BiH: Conference "Days of Insurance in BiH 2023" - despite the challenges, the insurance sector is recording continuous growth

25 September 2023 — Marina MAGNAVAL
The third conference "Days of Insurance in Bosnia and Herzegovina" was held on September 21 and 22 in Sarajevo. The event organized by the Association of Insurance Companies in the Federation of BiH (UDOFBiH) gathered over 200 participants - domestic and foreign experts from the insurance industry.

"Insurance companies from the Federation of Bosnia and Herzegovina operate stably, recording continuous growth in income, assets, capital and reserves. There are no significant changes in the premium structure of the insurance market of the Federation of Bosnia and Herzegovina compared to previous years. The premium of all types of insurance recorded an increase, but still the dominant type of insurance within non-life segment is compulsory motor liability insurance, which, given the increase in the single base for premium calculating, i.e. the premium increase, will remain so in the portfolio in the coming period. The potential for market development exists, continuous work on education about the benefits of insurance, promotion of voluntary insurance, adopting good practices of neighboring countries and, ultimately, EU regulations represents a safe path to the development of the insurance market", said Director of the Agency for Insurance Supervision of the FBiH Ivan Luburic.

The General Secretary of the Association of Insurance Companies in the Federation of BiH, Ermin Cengic noted that the biggest challenges when it comes to this sector are related to certain issues of global political and economic uncertainty. “One of our speakers mentioned continuous crisis. Various economic, geopolitical, and other types of crises are continuously occurring in the world. Since 2008 and the financial crisis, then the pandemic, the war in Ukraine, these are all challenges, not only for us as a small country and a small market, but also for much larger countries and much stronger insurance markets", said Cengic, adding that a special challenge for insurance companies in the world is also the consequences of climate change.