMPANIES IN FBiH WITH BRANCHES IN RS
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Premiums per insurance type of FBiH insurance companies‘ branches in RS (in €)
No Insurance Type 2011 Share(%) 2012 Share
(%) Index
1 Accident 481.963 4,24 530.820 3,83 110,142 Health 119.148 1,05 113.711 0,82 95,443 Motor Casco 1.823.225 16,06 1.816.652 13,10 99,644 Railway Rolling Stock Casco 0 0,00 0 0,005 Aircraft Hull Damage 0 0,00 0 0,00
6 Sea, Lake and River Vessels Hull Damage 5.671 0,05 3.988 0,03 70,32
7 Goods in Transit 226.327 1,99 331.972 2,39 146,688 Fire and Other Natural Perils 587.721 5,18 699.374 5,04 119,009 Other Damage to Property 311.627 2,74 580.609 4,19 186,32
10 Motor TPL (Third-Party Liability) 4.829.817 42,53 6.308.143 45,49 130,6111 Aviation TPL 649 0,01 488 0,00 75,1812 Marine TPL 621 0,01 1.500 0,01 241,4013 General Liability 123.672 1,09 66.693 0,48 53,9314 Credit 19.409 0,17 33.133 0,24 170,7115 Surety 1.432 0,01 4.942 0,04 345,0616 Financial Loss 11.803 0,10 14.658 0,11 124,1917 Legal Protection 0 0,00 0,0018 Assistance – Other Insurance Types 0 0,00 0,00 Total Non - Life Insurance Types 8.543.087 75,23 10.506.682 75,77 122,98
19 Life (Life Insurance and Annuity Insurance) 2.582.470 22,74 3.092.050 22,30 119,73 Additional Insurance with Life Insurance 229.791 2,02 267.490 1,93 116,41 Total Life Insurance Types 2.812.261 24,77 3.359.540 24,23 119,46 Grand Total (Insurance Types 1-19) 11.355.348 100,00 13.866.222 100,00 122,11
MTPL INSURANCE MARKET IN BiH
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PREMIUMS PER INSURANCE TYPE OF INSURANCE COMPANIES IN RS WITH BRANCHES IN FBiH
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Premiums per insurance type of RS insurance companies‘ branches in FBiH (in €)
No Insurance Type 2011 Share(%) 2012 Share
(%) Index
1 Accident 183.863 3,17 282.327 4,03 153,552 Health 29.570 0,51 49.716 0,71 168,133 Motor Casco 436.566 7,52 622.995 8,90 142,704 Railway Rolling Stock Casco 0 0,00 0 0,005 Aircraft Hull Damage 0 0,00 0 0,00
6 Sea, Lake and River Vessels Hull Damage 0 0,00 41 0,00
7 Goods in Transit 31.983 0,55 36.511 0,52 114,168 Fire and Other Natural Perils 61.410 1,06 91.236 1,30 148,579 Other Damage to Property 789.090 13,59 836.311 11,95 105,9810 Motor TPL (Third-Party Liability) 4.265.842 73,47 5.068.946 72,43 118,8311 Aviation TPL 0 0,00 0 0,0012 Marine TPL 0 0,00 0 0,0013 General Liability 7.597 0,13 5.675 0,08 74,7014 Credit 0 0,00 0 0,0015 Surety 0 0,00 0 0,0016 Financial Loss 0 0,00 0 0,0017 Legal Protection 0 0,00 0 0,0018 Assistance – Other Insurance Types 0 0,00 0 0,00 Total Non - Life Insurance Types 5.805.922 100,00 6.993.758 99,93 120,46
19 Life (Life Insurance and Annuity Insurance) 4.536 0,06 Additional Insurance with Life Insurance 175 0,00 Total Life Insurance Types 0 0,00 4.711 0,07 Grand Total (Insurance Types 1-19) 5.805.922 6.998.469 100,00 120,54
MTPL INSURANCE MARKET IN BiH
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SHARE OF PREMIUM IN BRANCHES IN PREMIUM OF ENTITIES
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Share of premium in branches in premium of Entities (in €)
Insurance companies from one Entity with registered branches
in other Entity
2009 2010 2011 2012
Premium in branches
Share of premium in branches in
total premium in Entity
Premium in branches
Share of premium in branches in
total premium in Entity
Premium in branches
Share of premium in branches in
total premium in Entity
Premium in branches
Share of premium in branches in
total premium in Entity
Insurance companies from FBiH with registered branches in RS 5.034.018,81 8,21 9.507.513,43 15,17 11.355.347,86 16,91 13.866.222,08 19,41
Insurance companies from RS with registered branches in FBiH 478.933,75 0,28 3.203.485,48 5,11 5.805.922,29 3,18 6.998.469,45 3,75
7.58%
92.42%
Insurance companies from FBiH with registered branches in RS in 2009
Premium in branchesTotal premium in Entity
0.28%
99.72%
Insurance companies from RS with registered branches in FBiH in 2009
Premium in branchesTotal premium in Entity
19%
81%
Insurance companies from FBiH with registered branches in RS in 2012
Premium in branchesTotal premium in Entity
4%
96%
Insurance companies from RS with registered branches in FBiH in 2012
Premium in branchesTotal premium in Entity
MTPL INSURANCE MARKET IN BiH
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SHARE OF MTPL INSURANCE PER COUNTRIES IN CEE, SEE AND CIS
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Albania
Bosnia
and H
erzeg
ovina
Bulgari
a
Croatia
Czech
Rep
ublic
Estonia
Latvi
a
Lithu
ania
Maced
onia
(FYROM)
Monten
egro
Poland
Roman
iaSerb
ia
Slovak
ia
Sloven
ia
Greece
Turkey
Armen
ia
Kazak
hstan
Moldov
a
Russia
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
Share of MTPL insurance per Countries in CEE, SEE and CIS in first half of 2012
Share of MTPL in-surance
MTPL INSURANCE MARKET IN BiH
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SHARE OF LIFE AND NONLIFE INSURANCE PER COUNTRIES IN CEE, SEE AND CIS
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Al
bania
Bosn
ia an
d He
rzeg
ovina
Bulga
riaCr
oatia
Czec
h Re
publi
cEs
tonia
Hung
ary
Latv
iaLit
huan
ia
Mac
edon
ia (F
YROM
)M
onte
negr
oPo
land
Rom
ania
Serb
iaSl
ovak
iaSl
oven
iaGre
ece
Turk
eyAz
erba
ijan
Belar
usGeo
rgia
Mold
ova
Russ
iaUk
raine
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Share of Life and Nonlife Insurance per Countries in CEE, SEE and CIS in first half of 2012
NonlifeLife
MTPL INSURANCE MARKET IN BiH
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COMPARISON OF INDICATORS OF SOME EUROPEAN COUNTRIES AND BiH
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Country
2009 2010 2011
Premium(USD mln)
Premium as % of
GDP
Premium per capita (in USD)
Premium(USD mln)
Premiumas % of
GDP
Premiumper capita (in USD)
Premium(USD mln)
Premiumas % of
GDP
Premiumper capita (in USD)
Great Britain 309.241 12,9 4.579 310.022 12,4 4.497 319.553 11,8 4.535
Germany 238.366 7,0 2.878 239.817 7,2 2.904 245.162 6,8 2.967
Spain 82.775 5,7 1.802 76.082 5,4 1.650 79.987 5,4 1.729
Switzerland 48.470 9,8 6.258 52.118 9,9 6.634 63.576 10,0 8.012
Sweden 32.768 8,2 3.540 38.218 8,4 4.082 42.111 7,9 4.455
Austria 22.660 6 2.743 22.232 5,9 2.651 23.051 5,5 2.740
Russia 39.576 2,5 281 41.644 2,3 297 43.257 2,4 303
Poland 16.286 3,8 430 17.763 3,7 466 19.107 3,7 500
Turkey 7.853 1,3 105 9.220 1,3 122 10.051 1,3 136
Czech Republic 7.328 3,9 723 7.914 4,0 753 8.764 3,9 832
Ukraine 2.624 2,1 57 2.463 1,9 54 3.084 2,0 68
Slovenia 2.895 6 1.420 2.775 5,9 1.353 3.008 5,9 1.464
Croatia 1.781 2,9 402 1.682 2,8 379 1.711 2,7 389
Bulgaria 1.195 2,5 158 1.150 2,5 153 1.131 2,1 151
Serbia 792 1,8 108 727 1,8 100 781 1,7 107
BiH 336 1,91 87,5 320 1,91 83 323 1,92 84
Comparison of indicators of some European countries and BiH (in $)
MTPL INSURANCE MARKET IN BiH
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0%
2%
4%
6%
8%
10%
12%
14%
Gre
at B
rita
in
Ger
man
y
Spai
n
Swit
zerl
and
Swed
en
Aus
tria
Rus
sia
Pola
nd
Turk
ey
Cze
ch R
epub
lic
Ukr
aine
Slov
enia
Cro
atia
Bul
gari
a
Serb
ia
BiH
2009
2010
2011
Ratio of the amount of premium and GDP expressed in percents for some European countries and BiH for 2009, 2010 and 2011
MTPL INSURANCE MARKET IN BiH
17
The International Insurance Forum
Premiums per capita for some European countries and BiH
for 2009, 2010 and 2011
0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000
Great Britain
Germany
Spain
Switzerland
Sweden
Austria
Russia
Poland
Turkey
Czech Republic
Ukraine
Slovenia
Croatia
Bulgaria
Serbia
BiH
2011
2010
2009
MTPL INSURANCE MARKET IN BiH
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CLAIMS PAID PER INSURANCE TYPE IN BiH
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No Insurance Type 2011 Share(%) 2012 Share
(%)
1 Accident 9.798.197 10,32 10.528.896 10,94
2 Health 1.017.355 1,07 705.719 0,73
3 Motor Casco 20.739.369 21,85 20.659.204 21,47
4 Railway Rolling Stock Casco 5.412 0,01 0 0,00
5 Aircraft Hull Damage 0 0,00 0 0,00
6 Sea, Lake and River Vessels Hull Damage 0 0,00 1.559 0,00
7 Goods in Transit 149.044 0,16 281.191 0,29
8 Fire and Other Natural Perils 3.639.319 3,83 3.208.427 3,34
9 Other Damage to Property 4.235.715 4,46 4.616.911 4,80
10 Motor TPL (Third-Party Liability) 45.119.238 47,54 44.726.743 46,49
11 Aviation TPL 0 0,00 0 0,00
12 Marine TPL 0 0,00 33.629 0,03
13 General Liability 406.906 0,43 488.151 0,51
14 Credit 151.991 0,16 317.290 0,33
15 Surety 107.061 0,11 6.484 0,01
16 Financial Loss 31.748 0,03 342.128 0,36
17 Legal Protection 0 0,00 0 0,00
18 Assistance – Other Insurance Types 907 0,00 594 0,00
Total Non - Life Insurance Types 85.402.262 89,98 85.916.925 89,31
19 Life (Life Insurance and Annuity Insurance) 8.703.472 9,17 9.430.645 9,80
Additional Insurance with Life Insurance 806.687 0,85 856.495 0,89
Total Life Insurance Types 9.510.159 10,02 10.287.140 10,69
Grand Total (Insurance Types 1-19) 94.912.421 100,00 96.204.065 100,00
Claims paid per insurance type in BiH (in €)
MTPL INSURANCE MARKET IN BiH
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Accident11% Health
1%
Motor Casco21%
Fire and Other Natu-
ral Perils3%Other
Damage to Property
5%
Motor TPL (Third-
Party Lia-bility)46%
Life 11%
Other 2%
Claims paid per insurance type in BiH in 2012
Accident10% Health
1%
Motor Casco22%
Fire and Other Natural Perils
4%Other Damage
to Property4%
Motor TPL (Third-Party Li-
ability)48%
Life 10% Other
1%
Claims paid per insurance type in BiH in 2011
MTPL INSURANCE MARKET IN BiH
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IMMATERIAL CLAIMS PAID IN BiH
2011 2012 Index
Insurance Companies 11.948.250 13.007.107 108,86
Protective Funds 671.069 899.380 134,02
TOTAL 12.619.319 13.906.487 110,20
2011 2012
Immaterial claims paid 11.948.250 13.007.107
MTPL Claims paid 45.119.238 44.726.743
Immaterial in MTPL Claims paid (Share) 26,48 29,08
Immaterial claims in BiH (in €)
Immaterial claims paid by insurance companies (in €)
2011 20120
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
Insurance Com-paniesProtective Funds
2011 20120
5,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,00045,000,00050,000,000
Immaterial claims paidMTPL Claims paid
MTPL INSURANCE MARKET IN BiH
21
HHI INDEX FOR THE MARKET OF LIFE INSURANCE
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HHI index for the market of life insurance in Bosnia and Herzegovina 2009 2010 2011 2012
Market share of the first four companies 79,89% 78,82% 80,35% 79,94%HHI 1.838 1.786 1.817 1.790
2009 2010 2011 201270%
75%
80%
85%
90%
95%
1,600
1,650
1,700
1,750
1,800
1,850
1,900
79.89%78.82%
80.35% 79.94%
1,838
1,7861,817
1,790
Market share of the first four companies HHI
MTPL INSURANCE MARKET IN BiH
22
HHI INDEX FOR THE MARKET OF NONLIFE INSURANCE
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HHI index for the market of nonlife insurance in Bosnia and Herzegovina 2009 2010 2011 2012
Market share of the first four companies 41,90% 42,78% 41,24% 41,91%HHI 711 728 718 723
2009 2010 2011 201235%
37%
39%
41%
43%
45%
47%
49%
51%
53%
55%
600
650
700
750
800
41.90%42.78%
41.24% 41.91%
711
728718 723
Market share of the first four companies HHI
MTPL INSURANCE MARKET IN BiH
23
TWINNING PROJECT
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• Twinning Project EU Suport for Sustainable Capacity Building of the Insurance Agency of Bosnia and Herzegovina and the FBiH and RS Insurance Supervisory Agencies implemented by Bulgarian Financial Supervision Commission from april 2010 to april 2012
• Proposal for framework of institutions for the purposes of obligatory Motor Third Party Liability insurance in Bosnia and Herzegovina in line with the prevailing best practice in EEA:▫ Single Compensation Body▫ Information Centre▫ Protection (Gurantee) Fund
at the BiH Green Card Bureau.
MTPL INSURANCE MARKET IN BiH
24
REASONS
The International Insurance Forum
• BiH Green Card Bureau is recognised as a representative one for BiH and is a member of the Council of Bureau - fulfils the requirements to be independent and self regulating.
• Cost efficiency – no financial resources will be needed to establish number of different institutions (units) at Entities and State level and to provide expenses for their administrative capacity.
• Single information system needs to be in place, respectively one project needs to be financed and upgraded.
MTPL INSURANCE MARKET IN BiH
25
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LIBERALIZING MTPL INSURANCE MARKET
• FIRST Initiative,The World Bank
• The main objectives of the project are:
1) to assist the Insurance Supervisory Agency of Federation of BiH (ISAF) and the Insurance Agency of Republic of Srpska (ISRS) and Insurance Agency of BiH (IABiH) in the liberalization of the MTPL insurance market in Bosnia and Herzegovina;
2) to develop the regulatory framework and technical tools necessary for actuarially sound setting of premium rates and technical reserves for MTPL insurance;
3) to ensure that the proposed regulatory framework for the MTPL insurance market is in compliance with the EU MPTL insurance legislation, specifically with the commitments of Stabilization and Association Agreement with European Union and that it properly accounts for the best international practices in liberalizing the MTPL market.
MTPL INSURANCE MARKET IN BiH
26
THANK YOU FOR YOUR ATTENTION!
The International Insurance Forum
MTPL INSURANCE MARKET IN BiH