The price of risk instead reflects the general conditions on financial markets. Even if the quantity of risk remains constant, an increase in the price of risk may lead to a generalised increase in spreads. See, e.g., Manganelli, S and Wolswicjk, G, 2009, What drives spreads in the euro area government bond market?, Economic Policy, 58: 191–240.
Thus, total insurance premium in the first half of 2017 equalled RSD 48.8 billion (or EUR 404 million), up by 8.1% relative to the same period last year. The share of non-life insurance in the structure of the premium was 77.5%, while life insurance accounted for 22.5%.