Life Report

Product Insurance Market Reports Life Rev Serbia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Serbia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Serbia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Serbia

The Serbia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Serbia.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Serbia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Serbia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Serbia is available.

Axco’s report describes the regulatory framework that applies to the Serbian domestic life insurance sector, including whether non-admitted insurance is permitted in Serbia; as well as the legislation necessary to know regarding Serbia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Serbia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Serbian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Hong Kong, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Serbian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Serbia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Serbia Life and Benefits Report Extract

Below are brief extracts of information from the Serbia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Serbia is one of six countries which emerged from the ruins of the former Yugoslavia. Although it is the most populous, the legacy of war, sanctions and political mismanagement has stunted its economy and the development of its insurance industry. Although income levels in the major cities have been rising, there is little spare cash for savings. There is also no culture of buying insurance for protection. As a result of these factors, life premiums were only RSD 25.06bn (USD 255.90mn) in 2019.


Serbia legislated for voluntary pension funds (VPFs) in September 2005, with the legislation coming into effect on 1 April 2006. Pension funds may only be managed by special-purpose pension companies with minimum capital of EUR 1mn (USD 1.20mn). Employers, groups of employers, professional associations and trade unions may appoint pension companies to manage pension schemes for their employees or members. Employer and employee contributions up to RSD 6,062 (USD 61.90) per month each are encouraged ....


There are two forms of health insurance available in Serbia: one is reimbursement PMI (known as voluntary health insurance); the other is critical illness and surgical cash benefit insurance. Both covers are mainly written on an employee group basis, the latter as a rider to group personal accident (PA) policies. Although the market statistics are difficult to interpret it seems that lump sum riders covered 2.06 million people in 2020, generating premiums of RSD 1.06bn (USD 10.82mn), while reimbursement policies of various types covered 313,435 people ....

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