Serbia

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe.
- Neighbours: Croatia, Bosnia and Herzegovina, Montenegro, Albania, Macedonia, Bulgaria, Romania.

Climate:
- in the north, continental climate (cold winters and hot, humid summers with well distributed rainfall);
- in other parts, continental and Mediterranean climate (relatively cold winters with heavy snowfall and hot, dry summers and autumns).

Natural hazards:
- destructive earthquakes.

Macro indicators
* 2018 estimates
Surface:88,361km2
Population*:7.0million
Pop. density*:79.1people/km2
GDP*:42.9EUR billion
GDP/capita*:6,139.1EUR

European Union:
Official candidate

Currency: Dinar
Code: RSD
Since: 2006


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:24%
TOTAL NON-LIFE*:76%
Overall Property*:20%
Overall Motor*:43%


Sources:



 


Statistics

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Serbia 1H2020 Market Portfolio

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Serbia 1H2020 Insurance Companies Rankings


See all statistics

Latest news

SERBIAN market posts modest increase rate in 3Q2013

In 3Q2013, the Serbian insurance market totaled RSD 48.8 billion (EUR 425 million), which is a modest increase of 2.9% on a year earlier, according to the data published by the National Bank of Serbia.


Serbian reinsurance market may be liberalized soon

Gross premium written by the four Serbian reinsurance companies amounted to a total of RSD 8 billion (EUR 77 million) in 2012, almost 11% up as compared with the previous year. "Dunav Re, which is owned by the state-owned direct insurer DUNAV, is the leading reinsurer with a market share of 38,21% in 2012. WIENER Re, owned by Prague based VIG Re, is holding a market share of 36.78%," told xprimm, Vidan SLANA, CEO WIENER Re a.d.o. Beograd, member of the Vienna Insurance Group.

SERBIA plans reform of pension system by year end

Serbia's First Deputy Prime Minister Aleksandar Vucic said that the government's objective is to create a healthy and sustainable economy, and confirmed that the reform of the pension system will be completed by the end of winter.

SERBIA, 1Q2013: Slowing down without leaving the positive territory

On the Serbian insurance market the first quarter of 2013 didn't bring significant changes, unless the somewhat slowed pace visible both on the life and non-life business side. Thus, the market indicators denominated in local currency show a 2.29% y-o-y overall growth rate in 1Q2012, as compared with the FY2012 growth rate of 7.24%. The same trend is noticeable for the y-o-y comparison, as in 1Q2012 the Serbian's insurance market growth rate stood at 3.9%.



SERBIA: IFC is in talks on becoming a minority shareholder in DUNAV Osiguranje

The International Finance Corporation (IFC) is in talks on becoming a minority shareholder in Serbia's state-owned insurance company Dunav Osiguranje, with a stake of up to 20%, with the aim to improve the insurer's corporate governance, according to Finance and Economy Minister Mladjan Dinkic. This would help Serbia get a better price and find a good-quality strategic partner for Dunav in the future. He also said that Cacanska Banka will be sold if it attracts serious interest.


SERBIA, FY 2012: Currency depreciation pushes market's dynamic under the zero line

With a 1.3% annual decrease in GWP, the Serbian insurance market mirrored the recession challenging the country in 2012. The mentioned decrease rate corresponds to the market figures denominated in European currency and is obviously affected by the 8% depreciation of the Serbian currency in relation to Euro. Thus, in Serbian Dinars, the insurance market showed a positive evolution last year, of 7.2%.


Serbia - Kosovo: Expensive auto insurance for crossing the administrative line

According to estimates from the Centre for Regionalism, the cost of goods and passengers transfer across the administrative line between Serbia and Kosovo, only in respect of insurance, amounts to about EUR 35 million per year. This organization monitors the implementation of the agreement on the freedom of movement between Belgrade and Pristina, ratified in late 2011.

SERBIA: Slovenian TRIGLAV would like to buy DDOR COMPANY in Serbia. DDOR representatives say: "We are not for sale"

President of the Management Board of the Slovenian TRIGLAV, Matjaz RAKOVEC, said this company was interested in buying the Croatian CROATIA Insurance and the Serbian DDOR. After only several days, this statement caused a stock price jump of TRIGLAV on the Ljubljana Stock Exchange. The General Manager of DDOR Company, Christian Otto NOE, characterized this statement as a "creation of market rumors before serious business intention was expressed" and said that DDOR was not for sale.

SERBIA: General Manager at DUNAV Insurance Company changed

The biggest insurance company in Serbia, DUNAV Insurance Company, will appoint new General Manager as of mid-December: former General Manager Milenka JEZDIMIROVIC, who has held this position since 2009, resigned in early December reportedly for personal reasons. Former Chairman of the Supervisory Board of DUNAV insurance, Marko CULIBRK will replace her, as Acting Director in the next six months.

SERBIA, 3Q2012: Currency fluctuations affected the market rates

As in the case of Hungary, Poland, Romania or other insurance markets that are not a part of the Eurozone, or which have pegged the national currencies to the euro - all indicators regarding the Serbian market were affected in 3Q2012 by the devaluation of RSD in relation to EUR.

SERBIA: Contentious MTPL premium allocation for the Republic Fund for Health Insurance

Insurers in Serbia announce to request a review of constitutionality of the decision according to which they are obliged to allocate 5 percent of the gross premium of automobile liability insurance for the Republic Fund for Health Insurance. This obligation was introduced early this year when the new Article of the Law on Compulsory Traffic Insurance came into force. The Croatian insurers have recently won the case against such a decision, after the Constitutional Court ruled it was unconstitutional. This prompted the Serbian insurers to take a similar step as well: Association of Serbian Insurers announced it would submit a request to the Constitutional Court for review of that decision.


Serbia: Amendments to the Law postpone the increase in the minimum sum insured for two years

Serbian Parliament adopted the Law amending the Law on Compulsory Traffic Insurance stipulating that an increase in minimum sum insured, for which the compulsory automobile liability insurance for damage caused to third parties can be contracted, is to be postponed for two years: instead of coming into force starting October 2012, the new sums will be applied from October 2014.


SERBIA: Insurers will ask for MTPL minimum tariffs' increase

This autumn, Serbian insurers will ask the Central Bank, the market supervising authorithy, for an increase in policy prices of the compulsory MTPL. The exact amount the insurers will request as a new minimum price is still unknown, but the National Association of Insurers confirmed that their expert services, together with representatives of the Serbian motor insurers, already started conducting analyses. The official request will be submitted to the National Bank of Serbia as soon as the Association's Management Board will agree on the exact amount needed for the minimum tariffs.