Bosnia and Herzegovina: Dudo: Bosnia and Herzegovina is seeing growth in non-compulsory insurance

23 April 2024 — Marina MAGNAVAL
Last year, the insurance market in Bosnia and Herzegovina made a slight but very significant step towards development of non-compulsory insurance.

Although the largest part in the portfolio is still occupied by motor liability (~50%), an increase in the share of property insurance and voluntary health insurance in the market has been observed, said Eldar Dudo, Director of UNIQA Osiguranje to Bloomberg Adria.

In FBiH, health insurance recorded a growth of 27% and property – 19%. These changes and the rise in premiums can be attributed, among other things, to various economic and climate challenges, he mentioned.

Eldar Dudo expressed hope that this year will also bring good results. Statistics for FBiH in the first two months of 2024 show a premium growth of the entire market of 14.7% y-o-y, which is an excellent start of the year.

According to him, Bosnia and Herzegovina has a specific and complex insurance market. In addition to the excessive number of participants in the small and underdeveloped market, there are also many legal challenges, starting with different laws for businesses, multiple regulatory agencies, as well as different capital requirements.