In the first quarter of this year, Serbia’s insurance sector saw a 10.0% increase in total assets, reaching 428.3 billion dinars, while insurance premiums grew by 8.0% to 45 billion dinars, according to the National Bank of Serbia (NBS).
Non-life insurance continues to dominate, accounting for 82.9% of total premiums. Premiums in the non-life segment rose by 8.7%, with significant growth in motor vehicle liability insurance, voluntary health insurance, and motor vehicle casco insurance, all showing double-digit increases.
Life insurance’s share decreased due to faster growth in non-life premiums. The sector’s capital increased by 15.2% to 87.8 billion dinars. Technical reserves also grew by 9.0%, totaling 289 billion dinars, with full investment of these reserves in prescribed asset forms.
Twenty insurance and reinsurance companies operated in Serbia, the same number as in Q1 2024, but employment in the sector slightly declined by 1.2%, with 11,297 employees working in the industry. Of these companies, 15 are majority foreign-owned.
