Effects of ownership transformation of insurers on insurance sector in Serbia

Abstract

The process of ownership transformation in the financial sector was initiated by market liberalization, technological innovations, as well as market deregulation itself. Through the process of ownership transformation and restructuring, the insurance sector changes its business strategy and ownership structure, all of which contribute to maximizing profits and increasing business efficiency. Events in recent history accompanied by the Covid 19 pandemics, conflicts in Ukraine and Israel, the accelerated development of new technologies, as well as changes in the financial market, have aroused the interest of the scientific and professional public in studying the ownership transformation of the financial system. In this regard, recent research has shown that a smaller number of authors focused on the insurance sector, and that more attention is still dedicated on the analysis of the banking sector and other players on the financial market. The subject-matter of the analysis made in this paper is the ownership transformation of the insurance sector in the Republic of Serbia in the past two decades and its effects on the sector.