unet

In the direction of further harmonization with the EU acquis in the field of insurance and the increase in market operations, the Ministry of Finance in cooperation with the Insurance Supervision Agency and the International and Iberoamerican Foundation in the past 21 months worked on a twinning project for which a final event was organized on November 17 2017. The project was implemented by the General Directorate of Insurance and Pension Funds from the Kingdom of Spain.

The main objective of the project is the transposition of the Directive on the establishment and conduct of business activities for insurance and reinsurance – Solvency 2 in new legislation and bylaws.

We already know that the Solvency 2 directive brings news and changes simultaneously for the insurance companies, the insurance and the insurance beneficiaries and is the most significant change in the European insurance industry to date. These changes are so extensive that they affect the change of the entire business model of insurance companies, as well as the risk-based supervision model. I sincerely hope that the results of the twinning project will be our quality guide in the reforms that remain in the insurance market, said Klime Poposki, president of the Council of Experts of the Insurance Supervision Agency, at the final event.

Within the framework of the closing event, a round table was held on the topic “Implementation of Solvency 2”, which was moderated by Mr. Klime Poposki, and representatives from the EU also took part

Javier Castillo, General Directorate for Insurance and Pension Funds of the Kingdom of Spain
Peter Pierre Matek, Chairman of the Board of HANFA, Croatia
Gordana Letica, member of the Managing Board of HANFA, Croatia
Nina Kolchakova, General Secretary of the Association of Bulgarian Insurance Companies, Bulgaria, and
Bostjan Vovk, Deputy Director and Head of the Supervision Department of the Insurance Supervision Agency of Slovenia.

Within the panel, participants presented their views on the implementation of the Solvency 2 Directive in their countries. The main conclusions moved in the direction that this process is complex and requires a lot of engagement and resources for both the insurance companies and the supervisory authorities.

Советот на експерти на Агенцијата за супервизија на осигурување, наседницата одржана на 27.10.2017 година, го усвои Извештајот на Комисијата заизбор на најдобар истражувачки труд одобласта на управување

The Council of Experts of the Insurance Supervision Agency, at the meeting held on October 27, 2017, adopted the Commission’s Report on the selection of the best research paper on risk management and insurance in the Republic of Macedonia for 2017 by declaring the work of Angela Blazheska – “Analysis of the impact of operational risk on the business success of non-life insurance companies in the Republic of Macedonia” the winner of the Competition for the selection of the best research paper on the risk management and insurance in the Republic of Macedonia for 2017. The winner Angela Blazeska presented her paper on November 7, 2017 to representatives of the insurance companies in the Insurance Supervision Agency.

The paper presents an empirical survey of the efficiency of the operation of the insurance companies in the Republic of Macedonia in the field of non-life insurance by examining the five companies that have the largest share in the insurance market in the Republic of Macedonia. Through the use of complex quantitative analysis, the goal is to understand the situation of the following indicative success: the gross written premium as the dominant source of income, the impact on it of the number of insurance policies, the liquidated damages and operating costs.

The paper is methodically consistent and contains advanced quantitative analysis, especially in the part of VAR models as innovative in examining the integration of variables, compared to appropriate empirical modern research, and it is the basis for generating individual findings for the selected companies and general conclusions for the same. The operational risk for the companies is one of the crucial factors that affects the business success of Macedonian companies, and on which, especially in the part of the operating costs, companies do not focus adequate attention and improvement of the internal processes.

In this context, the paper has additional value for the insurance market, and the same is useful considering the quantitative findings that need to be used in the operation of companies, but still with limited influence. The paper is dominantly oriented towards the quantitative analysis of operational risk, and it has additional space for in-depth analysis of the overall performance of the companies and the need for a more detailed qualitative analysis of the operational risk and its factors.

Research paper

Presentation

In order to stimulate the development of scientific thought and preparation of papers in the field of risk and insurance in the Republic of Macedonia, as well as the affirmation of young and professional staff, the Insurance Supervision Agency awards an annual prize for 2017 for research work in the area of risk management and insurance in the Republic of Macedonia.
The annual prize of the Insurance Supervision Agency is 80,000.00 denars.
The paper should also include an overview of the Macedonian economy on the topic. The paper must not exceed 15,000 words (without abstract, bibliography and annexes) and it is advisable to have a standard structure of scientific research that contains the following basic parts:
– abstract;
– review of the consulted literature of the area that is investigated;
– description of the methods of research used in the paper;
– analysis;
– concluding observations and
– bibliography.

Insurance Supervision Agency of Macedonia is organising a one-day conference entitled ”Recent developments and challenges of the global insurance industry and how this effect the local insurance industry in Macedonia”.

The conference is intended to gather representatives from regulatory authorities, insurance industry and academic community, in order to share their views about the global trends in the insurance industry and the challenges they face.

The conference will take place on 11th September 2015 at Hotel Alexander Palace, Skopje, Macedonia.

AGENDA