NORTH MACEDONIA: EUR 8 million received by life insurers in the first three months

13 July 2022 —
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.

Out of the total amount, EUR 6.3 million were received under risk insurance with a savings component, and the rest - under unit linked insurance,

The total number of citizens with life insurance exceeded 281,000 by the end of 1Q, which means an increase by 8% y-o-y.

The most popular is risk-insurance. More than 220,000 citizens have risk insurance, which is almost 20,000 more insured compared to the end of 2021. At the end of March, 50,000 citizens had life insurance with a savings component, about 11,000 citizens had unit linked insurance.

In the first quarter, the five life insurance companies paid a total of MKD 180 million/EUR 2.9 million to their policyholders.