UDOFBiH is the association of insurance companies operating in the Federation of BiH (one of the three Bosnia & Herzegovina political entities), a non-profit institution with the role of improving the insurance industry and achieving common interests and goals in accordance with legal regulations. Founded in 2006 by 11 Bosnian insurance companies, UDOFBiH is now an official member of Insurance Europe.
Insurance Europe is the European insurance and reinsurance federation, formed by domestic re/insurance associations from 37 European countries, including Bosnia & Herzegovina. Insurance Europe holds about 95% of total European premium income through its members, composed of European re/insurance companies. More information about Insurance Europe can be found on the organization's website - www.insuranceeurope.eu
UDOFBiH will be able to connect with representatives of the European high-level insurance industry, including through (i) direct cooperation with other insurance associations in Europe, (ii) connection to European Parliament and European Commission representatives, and (iii) direct access to information and publications related to the latest developments in European insurance markets regulations, with regular updates.
Ermin CENGIC, General Secretary of the Association, said that this is a significant step forward for the largest BiH professional association of insurers, in order to monitor the standards of the local industry and to align with market rules already present in the more developed countries of the EU.