Location map
author: OCHA/ ReliefWeb

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

- 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
Pop. density*:79.1people/km2
GDP*:42.9EUR billion

European Union:
Official candidate

Currency: Dinar
Code: RSD
Since: 2006

Insurance market portfolio
* 2018 estimates
Overall Property*:20%
Overall Motor*:43%




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Serbia 1H2020 Market Portfolio

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Serbia 1H2020 Insurance Companies Rankings

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Latest news

SERBIA: Dunav Osiguranje H1 cons net profit falls

Serbia's Dunav Osiguranje said its consolidated net profit fell to 68.4 million dinars (USD 725,000/ EUR 577,000) in the first half of 2012 from 84.7 million dinars a year earlier.

SERBIA: Globos Osiguranje hikes share capital

Serbian insurer Globos Osiguranje said it decided to raise its share capital by 98.9 million dinars (USD 1.04 million/ EUR 834,940) from some 1.0 billion dinars by converting retained earnings into equity.

SERBIAN insurers' 1H2012 premiums up 6.2% YoY

Gross written insurance premiums in Serbia rose by 6.23% in local currency in the first half of 2012, led by growth in life insurance lines. The premiums totaled RSD 32.49 billion, with life insurance growing 17.44% to RSD 5.53 billion, and non-life insurance expanding 4.19% to RSD 26.96 billion, according to the National Bank of Serbia. In European currency, due the devaluation of RSD in relation to EUR, the insurance market did not show growth in terms of written premiums, which amounted EUR 280.51 million, 6.02% less YoY.

SERBIA: Sava Zivotno Osiguranje hikes capital

Serbian life insurer Sava Zivotno Osiguranje has raised its capital by 52.4 million dinars to 296.9 million dinars, its parent, Slovenian reinsurer Sava Re, said on Friday.

SERBIA, 1Q2012: Despite economic decline, insurance market went up

In 1Q2012, the Serbian economy contracted 1.3% amid a frozen agreement with the IMF and weak demand for Serbian exports in the European Union because of the sovereign-debt crisis. The International Monetary Fund forecast Serbian economic growth at 0.5% this year and 3% next year. Despite economic decline, GWP in Serbia rose by 3.89% in the first quarter of 2012, led by growth in life insurance policies, according to financial figures recently published by the National Bank of Serbia (NBS).

SERBIA: Basler sees insurance market doubling in six years

Basler Osiguranja, a member of Baloise Holding AG (BALN), Switzerland's third-largest insurer, says growth of premiums may outpace Serbia's economic growth after 2014 and probably reach 1 billion euros ($1.27 billion) in 2018.

SERBIA: UNIQA, the fourth in the market of life and non-Life insurance

UNIQA insurance company in Serbia took the fourth position in the market of life and non-life insurance. UNIQA Life Insurance was in 2011. year recorded a 8.04 percent market share, a growth of 0.54 percent was provided by the company to jump in safe fourth place. Life insurance premiums grew by 14.52 percent over the previous year and amounted to 803 million dinars.

SOGAZ operate on the SERBIAN market

Last year, the Russian insurer SOGAZ, obtained a license to do business in Serbia, together with the country's gas monopoly SRBIJAGAS. At the end of April, 2012, has developed the opening ceremony of the SOGAZ subsidiary. The new company was named after the city where its headquarters are located - SOGAZ Novi Sad. The co-founders of the subsidiary are SOGAZ (51% of capital) and OJSC Serbiagas (49% of capital), leader of Serbian gas industry.

FY2011 figures indicates that SERBIA is "on track"

In 2011, total insurance premium amounted to RSD 57.3 billion (EUR 548 million), adding a mere 1.4% on the last year's figure, indicate the final financial data. "The development of the Serbian insurance market measured in terms of premium growth showed the deceleration of positive trends. In 2011, total premium increased by 1.4% nominally, but fell by 5.2% in real terms relative to 2010", according to the Insurance Sector in Serbia - Report for 2011 published in early April by the National Bank of Serbia (NBS).

Property insurance market in Serbia hindered by dropping sales of apartments; Croatia and Montenegro less affected

Since the middle of last year, the number of commercial mortgage loans approved in Serbia has plunged by 15.3%. Consequently, apartment sales fell by 30%, apparently also pulling back the household insurance business which recorded an over 30% negative change in the first three quarters of 2011, as compared to the same period of 2010. Thus, after registering a small y-o-y nominal increase in 2010, of almost 3%, the 3Q2011 statistics show a 36% fall in premium, to RSD 3.67 billion (EUR 36.3 million). Similar situations of the apartment sales in Croatia and Montenegro didn't have the same impact on the dwelling insurance sector.

SERBIA: Tax relief on voluntary pension fund contributions has increased

Starting from 1 February 2012, Serbian tax relief on voluntary pension fund contributions is increased from RSD 4,343 to RSD 4,647. Employer contributions to voluntary pension funds up to RSD 4,647 per employee on a monthly basis are exempt from personal income tax and compulsory social contributions. The same amount of contribution by direct debit from employee salary is also exempt from tax.