State And Movements Of The Insurance Market In The Republic Of North Macedonia

Résumé

Insurance is a financial product offered by specialized insurance companies with the aim of protecting people and property from the risk of loss, damage or theft. In this way, insurance is a contract, represented by a policy, which is issued by an insurer whereby the policyholder obtains financial protection or compensation against losses that may be incurred from insured risks. The importance of insurance activity is most clearly highlighted by the Organization for Economic Co-operation and Development (OECD), according to which the insurance plays a critical role in supporting economic activity by protecting individuals, families and businesses from risk. In the Republic of North Macedonia, there is an independent regulatory body for the insurance market - the Insurance Supervisory Agency (Agency) - which carries out public authorizations to control the compliance of the work of insurance companies and other entities in the insurance market with legal regulations, with the sole purpose of protecting insured persons and insurance users. The data provided by the Agency and the National Bank for the last half decade, processed in this research using statistical methods, show a positive trend of increasing the volume of both life and non-life insurance segments (recorded a greater number of contracts concluded and at the same time a better financial result). Furthermore, these data confirm that non-life insurance business is generally the dominant sector, due especially to motor vehicle insurance that is generally mandatory.