insurance market in republic of macedonia in 2011
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Insurance Market in Republic of Macedonia in 2011
Insurance market Profile
• 15 Insurance undertakings (11 non-life; 4 life)
• 17 Insurance brokerage companies • 6 Insurance agencies
Insurance penetration - GWP in % of GDP – 1,50% (2010:1,53%) Insurance density - GWP per capita – 53,77 euro/capita (2010:51,24)
Gross Written Premium Ratios
• Gross Written Premium :
2011: EUR 110.8 million (102.5 non life; 8.2 life)2010: EUR 105.4 million ( 99.6 non life; 5.7 life)
↑ Gross Written Premium 11/ 10: (5.16%)↑ Non life premium 11/ 10: (2.98%)↑ Life premium 11/ 10: (42.76%)
GWP Comparison 2011/2010 by lines of business
Property insurance
Motor-vehicle insurance (casco)
Accident insurance
MTPL Health in-surance
Insurance of travel
Other non-life insurance
Life as-surance
Total0
20
40
60
80
100
120
-35.00%
-30.00%
-25.00%
-20.00%
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
-2.66% -2.01% -0.91%
6.59%
-9.49%
5.72%
42.94%
5.15%
2010 2011 Relative Difference 11-10
mill
ion
EU
R
Capital Adequacy and Solvency Margin
2008 2009 2010 20110
10
20
30
40
50
60
70
80
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
4.0
4.1
4.2
60 61
67
73
17 16 17 18
3.5
3.8
4.0
4.1
Capital and reserves Solvency margin Capital and reserves/solvency margin
mill
ion
EU
R
Financial result 2011
• Financial result for 2011: EUR – 928.733– Non-life insurance: EUR – 1.001.616– Life insurance: EUR 72.883
• Positive financial result – Non-life insurance: 9 insurance undertakings – Life insurance: 2 insurance undertakings
• Negative financial result – Non-life insurance: 2 insurance undertakings – Life insurance: 2 insurance undertakings
Insurance Market ownership structure
83.3%
0.2%4.1% 9.4%
3.0%Foreign legal entitesNatural persons-nonresidentsDomestic legal entitiesNatural persons - res-identsState
2011
Market concentration 2011
• 4 insurance undertakings participate with more than 10%.
Technical reserves
2009 2010 20110
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
411,895 109,540 1,073,700
38,733,364 42,164,39048,031,287
35,888,40037,006,309
41,373,955
Other Claims provisions Unearned premium
7579
90
14,1%
5,7%
2009 2010 20110
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
1,209,695 1,429,382 284,787
6,344,715
8,803,310
14,054,093
Other Claims provisionsUnearned premium Mathematical reserve
7
10
14
34,6%
41,4%
Technical provisions – non life
55.51%31.51%
2.86%1.65%
1.11%7.36%
Bank accounts and depositsGovernment securitiesSharesCorporate bondInvestment fundsOther
Trend Investments covering Technical provisions
Technical and Mathematical provisions –life
Trend Investments covering Technical and Mathematical provisions
25.71%
73.42%
0.87%
Bank accounts and depositsGovernment securi-tiesOther
Distribution channels % of GWPDirect sales 45,69%Insurance brokerage companies 20,71%Tourists agencies 0,52%Banks 1,00%Insurance agencies 4,55%Car dealers stores 0,44%Insurance agents- natural persons 23,12%Other distribution channels 3,97%Total 100,00%
Technical coefficients 2011 2010Claims ratio 57.45% 62.59%Expenses ratio 42.60% 41.85%Combined ratio 100.10% 104.44%
Intermediation and Technical Coefficients
Project activities
• Ongoing projects:
Liberalization on the market for the compulsory MTPL insurance;
Regional project for development of the markets for weather and catastrophe risk insurance in Southeastern Europe;
International cooperation- important events
ISA was hosting:• First regional Europa Re conference-
”Developing catastrophe and weather risk markets in Southeast Europe: from concept to reality”;
• ”Risk Based Supervision Workshop”;• Regional Seminar ”Macro prudential
surveillance and group wide supervision”, organized with IAIS.
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]
• Thank you!