Skopje, 1st November 2012 (MIA) –Insurance market experienced constant growth in the last three years. In the second quarter of this year, 455,925 contracts were concluded, being by 5% more than this period in the previous year, the number of life insurance contracts increased by 33%, while total gross policy premium surged by 2.5%.

This was pointed out at today’s marking of the insurance day, 1st November, being organized by the Insurance Supervision Agency.

– Sound financial system is a condition for efficient allocation of resources and permanent confidence in financial institutions. That is why constant efforts are made in the Republic of Macedonia, aimed at strengthening the financial system by providing improved regulations, prudent supervision and efficient protection of consumers, Vice Prime Minister and Minister of Finance Zoran Stavreski said at the ceremony marking the Insurance Day.

Minister believes that it is worth mentioning the fact that last year, despite the problems related to the debt crisis, two insurance companies the parent companies of which are seated in the Eurozone, started operating on the Macedonian market. According to him, this is a result of sound macroeconomic policies, well-designed regulations and efficient supervision.

– In the coming period, it is realistic to expect intensification of the insurance sector growth. This is above all a result of the new legal solutions as regards pension and health insurance. In fact the new Law on Payment of Pensions and Pension Allowances from Fully Funded Pension Insurance provides the possibility for the insurance companies to pay annuities to the pension beneficiaries, Minister Stavreski pointed out.

President of the Council of Experts of the Insurance Supervision Agency Klime Poposki stressed that, in conditions of ongoing debt crisis, he ranks Macedonia as one of the most dynamic markets in the region, despite that more than half of SEE countries realize negative growth rates on the insurance market.

– Insurance market in Macedonia is stable with moderate concentration, providing for functioning of the market mechanisms and high level of fulfillment of minimum requests, Poposki said, adding that in the period to come, the greatest challenge the Agency will face will be the new agenda for protection of consumers.

President of the Insurance Association within the Chamber of Commerce of Macedonia and General Manager of "Triglav Osiguruvanje" Trajce Latinovski pointed out that insurance industry expected, for certain measures and activities and new appropriate legislation to be undertaken and implemented by the government institutions in the coming period to the end of faster development of the still insufficiently developed market and assuming more significant position on the financial market of Macedonia.

15 insurance companies, 21 insurance brokerage companies, 8 insurance agencies, 694 licensed insurance agents and 239 licensed brokers operate on the insurance market in Macedonia. Insurance industry reproduces an annual premium of around Denar 6.5 billion, employing 1500 people.

At the occasion of the Insurance Day, prize was awarded to a young researcher and exhibition, reflecting the insurance history of Macedonia, was opened.

Also available in: Macedonian

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