North Macedonia
STATISTICS: 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 2022STATISTICS: 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 2022
