Zoran Blagojević, President of the Executive Board of Wiener Städtische osiguranje- Investments require insurance that understands the market and risks

As one of the leaders in the insurance sector, Wiener Städtische osiguranje recognizes these trends and actively contributes to the improvement of awareness of the importance of insurance - both through innovative products adapted to modern challenges and through constant market education. The company is especially committed to the development of insurance in the real estate sector, supporting the stability of investments and providing reliable solutions to protect assets, claims and business risks.

- The insurance market in Serbia is stable and has a constant growth rate which is higher than gross domestic product growth. The total insurance premium in the previous year recorded a growth of around 14%. In the premium structure, mandatory auto liability insurance is still the most dominant, followed by property insurance and voluntary health insurance with growth close to 20%. Life insurance recorded a significantly lower average annual growth of 7%. The increase in premiums is somewhat accompanied by the increase in the number of insured persons, but I still do not consider the market to be developed. There is a large gap between the capacity of the insurance industry and coverage of insurance. The growth and development potential of the market, but also of society, is precisely in voluntary insurance, because insurances certainly increase the financial resilience of individuals and companies and their lower exposure to increasingly complex risks.

- Entrepreneurs have a slightly different approach than individuals. They are aware that the realization of certain risks can affect their financial stability in the long run, and overall operations and resources. Today, there are hardly any large companies, especially international ones, which, in addition to the property insurance policy, do not consider coverage due to the risk of terrorism, financial risks, managerial responsibility, earthquakes, which were previously less often considered.

- Risks are more and more complex and insurance is following that trend. Today, following the market and the need for sustainable solutions within the framework of the green agenda and in accordance with ESG principles, we are also innovating our packages so that we look at innovations in construction in a special way, such as, for example, the installation of solar panels to determine adequate insurance coverage. In addition, our teams create customized solutions for activities and facilities such as biogas plants, mini hydropower plant and the like. In order to keep up with the changes in the market, we are constantly improving our teams` skills.

- Insurance of buildings under construction covers a wide range of coverage, including insurance of works, whether they are new construction or reconstruction, as well as construction, craft, installation material and all equipment intended for installation, and construction equipment and auxiliary facilities that serve for the construction of the building. The realization of risks in construction can result in great material damage and high costs. It is important for us to create a tailor-made insurance cover for every large project in order to properly cover possible risks, with adequate coverage limits in accordance with the requirements of the investor and the possibilities of the policyholder. This industry is exposed to frequent natural risks, caused by climate changes from floods, storms, earthquakes, and landslides. Fire risks are not negligible either. Also, liability insurance for damages caused to third parties protects investors, contractors and subcontractors from claims by third parties with which they can be exposed during the construction period.

- I see growth in both segments, with greater client awareness of risks in complex business circumstances, with the trends of developed markets, interest will grow because, above all, responsibility towards one`s own business will be the motive for concluding the appropriate coverage. On the other hand, I also see an increase in the capacity of insurance companies to provide quality coverage, in accordance with the market`s requirements.

Receivables insurance has yet to reach the level of representation and premium as in more developed European markets. However, this is favored by the developed awareness of foreign companies, which also spills over to their companies that operate in Serbia.

- Our company strives to provide appropriate solutions to the needs of clients. In this sense, in the life insurance segment, we will try to bring products that rely on investment funds closer to citizens, where clients do indeed assume part of the risk, but long-term analyzes show that the growth of returns is realized, simultaneously making them aware of the importance of risk policies that protect the family, especially in circumstances where they are burdened with a loan or mortgage. In the field of property insurance, we stand firmly as a trusted insurer and a stable partner to the economy and citizens. Last, but not least, we plan to remain one of the first choices and partners in insurance in general, something we are proud of.