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Serbia

Serbia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Serbia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Serbia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Serbia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +1
Belgrade
RSD
6.93 mn
52,577 mn
1.82%
1,020.91 (mn)
1.98

Serbia is one of six former Yugoslavian countries. Although it is the most populous, the legacy of war, sanctions and mismanagement has stunted its economy and the development of its insurance industry.

Compulsory motor third party liability (MTPL) is the largest class of business. In 2017 Serbia was the 74th largest non-life market in the world. Gross written premiums were RSD 76.09bn. Non-life insurance premiums grew by 2.2% year-on-year in the first three quarters of 2020, notwithstanding the near extinction of outbound travel business.

Because of low living standards and the absence of an insurance culture, non-life penetration and density are both extremely low in Serbia. There is almost no personal lines business apart from compulsory motor third party liability: household contents, for example, represented just 7.7% of property premium income in 2018.

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