Skopje, 1st November 2013 (MIA) – Insurance market in Macedonia is experiencing progress. It is characterized with both stability and growth. Insurance companies are solvent, and the capital in the amount of EUR 1,130 million is four times above the margin level. This was said at today’s conference held at the occasion of the Insurance day – 1st November.
– In the recent years, insurance sector in the Republic of Macedonia shows progress and it is on the right track to attain the set goals. Volume of products offered continuously increases, as well as the interest of citizens, in particular as regards life insurance. Growth rates, which were not observed several years ago, have significantly increased in the recent years. Stability and transparency in the operations of the insurance companies have improved, which is a result of the good management of the Insurance Supervision Agency, which conducts both on-site and off-site supervision, while its procedures and regulations have provided for the insurance sector in Macedonia to operate in compliance with all European standards, Deputy Prime Minister and Minister of Finance, Zoran Stavreski, said.
Insurance Supervision Agency CEO, Klime Poposki, pointed out that gross policy premium experienced a positive growth rate of 6%, whereby as regards non-life insurance, it accounted for 4%, while as regards life insurance, it grew by 25%.
– This point out that insurance industry in Macedonia shows a dynamic development. There is strong presence of foreign investments, 14 out of 15 insurance companies are part of European insurance groups, pointing out that foreign investors see a large potential in the insurance industry in the Republic of Macedonia, Poposki underlined.
Pointing out the two-digit growth of life insurance, he said that what mattered was the presence of large offer of products, which, on the other hand, would create the demand.
Auto liability insurance shill has the dominant share, however, as Poposki said, what is especially favourable is the increase of voluntary insurance classes in the last three years, in particular insurance of property and insurance against accident.
– Auto liability insurance participates with 45% in the total market, although three years ago, it accounted for more than 50%. This means that voluntary insurance classes increase their share, Popovski said, adding that as regards insurance of property, awareness increased and, unlike last year, 8% growth was observed.
What is expected to be developed in future is agricultural insurance, taking into account the completion of the Project, supported by World Bank and the Government, on establishment of Europa Re-insurance Facility (Europa-Re).
Development is also expected in the field of private health insurance. As Poposki said, as of end-October inclusive, all insurance companies were issued working permits in the field of health insurance. Taking into account that Law on Voluntary Health Insurance was adopted, this field shows a large potential for development in future.