On May 15, 2019, a media conference was held in organization of Association of insurance companies in the Federation of Bosnia and Herzegovina (UDO FBiH) in order to make the public aware of the goals of the campaign “Do not risk, profit!”, which aims to influence the change of citizens’ attitudes n order to develop awareness of the need for insuring property and life. At the fifth anniversary of the catastrophic floods in Bosnia, and under the threat of new floods, the Association wants to draw attention to the many risks whose consequences can be mitigated by timely insurance and thus minimize their damage. In spite of floods and other risks, property of enormous value in ownership of citizens and institutions or companies is still uninsured.
Among the key objectives of this campaign is to help the people in getting the information about risks and the ability to be financially protected from risk exposure within a precarious environment. It is also important to provide the population with a better understanding of the main characteristics of insurance through neutral information, and to strengthen the financial literacy of the widest layers of the population in relation to insurance products.
“We believe that only an adequately informed and financially conscious person can have an adequate understanding of the risk exposure and protection against their consequences through the insurance policy. Our intention is to draw attention, in particular to the younger population, to the importance of thinking about our own future in the context of protection from unforeseen events to which the consequences can not be influenced by individuals, “said Sabina Mujanović, President of the Assembly of Association and Vienna Insurance Director .
Otherwise, the average home or house price is about one fuel tank per year, and the price of the life insurance policy for a year is approximately the value of one cup of coffee a day, so the issue of (non) awareness of the importance of insurance takes on a greater significance than financial possibilities of clients. As explained by Ermin Čengić, Secretary General of Association, behind every insurance policy is the story of the man who signed it, each paper is a story of his awareness to be financialy protected from the uncertain environment in which he lives. “The insurance policy is a testimony of the person’s intention to live a fulfilling life, without fear that an unforeseen event could jeopardize her or the existence of hers family.The role of the insurer’s professional association is to provide to every person organized information and to educate the population in order to better understand the risks to which they are exposed and the way in which they can be protected from financial means. The ultimate goal is that the largest possible number of citizens and legal entities, the companies, have the advantage of transferring risks from themselves to the insurance company, “said Čengić.
The association, which has been in existence for 13 years and brings together 18 insurance and reinsurance companies, will in the next period especially strive to improve the legal regulation in the field of insurance.