INSURANCE MARKET IN
REPUBLIC OF MACEDONIA
IN 2009
Darko Blaževski
SORS 2010, 09 – 11. 06. 2010
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
12
5
115
1787
Insurance undertakings (11 non life ; 2 life)
Insurance brokerage companies
Insurance agencies
Insurance brokers
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 GDP
Macedonia - 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
100%
90%
80%
5.9%
7.5%
4.1%
5.3%
3.5%
6.7%
7.7%
9.0%
State
11.4%
Domestic legal
entities
70%
60%
50%
40%
82.7%
74.8%
Natural persons residents
80.6%
30%
Foreign legal
entites
20%
10%
0%
2007
0.2%
0.2%
2008
2009
Natural personsnonresidents
Market Concentration
26%
21%
Vardar, 21.3%
Sava Tabak, 16.5%
16%
QBE, 14.7%
11%
Eurolink, 9.9%
6%
Euroins, 6.7%
Winer, 4.9%
1%
Os.Policy, 8.2%
Uniqa, 5.8%
Insig, 2.8%
Albsig, 4.0%
Grawe, 2.7%
Croatia life, 1.8%
Croatia non-life,
0.5%
-4%
•
Market concentration: 3 insurance companies participate with more
than 10%
•
Herfindahl index: 1234,94 (non life 1352,27, life 4496,42)
Capital and Solvency Margin
70
4.0
61.66
60.12
60
3.8
3.5
3.0
50
43.52
EUR million
3.5
2.8
2.5
40
2.0
30
1.5
20
17.02
15.81
16.31
1.0
10
0.5
0
0.0
2007
2008
Capital and reserves
Solvency margin
Capital and reserves/solvency margin
2009
Gross Written Premiums per
Class of Insurance
120
20%
15%
100
13%
10%
80
5%
EUR million
5%
60
0%
-1%
-3%
-4%
-5%
-5%
40
-10%
-11%
20
-15%
0
-20%
Property
insurance
Motor-vehicle
insurance
(casco)
2008
Accident
insurance
Third-party
liabilty
insurance
2009
Insurance of
travel
Other non-life
insurance
Life assurance
Relative Difference 09-08
Total
Special Attention: Third-Party Liability Insurance
600,000
500,000
30.00%
452,228
477,902
400,000
300,000
51.809.093
45.984.238
5.68%
200,000
0.00%
-11%
100,000
0
-30.00%
Number of contract
2008
2009
Gross written premium (EUR)
Relative Difference 09-08
↓ Third-Party Liability Insurance Premium 09/08: (- 11%)
↑ Third-Party Liability Insurance Contracts 09/08: (+ 5,68%)
Structure of investments from the assets covering
technical reserves
60,000
Investments from technical
reserves - non life
9,000
Other
40,000
7,563
23
5,510
Corporate bonds
7,000
4,703
8,972
9,324
Investment
funds
Corporate bonds
3,231
Equities
20,000
23
3,969
6,000
EUR thousand
804
497
EUR thosand
0
31
8,000
134
50,000
30,000
Investments from technical
reserves - life
1,872
Equities
5,000
4,000
Government
securities
3,000
35,268
26,442
29,585
4,828
Government
securities
10,000
1,000
Bank accounts
and deposits
0
2007
2008
2009
4,283
2,000
35
Bank accounts
and deposits
52
654
0
2007
2008
2009
Structure of investments from the capital
45,000
Investments from capital - non
life
Investments from capital - life
8,000
Other
40,000
7,000
Loans
158
35,000
9,858
Loans
6,000
Properties
5,000
11,667438
25,000
20,000
342
5,141
83
4,110
Investment
funds
170
2,506
170
812
15,000
14,899
17,833
Properties
1,932
4,000
3,000
Government
securities
2,000
Government
securities
5,000
Bank accounts
and deposits
0
2007
120
2,204
Equities
23,394
10,000
EUR thousand
EUR thousand
30,000
637
2008
2009
3,752
3,316
757
1,000
Bank accounts
and deposits
750
0
2007
2008
2009
euros
thousans
Thousands
Profitability
8.000
6.634
6.000
5.078
5.096
3.809
4.509
4.300
4.000
4.178
Non-technical
4.000
Result
2.000
Technical Result
1.269
0
209
-1.538
-2.000
2006
-1.649
2007
2008
Prof it bef ore tax
2009
-4.000
-5.826
-6.000
-6.000
Profitability - Ratios
12.00%
2.50%
ROA nonlife
ROE nonlife
10.00%
8.00%
6.00%
ROE,
8.58%
2.05%
2.00%
1.50%
6.77%
1.66%
1.00%
4.65%
4.00%
ROA,
1.86%
0.50%
2.00%
0.00%
0.00%
2006
2006
2007
2008
2009
2007
2008
2009
-0.50%
-2.00%
-1.00%
-4.00%
-3.99%
-6.00%
-8.00%
-2.00%
ROE life
-10.00%
-1.40%
-1.50%
ROA life
-2.50%
ROE nonlife
ROE
ROE life
ROA nonlife
ROA
ROA life
Loss Ratios
120.00%
111.99%
100.00%
89.68%
90.10%
80.00%
72.96%
72.96%
73.11%
60.00%
40.00%
20.00%
0.00%
2007
2008
Loss ratio
2009
Combined Ratio
Technical Reserves
90.00
80%
80.95
80.00
75.98
74.19%
70.54
69.19%
70.00
EUR million
60.00
70%
60.06
56.78%
60%
50%
52.57
50.00
40%
40.05
40.00
30%
30.00
20%
20.00
10%
10.00
0.00
0%
2007
2008
Technical reserves (left scale)
Assets covering technical reserves (left scale)
Assets/technical reserves (right scale)
2009
Thank you!
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