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National Insurance Bureau

National Insurance Bureau. 2008, Macedonia Director , Jonce Popovski. Contents. Insurance companies Description of the Insurance market Financial indicators Insurance legislation Supervision bodies Role of the Insurance Bureau Difficulties in the market. I. Insurance companies.

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National Insurance Bureau

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  1. National Insurance Bureau 2008, Macedonia Director, Jonce Popovski

  2. Contents • Insurance companies • Description of the Insurance market • Financial indicators • Insurance legislation • Supervision bodies • Role of the Insurance Bureau • Difficulties in the market

  3. I. Insurance companies There are 12 insurance companies operating in the insurance market in 2008, two of which dealing only with life insurance • Insurance Companies • Qbe • Vardar • Evroins • Sava Tabak • Sigma • Eurolink • Insig • Uniqa • OsiguritelnaPolisa • Albsig • Kroacia Insurance • Grawe Broker Companies Euro Eksperts Euromak WIASS In-Broker VFP Fideliti Mobiliti Seda Agencies AMG Premium Magma Safe Invest Trend Aktiva - In 2008 Makosped Insurance Company merged into Euroins, Sigal was taken over by Uniqa, and some new broker companies and agencies were also open. - Two new insurance companies applied for membership, one of which started its operation on 1st June this year. • - Only Qbe Makedonija deals with reinsurance

  4. Competition: • Recently established insurance companies • Increased number of broker companies and agencies • Increased number of licensed agents and brokers • Increased availability to the population • System of maximum fair conditions on the market • The purchase of the domestic companies by foreign insurance companies increases the business quality in the insurance market • The information for establishment and entrance of companies strengthens the existing competition • New products and additional services used for keeping and taking over the clients (ex. mini –full insurance, pocket- full insurance , etc.) • Disloyal competition appearance

  5. II. Description of the insurance market • The insurance policies sale in 2008 was carried out by insurance agents, broker companies and insurance representatives • Increased number of insurance companies, broker companies and agencies have significant influence over the insurance market • Increased supply and diversification of new products from the insurance companies in the area of health insurance, travel insurance, full cover insurance, etc. • Increased amount of life insurance as a positive trend in the insurance market

  6. Table.1 Structure and changes in the market share

  7. Table .2

  8. Table.3 III. Financial indicators – Insurance - Continued growth of the premium in the last 5 years - Participation of claims in the premium with 48.18%

  9. Reinsurance Table.4 • Compared with 2007, there is a decrease in the allocated premium for 1.95 million euro or 15.82%. At the same time the share of the reinsures is increased for 0.5 million euro.

  10. In the Republic of Macedonia, the insurance field is regulated by specific provisions: 1. Insurance Supervision Law – Official Gazette of R.M. 79/07, 88/08 2. Compulsory Traffic Insurance Law – Official Gazette of R.M. 88/05 , 81/08 • By means of the amendments and the appendices of the Compulsory Insurance Law, since July 2008, the number of the representatives from the National Insurance Bureau in the TPL insurance commission has been reduced and it is prescribed that the tariff for TPL has to be published in the Official Gazette in the Republic of Macedonia. Also, the National Insurance Bureau is limited by the legislator in respect of setting the green card price as an additional premium. Namely, the tariff for the green card is restricted by the previous agreement by the Ministry of finance. It is also know that by this Law the maintenance of the system for TPL policies and claims evidences is regulated. The NIB keeps statistical records and on the base of statistical data procession, observing the statistical insurance standards the same are quarterly announced published on its web – site. Legislation and supervision

  11. The above mention law prescribes high and more severe penalties for offences cost by natural and legal entities, as well as for the insurance companies and the National Insurance Bureau, but for the time being it is not applied since the Agency for insurance supervision has not been established yet. Furthermore, some other positive rules are also applied in order to increase the regulation in the insurance market, such as the Obligatory Relations Law, Traffic Safety Law, Mediation Law, Vehicles Law of 2008 etc. • Over 87% of the claims noticed for all classes of insurance are settled out of court. For establishing the level of some types of intangible claims by the Insurance companies, the Criteria for claim indemnification are applied ( the same were also obligatory for the courts , but these were abolished by the Constitutional Court in February this year). Consequently, it can be mentioned that significant problem are the court judgments where for almost the same injuries the damaged parties are awarded the amounts in the scale of 1:7 or even more. • The supervision in the insurance market is made by the Ministry of Finance, but in final phase of its establishment is the Agency for insurance supervision.

  12. Commitments and roles of NBO • NIB fulfills its obligations in accordance with the law regulations, as well as with the Council of Bureaux. • The obligations of the Macedonian NIB are similar or same with the obligations that the other National Insurance Bureaux have. • It is actual in the operation of the National Insurance Bureaux to function in compliance with the insurance market operation in the Republic of Macedonia. • Special aim of NIB is, in near future, to reorganize itself in relation to its members and the directives of the Council of Bureaux. • The communication between the National Insurance Bureau and the Government is correct and in accordance with the Law. There is no influence on the operation of the Bureau and its members, accordingly. Osiguravajuće tržište – 2007 god.

  13. The major problem is the large amount of uninsured vehicles • False Green Card • Unequal criteria for settlement of intangible claims • Improper structure in the insurance (life and property) • Recourse payment • Influence of the world changes over the Reinsurance Difficulties in the Insurance market Osiguravajuće tržište – 2007 god.

  14. Thank You for Your Attention

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