Market Report, "Serbia Insurance Report 2014", published

From: Fast Market Research, Inc.
Published: Tue Nov 26 2013

Serbia's resilient insurance sector has key strengths. Most encouragingly, life density (premiums per capita) are developing steadily.

Key Insights And Key Risks

Serbia is a small and slowly growing national insurance market where low incomes are clearly a constraint on the development of premiums and where the business environment can be quite challenging. Perhaps most worrying, the official data indicates that non-life penetration (i.e. premiums as a percentage of GDP) will decline further through 2013.

Nevertheless, positive features are easy to identify. The regulatory regime, which is managed by the National Bank of Serbia, is sound. The new insurance law will incorporate provisions for Solvency II and other European Union norms and rules when Serbia becomes a member state. The competitive landscape is fairly concentrated. Although competitive pressures have resulted in minimal growth in CMTPL over the last year or so, the evidence suggests that pricing in most lines has been quite disciplined. Dunav, the largest company overall in terms of premiums written has been developing a variety of new products in other lines.

Full Report Details at

Best of all, it appears that life insurance is developing from a low base. Already accounting for just under one fifth of total premiums, the life segment is growing at around 10%. It is clear that a significant number of households who can afford life insurance value the benefits that it provides. Many of the leading companies in the segment are the local affiliates of European multi-nationals, who are delivering world best practice in terms of product development and distribution.

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