The National Bank of Serbia has published its first-quarter 2026 report on Serbia’s insurance sector, showing continued market growth with stable market structure and prudential ratios. Total premium rose 11.6 percent year on year to RSD 50.2 billion, while total sector assets increased 6.4 percent to RSD 455.8 billion, capital rose 9.4 percent to RSD 96.1 billion and technical reserves grew 4.1 percent to RSD 301 billion. The number of insurers and reinsurers was unchanged at 20, with non-life business still dominant at 82.9 percent of total premium. Growth was led by non-life lines including property insurance, voluntary health insurance and motor casco, while life insurance maintained a 17.1 percent share of total premium. The report shows unchanged rankings among the five largest insurers by total premium, non-life premium, life premium and assets, with market concentration remaining moderate at a Herfindahl-Hirschman Index of 1,182. On solvency, available solvency margin stood at RSD 73.6 billion against a required margin of RSD 31.9 billion, the liquidity coverage indicator for the sector was 104.3 percent, and insurers and reinsurers had invested the full amount of technical reserves in prescribed asset classes. In motor third-party liability insurance, 11 insurers remained active, premium rose 5.8 percent and the number of contracts increased 5.3 percent. The report also points to further regulatory change ahead. The National Bank of Serbia said a draft new Insurance Law was prepared during 2025, with broader changes expected through alignment with the Insurance Distribution Directive and Solvency II.

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