Darko Blaževski SORS 2010, 09 – 11. 06. 2010 SORS 2010, 09 – 11. 06. 2010 INSURANCE MARKET IN REPUBLIC OF MACEDONIA IN 2009 INSURANCE MARKET IN REPUBLIC.

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THE FURTURE OF AND OPPORTUNITIES IN THE INSURANCE INDUSTRY

Presentation transcript:

Darko Blaževski SORS 2010, 09 – SORS 2010, 09 – INSURANCE MARKET IN REPUBLIC OF MACEDONIA IN 2009 INSURANCE MARKET IN REPUBLIC OF MACEDONIA IN 2009

Insurance market profile Regulatory body Insurance Supervision Agency (from ) Ministry of finance of the Republic of Macedonia – prepare regulative Insurance market participants 13 Insurance undertakings ( 11 non life ; 2 life) 12 Insurance brokerage companies 5 Insurance agencies 115 Insurance brokers 1787 Insurance agents Capital – EUR 61,66 millions ( 53,9 non life; 7,76 life) 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 ; 4,92 life ) > 2008: ЕУР 105,02 millions (100,67 non life ; 4,34 life ) ↓ Total Gross Written Premium 09/08: (- 3,38%) ↓ non life premium 09/08: (- 4,09%); ↑ life premium 09/08: (13,18%) Number of insurance contracts > 2009: ; 2008: : ↑ insurance contracts 09/08: (8,00%) Insurance penetration – premiums in % 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 World 442,11 EU – ,09 CE Europe 208,67

Insurance Market Ownership Structure

Market Concentration Market concentration: 3 insurance companies participate with more than 10% Herfindahl index: 1234,94 (non life 1352,27, life 4496,42)

Capital and Solvency Margin

Gross Written Premiums per Class of Insurance

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

Structure of investments from the capital

Profitability

Profitability - Ratios

Loss Ratios

Technical Reserves

Thank you! INSURANCE SUPERVISION AGENCY Vasil Glavinov No.12, TCC Plaza, 2nd floor 1000 Skopje, Macedonia Tel: Fax: