World BankInternational Monetary Fund2017-08-292017-08-292009-10https://hdl.handle.net/10986/28075The Serbian insurance sector remains small and underdeveloped. Over the last three years, the market experienced very little growth in real terms mainly due to weak economic growth, premium payment difficulties in the industrial sector, which forced many corporate policyholders to cancel their insurance, and fierce price competition among the growing number of players. With consumption of 76 Pounds and 10 Pounds per capita for non-life and life insurance, respectively, Serbia lags behind most of its neighbors in Southeastern and Central Europe. In 2009 the industry accounted for only 4.6 percent of total assets and 5.6 percent of total capital in the Serbian financial sector. Although in 2008 the total gross premium written (GPW) for both life and non-life was SRD 52.2 billion (dinars), representing a 5.3 percent annual inflation-adjusted increase over the previous year, in 2009 the sector is likely to experience an 8 percent contraction due to the impact of the economic crisis.en-USCC BY 3.0 IGOACCIDENT INSURANCEACCOUNTINGACCOUNTING STANDARDSANNUAL FINANCIAL STATEMENTSARREARSASSET MANAGEMENTASSETSBALANCE SHEETBALANCE SHEETSBANKRUPTBANKRUPT COMPANIESBANKRUPTCYBANKRUPTCY COURTBANKRUPTCY COURTSBANKRUPTCY LEGISLATIONBANKRUPTCY PROCEDURESBANKRUPTCY PROCEEDINGSBODILY INJURYBROKERBROKERAGEBROKERAGE FIRMSBROKERAGE OPERATIONSBROKERSCAPITAL MARKETCAPITAL MARKETSCAPITAL REQUIREMENTSCAPITALIZATIONCASH FLOWCATASTROPHIC INSURANCECLAIMCLAIMANTSCOMMISSIONSCOMPETITIVENESSCONSUMER EDUCATIONCONSUMER PROTECTIONCONSUMERSCORE BUSINESSCOURT PROCEEDINGSCREDIT QUALITYCREDITORSCURRENCYDEBTSDEPENDENTDIRECT ACCESSDISASTERSDISPOSABLE INCOMEDISPOSABLE INCOMESDOUBTFUL DEBTSEARNED PREMIUMECONOMIC CRISISECONOMIC STAGNATIONEQUITY STAKEEXCHANGE RATEFINAL SETTLEMENTFINANCIAL ANALYSISFINANCIAL ARRANGEMENTSFINANCIAL CRISISFINANCIAL INDICATORSFINANCIAL REPORTINGFINANCIAL SECTORFINANCIAL STABILITYFOREIGN COMPANIESFRONTING COMPANYGOVERNMENT BUDGETGROSS DOMESTIC PRODUCTGROUP LIFE INSURANCEGUARANTEE FUNDIMMEDIATE PAYMENTINDEPENDENT AUDITORINDEPENDENT INSURANCE AGENTSINFLATIONINFORMATION TECHNOLOGYINSOLVENCIESINSOLVENTINSOLVENT COMPANIESINSOLVENT COMPANYINSOLVENT INSURERSINSUFFICIENT ASSETSINSURABLE RISKSINSURANCEINSURANCE AGENTSINSURANCE COMPANIESINSURANCE COMPANYINSURANCE COVERAGEINSURANCE FRAUDINSURANCE INDUSTRYINSURANCE LAWINSURANCE LICENSESINSURANCE MARKETINSURANCE PENETRATIONINSURANCE PLANSINSURANCE POLICIESINSURANCE PREMIUMINSURANCE PREMIUMSINSURANCE PRODUCTSINSURANCE PROPERTYINSURANCE REGULATIONINSURANCE REGULATIONSINSURANCE RESERVESINSURANCE STATISTICSINSURANCE SUPERVISIONINSURERINSURERSINTERNAL CONTROLSINTERNATIONAL ACCOUNTINGINTERNATIONAL ACCOUNTING STANDARDSINTERNATIONAL BANKINTERNATIONAL STANDARDSISSUANCELAWSLEGAL FRAMEWORKLEVEL PLAYING FIELDLEVERAGELIABILITYLIABILITY INSURANCELIBERALIZATIONLIFE INSURANCE COMPANYLIFE INSURANCE PREMIUMSLIFE INSURANCE PRODUCTSLIQUID ASSETSLIQUIDATIONLIQUIDITYLIQUIDITY POSITIONLIQUIDITY RATIOLOCAL MARKETLONG-TERM BORROWINGSLONG-TERM DEBTLONG-TERM DEBT MARKETMARGIN REQUIREMENTSMARKET CONCENTRATIONMARKET CONDITIONSMARKET DISCIPLINEMARKET LIQUIDITYMARKET PARTICIPANTSMARKET PLAYERSMARKET SHAREMARKET SUPERVISIONMARKET TRANSPARENCYMONETARY FUNDMONEY LAUNDERINGMONEY MARKETMONEY MARKET INSTRUMENTSMORTGAGEMORTGAGE LOANSMOTOR INSURANCENATURAL DISASTERSNET PROFITNEW CREDITNEW MARKETNON-LIFE INSURANCEOUT-OF-COURT SETTLEMENTOUTSTANDING CLAIMSOVERDUE RECEIVABLESPENSIONPERSONAL PROPERTYPOLICYHOLDERSPORTFOLIOPORTFOLIOSPOTENTIAL LIABILITYPREMIUM PAYMENTPRICE COMPETITIONPRIVATE INVESTORSPRIVATE SECTOR DEVELOPMENTPRIVATIZATIONPROPERTY INSURANCEPROPERTY MARKETPUBLIC EDUCATIONRATESRECEIVABLESRECEIVERSREGULATORY FRAMEWORKREGULATORY REGIMEREGULATORY REQUIREMENTSREINSURANCEREINSURANCE COMPANIESREINSURANCE CONTRACTSREINSURANCE REQUIREMENTREINSURANCE REQUIREMENTSREINSURERSRESERVERETURNRETURNSRISK ASSESSMENTRISK CAPITALRISK EXPOSURERISK INSURANCERISK MANAGEMENTRISK MANAGEMENT POLICYRISK MANAGEMENT SYSTEMSRISK TRANSFERSAVINGSSETTLEMENTSETTLEMENTSSHAREHOLDERSSHORT-TERM BANK DEPOSITSSOCIAL CAPITALSOLVENCYSOLVENCY REQUIREMENTSSTATUTORY REQUIREMENTSTATUTORY REQUIREMENTSSTRATEGIC INVESTORSUPERVISORY BOARDSUPERVISORY FRAMEWORKTAXTAX CREDITTAX DEDUCTIBLETAX INCENTIVESTAX TREATMENTTECHNICAL ASSISTANCETERRORISMTRADINGTREASURYTREATIESUNDERWRITINGUNPAID CLAIMSVALID CLAIMSVOLATILITYVOLUNTARY LIQUIDATIONWORLD TRADEReportWorld Bank10.1596/28075