Total number of complaints filed by dissatisfied insureds last year reached 267, which is 30% more y-o-y. This indicates that citizens increasingly recognize the Insurance Supervision Agency (ISA) as a protector of their insurance rights, the ISA said.

North Macedonia's insurance companies reported aggregate FY2022 gross written premiums worth MKD 12.78 billion (EUR 207.92 million), up by 9.94% y-o-y, according to the year-end market figures published on the country's Insurance Supervision Agency website.

The Council of the ISA (Insurance Supervision Agency), at the recent session adopted, among other things, the Rulebook on the management system in insurance companies. The Rulebook is to further harmonize Montenegrin regulations with EU regulations in the field of insurance, the ISA said.

Macedonian insurers reported aggregate nine-months 2022 aggregate GWP worth MKD 9.59 billion (EUR 156 million), 8.67% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.

The largest increase in the amount, as well as the number of claims paid, falls on private health insurance, the segment that records the largest growth in sales for three years in a row. Insurers paid EUR 4.5 million for 30,000 damage claims related to medical expenses, the ISA (Insurance Supervision Agency) said.

The number of citizens who insured their lives exceeded 15% of the entire population, according to the data from the last census conducted last year. Of all the insured, 82% have policies that insure death, the rest 18% invested in life insurance with a savings component, the ISA (Insurance Supervision Agency) said.

The largest growth in sales in the first half of the year was in travel insurance, with 155,000 people insured, up nearly 87,000 more insureds or twice as much as the same period in 2021. There is a slight decrease in sales of property insurance, while demand for private health insurance continues to grow, albeit at a lower intensity, the ISA (Insurance Supervision Agency) said.

For the first time in the history of the local insurance market, private health insurance took the lead in terms of the number of claims paid. Over 40% of all claims paid are for medical expenses reported by insureds who have private health insurance, the ISA (Insurance Supervision Agency) said.

Macedonian insurers posted January-June aggregate GWP worth MKD 6.5 billion (~EUR 105 million), 9.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

In the first six month of the year, the number of complaints for damages resulting from motor liability and property was the most numerous. The biggest growth was observed in complaints related to the period of claim settlement, the ISA (Insurance Supervision Agency) said.

In Q1 2022, the five life insurance companies operating in North Macedonia concluded 14,000 new contracts with over 20,000 citizens insured. Premiums reached MKD 494 million/EUR 8 million, data provided by the ISA (Insurance Supervision Agency) show.

At the end of March 2022, the insurance market of North Macedonia totaled MKD 2.98 billion (EUR 48.37 million), up by 11% y-o-y, according to preliminary data published by the local Insurance Supervision Agency.

In the first quarter 600 individual farmers and 50 agricultural companies insured their crops, fruits, and livestock. Soon agroinsurance will become mandatory by law and therefore its share in the insurance market will increase significantly, the ISA (Insurance Supervision Agency) said.

Property insurance remains the largest voluntary insurance class of all non-life classes in the North Macedonian market, followed, for the first time so far, by private health. The largest growth (180%) is in credit insurance, while travel insurance rose by 80% after lifting of anti-Covid restrictions, the ISA (Insurance Supervision Agency) said in its statement.

In the first three months, the ISA (Insurance Supervision Agency) reviewed 52 complaints received from insured persons for the work of insurance companies, which is 3 times more y-o-y. The majority are the complaints related to vehicle liability compensation, which increased almost 4 times, the agency reports.

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.

North Macedonia's Osiguruvanje Makedonija - Vienna Insurance Group (VIG) plans to propose to its shareholders to distribute a total gross dividend of MKD 100 denars (EUR 1.6) per share for 2019 and 2020, SeeNews reports. To compare - for 2018 the company paid a gross dividend of MKD 62 denars per share.

At the initiative of the National Bank in North Macedonia, and in order to create conditions for supporting development of the fintech sector, the financial regulators - the National Bank (NB), the Ministry of Finance (MF), the Securities and Exchange Commission (SEC), the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the Insurance Supervision Agency (ISA), signed a Memorandum of Cooperation, ISA said.

In 2021 the Insurance Supervision Agency (ISA) received 206 complaints from dissatisfied policyholders about insurance companies and other market participants. The number of complaints last year increased 2.4 times compared to 2020, according to official data from the ISA.

The Insurance Supervision Agency (ISA) has recommended to all insurance companies to refrain from paying dividends for their operations in 2021, as decided by the Council of Experts of the ISA at the last session held on March 10, the agency said.