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INSURANCE MARKET IN REPUBLIC OF MACEDONIA IN 2009. Darko Blaževski S ORS 2010 , 09 – 11 . 06. 2010. Insurance market profile. Regulatory body Insurance Supervision Agency ( from 01. 1 1.2009 ) Ministry of finance of the Republic of Macedonia – prepare regulative
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INSURANCE MARKET IN REPUBLIC OF MACEDONIAIN 2009 Darko Blaževski SORS 2010, 09 – 11. 06. 2010
Insurance market profile Regulatory body • Insurance Supervision Agency (from 01.11.2009) • Ministry of finance of the Republic of Macedonia –prepare regulative Insurance market participants • 13Insurance undertakings(11non life ; 2life) • 12Insurance brokerage companies • 5Insurance agencies • 115Insurance brokers • 1787Insurance agents Capital–EUR 61,66millions(53,9non life; 7,76life) Total number of employees in the insurance industry: 1.283
Gross Written Premium Ratios • Gross Written Premium : > 2009: ЕУР 101,06 millions (96,15 non life; 4,92life) > 2008: ЕУР 105,02millions (100,67non life; 4,34life) ↓ Total Gross Written Premium09/08: (- 3,38%) ↓ non life premium09/08: (- 4,09%); ↑life premium09/08: (13,18%) • Number of insurance contracts > 2009: 1.018.722; 2008: 943 225: ↑insurance contracts09/08: (8,00%) • Insurance penetration– premiumsin % of GDP Macedonia - 1,53 % of GDP World 7,07% EU – 27 8,28% CE Europe 2,79% • Density– premiums per capita(in EUR) Macedonia – 49,44 EUR/capita World442,11 EU – 27 2135,09 CE Europe208,67
Market Concentration • Market concentration:3 insurance companies participate with more than 10% • Herfindahl index: 1234,94 (non life 1352,27, life 4496,42)
Special Attention: Third-Party Liability Insurance ↓Third-Party Liability Insurance Premium 09/08: (- 11%) ↑ Third-Party Liability Insurance Contracts 09/08: (+ 5,68%)
Structure of investments from the assets covering technical reserves
Thank you! INSURANCE SUPERVISION AGENCY VasilGlavinov No.12, TCC Plaza, 2nd floor 1000 Skopje, Macedonia Tel: +389 2 3254 050 Fax:+389 2 3290 240 E-mail: contact@aso.mk www.aso.mk