+12.5% a year
Serbia's premium grew 12.5% a year since 2021, the fastest in the Western Balkans
Serbian insurers wrote €1.63bn of premium in 2025, 60% more than in 2021: 12.5% a year in dinars, the fastest of the six Western Balkan markets and fourth of the 18 Polisa covers. Growth has not changed who writes it: Dunav and Generali hold 45% between them, against 46% in 2021. Premium is still 1.8% of GDP.
Only Moldova (14.8%), Lithuania (13.6%) and Bulgaria (12.7%) grew faster than Serbia since 2021. The other Western Balkan markets came in at North Macedonia 11.4%, Kosovo* 11.1%, Montenegro 10.7%, Bosnia and Herzegovina 9.4% and Albania 8.9% a year; Poland (6.9%) and Czechia (6.8%) at well under Serbia's pace. The dinar moved less than 1% against the euro over the four years, so the figure in euros, 12.6% a year, is almost the same: €1.02bn in 2021 became €1.63bn in 2025.
The pace is slowing. Premium rose 12.2% in 2022, 15.9% in 2023 and 14.3% in 2024, then 8.0% in 2025, the slowest of the four years; in the first half of 2026 it was 6.9% above the first half of 2025, slower again.
The voluntary lines grew fastest. Health insurance premium went from €59m to €175m, three times as much, more than any other line. Casco rose 90% and motor liability, still the largest line, 48%; life insurance rose 26%, so its share of premium fell from 23% to 18%.
Growth has not changed the market's structure. Dunav osiguranje holds 26% of premium (26% in 2021) and Generali Osiguranje Srbija 19% (20%); together 45%, against 46% four years earlier, with the same 16 insurers in the market. Both are listed on the Serbian market page with their lines and ratios.
Serbians still spend less on insurance than most of the EU markets: premium is 1.8% of GDP, against 2.3% to 2.4% in Croatia, Poland, Czechia, Hungary and Slovakia, and €249 per person; of Serbia's EU neighbours only Romania spends less (1.1% of GDP, €228 per person). Premium is the National Bank of Serbia's written premium per insurer and line; Serbian accounting is not IFRS 17 or Solvency II, so the premium totals compare with the EU markets but the ratios on the insurer pages do not fully.
The numbers behind it
More insights
Premium is 2.1% of GDP across the 18 markets and outgrew it in 8 of them
2.1%The 18 markets wrote €56.87bn of premium in 2025, 2.1% of their GDP and €479 per person, while their GDP per person is 54% of the EU average. Scroll through the gap per person, growth since 2021 before and after inflation, where premium outgrew the economy and the outlook to 2028.
North Macedonia's premium fell 0.6% in the first half of 2026 after growing 11.4% a year since 2021
−0.6%Premium written in North Macedonia in the first half of 2026 was 0.6% below the first half of 2025, the only fall among the seventeen markets with figures for 2026, after four years of growth between 9.9% and 12.3%. One insurer explains it: Eurolink's premium fell 43% from an unusually large first half of 2025; the rest of the market grew 7.5%.
Lithuania and Moldova have grown fastest since 2021
+13.6%Premium in Lithuania grew 13.6% a year from 2021 to 2025, in Moldova 14.8% in lei. Slovakia, Poland, Czechia and Croatia grew about half as fast.
Pages behind it
When the figures change
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What changedCiteCite this pageThe reference in APA style and as BibTeX, each with a copy button, and the terms of reuse
Polisa compiles the figures; the original sources are named on this page and on the method page.
Polisa. (2026). Serbia's premium grew 12.5% a year since 2021, the fastest in the Western Balkans [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/insights/serbia-fastest-growing-western-balkan-market
BibTeXShow entry
@misc{polisa_insights_serbia_fastest_growing_western_balkan_market_2026,
author = {{Polisa}},
title = {Serbia's premium grew 12.5% a year since 2021, the fastest in the Western Balkans},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/insights/serbia-fastest-growing-western-balkan-market}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data under each publisher's terms, see Method.