Transcript Осигурување
National Insurance Bureau 2008, Macedonia
Director, Jonce Popovski 1
Contents
Insurance companies
Description of the Insurance market
Financial indicators
Insurance legislation
Supervision bodies
Role of the Insurance Bureau
Difficulties in the market
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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 Osiguritelna Polisa 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 1 st June this year.
- Only Qbe Makedonija deals with reinsurance
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• • • • • • • • •
• 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 4
•
• II. Description of the insurance market
The insurance policies sale in 2008 was carried out by insurance agents, broker companies and insurance representatives
Insurance companies Insurance Agents Broker companies Agencies End users
• • 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 5
Table.1
Structure and changes in the market share
Structure of premium
120,00% 100,00% 80,00% 60,00% 40,00% 20,00% 0,00%
Insurance Companies Qbe Vardar Evroins SavaTabak Sigma Eurolink Insig Uniqa Osiguritelna Polisa Albsig Croatia Grawe Total
97,20% 95,85% 2,80% Life Insurance 4,15% Property Insurance 2007 2008
Total Insurance premium in 000
€
Life Insurance 19,280 22,247 534 5,973 16,320 4,421 9,855 3,086 5,404 9,355 4,671 1,484 2,318 104,416 1,484 2,318 4,336 Property Insurance 18,746 22,247 5,973 16,320 4,421 9,855 3,086 5,404 9,355 4,671 100,080 Premium Structure 18.5
21.3
5.7
15.6
4.2
9.4
3 5.2
9 4.5
1.4
6
2.2
100
Table .2
Property and life insurance in 000 €
120 000 100 000 80 000 60 000 40 000 20 000 67 943 70 685
Insurance Companies Qbe Vardar Evroins SavaTabak Sigma Eurolink Insig Uniqa Osiguritelna Polisa Albsig Croatia Grawe
1 721 1 714 2003 2004 Property Insurance
2007 21.4% 25.5% 4.5% 14.3% 5.3% 8.6% 3.2% 4.7% 9.3% 0.8% 1.2% 1.1%
72 942 2005 1 777
2008 18.5% 21.3% 5.7% 15.6% 4.2% 9.4% 3.0% 5.2% 9.0% 4.5% 1.4% 2.2%
87 489 1 881 2006 2007 Life Insurance
Changes
Decrease Decrease Increase Increase Decrease Increase Decrease Increase Decrease Increase Increase Increase 96 547 2 784 100 080 2008 4 336
Movement
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Table.3
III. Financial indicators – Insurance
Historical movement in mil. €
120 100 80 60 40 20 70 38 71 38 70 42 72 43 75 44 2001 2002 2003 2004 Gross stipulated premium 89 2005 2006 Gross settled claims 47 99 2007 47 104 2008 50 60 000 50 000 40 000 30 000 20 000 10 000 -
Premium and claims year 2008 in 000 €
51 536 13 254 26 161 8 985 13 491 6 373 Accident 6 253 7 954 1 944 5 265 Passenger vehicles (full coverage) Insurance of property against fire and natural disasters Remaining property Insurance Third party liability Insurance (vehicles) 2 458 230 Tourist support Insurance 4 336 1 700 Life and Annuity Insurance Premium Claims - Continued growth of the premium in the last 5 years - Participation of claims in the premium with 48.18% 8
Insurance class year 2008
Accident Health Insurance Passenger vehicles (full coverage) Aircrafts (full coverage) Marine insurance (full coverage) Transportation of goods (cargo) Insurance of property against fire and natural disasters Remaining property Insurance Third party liability Insurance (vehicles) Third party liability Insurance (aircrafts) Third party liability Insurance (marine) General Insurance Credit Insurance Guaranty Insurance Financial losses Insurance Tourist support Insurance Life and Annuity Insurance
Total Property Insurance Life and Annuity Insurance total
Total Stipulated gross premium
000 € 8,984
Stipulated gross premium
Structure 8.60
488 13,491 0.47
12.92
736 0.71
14 0.01
1,215 1.16
6,372 13,254 6.10
12.69
51,536 423 49.36
0.41
3 841 21 0.02
0.81
0.02
3 214 0.00
0.21
2,457 2.35
4,336
100,079
4.15
95.85
4,336 4.15
104,415 100.00
Settled Claims
000 € 6,253 13 7,954 576
Settled Claims
Structure 12.43
0.03
15.81
1.15
74 0.15
1,944 5,265 3.86
10.47
26,161 52.00
80 42 0.16
0.08
14 0.03
230 0.46
1,699 48,609 3.38
96.2
1,699
3.38
Claims/ Premium
% 69.6% 2.8% 59.0% 78.2% 0.0% 6.1% 30.5% 39.7% 50.8% 0.0% 0.0% 9.5% 198.8% 0.0% 7.0% 9.4% 39.2% 48.6% 39.2% 50,309 100.00
48.2%
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Table.4
Reinsurance
• 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.
Year
Total
16,247.09 Allocated gross premium in 000 €
Life Insurance
-
Property Insurance
16,247.09
Total
Participation in settled claims 000 € 10,931.85
Life Insurance
-
Property Insurance
10,931.85
2002 2003 2004 2005
11,626.98 11,147.84 9,298.54 11,626.98 11,147.84 9,298.54 6,909.41 4,514.93 3,468.52 6,909.41 4,514.93 3,468.52 9,796.44 9,796.44 1,273.56 1,273.56
2006 2007 2008
12,302.70 10,356.17 65.82 130.31 12,236.88 10,225.86 2,353.22 2,893.17 6.26 18.15 2,346.96 2,875.02 2008 2007 2006 2005 2004 2003 2002 0%
Share of the reinsurance in gross stipulated premium in mil. €
10% 104 99 89 75 72 70 71 20% 30% 40% Gross stipulated premium 50% 60% 70% Reinsurence 80% 90% 16 10 12 10 9 12 11 100% 10
IV.Legislation and supervision
• • 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.
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• 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.
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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.
13 Osiguravajuće tržište – 2007 god.
VI. Difficulties in the Insurance market
• 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
Osiguravajuće tržište – 2007 god.
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