The National Bank of Serbia published its third-quarter 2025 insurance sector report, showing continued growth in premiums, assets and capital alongside broadly stable market structure and strong headline solvency and liquidity indicators. Total premium reached RSD 143.8 billion (+8.5% year on year), sector assets rose to RSD 444.1 billion (+6.5%), capital increased to RSD 82.7 billion (+10.0%) and technical reserves grew to RSD 299.5 billion (+3.2%), with the full amount of technical reserves invested in prescribed asset forms. Market structure was unchanged at 20 (re)insurance companies (16 insurers and four reinsurers), with 15 majority-foreign-owned firms accounting for 83.5% of life premiums, 60.7% of non-life premiums and 69.5% of assets. Non-life business remained dominant at 83.3% of total premium, while life insurance’s share fell to 16.7% as non-life grew faster. Motor third-party liability insurance remained the largest line (28.4% of total premium) and its premium increased 8.9%, attributed to a 4.2% rise in the number of contracts and a 4.5% increase in the average premium; the three largest writers held 57.7% of this segment. The report also flagged moderate sector concentration based on a Herfindahl-Hirschman Index of 1,184, a non-life combined ratio in self-retention of 89.7%, and a liquid assets-to-liabilities ratio of 106.7%. The report noted that significant changes to Serbia’s insurance supervisory framework are still expected as regulations move toward full alignment with the European Union Insurance Distribution Directive and as Solvency II implementation progresses through phases covering compliance analysis, impact assessment and subsequent regulatory harmonisation.

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