Srđan Amidžić, Minister of Finance and Treasury of Bosnia and Herzegovina, speaking at the third "Days of Insurance of the Republic Srpska" (DORS) conference noted that the insurance market participants aren’t satisfied with the current situation in the sector.

"Only 2% of the GDP in BiH is made up by the insurance industry, and when it comes to medium-developed countries, those percentages are much more serious, and we have to work together on that", said Amidžić.

Given that BiH is focused on EU integration and market liberalization, Amidžić believes that BiH should strengthen the domestic insurance industry. Since motor insurance is the largest class, it should be regulated first, so that it can support development of other types of insurance.

Speaking about liberalization, Zora Vidović, Minister of Finance of the Republika Srpska, emphasized that “given the pandemic, which had very negative consequences, and then inflation and price increases, we assessed that it is not the time, it is not possible to enter the market now with liberal prices. Many wouldn’t be able to withstand that, of course the situation is the same in the FBiH, so we decided to postpone that", Vidović pointed out. However, she believes that all insurance companies are waiting for it, and she expressed the hope that "in a year, two or three, that work will be finished".

Vidović also noted that the results of the domestic insurance sector are getting better every year, it operates profitably and is liquid. "Something that we are not satisfied with, and in the coming period we have to work hard on, both the government and insurance companies, is the structure of insurance market, where motor insurance still has a large share. In the coming years, we will have to shift that percentage towards life and other types of insurance, which are very important for every society", she added.