North Macedonia
STATISTICS: North Macedonia, 1Q2022: insurers posted 11% y-o-y increase in Q1 business
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.
12 July 2022NORTH MACEDONIA: ISA: farmers and agricultural companies invested MKD 118.6 million (EUR 1.93 million) in insurance during the first three months
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.
30 June 2022NORTH MACEDONIA: property insurance remains the largest voluntary insurance class
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.
22 June 2022NORTH MACEDONIA: In the first three months the ISA reviewed three times more complaints than a year ago
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.
24 May 2022NORTH MACEDONIA: for the first time, over 260,000 individuals invested over MKD 2 billion in life insurance
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.
12 May 2022NORTH MACEDONIA: Osiguruvanje Makedonija - VIG to pay dividend for 2019, 2020
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.
27 April 2022NORTH MACEDONIA: ISA: financial regulators signed memorandum of cooperation in fintech area to build a development support system
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.
30 March 2022NORTH MACEDONIA: ISA: the number of complaints, resolved last year in favor of insured persons, increased 2.5 times
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.
23 March 2022NORTH MACEDONIA: ISA recommends insurance companies to invest the profit for 2021 and refrain from paying dividends
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.
14 March 2022NORTH MACEDONIA: MAKEDONIJA Insurance ended 2021 with premium and profit increase
MAKEDONIJA Insurance (Vienna Insurance Group) ended the year with a profit before tax in the amount of MKD 63.6 million (after tax - MKD 55 million denars), the portal osigurajse.net informed.
10 March 2022NORTH MACEDONIA: total number of citizens with private health insurance in 2021 increased by 60%
More than 23,000 persons used private health insurance last year to cover the costs of medical services. Nine insurance companies paid EUR 3.4 million for medical expenses covered by private health insurance. Total number of citizens who have private health insurance in 2021 increased by 60% and exceeded 182,000 insured persons, the Insurance Supervision Agency (ISA) said.
10 March 2022NORTH MACEDONIA: non-life insurance market grew by 16% in 2021
In 2021 the number of concluded non-life insurance contracts reached 1.5 million units, which is 30% more than in 2020. Growth was observed in 15 insurance classes, and the most significant was the increased demand for travel insurance, property insurance, private health insurance, according to the Insurance Supervision Agency (ISA).
2 March 2022STATISTICS: Macedonian market reported double-digit increase in FY2021 GWP
At the end of 2021, the Macedonian insurance market totaled MKD 11.62 billion (EUR 188.7 million), up by 15.5% y-o-y, according to Macedonian ISA preliminary year-end figures.
14 February 2022NORTH MACEDONIA: MIA: only 5% of registered agricultural businesses use insurance
According to the information of MIA (Media Information Agency), trust in insurance is the lowest among farmers, which means that interest in buying insurance policies among agricultural producers in the country is at a very low level - out of over 90,000 registered agricultural holdings, less than 5% insure their production, osigurajse.net wrote.
14 February 2022NORTH MACEDONIA: Triglav Osiguruvanje's net profit 86% up in 2021
North Macedonia's Triglav Osiguruvanje, which is among
the biggest insurers in SEE and is part of Slovenian Triglav group, announced that
its net profit jumped to MKD 28.4 million (EUR 460,800) in 2021, vs EUR 15.2
million of net profit a year earlier, SeeNews reports.
1 February 2022STATISTICS: Macedonian insurers' business expanded by 17.4% y-o-y after Q3
Macedonian insurers posted nine-months 2021 aggregate GWP worth MKD 8.8 billion (~EUR 143 million), 17.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
13 January 2022NORTH MACEDONIA: ISA: every eighth citizen of Macedonia has life insurance
In the first 9 months of 2021, life insurance increased by 12% y-o-y, reaching MKD 1.32 billion (EUR 21.5 million). More than 242,000 citizens have life insurance policies as of the end of September, according to official data from the Insurance Supervision Agency (ISA), osigurajse.net wrote.
31 December 2021NORTH MACEDONIA: the number of contracts concluded in 9M jumped 32% y-o-y
The number of insurance contracts concluded in the first 9 months of 2021 increased by 32% and exceeded 1.13 million, according to official data from the Insurance Supervision Agency (ISA).
21 December 2021NORTH MACEDONIA: The government makes insurance mandatory and farmers will have to insure
The government plans to introduce compulsory insurance in agriculture, and a new law is being prepared. For years, only a small number of farmers insured their crops and livestock, thus in the event of disasters and damage, the Government compensated affected farmers from the budget. The new law has a new solution - to establish Agricultural Insurance Fund.
6 December 2021NORTH MACEDONIA: in 9M2021, the number of complaints from insureds doubled y-o-y
The number of complaints filed by insured persons in the first nine months has doubled y-o-y. According to the Insurance Supervision Agency (ASO) complaints resolved in favor of dissatisfied policyholders in 9M2021 increased by 83% compared to the same period last year.
1 December 2021
