Serbia
Growth
Amounts are always in euros: this changes how growth is measured, nothing else.
How growth is measured →This page is also available in Serbian.
Latest news9 Oct 2026: NBS: premium up 6.9% to RSD 104.3bn by the end of June 2026 All news (11) →
Coverage The insurers shown cover the whole market. NBS covers all 16 insurers; there are no branches of foreign insurers in Serbia. Reinsurers are not counted. Source.
Market share by insurer
Latest quarter: H1 2026
Premium written H1 2026, year to date: €889m, +6.9% against H1 2025 in local currency. Share change in percentage points against the same period a year earlier.
Largest insurers, H1 2026
Premium year to date and growth; the bar is the share, its change in points under it.
Gains and losses in share
Change in share against H1 2025, in percentage points; an insurer with no premium now has lost its whole share.
- Dunav osiguranje · 23 Sep 2026: Dunav osiguranje lifts first-half 2026 net profit 27% to RSD 2.3bn
All figures
| Insurer | H1 2026 €m | Share | Δ pp | H1 2025 €m | Growth |
|---|---|---|---|---|---|
| Dunav osiguranje | 223.8 | 25.2% | −1.4 | 221.4 | +1.3% |
| Generali Osiguranje Srbija | 169.4 | 19.1% | +0.4 | 155.6 | +9.1% |
| DDOR Novi Sad | 93.0 | 10.5% | −0.4 | 90.2 | +3.3% |
| Wiener Städtische | 91.4 | 10.3% | +0.3 | 83.4 | +9.9% |
| Triglav Osiguranje | 72.4 | 8.1% | +0.1 | 66.7 | +8.7% |
| Globos osiguranje | 49.3 | 5.5% | +0.1 | 45.3 | +9.0% |
| AMS Osiguranje | 36.3 | 4.1% | +0.0 | 33.9 | +7.3% |
| Sava Neživotno osiguranje | 34.2 | 3.9% | +0.5 | 27.8 | +23.6% |
| Milenijum osiguranje | 32.6 | 3.7% | +0.2 | 29.1 | +12.5% |
| GRAWE Osiguranje | 32.2 | 3.6% | +0.1 | 29.5 | +9.2% |
| UNIQA neživotno | 27.0 | 3.0% | −0.1 | 26.1 | +3.6% |
| OTP Osiguranje | 10.6 | 1.2% | +0.2 | 8.6 | +23.0% |
| UNIQA životno | 6.3 | 0.7% | −0.0 | 6.3 | +1.0% |
| Sava Životno osiguranje | 5.7 | 0.6% | +0.0 | 5.1 | +13.1% |
| Merkur Osiguranje | 3.9 | 0.4% | −0.0 | 3.7 | +3.2% |
| SG osiguranje | 0.7 | 0.1% | +0.0 | 0.5 | +34.5% |
| Market | 888.7 | 100% | 833.1 | +6.9% |
Each insurer's figures: All insurers, growth and latest quarter → · Full-year outlook →
What's happening in Serbia
The latest news on the market's insurers and their supervisor, newest first: facts in Polisa's own words, each with its source.
- ResultsNBS: premium up 6.9% to RSD 104.3bn by the end of June 2026
The NBS second-quarter report puts total premium at RSD 104.3 billion, 6.9% more than a year earlier. Non-life holds 83% of the market and life's share rose from 16.3% to 17%; 20 (re)insurers operate, unchanged.
Source: Biznis.rs / NBS - LawNew rulebook on the 5% non-life premium tax applies from January 2027
A new Ministry of Finance rulebook keeps the 5% tax on non-life premiums but requires monthly electronic returns on form PP PPNO through the Tax Administration portal. It took effect on 7 October and first applies to January 2027.
Source: Biznis.rs - ResultsDunav osiguranje lifts first-half 2026 net profit 27% to RSD 2.3bn
Dunav osiguranje earned a net RSD 2.3 billion in January–June 2026, up 27.3%. Gross written premium rose 1.3% to about RSD 26.2 billion, while claims settled grew 11.4% to RSD 10.3 billion.
Dunav osiguranjeSource: Biznis.rs - ResultsNBS: first-quarter 2026 premium up 11.6% to RSD 50.2bn
Premium reached RSD 50.2 billion in January–March 2026, up 11.6%, with non-life at 82.9%. Motor TPL, 24.7% of premium, grew 5.6%, property 17.6% and voluntary health 12.9%, according to the NBS sector report.
Source: Biznis.rs / NBS
7 earlier
- LawDraft hail law: insurers to fund hail defence with 10% of crop premiums
The agriculture ministry's draft Law on Hail Risk Reduction, open for comment until 30 June, would have insurers set aside 10% of crop and fruit premiums for hail defence; an insurer quoted says this has applied for over ten years.
Source: Biznis.rs - ResultsNBS: 2025 premium rose 8% to RSD 191.5bn; sector net profit RSD 15.9bn
Premium reached RSD 191.5 billion in 2025, 1.8% of GDP and €249 per person. Motor TPL was the largest class at 28.6%, voluntary health grew 16.5%, and the sector's net profit was RSD 15.9 billion, per the NBS annual report.
Source: Biznis.rs / NBS - LawNBS publishes draft insurance law bringing Solvency II rules from 2028
The NBS draft law transposes Solvency II and the EU insurance distribution directive, sets minimum capital of €2.7–4m for non-life and €4m for life insurers, and would apply from 2028. Comments were due by 5 June 2026.
Source: Biznis.rs - LawDraft new compulsory motor insurance law put to public debate
The Ministry of Finance published a draft Law on Compulsory Traffic Insurance, prepared with NBS representatives, and held a public debate from 22 May to 14 June 2026, with an online presentation on 3 June.
Source: Ministry of Finance of Serbia - LawDraft law aligns bankruptcy of banks and insurers with EU rules
A draft replacing the law on bankruptcy and liquidation of banks and insurers follows EU rules: an insurer that loses its licence would go into bankruptcy, and the deposit insurance agency would have 30 days to start a portfolio transfer.
Source: Biznis.rs - ResultsDunav osiguranje's 2025 net profit up 40% to RSD 4.3bn; dividend proposed
Dunav osiguranje's 2025 net profit rose 40.1% to RSD 4.3 billion and gross written premium, including co-insurance, grew 8.3% to RSD 50 billion. The board proposed a gross dividend of RSD 124.63 per share.
Dunav osiguranjeSource: Biznis.rs - ResultsNBS: premium up 8.5% to RSD 143.8bn by the end of September 2025
Premium reached RSD 143.8 billion by the end of the third quarter of 2025, up 8.5%. Motor TPL was the largest class at 28.4%, voluntary health rose to 11.5% of premium, and life's share fell from 17.7% to 16.7%.
Source: Biznis.rs / NBS
Five-year trend
Premium
Market share of the five largest
Lines in Serbia
All figures
Motor TPL, FY 2025: average premium €145 per policy, 3.3 claims per 100 policies, average claim €1,926. Prices in every market on the Motor TPL page →
Claims paid in Serbia
Insurers paid €777m to their customers in FY 2025, +5.2% on FY 2024 in RSD: €48 for every €100 of premium. Non-life claims were €574m; life insurance benefits €203m.
Premium and claims paid, FY 2021–2025
PremiumClaims paid% claims paid per €100 of premium
Claims paid by line, FY 2025
Claims settled in the year by all insurers the National Bank of Serbia supervises, before reinsurance. Source: National Bank of Serbia, tables T7 and T8. Cash paid in the year, not the claims incurred that the combined ratios on this page are built from. Claims across all markets →
Reinsurance in Serbia
Share of non-life premium ceded, by line
Largest cedents
All figures
Capital cover across the market
Groups present
Each group's share of this market, its companies here, and where else it operates.
Profit and capital
Net profit by year
All figures
Each insurer's profit, return on equity and ratios: All insurers, solvency and profit →
Staff and premium per employee
FY 2025 premium over the insurers' reported employees. Agents, banks and group service companies are not employees, so an insurer that sells through others looks more productive: compare insurers of the same type.
Premium per employee, FY 2025
non-lifecompositelife
6 more in the full table below
Size and productivity, FY 2025
Each dot an insurer: employees across (log scale), premium per employee up; the larger the dot, the larger the premium.
By typeMedian per employee
All figures
| Insurer | Type | Employees | Premium €m | Premium per employee |
|---|---|---|---|---|
| OTP Osiguranje | life | 33 | 18.3 | €555k |
| AMS Osiguranje | non-life | 353 | 73.3 | €208k |
| Generali Osiguranje Srbija | composite | 1,908 | 302.8 | €159k |
| Sava Neživotno osiguranje | non-life | 398 | 59.8 | €150k |
| Dunav osiguranje | composite | 2,866 | 427.0 | €149k |
| Merkur Osiguranje | life | 57 | 8.5 | €148k |
| Triglav Osiguranje | non-life | 841 | 124.2 | €148k |
| UNIQA neživotno | non-life | 343 | 49.9 | €146k |
| Wiener Städtische | composite | 1,186 | 169.1 | €143k |
| DDOR Novi Sad | composite | 1,203 | 171.0 | €142k |
| Globos osiguranje | non-life | 604 | 84.6 | €140k |
| GRAWE Osiguranje | composite | 547 | 65.9 | €120k |
| Milenijum osiguranje | non-life | 519 | 55.6 | €107k |
| UNIQA životno | life | 175 | 12.6 | €72k |
| SG osiguranje | non-life | 20 | 1.1 | €58k |
| Sava Životno osiguranje | life | 200 | 10.4 | €52k |
Staff: employees at 31 December from each insurer's notes to the financial statements filed with the Business Registers Agency (APR), 2021–2025; UNIQA's two companies print only the average number in the year. Type: life where life insurance is 90% or more of the premium, non-life where it is 10% or less, composite in between. Productivity across all markets →
Questions about Serbia
Short answers from the figures on this page.
How big is the Serbia insurance market?
Insurers in Serbia wrote €1.63bn of premium in FY 2025, +8.0% on FY 2024 in RSD. That is 1.8% of GDP and €249 per person.
Who is the largest insurer in Serbia?
Dunav osiguranje is the largest insurer in Serbia with 26.1% of premium (€427m) in FY 2025, ahead of Generali Osiguranje Srbija (18.5%) and DDOR Novi Sad (10.5%); the three largest write 55% of the market.
How many insurance companies are there in Serbia?
16 insurers wrote premium in Serbia in FY 2025: 7 non-life, 4 life and 5 composite.
Which insurance groups are present in Serbia?
Polisa records 11 insurance groups in Serbia in FY 2025; the largest by premium are Dunav 26.1%, Generali 18.5%, Unipol 10.5%, VIG 10.3%. Insurers with no group (independent or not in a group) write 9.7% of the premium.
What is the largest line of business in Serbia?
Motor TPL is the largest line in Serbia with 28.6% of premium (€467m) in FY 2025, then property with 18.4%; life insurance is 17.8% of the market.
How well capitalised are the insurers in Serbia?
The median solvency margin of the insurers in Serbia was 195% at 31 December 2025: the typical insurer covered its required solvency margin 1.9 times (local rules, not Solvency II). All 16 insurers publish it.
RegulationRule changes1 rule change that reach insurers in Serbia, with their dates
- Outside the EU: moving towards Solvency II · Serbia: draft law published May 2026; would apply from 2028
Spotted a wrong figure? Tell us and include the source.
All insurers
ExcelDownload CSVLicence| Insurer | Premium | Share |
|---|---|---|
| Dunav osiguranje | 427.0 | 26.1% |
| Generali Osiguranje Srbija | 302.8 | 18.5% |
| DDOR Novi Sad | 171.0 | 10.5% |
| Wiener Städtische | 169.1 | 10.3% |
| Triglav Osiguranje | 124.2 | 7.6% |
| Globos osiguranje | 84.6 | 5.2% |
| AMS Osiguranje | 73.3 | 4.5% |
| GRAWE Osiguranje | 65.9 | 4.0% |
| Sava Neživotno osiguranje | 59.8 | 3.7% |
| Milenijum osiguranje | 55.6 | 3.4% |
| UNIQA neživotno | 49.9 | 3.1% |
| OTP Osiguranje | 18.3 | 1.1% |
| UNIQA životno | 12.6 | 0.8% |
| Sava Životno osiguranje | 10.4 | 0.6% |
| Merkur Osiguranje | 8.5 | 0.5% |
| SG osiguranje | 1.1 | 0.1% |
CiteCite 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 insurance market: market shares, lines, solvency and claims [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/markets/rs
BibTeXShow entry
@misc{polisa_markets_rs_2026,
author = {{Polisa}},
title = {Serbia insurance market: market shares, lines, solvency and claims},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/markets/rs}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data: NBS (written consent for non-commercial use (5 Nov 2026)), APR (personal non-commercial use only).