NORTH MACEDONIA: for the first time, over 260,000 individuals invested over MKD 2 billion in life insurance

12 May 2022 — Marina MAGNAVAL
For the first time in the 16-year existence of life insurance, investments from individuals exceeded MKD 2 billion (EUR 32.5 million) in 2021. It is noteworthy that last year the number of people with insurance increased by 95% y-o-y, ISA (Insurance Supervision Agency) reports.

This is a record or highest annual level of life insurance investments since introduction of the life insurance market in 2005, according to official data from the ISA. More than 260,000 citizens had life insurance policies at the end of 2021.

Investments in life insurance last year increased by MKD 261 million (EUR 4.2 million) compared to 2020. Of the total amount of 2021 investments in life insurance, over MKD 1.6 billion (EUR 26 million) were invested in classic life insurance which includes risk insurance and insurance with savings component. Almost 200,000 citizens had risk insurance at the end of 2021. At the same time, most investment was made in savings component insurance (MKD 1.27 billion/over EUR 20 million).

The five life insurance companies in 2021 paid a total of MKD 595 million/EUR 9.7 million to their policyholders.

Share |