darko blaževski s ors 2010 , 09 – 11 . 06. 2010
DESCRIPTION
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 - PowerPoint PPT PresentationTRANSCRIPT
Darko Blaževski
SORS 2010, 09 – 11. 06. 2010
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 01.11.2009)• 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: 1.018.722; 2008: 943 225: ↑ insurance contracts 09/08: (8,00%)
• Insurance penetration – premiums in % of GDPMacedonia - 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 – 27 2135,09 CE Europe 208,67
Insurance Market Ownership Structure
2007 2008 20090%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
74.8%82.7% 80.6%
11.4%
7.7% 9.0%7.5%
5.3% 6.7%5.9% 4.1% 3.5%
0.2% 0.2%
State
Domestic legal enti-ties
Natural persons - residents
Foreign legal entites
Natural persons-nonresidents
Market Concentration
• Market concentration: 3 insurance companies participate with more than 10%
• Herfindahl index: 1234,94 (non life 1352,27, life 4496,42)
-4%
1%
6%
11%
16%
21%
26%
Series1; 14.7%
21.3%
16.5%
6.7%
4.9%
9.9%
2.8%
5.8%
8.2%
4.0%
0.5%
1.8%
2.7%
Capital and Solvency Margin
2007 2008 20090
10
20
30
40
50
60
70
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
43.52
60.12 61.66
15.81 17.02 16.31
2.8
3.53.8
Capital and reserves Solvency margin
Capital and reserves/solvency margin
EUR
mill
ion
Gross Written Premiums per Class of Insurance
Property in-surance
Motor-vehicle insurance
(casco)
Accident in-surance
Third-party li-abilty insur-
ance
Insurance of travel
Other non-life insurance
Life assurance Total0
20
40
60
80
100
120
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
-1% -3%
5%
-11%
-5%
13%
-4%
2008 2009 Relative Difference 09-08
EUR
mill
ion
Special Attention: Third-Party Liability Insurance
↓ Third-Party Liability Insurance Premium 09/08: (- 11%)
↑ Third-Party Liability Insurance Contracts 09/08: (+ 5,68%)
Number of contract Gross written premium (EUR)0
100,000
200,000
300,000
400,000
500,000
600,000
-30.00%
0.00%
30.00%
452,228
51.809.093
477,902
45.984.2386%
-11%
2008 2009 Relative Difference 09-08
Structure of investments from the assets covering technical reserves
2007 2008 20090
10,000
20,000
30,000
40,000
50,000
60,000
26,44229,585
35,268
3,231
9,324
8,972
7,563
5,510
4,703497
80423
134
Investments from technical reserves - non life
Other
Investment funds
Corporate bonds
Equities
Government se-curities
Bank accounts and deposits
EUR
thos
and
2007 2008 20090
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
654
4,8284,283
52
1,872
3,969
35
23
031
Investments from technical reserves - life
Corporate bonds
Equities
Government se-curities
Bank accounts and deposits
EUR
thou
sand
Structure of investments from the capital
2007 2008 20090
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
14,89917,833
23,394
812
2,506
4,110
170
170
83
5,141
11,667
9,858
342
438
Investments from capital - non life
Other
Loans
Properties
Investment funds
Equities
Government se-curities
Bank accounts and deposits
EUR
thou
sand
2007 2008 20090
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
750
3,7523,316
757
637
2,2041,932
158
120
Investments from capital - life
Loans
Properties
Government se-curities
Bank accounts and deposits
EUR
thou
sand
Profitability
-1.538
1.269 209
-5.826
6.634
3.8094.300
4.178
5.096 5.0784.509
-1.649
-6.000
4.000
-6.000
-4.000
-2.000
0
2.000
4.000
6.000
8.000
2006 2007 2008 2009
Tho
usand
s
Non-technical Result
Technical Result
Prof it before tax
thou
sans
eur
os
Profitability - Ratios
2006 2007 2008 2009
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
ROE nonlife
ROE; 8.58% 6.77%
4.65%
-3.99%
ROE life
ROE nonlife ROEROE life
2006 2007 2008 2009
-2.50%
-2.00%
-1.50%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%ROA nonlife
ROA; 1.86%
2.05%
1.66%
-1.40%
ROA life
ROA nonlife ROAROA life
Loss Ratios
2007 2008 20090.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
72.96% 72.96% 73.11%
90.10% 89.68%
111.99%
Loss ratio Combined Ratio
Technical Reserves
2007 2008 20090.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
0%
10%
20%
30%
40%
50%
60%
70%
80%
70.5475.98
80.95
40.05
52.57
60.0656.78%
69.19%
74.19%
Technical reserves (left scale)
Assets covering technical reserves (left scale)
Assets/technical reserves (right scale)
EUR
mill
ion
Thank you!
INSURANCE SUPERVISION AGENCYVasil Glavinov No.12, TCC Plaza, 2nd floor
1000 Skopje, MacedoniaTel: +389 2 3254 050 Fax: +389 2 3290 240
E-mail: [email protected]