Market analysis
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Insurance market overview in Serbia – 2024
By the end of 2024, a total of 20 (re)insurance companies operated in the Republic of Serbia. Of these, 16 companies were exclusively engaged in insurance activities, while 4 companies focused solely on reinsurance.
The insurance distribution network in 2024 also included a significant number of other participants:
- 115 legal entities (companies for insurance brokerage and insurer agent companies)
- 15 banks
- 11 financial leasing providers
- the public postal operator
- 84 representatives – natural persons (entrepreneurs)
- 4,810 active authorized persons for representation and brokerage.
Financial results of the insurance sector
The total gross insurance premium in 2024 amounted to 177.4 billion dinars (approximately 1.5 billion euros or 1.6 billion dollars), representing a 14.3% increase compared to the previous year.
The premium structure clearly shows the dominance of non-life insurance, which accounts for 81.5% of the total premium. In contrast, life insurance saw a decline in its share from 19.7% in 2023 to 18.5% in 2024, primarily due to higher nominal growth in the non-life insurance segment (15.9%) compared to the growth in the life insurance segment (7.4%).
The insurance sector ended 2024 with a positive net result, which after taxation amounted to 12.4 billion dinars.
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