The total assets of Serbia’s insurance sector reached 440.7 billion dinars at the end of the second quarter of 2025, marking a nine percent increase compared to the same period last year. Capital rose by 12.2 percent to 82.5 billion dinars, while total premiums grew by 9.8 percent to 97.6 billion dinars, according to the National Bank of Serbia (NBS) in its regular quarterly insurance sector report. Non-life insurance continues to dominate with an 83.7 percent share of total premiums. Non-life premiums increased by 11.5 percent, with strong contributions from motor vehicle liability, voluntary health insurance, and motor vehicle (casco) insurance, all recording double-digit growth rates.
The share of life insurance premiums declined from 17.7 percent in the second quarter of 2024 to 16.3 percent in 2025, due to faster nominal growth in non-life premiums compared to life premiums.
Motor vehicle liability insurance remained the largest segment, accounting for 27.3 percent of total premiums. It was followed by property insurance with 20.4 percent, life insurance with 16.3 percent, voluntary health insurance with 12.2 percent, and casco insurance with 11.7 percent.
Non-life premiums increased by 11.5 percent year-on-year. Within that, motor vehicle liability premiums rose by 10.7 percent, property insurance by 2.3 percent, voluntary health insurance by 22 percent, and casco insurance by 17.4 percent. The rise in voluntary health insurance premiums increased its share of total premiums from 11 percent in 2024 to 12.2 percent in 2025, with three companies accounting for 63.5 percent of this market segment, according to the NBS.
Accident insurance, which includes mandatory coverage such as public transport passenger insurance and workers’ compensation, grew by 10.8 percent, maintaining a 2.4 percent share of total premiums.
The leading insurance companies by total premiums in the second quarter were Dunav, Generali, DDOR, Wiener, and Triglav. Dunav and Generali also led both in non-life and life insurance categories.
The insurance sector’s total assets of 440.7 billion dinars were concentrated among the five largest companies, which together held 76.2 percent of total assets.
At the end of the second quarter, 20 (re)insurance companies were operating in Serbia, the same number as a year earlier, with a slight one percent decrease in employment to 11,325 people. Sixteen companies focus solely on insurance, while four specialize in reinsurance. Among insurers, four deal exclusively with life insurance, six with non-life insurance, and six with both types.
Of the 20 companies, 15 are majority foreign-owned. Foreign-owned companies dominate life insurance premiums with an 82.9 percent share, non-life premiums with 60.2 percent, total assets with 69 percent, and employment with 65.5 percent.
