SERBIA: The National Bank: the insurance sector more than doubled in the past decade

5 December 2023 — Marina MAGNAVAL
All key indicators of the insurance sector's operations in the past ten years have recorded a positive trend and have more than doubled, according to the Chairman of the National Bank of Serbia, Jorgovanka Tabakovic, the Association of Serbian Insurers wrote.

At the 7th edition of the Serbian Insurance Days, she added that the insurance premium per capita increased from EUR 79 to EUR 171 over the past decade, and total GWP increased from RSD 64 billion (~EUR 0.55 billion) in 2013 to RSD 133.9 billion (~EUR 1.14 billion) in 2022. At the same time, the total amount of paid claims has more than doubled in the past decade – from RSD 28.7 to RSD 68.9 billion.

Jorgovanka Tabakovic emphasized that the insurance sector has preserved solvency and profitability in the past four years, in conditions of increased risks, providing a wide range and high quality of services. The positive trends continued in the first three quarters of this year, as the total market increased by 16.3% y-o-y, to RSD 115.6 billion (~EUR 0.98 billion).

From the first edition of the Serbian Insurance Days till now, the insurance sector has come a long way: the increase in the total premium, premium per capita and technical reserves. This places the insurance sector among the most important institutional investors and partners, as the president of the Board of Directors of the Association, Ivana Sokovic noted. She added that a lot has been done to improve business transparency, information security, personal data protection and to prepare for implementation of the Solvency II Directive.

*EUR 1 = RSD 117.29 (31.12.2022)

EUR 1 = ~RSD 115 (31.12.2013)

EUR 1 = RSD 117.28 (01.10.2023)