On June 19, 2023, the National Bank of Serbia (NBS) published the report for 2022 for the insurance sector. Among other things, the report provides us insights into the activities of the National Bank of Serbia in 2022, an analysis of the insurance market, and business indicators.
When it comes to the insurance market, the NBS states in its report that “The five countries with the largest share in the total premium realized on the world market (USA, China, Japan, Great Britain and France) in 2021 covered 65.8% of that market, while the Republic of Serbia ranks 79th in the world according to the realized premium.” It is further stated that the Republic of Serbia is in a satisfying position, with the potential for improving this position.
When it comes to the market participants themselves, the authors of the report state that there are 20 (re)insurance companies operating in the Republic of Serbia and that their number has not changed compared to the previous year. Out of these 20, 16 companies deal exclusively with the insurance business, and only 4 companies deal exclusively with the reinsurance business. Of the companies engaged in the insurance business 4 companies deal exclusively with life insurance, 6 deal exclusively with non-life insurance, and 6 companies deal with both both life and non-life insurance.
Finally, when it comes to premium amounts, the report stated that in 2022, insurance companies generated a total premium of 133.9 billion dinars (1.1 billion euros or 1.2 billion dollars), which represents an increase of 12.2%.
Analysis of the sales channels showed that the largest part of the total premium in 2022 was realized through: insurance companies (63.0%), insurance brokers (12.9%), technical inspections (8.9%), insurance agents (5.5 %) and banks (4.5%).