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FOURTH INTERNATIONAL INSURANCE CONFERENCE „ Cumpulsory motor third-party liability insurance and

Klime Poposki. MTPL Insurance Market in Macedonia and the Respective Regulation. FOURTH INTERNATIONAL INSURANCE CONFERENCE „ Cumpulsory motor third-party liability insurance and the Guarantee fund ” 23-25 October 201 2 , OHRID hotel-Metropol. Structure of the presentation.

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FOURTH INTERNATIONAL INSURANCE CONFERENCE „ Cumpulsory motor third-party liability insurance and

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  1. Klime Poposki MTPL Insurance Market in Macedonia and the Respective Regulation FOURTH INTERNATIONAL INSURANCE CONFERENCE „Cumpulsory motor third-party liability insurance and the Guarantee fund” 23-25 October 2012, OHRIDhotel-Metropol

  2. Structure of the presentation • Insurance legislation in Macedonia • Insurance market - overview • Motor insurance - overview • MTPL • Gross written premium (development, share, ….) • Channel distribution • Accidents and claims • Claims paid and reserves indicators • Expenses • Uninsured vehicles • Complaints • Source: • ISA • National Insurance bureau • Ministry of interior in RM • MTPL Market Liberalization Project in Macedonia, World Bank • Inception Report, May 2012 • Axco Global Statistics/Industry Associations and Regulatory Bodies • CEA Statistics N°38 • The European Motor Insurance Market,February 2010

  3. Insurance Legislation in Macedonia • Law on Insurance Supervision; • Law on Compulsory Insurance in Traffic; • Rulebooks: • Rulebook on chart of accounts for insurance and reinsurance undertakings; • Rulebook on the form and the content of the balance schemes and detailed content of the Annual reports of the insurance and/or reinsurance undertakings; • Rulebook on the statistical insurance standards of the insurance and/or reinsurance undertakings; • Rulebook on minimum standards for calculation of technical provisions; • Rulebook on calculation of the required level of solvency margin; • Rulebook on types and description of items for calculation of the capital of the insurance and/or reinsurance undertakings; • Rulebook on valuation of balance sheet’s items • … • Other Laws that complement the Insurance legislation • Law on Contracts and Torts • Company Law

  4. Insurance Legislation in Macedonia • Law on Compulsory Insurance in Traffic: • The establishment and the role of National Insurance Bureau; • Establishment of the Guarantee Fund and maintenance of its minimum amount which is determined by this Law • Printing of the Green Card form and allowing the insurance companies to issue GC • Establishment of the MTPL Commission; • MTPL Tariffs • Minimum and maximum rate of technical premium; • Minimum sums insured;

  5. Insurance market in Macedonia 15 Insurance Undertakings 4 Life Insurance Undertakings 11 Non-life Insurance Undertakings 21 Insurance brokerage companies 9 Insurance agencies 683 Insurance agents

  6. Structure of the Gross Written Premium

  7. Motor Insurance

  8. Gross Written Premium (share of MI in the total nonlife insurance) Share of motor insurance in the total nonlife premium 100 Share of the respective risk in the total motor insurance premium

  9. Gross written premiums – relative change, MI m EUR Europe Macedonia

  10. Claims ratio, MI

  11. Gross written premium and Number of contracts, MTPL

  12. Share of the MTPL premium in the total portfolio 2011

  13. Share of company’s MTPL premium in the total MTPL premium

  14. Average GWP development, DMTPL EUR

  15. Channel distribution, MTPL

  16. Key factors influencing claims • Claims frequency • Road safety • Traffic conditions • Age and driving experience • Claim costs • Vehicle repair and spare part prices • Medical care prices • Personal injuries claims compensation • Fraud • Legal expenses costs • Sum insured

  17. Accidents The average increase of the number of accidents in the last 5 years is 10,47% The average increase of the accidents with injured is 11%

  18. Comparison between the growth of accidents and the number of accidents reported (MTPL)

  19. Indexes

  20. Development of country’s minimum limits

  21. Brief summary • So far, since 2008 … • Minimum limits (by approx. 238%) • Number of contracts concluded (by approx. 31%) • Average premium per contract for DMTPL (by approx. 25%) • Operational costs and inflation • however….

  22. Claims paid, MTPL

  23. Claims settlement pattern, MTPL

  24. The development of claims paid and reserves, MTPL

  25. MTPL ratios

  26. MTPL combined ratio

  27. Claims ratio, MTPL Avg

  28. Technical provisions, MTPL

  29. Claims in court procedure, MTPL

  30. Uninsured and unknown vehicles

  31. Complaints, MTPL

  32. Thank you for your attention Klime Poposki The President of the Council of Experts, Insurance Supervision Agency of the Republic of Macedonia Email: klime.poposki@aso.mk www.aso.mk

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