industry players to engage one another in open discussions, to identify common challenges and working opportunities. this forum also provides for perspectives from government, central bank, regulator and academia. 1 / 5 bis central bankers'speeches future of banking allow me now to share some thoughts on the conference theme around the future of banking. this is clearly a topical subject in the face of the ongoing technology revolution around us. many of us will probably have heard of the famous quote by bill gates, that “ people do not need banks, they need banking ”. in other words, with the rise of new fintech players, activities that are considered banking services need not be provided by traditional banks alone. technology or e - commerce giants like alibaba and tencent have moved into the financial services space, as they seek to strengthen their customer - centric propositions and services. business disruptions need not be led only by the large firms. smaller nimble start - ups have also sought to un - bundle the banking value chain by focusing on niche areas such as financial advisory services and consumer finance. there are two underlying factors : ( a ) one, is the arrival of the smartphones that launched a new era of mobile apps. banking has moved from physical branches, to the desks, and now to the palm. recently, i read a report that british psychologists found that young adults use their smartphones roughly one - third of their total waking hours. simply put, all of us can now do banking anytime, anywhere. and many segments of our populations are increasingly comfortable going digital, be it for banking, or to purchase goods and services. ( b ) second, the accessibility afforded by technology has led banks to shift away from a production - consumption model. traditional banking models are based on making available the range of the services that a customer need. today, competition centres on the customer experience. one of our local singapore banks has a tag line on making banking joyful. the notion of delighting a customer opens up a whole field of competitive ideas as to how to generate that positive experience. this is what the fintech players have sought to do, and this is what banks are fighting back on. banks will have the advantage of being highly regulated and trusted, that smaller and newer players may find it hard to challenge. the general consensus is that many fintechs and the established financial institutions will collaborate. there is a natural synergy here : ( a ) collaboration with financial institutions enables fintech players and technology firms

##rial rules, as well as good business practices and business ethics. we were guided by the understanding that the insurance service must serve its main purpose, i. e. be the protection from various types of risks and a considerable assistance in difficult life and business circumstances. at the same time, 1 / 6 bis - central bankers'speeches our measures ensured stable and predictable business conditions for all financial market participants, including the insurance sector. slide 2 : figures confirm a decade of stable growth of the insurance industry as a result, and despite the numerous challenges we faced, we may call the period behind us a decade of stable growth. the data show that all key performance indicators of insurance industry progressed on an upward path during the ten years, which is a relevant period for analysing trends and drawing conclusions. concretely, the amounts of capital, total assets, technical provisions and life insurance premium more than doubled, which also impacted the positive trend of premium per capita ( from eur 75 to eur 149 ) and insurance premium to gdp ratio ( from 1. 6 % to 1. 9 % ). total insurance premium rose from rsd 61. 5 bn in 2012 to rsd 119. 4 bn in 2021 and life insurance premium from rsd 11. 9 bn to rsd 27. 1 bn. the amount of settled damage claims also increased twofold – from rsd 27 bn to rsd 56. 8 bn. slide 3 : stability of the insurance market was preserved even amid the pronounced global uncertainty what gives special importance to this result is the fact that even in conditions of additionally constrained business activities, aggravated by the global uncertainty in 2022, the stability of the insurance sector was preserved. the first three quarters of this year saw a positive interim net result of rsd 5. 8 bn, with the capital adequacy ratio by far exceeding the regulatory requirement. insurance and reinsurance undertakings preserved the value of the investment portfolio and ensured technical provisions sufficient to meet the liabilities under the concluded insurance contracts. the total insurance premium in the first three quarters of 2022 went up by 12. 2 % y - o - y, a growth rate much higher than the average rate achieved during the same period in the past ten years ( 6. 9 % ). also, comparing the first three quarters of 2022 with the same period of 2021, the following indicator changes can be observed : balance sheet total of the insurance sector increased by 2. 7 %, to rsd 343. 2 bn