Only 7% of property in Serbia insured

The insurance of movable and immovable property in Serbia is still on a very low level, and the data of insurance companies say that it stands at merely 7%.

This is not good news, considering that severe adverse weather has been forecast this season in Serbia, which could cause large material damage.

The data of the Ministry of Agriculture show that, lately, 21 local self-governments in Serbia have been struck by adverse weather, with damage done to residential buildings, agricultural land, vehicles and public infrastructure, Kamatica writes.

Despite that, Serbian farmers have insured only 10.5% of their land, whereas the percentage is slightly higher in fruit and vegetable growing.

The house insurance sector is similar, as shown by crises caused by floods, where it was determined that not even 10% of the flooded houses had insurance policies.

Estimates say that less than 7% of the populace has the property insured in Serbia, and the percentage also includes all those categories of natural and legal persons for whom these policies are mandatory.

Following the floods of 2014, when the damage amounted to around EUR 1.7 billion, a rising trend has been noted when it comes to insurance policies in Serbia, but it is still low compared to global numbers.

Ministarstvo poljoprivrede, šumarstva i vodoprivrede Republike Srbije

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