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IMPACT OF COVID-19 ON THE LIFE INSURANCE DEVELOPMENT IN SERBIA

The COVID-19 pandemic has significantly influenced changes in the living conditions and business environment, both internationally and nationally. This global risk has affected many individuals, organizations, and economic sectors, causing recession, fear of losing one’s life and the lives of close ones, losing jobs, business bankruptcy. Due to the pandemic, people’s behaviour and life priorities have changed, influencing the development of awareness of the needs for life insurance. Furthermore, changes have affected the functioning of insurance companies, their needs to adapt to the changed environment, and finding ways to remain sustainable. The subject of this paper is an empirical analysis of the COVID-19 impacts on the life insurance development in Serbia. The aim of this paper is to point out the current trends in the domestic market of life insurance, and possible development directions for this type of insurance in an unpredictable and turbulent environment, based on the analysis of research results before and during the pandemic.