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Perspectives of Life Insurance Development in Serbia

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Perspectives of Life Insurance Development in Serbia Articles, discussions, analyses, reviews UDK: 72.017:64.016:368.01:338.266 (4-672EEZ):339.1+339.138+658.85:348(497.11) Sarita A. Olević, M.A.1 Senior Advisor, Legal Function, Dunav Insurance Company a.d.o. PERSPECTIVES OF LIFE INSURANCE DEVELOPMENT IN SERBIA PROFESSIONAL PAPER Abstract The subject of this paper is life insurance development, its position and significance in Serbia, and types of life insurance products offered and formulated in proposals of different domestic life insurance companies, as well as new methods of sales promotion and easier communication with the policyholders. Key words: life insurance, insurance law, market, marketing, insurance sale, insurance policy, development perspectives 1 E-mail: [email protected] Paper received: 4.7.2016. Paper accepted: 22.9.2016. 4/2016 83 S. Olević: Perspectives of Life Insurance Development in Serbia 1. Introduction Today, life insurance is a moral duty of every person. In daily life, insurance represents an economic and legal institutional category and is of vital importance, especially considering the circumstances prevailing in our society and its aspirations to create a modern state which keeps pace with international trends. As a country striving to join the European Union, Serbia is making progress in the implementation of a considerable number of reforms, which involves the adoption of new laws and by-laws and definition of particular underdeveloped areas in insurance industry. Since difficult economic situation currently represents a grave problem, Serbia must put all its efforts and knowledge into becoming one of the countries where insurance is in the general national interest. To that extent, Serbia must harmonize its insurance regulations with the EU Directives, whereas the state plays a crucial role in steering, developing and modernizing particular insurance lines. The importance of life insurance for both individuals and the state lies in its benefits, and that is what makes it different from other insurance lines. These specific characteristics of life insurance (combined service which protects the interests of policyholders with the focus on savings, accumulation and investment of funds), are what improves the state economy and thus requires special tax treatment. In the types of life insurance with savings element, which are the most numerous ones, mathematical reserve is generated from an important source of long-term funds available for investments, that is, from the investment portion of the premium.2 A German theoretician, Peter Koch, argues that “insurance is in the service of protection against harmful consequences of certain events “,3 while for Friedhelm Nickel insurance is „a monetary service based on the warranty that the risks shall be covered and that, in certain events, the pecuniary compensation shall be paid.“ 4 In the previous period, as a consequence of different circumstances, life insurance in Serbia was insufficiently developed: low living standards, unfavourable economic climate, and adverse political situation. The fact that the awareness of the importance and benefits of life insurance is slowly rising among Serbian citizens is encouraging. However, life insurance market in Serbia is still in its infancy and has not reached the level of the European countries and the USA, where the share of life premium in the total premium exceeds 60%. 2 Nebojša Žarković, Ekonomika osiguranja, Beograd 2008, str. 24. 3 Peter Koch, Versicherungswirtschaft: ein einfuhrender Uberblick (6.Auflage),Verlag Versicherung- swirtschaft, Karlsruhe, 2005, pp.1; quoted according to Nebojša Žarković, Osiguranje, Beograd 2013, str. 14. 4 Friedhelm Nickel, Monika Fortmann,Worterbuch der Versicherung (2.uberarbeitete Auflage),Verlag Versi- cherungswirtschaft, Karlsruhe, 2000,V; quoted from Nebojša Žarković, Osiguranje, Beograd 2013, str. 14. 84 4/2016 S. Olević: Perspectives of Life Insurance Development in Serbia Having in mind the growth trend of life insurance, it can be assumed that the future will bring higher demand for this business activity in Serbia. 2. Concept and Need for Life Insurance Life insurance is a form of protection of the insured in the event of occurrence of an accident. This class of insurance provides the possibility of protection against death risk or incapacity for work. Life insurance is a plan for risk distribution, that is, an instrument by which a risk of early death is transferred from an individual to the underwriting community.5 Problems of modern life which, among others, relate to pension and disability insurance, loss of employment, loss of capacity for work and death have created the need for additional protection. In that sense, life insurance serves as an extension of social insurance. Political and economic stability is the precondition necessary for the expansion of life portfolio in Serbia, so that the citizens can trust the opportunity to use life insurance to invest wisely and think of their future, notably their old age when the ability to work is quite low. Considering the fact that today life expectancy has considerably increased, whereas life insurance is profitable in the timespan between 15 and 20 years, it is recommended to take out life insurance as early as possible, so that later in life, a person can receive the benefits arising from insurance policy and take out the greater number of policies during his/her working age. Life insurance is also used for borrowing, where life policy can be used as collateral assignment for the consumer and housing loans. Life insurance is different from property insurance and the occurrence of the insured event notably depends on a person’s life span. Here, insurance covers an uncertain event. One cannot put a price tag on his/her life and thus, he/she can take out more than one life policies and consequently obtain a higher sum insured, provided that insurance premiums are paid under such agreements. “Life insurance is the agreement by which in consideration of premium payment, the insurer is obliged to pay to the insured or to the person appointed by him, a certain sum or annuity in the event of death of a certain person (the insured or policyholder) or in the event of his/her survival.“ 6 In Serbia, life insurance is written in accordance with the general insurance terms and conditions of Serbian companies. These conditions mostly differ in terms of business policies of insurance companies and market competition. 5 Emmett Vaughan,Therese Baughan, Fundamentals of Risk and Insurance, Mate, Zagreb, 1995, str. 192. 6 P. Šulejić, Pravo osiguranja, Beograd 2005, str. 471. 4/2016 85 S. Olević: Perspectives of Life Insurance Development in Serbia 3. Significance of Life Insurance Lines Significance and, consequently, the demand for life insurance business is increasing worldwide, particularly when it comes to voluntary pension insurance. Life business comprises three fifths of the total world’s premium, whereas in Serbia, market share of life insurance has been low for years, amounting to only 9.9% in 2005.7 The reasons for such an unfavourable position of life insurance industry in Serbia are well-known considering the past rampant inflation which has destroyed life insurance funds. Long-term devaluation of the domestic currency, as well as decrease in living standards, resulted in a mistrust of citizens, that is, potential insureds, in life insurance. Situation is different today, considering that Dinar is more stable and that Serbia is progressing towards development and prosperity, whereas in addition to insurance denominated in foreign currency, the insurers offer insurance in Dinars with the currency clause, which increases security and gives hope that the number of potential insureds will increase. In Serbia, voluntary pension insurance is still relatively new, although its implementation has begun. Life insurance is the most common insurance line worldwide, due to the fact that it covers the risk of death. Life insurance is attractive and when its saving role is taken into account, it is also profitable for, after a few years, all of the money can be returned, even with 100% of the profit. Life insurance also includes the payment of indemnity, provided that the insured event occurs during the insurance period. Life insurance is a specific insurance line because it provides the possibility to combine insurance and savings, and in that sense, it also represents a financial transaction. Because of the accumulation of funds and their use for borrowing and investments, developed life insurance is important for economy and society in general. When applying for a loan, an individual may use life policy as a form of guarantee. Considering the important role of this insurance line, the state can influence the positive trend of life insurance through tax exemptions, tax reductions and education of citizens, which is the common practice in majority of the countries. Life insurance must attract citizens’ interest so that every individual can satisfy his/her preferences and needs. Accordingly, life insurance should provide a wide range of possibilities through different combinations. When taking out life insurance, the insured notably secures his/her own material protection and subsequently, the protection of his/her loved ones.8 Life insurance, as a long-term insurance which in some of its forms has a savings role as well, differs from other types of insurance and has numerous forms. 7 Swis Re, Assekuranz Global 2006,Sigma, 4, 2007, str. 37. 8 Predrag Kapor, Osnove osiguranja, teorija, praksa i regulative, Beograd 2008, str. 13. 86 4/2016 S. Olević: Perspectives of Life Insurance Development in Serbia The Insurance Law of 2014 introduced changes in life insurance lines, so that the covered risks can be harmonized with the risks covered by insurance companies operating in the European Union. Life insurance lines are the following: 1. life insurance, which includes insurance against death risk, endowment, earlier death or survival and return of premium term life insurance, 2. Marriage and birth insurance, 3. Annuity insurance, 4.
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