SARAJEVO, September 18 (FENA) – The insurance sector in Bosnia and Herzegovina is developing and the market is stable, but some types of insurance remain underrecognized due to low public awareness or the low standard of living of citizens.

This was highlighted at the fifth edition of the Insurance Days in BiH conference, held in Sarajevo, which gathered leading experts and representatives from insurance companies, regulatory institutions, the academic community, and the business sector to analyze the most important trends in the insurance industry, with particular emphasis on digitalization, the regulatory framework, investments, and improving relations with policyholders.

Ermin Čengić, Secretary General of the Association of Insurance Companies of the Federation of BiH, stated that this annual conference is an opportunity to emphasize the importance of insurance as a daily financial support for the population.

He stressed that insurance companies will need to increase the share of life and voluntary health insurance in the future, as well as property insurance.

”Citizens’ enormous property in the form of real estate is not insured, and we witness daily the risks it is exposed to, such as fires and floods,” Čengić said.

He added that the insurance sector is financially strong enough to also act as an institutional investor in the construction of highways and other infrastructure projects of national importance.

The conference, which concludes tomorrow, noted that this year’s Insurance Days in BiH take place at a time when the sector is undergoing significant transformations, and gatherings like this provide a platform to raise key issues and offer solutions to new challenges.