Ivan Luburić will continue working for another four-year term as the director of the Insurance Supervision Agency of the Federation of Bosnia and Herzegovina, the Insurance Supervision Agency announced on its website.

According to the Agency, during the previous mandate of Ivan Luburić, the insurance market of the Federation of Bosnia and Herzegovina set positive trends, achieved a 31% growth of capital and reserves compared to 31.12.2020, successfully entered the so-called phase of deregulation of motor third party liability insurance rates, maintained stability, and the Agency was admitted to the membership of the International Association of Insurance Supervisors (IAIS).

The Agency noted that in the coming period, the insurance market and the Agency will face numerous challenges, including implementation of new accounting standards, liberalization of MTPL rates, transition to the Solvency II and ultimately transition to risk-based supervision, all in the context of digitalization and strengthening of the role of artificial intelligence.