Vrnjacka banja, 14.6.2013
INSURANCE MARKET IN THE REPUBLIC OF MACEDONIA
DISCLAIMER
The findings, interpretations and conclusions expressed in
this presentation are those of the author and do not
necessarily reflect the views of the Insurance Supervision
Agency of Republic of Macedonia, or its Council of experts’
members. The Insurance Supervision Agency of Republic of
Macedonia does not guarantee the accuracy of the data
included in this presentation.
INSURANCE MARKET PROFILE
• 15 Insurance undertakings (11 non-life; 4 life)
• 22 Insurance brokerage companies • ASUC Broker AD Skopje got a license in 1Q 2013 • CVO Broker AD Ohrid got a license in 1Q 2013
• 9 Insurance agencies
• 1 Bank which acts as insurance agency • Ohridska Banka AD Ohrid member of Societe General Group
• 660 Insurance agents • 297 Licenses brokers Insurance penetration - GWP in % of GDP – 1,52% Insurance density - GWP per capita – 55,3 EUR/capita
GROSS WRITTEN PREMIUM RATIOS
• Gross Written Premium : 2012: EUR 113.9 million (104.2 non life; 9.7 life) 2011: EUR 110.8 million (102.5 non life; 8.2 life) 2010: EUR 105.4 million ( 99.6 non life; 5.7 life) 2009: EUR 100.5 million ( 95.6 non life, 4.9 life)
12/11 11/10 10/09
↑ Gross Written Premium 3.02% 5.05% 4.83%
↑ Non life premium 1.65% 3.02% 4.16%
↑ Life premium 20.35% 40.19% 17.85%
MARKET CONCENTRATION- 2012
Non – life companies
Life companies
Qbe, 10.66% (2011: 11.79%)
Triglav, 19.23% (2011:19.38%)
Sava, 10.86% (2011: 12.23%)
Evroins, 7.30% (2011: 7.22%)
Eurolink, 12.35% (2011:12.25%)
Winner, 9.82% (2011: 8.41%)
Insig, 2.84% (2011:2.85%)
Uniqa, 7.70% (2011: 7.38%)
Ins. policy, 9.00% (2011: 9.05%)
Albsig, 5.09% (2011: 5.11%)
Croatia nonlife, 5.15% (2011: 4.03%)
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
Qbe life, 1.34% (2011: 2.30%)
Croatia life, 40.76% (2011: 40.44%)
Grawe, 44.37% (2011: 49.17%)
Winner life, 6.73% (2011: 5.38%)
Uniqa life, 6.80% (2011: 2.71%)
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
GWP - LINES OF BUSINESS
46.76%
19.81%
10.87%
7.41%
2.03%
4.59%
8.53%
Property insurance Travel insurance Life assurance
2012 47.96%
18.31%
11.48%
7.96%
2.10%
4.88%
7.30%
MTPL Motor insurance (casco) Accident Other non- life insurance
2011
GWP BY LINES OF BUSINESS 2012/2011
3.02%
0.36%
11.37%
-2.58% -4.21%
-0.66% -3.27%
20.35%
-30.00%
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
0
20
40
60
80
100
Total MTPL Propertyinsurance
Motor insurance(casco0
Accident Travelinsurance
Other non- lifeinsurance
Life assurance
in m
illio
n M
KD
2012 2011 Relative Difference 12-11
INSURANCE MARKET OWNERSHIP STRUCTURE
83.51%
0.20%
4.03%
9.24% 3.01% Foreign legalentites
Natural persons-nonresidents
Domestic legalentities
Natural persons -residents
State
2012
0.2% 0.2% 0.2% 0.2%
80.6% 80.6% 83.3% 83.5%
9.0% 9.0% 9.4% 9.2%
6.7% 6.7% 4.1% 4.0%
3.5% 3.5% 3.0% 3.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012
State
Domestic legal entities
Natural persons -residents
Foreign legal entites
Natural persons-nonresidents
DISTRIBUTION CHANNELS
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
Direct sale Ins. brokeragecompanies
Ins.agents Agencycompanies
Otherdistr.channels
Turist agencies Banks Auto Shops
51.53%
21.03% 18.69%
5.36%
2.38% 0.49% 0.43% 0.09%
45.69%
20.71% 23.12%
4.55% 3.97%
0.52% 1.00% 0.44%
2012 2011
FINANCIAL RESULTS (2012)
Non-life insurance: - €1,047 m.
Life insurance: - €1,126 m.
Total: - €2,173 m.
Profit • Non-life insurance: 7 companies
• Life insurance: 2 companies
Loss • Non-life insurance: 4 companies
• Life insurance: 2 companies
CAPITAL & REQIURED SOLVENCY MARGIN
67
73 72
17 18 18
4.0
4.1
3.9
3.8
3.9
3.9
4.0
4.0
4.1
4.1
4.2
0
10
20
30
40
50
60
70
80
2010 2011 2012
in m
illio
n E
UR
Capital and reserves Solvency margin Capital and reserves/solvency margin
TECHNICAL PROVISIONS
7 66 32
2.594 2.955 3.068
2.276
2.545 2.672
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2010 2011 2012
In m
ilion d
enars
Останати Резерви за штети
4.877
5.566 5.824
14,13%
4,64%
0 0 0 7 17 23 88
18 20
542
865
1,166
0
200
400
600
800
1,000
1,200
1,400
2010 2011 2012
In m
ilion d
enars
Преносни премии Математичка резерва
636
899
34,37%
41,35%
1.208
Other Claims provisions UPP Mathematical provisions
INVESTMENTS- TECHNICAL PROVISIONS
Non –life companies
35 38 44
38
9 14
25 41
5 4
2
2
2 2
7 3
0
10
20
30
40
50
60
70
80
90
2009 2010 2011 2012
In m
illio
n E
UR
Other
Investment funds
Corporate bond
Shares
Government securities
Bank accounts anddeposits
4 5 4 5
4 6
11
15
0
5
10
15
20
25
2009 2010 2011 2012
In m
illio
n E
UR
Government securities
Bank accounts anddeposits
Life companies
81%
85% 81%
96% 95% 97% 96%
102%
0%
20%
40%
60%
80%
100%
120%
0
10
20
30
40
50
60
70
80
90
Q1 2011Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012
In m
illio
n E
UR
Net technical provisions Investments TP % of coverage
109%
119%
103% 104%
112%
104% 106%
105%
90%
95%
100%
105%
110%
115%
120%
0
5
10
15
20
25
Q1 2011Q2 2011Q3 2011 Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012
In m
illio
n E
UR
Net TP and MP Investments TP and MP % of coverage
INVESTMENTS - TOTAL
Non –life companies Life companies
58 55 54 50
13 17 27
43 5 4
2
2
0 1
1
3
10
22
22
23
2
6
17
3
0
20
40
60
80
100
120
140
2009 2010 2011 2012
In m
illio
n E
UR
Other
Loans
Real estate
National bureau
Investment funds
Corporate bond
Shares
Government securities
Bank accounts anddeposits
8 8
12 13
6
10
16
20
1
0
5
10
15
20
25
30
35
40
2009 2010 2011 2012
In m
illio
n E
UR
THE REGULATIVE FRAMEWORK
• Law on Insurance Supervision – consolidated text (“Official Gazette of the
Republic of Macedonia” No. 30/2012);
• Law on compulsory insurance in traffic (“Official Gazette of the Republic of Macedonia” No. 88/05, 70/06, 81/08, 47/11 and 135/11);
• 34 By-laws (secondary legislation acts) regulating issues with regard to licensing, accounting and financial reporting as well as risk management and supervision . • 6 by- laws were adopted in 2012
• English version of the laws can be found at www.aso.mk
CONSUMER PROTECTION- 2012
• ISA acted on cases submitted by policyholders and consumers of insurance products and services, and the results are as follows:
• 82 complaints were submitted
• 64 were resolved, of which 30 in favour of the policyholder and 34 rejected,
• 14 were without a basis for procedure, or incomplete documentation, and
• 4 are in the process of resolution.
• ISA published brochures and flyers for Agriculture insurance, Life insurance and
Household insurance.
INSURANCE MARKET CHALLENGES
• Regional project for catastrophe risk insurance where the Agency will have the function of an implementer of the project in the following period.
• Liberalization of the motor insurance and development of a legal framework in accordance with the EU standards.
• Implementation of the system of voluntary health insurance
• Implementation of the Law on payment of pension and pension benefits from fully funded pension
Thank you!
Kosta Spaseski, MSc, Head of Off-site supervision Unit
INSURANCE SUPERVISION AGENCY
Vasil Glavinov No.12, TCC Plaza, 2nd floor
1000 Skopje, Macedonia
Tel: +389 2 3254 050 Fax: +389 2 3290 240
E-mail: [email protected]
www.aso.mk
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