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STATISTICS: North Macedonia insurers 3Q2023 business expanded to EUR 176 million
Macedonian insurers reported aggregate nine-months 2023 aggregate GWP worth MKD 10.8 billion (~EUR 176 million), 12.8% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.
6 December 2023NORTH MACEDONIA: in August non-life insurers paid over EUR 5 million
All non-life insurance companies paid over 9,800 claims worth MKD 312.5 million (EUR 5.1 million) in August of 2023 alone. The companies paid for damages covered by insurance 22% (MKD 57.3 million) more than in August of 2022, according to the preliminary data submitted to the Insurance Supervision Agency (ISA) by all 11 non-life companies, the ISA said.
25 September 2023NORTH MACEDONIA: from January to July life insurers paid EUR 8 million
From January to July 2023 life insurance companies paid out MKD 494 million (EUR 8 million). The five life insurers paid MKD 62.4 million (EUR 1 million) in July alone, which is 19% higher than the same month last year, the ISA (Insurance Supervision Agency) said.
18 September 2023STATISTICS: North Macedonia H1 insurers' business totaled almost EUR 120 million
Macedonian insurers posted January-June aggregate GWP worth MKD 7.4 billion (~EUR 119.5 million), 14.1% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
6 September 2023NORTH MACEDONIA: private health insurance dominates paid claims in July
In July 2023 medical expenses dominate the structure of claims paid for voluntary insurance, followed by motor vehicle insurance claims for which local insurers paid EUR 0.98 million (MKD 60.61 million) in July, the ISA (Insurance Supervision Agency) said.
31 August 2023STATISTICS: North Macedonia's insurers posted double-digit increase in Q1 GWP
At the end of March 2023, the insurance market of North Macedonia totaled MKD 3.5 billion (EUR 57 million), up by 17.8% y-o-y, according to quarterly data published by the local Insurance Supervision Agency.
17 August 2023NORTH MACEDONIA: ISA: a new life insurer established with investment of EUR 4 million
After a break of six years on the Macedonian life insurance market, a new insurance company has been established in which Slovenian owners invest EUR 4 million. The ISA (Insurance Supervision Agency) issued a permit for this investment, the agency said.
16 August 2023VIG merges two of its three subsidiaries in North Macedonia
Two of the three VIG companies in North Macedonia are set to merge: MAKEDONIJA Skopje - VIG will acquire WINNER - VIG Skopje, absorbing it. No details on the merger's calendar are yet available.
15 June 2023NORTH MACEDONIA: ISA: in 1Q the most numerous complaints were about motor insurance and damage settlement
The number of complaints submitted to the ISA by unsatisfied policyholders continues to grow. As expected, in 1Q2023 the most numerous complaints were related to motor insurance. At that, no complaint was submitted during this period only for one out of a total of 16 insurance companies, the ISA (Insurance Supervision Agency) said.
30 May 2023NORTH MACEDONIA: in 2022 ISA resolved 48% more complaints in favor of insureds
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.
28 February 2023STATISTICS: North Macedonian insurers business increased to over EUR 200 million in 2022
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.
23 February 2023NORTH MACEDONIA: The Rulebook is to further harmonize Montenegrin market with EU insurance regulations
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.
1 February 2023STATISTICS: N. Macedonia's insurers nine months GWP rise 8.67% y-o-y
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.
12 January 2023NORTH MACEDONIA: for the first nine months of 2022 the number of non-life paid claims rose 29%
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.
9 January 2023NORTH MACEDONIA: Total investments of citizens in life insurance in the 1H exceeded MKD 1 billion
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.
15 November 2022NORTH MACEDONIA: travel insurance saw the largest growth in sales in 1H
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.
8 September 2022NORTH MACEDONIA: For the first-time private health insurance is leading in terms of the number of claims paid
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.
1 September 2022STATISTICS: North Macedonia, 1H2022: insurers' business exceeded the EUR 100 million threshold
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.
25 August 2022NORTH MACEDONIA: 1H2022, ISA processed 65% more complaints
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.
24 August 2022NORTH MACEDONIA: EUR 8 million received by life insurers in the first three months
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.
13 July 2022
