STRUCTURAL TRANSFORMATION AND DEVELOPMENT TRENDS OF THE LIFE INSURANCE MARKET IN SERBIA
DOI:
https://doi.org/10.59864/Oditor22602NPKeywords:
life insurance, life annuity, supplementary life insurance, unit-linked life insuranceAbstract
This paper analyzes the role and importance of life insurance in modern economic conditions, with special reference to the market of the Republic of Serbia in the period 2019-2024. The research focuses on different forms of life insurance, including classic life insurance, life annuity, supplementary life insurance and unit-linked life insurance, with an overview of their functional and structural characteristics. Empirical analysis indicates a stable growth of the overall market, manifested through a continuous increase in the number of policies and total premiums, with a simultaneous increase in the value of calculated claims. At the same time, divergent tendencies among individual segments were identified, whereby classic and supplementary models recorded moderate development, life annuity stagnated, while investment-oriented products achieved extremely dynamic growth. Life insurance is affirmed as a complex financial instrument with a significant protection, accumulation and investment function, with the need to improve risk management and the regulatory framework.
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