Insurance
Insurance sector
Why invest?
-
The Republic of Srpska has established an adequate regulatory and legal framework in the insurance sector, largely aligned with European Union regulations.
-
The Republic of Srpska has established a functional regulatory and supervisory body (Insurance Agency of the Republic of Srpska).
-
In the coming period, it is planned to create systemic prerequisites for the development of new insurance services, adopt tax incentive legislation for insurance services (life and pension insurance), as well as further develop the domestic capital market.
-
The Republic of Srpska is recording continuous growth of the insurance sector in total assets of the financial sector.
-
There is a noticeable qualitative improvement in the structure of employees in the sector.
-
By increasing the standard of living and awareness of individuals and legal entities about the need for protection against unwanted and unpredictable events, and taking into account the low share of optional insurance in the total insurance premium, there is market potential for the introduction of new types, as well as for greater promotion of existing insurance.
Investment opportunities
-
In the structure of insurance companies' written premiums, the share of property insurance against fire and natural forces, insurance of other property damage and insurance of land vehicles other than rail vehicles is low, as is the low share of life insurance in total insurance, which indicates segments with significant growth potential.
Investments can be realized through:
-
Additional capitalization of insurance companies,
-
Greenfield investments.
They have already invested
In addition to domestic investors, the insurance sector was also interesting for foreign investors, such as:
-
GRAZER WECHSELSEITIGE VERSICHERUNG A.G. Vienna (Grawe osiguranje a.d. Banja Luka),
-
VIENNA INSURANCE GROUP AG (Wiener osiguranje Vienna Insurance Group a.d. Banja Luka),
-
DUNAV STOCKBROKER AD BELGRADE and DUNAV OSIGURANJE Beograd (Dunav osiguranje a.d. Banja Luka).
Available additional materials for sectoral analysis
-
Annual and semi-annual reports on the situation in the insurance sector of the Republic of Srpska
-
Database of economic indicators of the Republic of Srpska
-
Banja Luka Stock Exchange a.d. Banja Luka
Insurance companies
There are currently 13 insurance companies operating in Republika Srpska.
Below is a list of insurance companies in Republika Srpska that have a license to operate issued by the Insurance Agency of Republika Srpska:
|
„NEŠKOVIĆ OSIGURANJE“ Bijeljina
Address: Sremska br. 3 , Bijeljina |
„GRAWE“ Banja Luka
Address: I Krajiškog korpusa broj: 39 , Banja Luka |
|
„BRČKO-GAS OSIGURANJE“ Brčko Distrikt BiH
Address: Banjalučka 8 , Brčko Distrikt BiH |
„MIKROFIN OSIGURANJE“ Banja Luka
Address: Aleja svetog save br. 61 , Banja Luka |
|
„DRINA OSIGURANJE“ Milići
Address: Ulica 9. januar br 4 , Milići |
Wiener osiguranje vienna insurance group, Banja Luka
Address: Kninska broj 1A , Banja Luka |
|
„OSIGURANJE AURA“ Banja Luka
Address: Veljka Mlađenovića 7d , Banja Luka |
„DUNAV OSIGURANJE“ Banja Luka
Address: Veselina masleše br. 28 , Banja Luka |
|
„KRAJINA OSIGURANJE“ Banja Luka
Address: Braće pantića br. 2 , Banja Luka |
„OSIGURANJE GARANT“ Brčko
Address: Banjalučka br.54 , Brčko Distrikt BiH |
|
„EUROS OSIGURANJE“ Banja Luka
Address: Bulevar srpske vojske 7 , Banja Luka |
„SAS-SuperP OSIGURANJE“ Bijeljina
Address: Trg Đenerala Draže Mihailovića 12, Bijeljina |
|
„Premium osiguranje“ Banja Luka
Address: Ulica Mladena Stojanovića 111 , Banja Luka |
Voluntary pension insurance
Why invest?
-
In the Republic of Srpska, there is a need to introduce new forms of insurance in order to provide additional income in old age.
-
There is a large number of potential users of the services of voluntary pension funds (farmers, self-employed, the population that earns income but is not included in the mandatory pension insurance system, as well as the population included in the mandatory intergenerational solidarity pension insurance and who wants to diversify their sources of income in old age).
-
In addition to the existing legal possibility of individual membership of employees in a voluntary pension fund, legal prerequisites have been created for their collective inclusion.
-
The legal regulation in the field of voluntary pension insurance is regulated by the Law on Voluntary Pension Funds and Pension Plans ("Official Gazette of the Republic of Srpska", No. 13/09, 107/19 and 100/25).
-
Law on Income Tax ("Official Gazette of the Republic of Srpska", No. 60/15, 5/16, 66/18, 105/19, 123/20, 49/21, 119/21, 56/22, 112/23, 110/24 and 114/25) establishes a tax relief for citizens in the form of a reduction in the tax base for the amount of the paid pension contribution for voluntary pension insurance up to 1,200 KM per year.
-
Law on Contributions ("Official Gazette of the Republic of Srpska", No. 114/17, 112/19, 49/21, 119/21, 56/22, 132/22, 112/23, 110/24 and 114/25) establishes that contributions are not paid on income from pension contributions up to 1,200 KM per year paid to the taxpayer by the contributor, in accordance with the law regulating voluntary pension funds in the Republika Srpska.
-
Joint action is possible with the Investment and Development Bank of the Republic of Srpska, as well as with the Pension Reserve Fund of the Republic of Srpska.
Investment opportunities
According to data from the Republic Statistical Office of Republic of Srpska for 2025, there are 289,724 employees in the Republic of Srpska. A small number of farmers, as well as the self-employed, according to data from the Pension Fund, are registered for mandatory pension insurance. In addition, a significant number of the working-age population, who are employed in other activities, earn a certain income, but are not included in mandatory pension insurance, and there is a need for alternative provision of additional income in old age.
Available additional materials for sectoral analysis
-
Pension System Reform Strategy in the Republic of Srpska
-
Study: "Management of Shares from the Portfolio of the Pension and Disability Insurance Fund of the Republic of Srpska"
-
Study: "Voluntary Pension Funds in the Republic of Srpska: Needs and Perspectives"
-
Database of Economic Indicators of the Republic of Srpska / Financial Market of RS (IRBRS)
Capital market
The Republic of Srpska has established an adequate regulatory and legal framework and a functional regulatory and supervisory body (Securities Commission of the Republic of Srpska) for the capital market.
Banja Luka Stock Exchange a.d. Banja Luka
The Internet portal of the Banja Luka Stock Exchange is a reliable service that provides information on securities (shares, bonds, treasury bills), their issuers, financial reports of issuers, audit reports of issuers, information on dividend payments, general meetings of joint-stock companies, ownership and management structures, as well as a whole range of other information that is important for investing.
By providing comprehensive information on the operations of securities issuers and investment funds on a single portal www.blberza.com, the capital market of the Republic of Srpska is one of the most organized markets in the region in terms of the availability of market information necessary for making investment decisions.
Stock exchange brokerages
Below is an overview of stock exchange brokers in the Republika Srpska that have a license issued by the Securities Commission of the Republic of Srpska, and through which it is possible to purchase and sell securities.
List of stockbrokers in the Republic of Srpska (data from the Securities Commission of the Republic of Srpska)
| Name of the stockbroker | Address | Phone | Web |
| Advantis Broker a.d. Banja Luka | Jovana Dučića 2, Banja Luka | +387 51 233 710 | www.advantisbroker.com |
| Eurobroker a.d. Banja Luka | Kralja Alfonsa XIII 26, Banja Luka | +387 51 230 820 | www.eurobroker.ba |
| Monet Broker a.d. Banja Luka | Jovana Dučića 25, Banja Luka | +387 51 345 600 | www.monetbroker.com |
| Raiffeisen Capital a.d. Banja Luka | Vase Pelagića 2, Banja Luka | +387 51 231 130 | www.raiffeisencapital.ba |
| UniCredit Bank a.d. Banja Luka | Marije Bursać 7, Banja Luka | +387 51 246 641 | www.unicreditbank-bl.ba |
Investment funds
There are currently 6 investment fund management companies (IFMC) and one alternative investment fund management company (AIFMC) operating in the Republika Srpska, which manage the assets of 16 open-end investment funds and 3 alternative investment funds.
List of IFMC and AIFMC, and the investment funds they manage (data from the Securities and Exchange Commission of the Republic of Srpska)
| Name of IFMC/AIFMC | Address and contact | Investment funds they manage |
| "Management Solutions" Banja Luka | Kralja Petra I Karađorđevića 139, Banja Luka +387 51 491 555 www.management-solutions.biz |
OAIF MS Global Equity OS AIF MS Loans OS AIF MS Public OAIF Profit Plus OMIF Balkan Investment OAIF Bors Invest Fond OAIF Aktiva Invest Fond OAIF VIB Fond OMIF VB Fond |
| "Kristal Invest" Banja Luka | Milana Rakića 1 +387 51 320 230 www.kristalinvest.com |
OAIF Future Fund OAIF Maximus Fund |
| "Polara Invest" Banja Luka | Petra Preradovića 21, Banja Luka +387 51 226 770 www.polara-bl.com |
OAIF Adriatic Balanced OAIF Jahorina Koin |
| "WVP Fund Management" Banja Luka | Vidovdanska 2, Banja Luka +387 51 267 267 www.wvpfondovi.ba |
OAIF WVP Premium OMIF WVP Balanced OMIF VIG Invest |
| "Euroinvestment" Banja Luka | Njegoševa 50, Banja Luka +387 51 355 980 www.euroinvestment-bl.com |
OAIF Euroinvestment Fond |
| "Invest Nova" Bijeljina | Gavrila Principa 11, Bijeljina +387 55 208 131 www.investnova.info |
OMIF Invest Nova |
| "FS Capital Management" Banja Luka | Vidovdanska 2, Banja Luka +387 51 218 757 www.fscapital.ba |
OAIF FS Private Debt |
Factoring companies
Factoring activities in the Republika Srpska are regulated by the Law on Factoring ("Official Gazette of the Republic of Srpska", No. 123/20 and 26/21). Factoring activities in the Republika Srpska are currently carried out by 5 factoring companies and the Investment and Development Bank of the Republic of Srpska.
List of legal entities licensed to carry out factoring activities in the Republic of Srpska (data from the Securities Commission of the Republic of Srpska)
| Name | Address | Phone | Web | |
| X faktor Banja Luka | Braće Potkonjaka 4, Banja Luka | 065/868-007 | info@xfaktor.org | www.xfaktor.org |
| FinFactoring Banja Luka | Mirka Kovačevića 13A, Banja Luka | 066/709-575 | kontakt@finfactoring.ba | www.finfactoring.ba |
| Investiciono-razvojna banka Banja Luka | Mladena Stojanovića 7, Banja Luka | 051/334 753 | momcilo.svraka@irbrs.org | www.irbrs.net |
| Big faktor Banja Luka | Jovana Dučića 25, Banja Luka | 051/264-860 | info@bigfaktor.com | www.bigfaktor.com |
| Business faktoring Banja Luka | Novice Cerovića 11a, Banja Luka | 065/346-643 | office@businessfaktoring.com | www.businessfaktoring.com |
| Faktoris Banja Luka | Trg srpskih junaka 4, Banja Luka | 065/821-267 | info@faktoris.com | www.faktoris.com |
