Over the past few years, the Life insurance market in Serbia has shown significant growth and development. Customer preferences in the Serbian Life insurance market are shifting towards more comprehensive coverage options that offer not only financial protection but also investment opportunities. Customers are increasingly looking for policies that provide long-term benefits and flexibility in terms of premium payments and coverage terms. Trends in the market indicate a rise in demand for unit-linked insurance products, where a portion of the premium is invested in various funds. This trend is driven by the growing interest of customers in investment opportunities and the potential for higher returns compared to traditional life insurance policies. Local special circumstances in Serbia, such as a relatively low level of insurance penetration compared to Western European countries, present significant growth opportunities for life insurance providers. The market is relatively untapped, and there is a potential for insurers to expand their customer base by raising awareness about the importance of life insurance and the benefits it offers. Underlying macroeconomic factors, such as steady economic growth and increasing disposable income levels in Serbia, are contributing to the development of the Life insurance market. As the economy continues to grow, more individuals and families are looking to secure their financial future through life insurance, driving the demand for such products in the market.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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