The insurance market in Bosnia and Herzegovina is not sufficiently developed and needs to be improved since it is significantly behind other transition countries in the region, Giulio Zanni, Head of the EU Delegation Office in Banja Luka, said today at a journalists’ seminar on "EU assistance to the insurance sector in BiH: Automobile liability insurance”.

Speaking at the Banja Luka event Zanni said that EU standards in the insurance sector are complex: “On one side they must allow the smooth operation of insurance companies, and on the other, they must provide developed and sophisticated models of supervision.

The most important aspect is that Bosnia and Herzegovina should develop a legal framework and speed up reforms in the sector.”

Aida Imamović of the BiH Insurance Agency noted that compulsory liability insurance affects citizens directly, either as insured policyholders or as the injured party in traffic accidents.

The seminar was part of the twinning project, "EU Support for Sustainable Capacity Building in the BiH Insurance Agency and the FBiH and RS Insurance Supervisory Agencies."