NORTH MACEDONIA: from January to July life insurers paid EUR 8 million

18 September 2023 — Marina MAGNAVAL
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.

Life insurance contracts with a savings component have the largest share in the amount paid out in July. In July, policyholders received MKD 50.3 million (EUR 818,000) from this type of insurance. This insurance product, in addition to life insurance, offers an opportunity to receive the invested funds plus interest after the contract expires.

For the newest life insurance product on the local market, unit-linked, companies paid out MKD 5.56 million (EUR 90,000) in July. In addition to life insurance, this product also offers to invest part of the money in securities that are traded on world exchanges.

Citizens invested a total of MKD 64.5 million (EUR 1.05 million) in all types of life insurance in July. While in the first seven months of the year, total life insurance investment of the population reached MKD 1.21 billion (EUR 20 million).