In the third quarter of 2024, the total insurance premium in Serbia amounted to 132.6 billion dinars, marking an increase of 14.7% compared to the same period in the previous year, according to a report from the National Bank of Serbia (NBS).
The sector’s balance sheet total grew by 8.6%, reaching 417.1 billion dinars, while capital increased by 6.4%, reaching 75.2 billion dinars. Non-life insurance accounted for 82.3% of the total premium, continuing to be dominant. The premium for non-life insurance grew by 15.9%, with significant growth seen in property insurance, motor vehicle insurance (comprehensive), and voluntary health insurance, all of which recorded double-digit percentage increases, according to the NBS report.
The share of life insurance premiums in the total premium decreased from 18.5% in the third quarter of 2023 to 17.7% in the same period of 2024 due to a higher nominal growth rate in non-life insurance premiums compared to life insurance premiums.
Regarding the structure of premiums in the third quarter of 2024, it was similar to the previous year. The largest share of premiums came from motor vehicle liability insurance, with 28.3% (a decrease of 1.6 percentage points), followed by property insurance (19.9%), life insurance (17.7%), motor vehicle insurance – comprehensive (11%), and voluntary health insurance (10.5%).
Comparing the third quarter of 2024 to the same period in 2023, motor vehicle liability insurance premiums increased by 8.7%, property insurance premiums rose by 18.4%, comprehensive motor vehicle insurance premiums grew by 19.7%, and premiums for voluntary health insurance increased by 20%.
The growth in premiums for voluntary health insurance boosted its share in the total premium from 10% in the third quarter of 2023 to 10.5% in the same period in 2024, with three insurance companies covering 62.3% of this market segment.
Accident insurance, which includes mandatory insurances such as passenger insurance in public transport and employee insurance against workplace injuries and occupational diseases, recorded a growth of 16.3%, with a slight increase in its share of the total premium to 2.4%.
Most Insurance Companies Are Foreign-Owned In the third quarter of 2024, there were 20 insurance (reinsurance) companies operating in Serbia, which was unchanged from the same period last year. The number of employees decreased slightly to 11,308, a 1% drop.
According to the NBS, 16 companies were engaged solely in insurance, while four focused on reinsurance. Of those that provide insurance, four companies dealt exclusively with life insurance, and six focused on either non-life insurance or both life and non-life insurance.
Regarding ownership structure, of the 20 companies operating at the end of the third quarter of 2024, 15 were majority foreign-owned.
Foreign-owned companies had a dominant share in life insurance premiums (84.3%), non-life insurance premiums (60.9%), total assets (70.9%), and the number of employees (65.2%).
When considering the balance sheet total of 417.1 billion dinars, the ranking of the five largest insurance companies remained unchanged. These companies—Generali, Dunav, Wiener, Grawe, and DDOR insurance—accounted for 76.1% of the total balance sheet sum for all insurance companies. Similarly, the ranking of the five largest companies in total premiums and life insurance premiums also remained the same, with these companies contributing 74% and 82.2%, respectively, in the third quarter of 2024.
However, when looking at non-life insurance premiums, the ranking of the five largest insurance companies changed. These companies—Dunav, Generali, DDOR, Wiener, and Triglav—accounted for 74.5% of the market share in non-life insurance premiums.
