The local insurance companies of the UNIQA Group in Serbia also grew strongly in the 1st quarter of the current year. While the entire Serbian insurance market grew by only barely over 1% because of the current economic turbulence, the two subsidiaries of UNIQA Group Austria generated almost 50% more premiums than the same period for the previous year, to reach RSD 574 million (EUR 6.2 million). This has also allowed the position on the market to be improved to fifth out of twenty-one insurance companies operating in Serbia.

Zoran Visnjic, CEO of UNIQA in Serbia: “So far this year – as in 2008 – we have grown much more strongly than every other insurance company in the country. For me, that is an expression of very high customer confidence, which we have worked very hard to develop, and that we do not disappoint, even in difficult times - the investments and persistence we have put in to achieving quality are now bearing fruit. Another reason for our sustained growth, apart from modern products and services, is specialisation in the sales channels with which we respond to the various requirements with a high level of individuality - including with specially adapted products.”

UNIQA Serbia recorded the strongest growth in the first three months of 2009 in the non-life segment, with premiums growing by around 65% to RSD 452 million (EUR 4.9 million), at a time of market decline by 2%. At around 56%, the majority of premiums were accounted for by motor vehicle insurance, which continues to dominate the Serbian market. In the life insurance segment, UNIQA generated RSD 121 million (EUR 1.3 million) in Serbia in the 1st quarter of 2009 (+12%).

Visnjic is confident about the future, despite worsening general conditions and a forecast sharp fall in GDP: “Although we have also seen a weakening in premium growth since the end of March, I expect UNIQA Serbia to grow for the year as a whole - both in absolute terms and with regard to market share. And the Serbian economy as a whole will also return to the path of growth in the medium term."

UNIQA Serbia
UNIQA Group Austria entered the Serbian market in spring 2006 with the takeover of an insurance company primarily active in the life insurance segment. Another company specialising in property insurance was founded in 2007 and the product range extended with motor vehicle and other types of non-life insurance. The company also relocated to newly built headquarters in Belgrade in 2007. The two companies, which employ over 615 employees and have 26 branch offices throughout the country, are controlled from there.