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%



SERBIA: inflation triggered a 12% - 15% rise in the MTPL premiums

MTPL premiums went up, depending on the insurance provider, by 12% - 15% for all vehicle categories, reported quoting the Association of Insurers of Serbia (UOS). After the "prices war" in August 2022, this time the prices are harmonized with the National Bank of Serbia (NBS), the association said.

STATISTICS: Serbia's insurers business expanded by 12.20% y-o-y during 3Q2022

Serbian insurance market ended the first three quarters of 2022 with aggregate GWP worth RSD 99.39 billion (~EUR 847 million), up by 12.20% y-o-y, according to the quarterly figures published on the website of National Bank of Serbia (NBS). Non-life GWP was up by 14.31% y-o-y to RSD 79.17 billion, while the life insurance segment totaled RSD 20.22 billion, up by 4.64% y-o-y.

SERBIA: MTPL prices have increased by an average of 22%

In the first week of August, insurance companies increased MTPL prices by an average of 22%, with inflation and the subsequent higher prices of spare parts as main causes. There is also an increase in the prices of transport services, damage assessments, as well as in the prices of working hours in service centers, the Association of Serbian Insurers wrote.

STATISTICS: Serbian insurers posted 9.7% y-o-y increase in Q3 business

Serbian insurance market expanded by 9.7% y-o-y during 3Q2021 to RSD 88.5 billion (~EUR 754 million), according to the quarterly figures published on the website of National Bank of Serbia (NBS).

Non-life GWP rose 10.5% y-o-y to RSD 69.2 billion, whereas the life insurance segment earned premiums of RSD 19.3 billion, up by 6.8% y-o-y, as NBS announced.

The value of paid claims totaled RSD 37.3 billion (up by 2.2% y-o-y) of which RSD 12.1 billion - life indemnities (up by 28.6%) and RSD 25.2 billion (-7% y-o-y) related to non-life classes.

In terms of GWP volume, DUNAV was the largest insurance company in the country, accounting for 26.4% of total GWP. GENERALI osiguranje followed with 19.9%, while DDOR was third with 11.8%. A total of 16 insurance companies operated in the country at the end of September 2021.

Access and download the latest Serbian insurance market statistics (in EUR and RSD).

SERBIA: "Serbian Insurance Days": in the first three quarters the insurers achieved the best results in the last 10 years in some segments

The key event with largest gathering in insurance business with participation of more than 250 representatives of insurance companies, banks, the regulatory authority, the ministries of the Government of the Republic of Serbia and state institutions - the 5th edition of "Serbian Insurance Days" was held in Arandjelovac in the end of November.