Serbia

Axco provides details on the life insurance sector including Serbian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Hong Kong, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Serbian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Serbia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Serbia is one of six countries which emerged from the ruins of the former Yugoslavia. Although it is the most populous, the legacy of war, sanctions and political mismanagement has stunted its economy and the development of its insurance industry. Although income levels in the major cities have been rising, there is little spare cash for savings. There is also no culture of buying insurance for protection. As a result of these factors, life premiums were only RSD 25.06bn (USD 255.90mn) in 2019.

Serbia legislated for voluntary pension funds (VPFs) in September 2005, with the legislation coming into effect on 1 April 2006. Pension funds may only be managed by special-purpose pension companies with minimum capital of EUR 1mn (USD 1.20mn). Employers, groups of employers, professional associations and trade unions may appoint pension companies to manage pension schemes for their employees or members. Employer and employee contributions up to RSD 6,062 (USD 61.90) per month each are encouraged ....

There are two forms of health insurance available in Serbia: one is reimbursement PMI (known as voluntary health insurance); the other is critical illness and surgical cash benefit insurance. Both covers are mainly written on an employee group basis, the latter as a rider to group personal accident (PA) policies. Although the market statistics are difficult to interpret it seems that lump sum riders covered 2.06 million people in 2020, generating premiums of RSD 1.06bn (USD 10.82mn), while reimbursement policies of various types covered 313,435 people ....