The report analysis, ‘Governance, Risk And Compliance – The Serbian Insurance Industry’ provide a comprehensive analysis of the insurance for life, segmentation, the market share of major players, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report also specifies numerous requirements for the introduction and operation of insurance and reinsurance companies and intermediaries. Moreover, the report serves the company profiles of major players available in the Serbian life and non-life insurance market.
Insurance in Serbia mentions to the industry for threat or risk in the Republic of Serbia. Generally, Insurance is a contract in which the insurer agrees to repay for specified loss or damage to a specified thing or life due to certain risks or perils in exchange for an insurance premium. The market of insurance in Serbia remains one of the smallest in Europe but by the time it is recent and rapid growth suggests that there is a huge deal of undeveloped potential in this expanding sector. The Serbian government formed new insurance laws which specify that life and non-life insurance must present as two different institutions or body. All the new entries to the market must survive as the separate companies and specialized, meanwhile the existing insurance key players in Serbian are needed to clearly discrete their specific assets.
With the rise in demand for investment-linked goods, an aging citizenry and regulatory changes will drive the Serbian life insurance market growth over the near future. Moreover, the low penetration in this region signifies the scope for insurers to enlarge into the mostly the untapped industry. The consumers of Serbia tend to recognize life insurance by specifically investment-linked policies which as insurance saving products rather than a manner to cover perils. In addition, the consumers observe it as a chance to produce good returns that the actual financial institution provides on deposits such as the facilities of bank deposits.
As the investment yields are coming down because of the low-interest rate environment, more insurers or mutual fund companies invested their money into another country for attaining the guaranteed returns to the buyer of the policies on standard life insurance contracts. Moreover, with the increase in public awareness of the advantages of insurance and increasing probabilities for market growth is also anticipated to hypnotize the new entrants into the segments over the near future. The new rules and regulations allow the person to capture the sale of insurance on a part-time basis as a supplementary activity protected under the labor legislation. Moreover, the law also enables a person to supply the products of several insurers. Meanwhile, the allocation of the earlier insurance law did not allow insurers of another country to introduce their own enterprise or invest in domestic insurance companies, have been renounced. This will enable the Serbian insurance market to become more developmental. Finally, the regulatory advancements forecasted to improve the growth of the Serbian insurance market. Therefore, in the coming years, the Serbian insurance market will grow more significantly over the decades with the new rules and regulations.
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Ankur Gupta, head marketing & communications