Twenty (Re)insurance Companies Operate in Serbia – Share of Non-Life Insurance in Total Premium Still Dominant

As of the second quarter of 2022, a total of 20 (re)insurance companies operate in Serbia and their number remains unchanged compared to the same period last year, says the report by the National Bank of Serbia.

A total of 16 companies are active in insurance exclusively, whereas four companies are active in reinsurance. Of those who are active in insurance, four companies deal with life insurance exclusively, six deal with non-life insurance exclusively and another six deal with both life and non-life insurance.

Observed by the ownership capital structure, of the 20 companies at the end of Q2 2022, a total of 15 have a majority foreign ownership. Foreign-owned companies are dominant at the end of Q2 2022: 86.2% in the life insurance premium, 61.2% in the non-life insurance premium, 73.1% in the total property and 65.2% in the number of employees.

In addition to (re)insurance companies in the market, as of Q2 2022, there are also: 16 banks, seven providers of financial leasing and a public postal operator, which have been given authorization for jobs of representation in insurance, 108 legal persons (companies for mediation in insurance and companies for representation in insurance), 79 insurance representatives (natural persons – entrepreneurs) and 4,249 active authorized persons for jobs of representation or mediation in insurance.

The total premium in Q2 2022 amounted to RSD 67.6 billion (EUR 575 million, or USD 628 million), which is a growth of 11.8% compared to the same period last year.

The share of non-life insurance of 79.8% in the total premium is still dominant. The non-life insurance premium has grown by 14.0%, and the types of insurance with a considerable share, such as: automobile liability insurance, property insurance, motor vehicle insurance – casco and voluntary health insurance, are growing.

The balance sum of the insurance sector has grown by 4.0% and amounts to RSD 346.6 billion. The capital has grown by 6.4% and amounts to RSD 73.2 billion. The technical reserves have grown by 5.7% and amount to RSD 233.5 billion.

Take a look at the entire report (in Serbian) at this link.

Narodna banka Srbije Beograd

National Bank of Serbia

reinsurance companies

insurance companies

life insurance

non life insurance

life insurance premium

non life insurance premium

financial leasing

automobile liability insurance

property insurance

motor vehicle insurance

casco insurance

voluntary health insurance