The two-day conference “Insurance Days in BiH,” the largest and central event for the insurance industry in Bosnia and Herzegovina, was held on September 26-27 2024. in Sarajevo, gathering over 200 participants from the world of insurance, reinsurance, regulators, supervisors, and other related financial institutions from Bosnia and the region.

This year’s conference, organized by the Association of Insurance Companies in the Federation of BiH, was opened by Damir Hadžić, the Chairman of the Board of the Association, who emphasized the need for a strategic approach to the development of this sector, as well as its importance for the economy and economic development of our country. The participants of the largest and most important event for the insurance industry in BiH were also greeted by the Federal Minister of Finance and Deputy Prime Minister of the Federation of BiH, Toni Kraljević, who highlighted that the Federation of BiH is financially stable.

“The Federal Ministry of Finance maintains stability, and when it comes to the insurance sector, we in the Government of FBiH are aware that it is one of the key pillars of the financial system. Insurance plays a crucial role in providing security, both for individuals and businesses, the entire economy, and society as a whole. We are also aware of the challenges facing this industry. The doors of the Ministry of Finance are always open for discussions with the aim of overcoming all challenges together. This includes, among other things, redefining the legislative framework, aligning with EU directives, as well as digitalization and the development of new technologies and products in the insurance market,” emphasized Kraljević.

Among the speakers were eminent experts from the industry who shared their knowledge and experiences. Their presentations covered a wide range of topics, including new approaches to risk insurance, the importance of data in decision-making, the impact of digitalization and artificial intelligence on the insurance process, the development of innovative products that adapt to customer needs, and regulatory changes affecting the insurance sector.

Jasmina Selimović, Governor of the Central Bank of BiH, pointed out that citizens of BiH still lack sufficient awareness that insurance is an investment, not something imposed by the legislator. Selimović also referred to the earlier projections of the International Monetary Fund regarding GDP growth in BiH, and stated that inflation was brought under control globally at the beginning of this year.

“During the previous period, we experienced various political and economic instabilities globally, as well as a pandemic, which increased the level of preparedness even in our country. I can say that we are now in a position to think about how we will approach the next 10 years. Now, we can discuss whether the market and insurance companies are ready to face the challenges ahead, or if we will be reactive and only respond when something happens. I believe we must be proactive and make an additional effort because then it will be much easier for us, and we will fare much better,” said Governor Selimović.

As part of the conference, interesting panel discussions were held, where panelists had the opportunity to address key issues facing the insurance industry. They agreed that innovation is crucial for adaptation and survival in today’s dynamic business environment. One of the most interesting discussions of this year’s conference focused on the rights of claimants and the judiciary’s work in insurance cases, with special attention to challenges in the legislative framework, and how insurance companies can adapt their strategies accordingly. The need for better cooperation between regulatory bodies and the industry was emphasized to ensure the stability and sustainability of the sector.

In order to inspire and strengthen the motivation of all participants, the organizers of the “Insurance Days in BiH” conference arranged a special surprise – a guest whose story pushes the limits of endurance and determination. Tomislav Cvitanušić, an alpinist and Ironman who climbed Mount Everest, shared his story of willpower, effort, and dedication, demonstrating how the right mindset and motivation can overcome even the greatest obstacles, not only in business but also on a personal level.

On the second day of the conference, the focus shifted to climate change and its impact on Bosnia and Herzegovina, as well as the world at large. It was highlighted that temperatures have been changing in recent years, and that we all need to learn to live with these changes and adapt to the emerging situations.

The discussion also addressed electric vehicles, which present a challenge for insurance companies as they are still relatively new, especially in our region. One of the topics was also how to sell insurance policies to Generation Z, how this can be achieved, and how interested this generation actually is in insurance.