NORTH MACEDONIA: ISA: every eighth citizen of Macedonia has life insurance

31 December 2021 — Marina MAGNAVAL
In the first 9 months of 2021, life insurance increased by 12% y-o-y, reaching MKD 1.32 billion (EUR 21.5 million). More than 242,000 citizens have life insurance policies as of the end of September, according to official data from the Insurance Supervision Agency (ISA), wrote.

"In the period January - September, the five life insurance companies concluded over 39,000 contracts. In the life GWP portfolio the largest share belongs to life insurance with a savings component. This insurance product offers an opportunity to save invested insurance funds and to be paid to the insured after expiration of the policy. MKD 838 million (EUR 13.6 million) have been invested in life insurance with a savings component in the first nine months of this year", according to the ISA. In the classic life insurance that covers risk of death, in this period, MKD 237 million (EUR 3.9 million) were collected in the period.

According to the ISA, unit linked is the latest class in the life insurance market. "In this class of insurance, the risk of investing is borne by the insured. That is why there is no guaranteed insurance amount that is paid when the insurance period ends. (...) In the first nine months, MKD 250 million (EUR 4.1 million) were collected from this insurance product. It has a noticeable growth trend in the total life insurance, the agency added.

ISA emphasized that for the first nine months, the five insurance companies paid MKD 400 million (EUR 6.5 million). "In the insurance with a savings component, MKD 345 million (EUR 5.6 million) were paid to insureds (...) In unit linked segment for the period, MKD 17.2 million (EUR 280,000) were paid", the ISA said.

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