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 1Q2020 Insurance Companies Rankings

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Serbia 1Q2020 Market Portfolio

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Latest news

NBS and Insurance Supervision Agency of Macedonia Sign a Cooperation Agreement

During the official ceremony held in the NBS on 26 October, NBS Governor Jorgovanka Tabakovic and the president of the Council of experts of the Insurance Supervision Agency, Klime Poposki, signed a cooperation agreement between these two institutions. The agreement regulates cooperation and exchange of information between insurance supervisors of the two countries.

STATISTICS: SERBIA 1H2015: The lessons from 2014 flood didn't raise public interest for property insurance

Serbian insurers ended 1H2015 with GWP amounting to almost EUR 341 million, 11.23% up y-o-y. In local currency, GWP amounted to RSD 41.1 billion, 15.85% more y-o-y. Paid claims increased by about 14%, to RSD 14.75 billion (EUR 111.8 million). In relative terms, the life insurance segment showed the best dynamic, with a 21.3% GWP growth, while indemnities paid for life insurance diminished by some 2.3%. Yet the life insurance business remains little, with an overall GWP volume of EUR 72.7 million.

STATISTICS: SERBIAN insurers GWP up 27% in 1Q2015

According to the Central Bank figures, in 1Q2015 the total premiums collected by 21 insurance companies operating in Serbia increased by 27.15% in nominal terms to RSD 19.99 billion (EUR 166 million). Non-life GWP generated 78.39% of the total premiums, while the share of life segment went down to 21.61%.

SERBIA plans to pick sell-off adviser for Dunav Osiguranje by end-2015

The privatization process for Serbian insurer Dunav Osiguranje should start by the end of this year, local media reported on Wednesday, quoting a central bank official. Selecting a privatization adviser for Dunav Osiguranje by the end of 2015 will mark the beginning of the sell-off process of the insurer, news agency Tanjug reported, quoting the head of the directorate for supervision of financial institutions within the National Bank of Serbia, Djordje Jevtic.

STATISTICS: SERBIA, FY 2014: Driven by the life insurance growth and slightly affected by the May floods' losses

The Serbian insurance market ended 2014 with a 8.4% increase in GWP, to RDS 69.4 billion. In European currency, given the about 6% depreciation of the Serbian Dinar, the market growth was of only 2.7%, to EUR 573.8 million. "Serbian insurance market continued exhibiting similar trends identified in the previous period," said Nikola RODIC, Head of Actuarial and Statistic Division, Insurance Supervision Department, National Bank of Serbia. "Overall stability of the insurance market was preserved, while insurance companies continue to face cost pressures in their operations."

SERBIAN parliament adopts set of laws on banks and insurers

The Serbian parliament adopted on Tuesday the set of six laws to strengthen bank control and introduce mechanisms of the previously conducted intervention of the National Bank of Serbia (NBS) in the case when banks face problems in their conduct of business, and MPs also passed the amendments to the law on public procurements.

Serbia: New Insurance Law adopted

Nearing the end of 2014, the Serbian parliament adopted the new Insurance Law that will take effect upon expiry of six months - at the end of June 2015. This finally put an end to the dilemma about the status of composite companies that will not be obliged to separate, strengthened the protection of rights and interests of the insured, and regulated sales channels more flexibly.

French companies AXA and COFACE offer joint export insurance policies in SERBIA

French companies AXA and Coface have started offering joint export insurance policies in Serbia, helping domestic exporters cushion the risk of non-payment by foreign buyers, according to Belgrade-based AXA Osiguranje. The two companies presented their joint product to Serbian export firms in Belgrade on December 5, AXA Osiguranje said in a statement on its website.

STATISTICS: Over EUR 430 million in GWP for SERBIAN insurers due the double digit growth rate in life segment

In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing a increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased 33% to RSD 3.5 billion (EUR 29 million).

SERBIA seeks adviser for Komercijalna Banka stake sale

Serbia invited applications on Friday for a financial adviser to help manage the sale of a majority stake in Komercijalna Banka, the country's second largest lender. The Deposit Insurance Agency set a deadline of Dec. 26 for international firms to submit their expressions of interest.

UNIQA 9-mo pre-tax earnings in SERBIA drop

Austrian insurance group UNIQA said on Wednesday its earnings before taxes from operations in Serbia dropped to 2,000 euro in the first nine months of 2014 from 193,000 euro a year earlier. Total gross written premiums from operations in Serbia rose by 9.1% to 34.6 million euro through September, UNIQA said in a financial report.

GENERALI Osiguranje Srbija: the new corporate name of SERBIAN company

As of September 22nd 2014 the new corporate name of Delta Generali Osiguranje a.d.o. Beograd, reads: Generali Osiguranje Srbija a.d.o. Generali's activities in Serbia are facing a rebranding procedure according to Generali's new corporate identity. Change of the company name and the corporate identity have also been implemented at the Reinsurance company and the Voluntary Pension Fund management company, which changed their company names in to: Generali Reosiguranje Srbija a.d.o. and Generali Drustvo za upravljanje dobrovoljnim penzijskim fondom a.d.

EUR 200 million stand-by credit line to SERBIA's Deposit Insurance Agency

The European Bank for Reconstruction and Development (EBRD) is providing a EUR 200 million stand-by credit line to Serbia's Deposit Insurance Agency (DIA), an independent, public institution designed to protect insured depositors and manage the Deposit Insurance Fund (DIF), a special fund set up to pay-out insured depositors.

Europe RE: Flood damage to SERBIA from EUR 1.5 to 2 billion

Serbia's has joined a unique system for insurance against natural disasters as cofounder of the regional reinsurance company "Europe RE", which began its operations in Serbia on Thursday including Albania and Macedonia among its shareholders. Serbia invested a total USD 5 million in establishing of the "Europe RE" with headquarters in Switzerland.

Europe RE begins operations in SERBIA

Switzerland-headquartered specialty property catastrophe reinsurer Europa Reinsurance Facility Ltd. has started its operations in Serbia, reported. Europe RE's chairman of board, Hansjurg Appenzeller, said the May floods that hit parts of the Balkan region caused damage worth around EUR 1.5 billion (USD 1.9 billion) to EUR 2 billion (USD 2.53 billion).