NORTH MACEDONIA: in the first five months over EUR 7.2 million paid for life insurance

8 July 2024 — Marina MAGNAVAL
Citizens received MKD 443 million (over EUR 7.2 million) from life insurance in the first five months of the year, according to the official data submitted by six life insurance companies to the Insurance Supervision Agency (ASO).

During the period under review, over 2,500 citizens received compensation for damages covered by life insurance policies.

Most amounts were paid out for life insurance with a savings component - the oldest life insurance product that has been sold on the local insurance market for 20 years. In 5M2024, citizens received MKD 366 million (EUR 5.95 million) for this insurance type.

The second place amount-wise was taken by insurance with an investment component, which is known under the name "unit linked". In the first five months, the companies paid MKD 39.35 million (EUR 640,000) to the insureds.

Insurance without a savings component, which is known as risk insurance, has the smallest share in the payments over the period. The life insurance companies paid out MKD 37.7 million (EUR 613,000) for this product.