Insurance in Serbia refers to the
market
Market is a term used to describe concepts such as:
*Market (economics), system in which parties engage in transactions according to supply and demand
*Market economy
*Marketplace, a physical marketplace or public market
Geography
*Märket, an ...
for
risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environm ...
in the
Republic of Serbia
Serbia (, ; Serbian: , , ), officially the Republic of Serbia (Serbian: , , ), is a landlocked country in Southeastern and Central Europe, situated at the crossroads of the Pannonian Basin and the Balkans. It shares land borders with Hungar ...
.
Insurance, generally, is a contract in which the insurer (
joint-stock insurance company,
mutual insurance company, or
reciprocal, for example), agrees to compensate or indemnify another party (the insured, the policyholder or a beneficiary) for specified loss or damage to a specified thing (e.g., an item, property or life) from certain perils or risks in exchange for a fee (the insurance premium).
For example, a property insurance company may agree to bear the risk that a particular piece of property (e.g., a car or a house) may suffer a specific type or types of damage or loss during a certain period of time in exchange for a fee from the policyholder who would otherwise be responsible for that damage or loss. That agreement takes the form of an insurance policy.
[Mayhall, Van, III, ]
Insurance: Defined
''
Insurance Regulatory Law
Retrieved 2011-06-09.
History
The earliest traces are found in medieval Serbia, in
Dušan's Code
Dušan's Code ( sr-cyr, Душанов законик, ''Dušanov zakonik'', known historically as ''Закон благовјернаго цара Стефана'' – Law of the pious Emperor Stefan) is a compilation of several legal systems th ...
. It is envisaged that the damage to property landlords compensate from the imperial treasury, and then the funds were restored from taxes.
Later, the insurance developed in various forms, through the solidarity of members and their families in fraternities and
guild
A guild ( ) is an association of artisans and merchants who oversee the practice of their craft/trade in a particular area. The earliest types of guild formed as organizations of tradesmen belonging to a professional association. They sometimes ...
associations, or through forms of marine insurance. The first mention of insurance in Belgrade, was in 1839. year. The salesman, named Zuban,
insured
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
house and everything in it to a sum of 175 talers, in Trieste insurance company. Newspapers "Novine srbske" wrote in detail about the case, because after a few days Zubanova house burned to the ground, and full amount was paid to the owner.
Insurance companies
As of 2016, these are the largest companies in Serbian insurance market by premium income:
References
External links
{{Serbia topics
Finance in Serbia