Insurance in Serbia refers to the market for risk in the Republic of Serbia. Insurance, generally, is a contract in which the insurer (joint-stock insurance company, mutual insurance company, or reciprocal, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium).[1]

For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.[2]


See also: History of insurance

The earliest traces are found in medieval Serbia, in Dušan's Code. It is envisaged that the damage to property landlords compensate from the imperial treasury, and then the funds were restored from taxes.

Later, the insurance developed in various forms, through the solidarity of members and their families in fraternities and guild associations, or through forms of marine insurance. The first mention of insurance in Belgrade, was in 1839. year. The salesman, named Zuban, insured house and everything in it to a sum of 175 talers, in Trieste insurance company. Newspapers "Novine srbske" wrote in detail about the case, because after a few days Zubanova house burned to the ground, and full amount was paid to the owner.

Insurance companies

As of 2016, these are the largest companies in Serbian insurance market by premium income:[3]

Name Parent Non-life premium Non-life market share Life premium Life market share Total premium Total market share
Dunav osiguranje None 174.43 million 32.6% 10.97 million 5.9% 185.41 million 25.7%
Generali Osiguranje Assicurazioni Generali 104.14 million 19.5% 56.47 million 30.1% 160.60 million 22.2%
DDOR Novi Sad UnipolSai 75.17 million 14.1% 8.49 million 4.6% 83.66 million 11.6%
Wiener Städtische Vienna Insurance Group 35.81 million 6.7% 41.21 million 22.0% 77.02 million 10.7%
Triglav Osiguranje Triglav Group 32.10 million 6.0% 2.15 million 1.2% 34.25 million 4.7%
Grawe osiguranje Grazer Wechselseitige Versicherung 2.48 million 0.5% 28.86 million 15.4% 31.34 million 4.3%
UNIQA osiguranje UNIQA Assicurazioni 28.93 million 5.4% 0 0.0% 28.93 million 4.0%


  1. ^ Black's Law Dictionary; Sixth Edition; Insurance; p. 802.
  2. ^ Mayhall, Van, III, Insurance: Defined Archived 20 January 2013 at the Wayback Machine, Insurance Regulatory Law. Retrieved 2011-06-09.
  3. ^ "INSURANCE SECTOR IN SERBIA" (PDF). (in Serbian). National Bank of Serbia. Retrieved 4 February 2018.