Insureds invested MKD 5 billion (EUR 81.2 million) in insurance for 1H. MKD 2.59 billion (EUR 42 million) of which were paid for policies directly purchased from insurance companies and another MKD 2.41 billion (EUR 39.2 million) were paid through insurance intermediaries. In this period, over 370,000 insurance contracts were concluded through insurance intermediaries, according to the ISA for the period January - June 2021 for non-life insurance.
Insurance-brokerage companies have the largest share in the structure of intermediary sales of insurance products. In 1H through them insureds (individuals and legal entities) invested MKD 1.5 billion (EUR 24.4 million) in various insurance products. The largest of these are investments in mandatory vehicle liability policies - MKD 1 billion (EUR 16.3 million). Another MKD 735.6 million (EUR 12 million) were invested in property insurance. For their services, 40 insurance brokerage companies collected MKD 398.6 million (EUR 6.48 million) remuneration from insurance companies.
Insurance representative companies (companies that can offer policies from several insurance companies only if those insurance products do not contradict with each other) for the first six months sold policies worth a total of MKD 252 million (EUR 4.1 million). For their services they collected MKD 68.5 million (EUR 1.1 million) of remuneration from insurance companies. There are 12 companies licensed for representation in the insurance market.
More than 1,300 individuals - licensed insurance agents in the first half of the year sold policies worth MKD 534.8 million (EUR 8.7 million). The agents collected MKD 126.89 million (EUR 2.06 million) of remuneration from insurance companies whose policies they sold. During the period, mandatory vehicle liability policies dominated in their sales in the amount of MKD 402 million (EUR 6.5 million), or 75% of total sales through this channel.
Banks act as intermediaries in the sales of insurance products to their clients - loan applicants. In 1H banks sold insurance policies worth MKD 100 million (EUR 1.63 million). Property insurance policies related to housing loans have the largest share in that sale and they amount to MKD 60 million (EUR 1 million). From non-life insurance companies in 1H banks collected remuneration in the total amount of MKD 29 million (EUR 471,000).
Car dealerships and travel agencies also participate as intermediaries in the purchase and sale of insurance products on the market. Insurance policies worth MKD 6 million (EUR 98,000) were sold through car showrooms in this period, and sales through travel agencies amounted to MKD 3.5 million (EUR 57,000).