Importance of insurance and prospects of development in Serbia

Abstract

Insurance is an activity with a long-established tradition in Serbia that goes as far back as Dušan's Code. The author attempts to establish the developmental path that insurance has taken from the first communities of risk to insurance companies, as institutional investors that play a significant role in modern economy. Special attention is paid to the shift to the market mechanism and the transition that meant the establishment of the insurance sector as highly regulated and, above all, profitable. The paper does not leave out the role of the Association of Serbian Insurers, as an umbrella organization that has significantly contributed to the promotion and protection of the interests of the insurance industry. In the conclusion, proposals are made as to how the market should develop pro futuro, with an emphasis on the fact that insurance is a growing industry that makes an important part of sustainable development.