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Risks, as the opportunity-threat combinations, are the ubiquitous factors of the modern business and life. As we transfer a portion of risks to the insurance companies, so they retransfer a fraction of risks to other insurers through reinsurance arrangements. These transfers produce both revenues and costs, and that is why profitability analysis is at the core of both performance management and supervisory treatment. It is worth noting the macroeconomic importance of the insurance industry too, since the insurance industry continues to grow, becoming an important part of the financial sector that contributes significantly to economic growth (Haiss & Sümegi, 2008). On the contrary, the insurance market instability (liquidity crises, massive losses, etc.) can trigger financial sector disturbances and negative spillover effects, so that the insurance industry requires a kind of special supervisory treatment (Das, Davies, & Podpiera, 2003). So, the importance of the study comes from the multidimensional importance of the insurance industry, focusing the firm-specific factors affecting profitability of the Serbian insurance sector.

As an effective tool for mitigating financial risk, insurance has nowadays become a key sector of a functioning modern society. Motor insurance constitutes the largest line of business of the non-life insurance sector in Europe, considering its fleet of around 334 million vehicles registered in 2013 (Insurance Europe, 2015). The total motor insurance premiums in Europe amounted to €123.5 billion in 2013, with a 28% share of the total Gross Written Premiums.

The development of human society places continuously increasing demands on its production. This brings to the society not only positive but also negative effects. Along with the development of industrial production, people have to face associated risks. Industrial accidents, which have occurred recently, still have a negative impact on human life, health, the environment and the economy.

A huge expansion of a competitive insurance market forms part of the transition process in the former Socialist countries. New international trends in securing its financial stability and new types of risk demand a high-powered development of actuarial science and its application in insurance practice.

The structure of the national economies throughout the world has undergone important changes in the 20th and 21st centuries. These changes have been carefully monitored and analyzed, especially in relation to the continuous population growth that needs more and more natural resources.

Na určovanie poistného v neživotnom poistení neexistuje univerzálna metóda ani metodika. Spôsoby výpočtu jednotlivých poisťovní sa v technike kalkulovania poistného viac či menej líšia. Pri kalkulácii poistného sa vychádza buď z prognózovania celkového poistného v uvažovanej tarifnej skupine za určité poistné obdobie (najčastejšie jeden rok), alebo z prognózovania ukazovateľov, pomocou ktorých možno poistné vyjadriť.

Nedílnou součástí aktivit na finančních trzích je modelování, kvantifikace a řízení rizik, kterým daný subjekt je nebo může být vystaven v důsledku neočekávané změny tržních cen akcií, měnových kurzů, úrokových sazeb č komodit. Aplikace adekvátních modelů je důležitá jak z pohledu akcionářů, tedy držitelů vlastnických podílů, tak – v případě finančních institucí – orgánů dohledu.