In Serbia, there are 20 insurance and reinsurance companies, of which 15 are majority-owned by foreign entities. The number remained the same in the third quarter (Q3) of 2023 compared to the same period in 2022.
The total premium in Q3 2023 amounted to 115.6 billion dinars (986 million euros), representing a growth of 16.3% compared to the same period the previous year, as stated in the announcement published on the website of the National Bank of Serbia.
Companies in foreign ownership dominate with a predominant share, including 85.7% in life insurance premiums, 61% in non-life insurance premiums, 70% in total assets, and 64.8% in the number of employees.
In the structure of the total premium, the share of life insurance premiums decreases from 20.3% in Q3 2022 to 18.5% due to a higher nominal growth of non-life insurance premiums compared to life insurance premiums.
Regarding types of insurance, the premium structure for the analyzed period is somewhat similar to the 2022 structure, with the highest share of motor vehicle liability insurance in the total premium at 29.9%.
Following are property insurance at 19.2%, life insurance at 18.5%, motor vehicle insurance – comprehensive at 10.6%, and voluntary health insurance at 10.0%.
The premium for non-life insurance in Q3 2023 increased by 19.0% compared to the same period in 2022.
In this regard, the premium for motor vehicle liability insurance increased by 18.4%, property insurance premium by 11.4%, comprehensive motor vehicle insurance premium by 17.7%, and voluntary health insurance premium by a significant 53.4%.
The double-digit percentage growth in the premium for motor vehicle liability insurance is mainly the result of an increase in the number of concluded contracts, as well as an increase in the minimum premium tariff for mandatory insurance of motor vehicle owners’ liability for damage caused to third parties, starting from January 1, 2024.
The premium for voluntary health insurance is expectedly experiencing the mentioned significant growth, as since the beginning of the pandemic, awareness has changed regarding the importance of personal and family health.
Four insurance companies cover almost three-quarters of this market segment, with employer-sponsored insurance for their employees being highly represented.
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