IN HONOUR OF “GLOBAL MONEY WEEK”, ISA: EXPAND YOUR KNOWLEDGE IN THE FIELD OF INSURANCE!
Within the scope of Global Money Week, this year the Insurance Supervision Agency (ISA) is actively participating in the worldwide effort to raise public awareness of the need for insurance.
We have created an abundance of valuable instructional contents for you, esteemed readers, fellow citizens, and prospective and present policyholders, to assist you improve your insurance knowledge.
Insurance is a need that gives you and your loved ones material well-being and financial security. It is neither a luxury nor an extravagance. Learn why you and your loved ones need insurance by reading through clear and informative instructional data.
We will be sharing more educational and informative content in the coming week as part of Global Money Week, which is being held under the theme “Protect your money, secure your future.” This content will help to strengthen awareness of the need for insurance, your rights as an insured, and how to choose insurance based on your needs. As a result of ISA’s initiative, the insurance industry’s entities—insurance companies and insurance-brokerage companies—are heavily and actively participating in this worldwide event.
Visit our educational website at www.edukacija.aso.mk for further details.
Join today to increase your understanding of insurance.
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World Consumer Rights Day – March 15, the insured always comes first!
The Insurance Supervision Agency has always prioritised the protection of policyholders’ rights, and it will continue to do so. Our guiding principle is that the insured should always receive the greatest insurance service for the money they spend, whether it is for life, property, health, accident, vehicle liability, travel, or any other purpose.
That is why we always remind you, esteemed policyholders, to educate yourself! We are here for you, and on our website www.edukacija.aso.mk there is always valuable and publicly available material that will help you understand what type of insurance you require and what you should know before purchasing an insurance service.
At the same time, we, as insurance market regulators, who care about the preservation of your rights via education, are always available to answer any insurance-related inquiries at contact@aso.mk.
We hereby want to emphasise once more that the Insurance Supervision Agency (ISA) protects your insurance rights by responding to your concerns directly and immediately. If the insured is dissatisfied with the insurance company’s answer to the damage claim or does not receive a response within 30 days, he or she may file a complaint with the ISA. Complaints that are anonymous or that include legal or other actions are not taken into consideration by ISA.
The Insurance Supervision Agency (ISA) is an independent regulatory organisation that regulates the insurance market, monitors insurance companies‘ operations, protects policyholders’ rights, and promotes financial education and inclusion.
COMPETITION ON THE OCCASION OF INSURANCE DAY ‒ NOVEMBER 1 FOR PRIMARY AND SECONDARY SCHOOL STUDENTS
Pursuant to the Decision on the announcement of Competition for primary and secondary school students for the occasion of Insurance Day ‒ November 1, the Insurance Supervision Agency publishes the following:
COMPETITION ON THE OCCASION OF INSURANCE DAY ‒ November 1
for primary and secondary school students
1-5 grade students have been assigned the following topic:
– “Insurance protects me from risks” – expressed through a work of art (drawing/digital drawing)
6–9 grade students have been assigned the following topic:
– “My investment – the insurance policy” – expressed through a literary work (song)
A total of 6 prizes will be awarded to primary school students for the selected best works, namely:
– 3 awards for the best artwork (drawing/digital drawing) for 1-5 graders;
– 3 awards for the best literary work (poem) for 6-9 graders;
The primary school students whose works are awarded will be granted a monetary prize of MKD 3,000.00, to be deposited in a bank of their choice.
Secondary school students are assigned the following topic: “Life is full of surprises, insurance is my financial security” expressed through a literary work (short story/essay)
The Short Story/Essay should be a maximum of 1,800 words in length and contain a personal opinion on the role of insurance, addressing issues such as: young people’s knowledge of what insurance means, how to buy insurance and own an insurance policy, thinking in terms of the need for financial literacy and education, the role of insurance in risk management, the role of insurance in the economy, the behavior of the young population and family habits toward insurance, and other assorted topics.
A total of three prizes will be awarded to the secondary school students for the selected best works. Students whose works have been awarded will be granted a monetary prize of MKD 6,000.00, to be deposited in a bank of their choice.
Common prerequisites applying to primary and secondary school students:
The deadline for submitting works is October 23, 2023.
Please sign your work and provide the following details:
- Name and surname of the student,
- Name of the school where the student attends classes (grade/year/municipality/village/city),
- Name and surname of a parent/guardian with residential address, and
- Contact number of parent/guardian/teacher/professor
Method of delivery of the works:
All works (drawing, poem, short story/essay) can be submitted in person or by mail to the Insurance Supervision Agency Archives. Literary works (poems, short stories/essays) and creative works (just a digital sketch) can be sent electronically to the following email address: contact@aso.mk.
Delivery address by registered mail:
“For the purpose of competition on the occasion of Insurance Day – November 1”
Insurance Supervision Agency
Makedonija st. 25, Palata Lazar Pop Trajkov, floor 5, 1000 Skopje
An Expert Committee will study and assess the works received in order to determine the best art work – drawing, the best literary work – a poem for primary school students, and the best literary work – short story/essay for secondary school students.
The list of awardees will be published on the Insurance Supervision Agency’s website, www.aso.mk, no later than October 31, 2023.
Visit the educational portal www.edukacija.aso.mk to learn more about insurance.
For additional information, please email the Insurance Supervision Agency at contact@aso.mk.
On the occasion of the Global Money Week the Insurance Supervision Agency present a new brosure designed to improve the financial literacy
On the occasion of the Global Money Week the Insurance Supervision Agency present a new brosure designed to improve the financial literacy
Junit Linkd
The fifth edition of Financial Literacy Days shall be held next week
The fifth edition of Financial Literacy Days shall be held next week, November 1-3, organized by the financial regulatory institutions in cooperation with their financial companies. To be more precise, the organizers of such event are the National Bank, the Ministry of Finance, the Securities Commission, the Agency for Supervision of Fully Funded Pension Insurance – MAPAS and the Insurance Supervision Agency and the private financial sector is also expected to become one of the organizers.
This year, due to the conditions imposed by Covid-19 pandemic, Financial Literacy Days shall be organized primarily as educational lectures via video conference which will allow large number of interested citizens to attend the event. All institutions participating in this year’s edition will inform the citizens via their websites and social network pages about the planned activities and e-events, also notifying about the registration method for every interested citizen.
The financial regulatory institutions ask the citizens to monitor the information about the planned activities and to be actively included in this year’s edition of Financial Literacy Days. The purpose of this action is to strengthen the financial education, encourage financial inclusion and raise the awareness and protection of the users of financial services.
In the course of the year, the financial regulatory institutions implemented most of the planned activities in the sphere of financial education and financial inclusion, while being adjusted to the conditions of the “new normal”. Additional strengthening of such activities is expected in the forthcoming period, considering the commenced implementation of the first National Strategy for Financial Education and Financial Inclusion, adopted in July this year by the financial regulators.
The highest amount for insurance of property of natural person is a family house insured in the amount of EUR 3.2 million.
The highest corporate policy issued in this country covers maximum damage up to the amount of EUR 1.26 billion. The maximum insured amount of Casco insurance of vehicles for covering damage is EUR 41 million and such insurance contract is concluded with enterprise for public transport of passengers. The policy with the highest insurance amount for payment of damage for private health insurance covers up to EUR 2.3 million for insurance of almost 800 employees.
The highest amount that can be disbursed for damage of insured property of natural person is MKD 198 million (EUR 3.2 million). The aforementioned insured property is a house – real estate owned by natural person. The official data from the Insurance Supervision Agency (ISA) for the first half of this year show that the insurance companies have over 128,000 active real estate insurance contracts concluded with natural persons.
The highest coverage of property damage in the corporate sector comes from a large company from the power sector. The maximum coverage under this insurance contract that the company may charge is MKD 77.65 billion (EUR 1.26 billion). The corporate sector has over 32,000 active property insurance contracts concluded by 30 June this year.
In accident insurance class, the maximum insured amount per active insurance contract that can be disbursed is MKD 4.26 billion (EUR 69.3 million). The aforementioned refers to collective insurance of over 8,500 employees. By the end of June there were 628,000 active insurance contracts concluded in this insurance class.
In private health insurance class the maximum insured amount per active insurance contract is MKD 142.9 million (EUR 2.3 million). This refers to collective insurance for serious illnesses of almost 800 employees in a public health institute. In this insurance class there were over 12,000 active insurance contracts concluded by the end of June, which provide private health insurance for over 38,000 persons.
The highest coverage for Casco insurance of motor vehicles is in the amount up to MKD 2.5 billion (EUR 41 million). The policy is concluded with a public transport enterprise. By the end of June there were 50.000 active insurance contracts for Casco insurance of motor vehicles concluded in this insurance class.
The most valuable cargo policy covers damage up to MKD 3.4 billion (EUR 5.6 million) for insurance of all parcels realized in the validity period of the insurance contract.
The policy with the maximum insured amount (prescribed by law) when it comes to mandatory car liability insurance covers damage up to MKD 93.4 million (EUR 1.5 million). The aforementioned policy is concluded by a company for transport of explosive materials insured against material and non-material damage. By 30 June there were over 611,000 active insurance contracts concluded in this insurance class.
The Insurance Supervision Agency (ISA) is an independent regulatory body which regulates the insurance market, supervises the operation of the insurance entities, takes care of the protection of the rights of the insured and contributes to financial education and inclusion of the population.
Citizens of life insurance collected 4.6 million EUR in six months
At the same time, citizens and companies (for their employees) invested 14.8 million EUR in life insurance policies, or higher by 9.6 percent than the same period in 2020.
Five insurance companies paid 281.3 million MKD (4.57 million EUR) for life insurance to their policyholders in the first six months of this year. Compared to the same period last year, the amounts paid (gross claims paid GCP), for life insurance collected by policyholders, increased by 42 percent or 1.36 million EUR, according to official data from the Insurance Supervision Agency (ISA).
Life insurance policies, depending on the terms of the contract, ie. policy, cover risks of death, disability, but can also often be a way of saving. In addition to the invested funds, the insured can also receive part of the yield (interest) of the invested funds.
The largest share in the total payment have life insurance policies where the insured receives part of the yield (interest) of the invested funds. On that basis, 245.9 million MKD (4 million EUR) were paid in the first half of the year.
It is noteworthy that in this period the companies paid 86.77 million MKD to insured persons who decided before the expiration of the agreed insurance period to withdraw their invested money (so-called “policy purchase”). Compared to the same period last year, this amount this year increased by 36 percent compared to the same period last year. In practice, purchasing policies can often happen if the insured gets better terms for investing in one of the competing life insurance companies.
In the rapidly growing life insurance products, the so-called “Unit Linked Insurance Plan”, when the insured accepts the risk of investing in shares of investment funds, tends to increase payments. For the first six months of this year, holders of such policies collected 10.46 million MKD (170,000 EUR), which is 91 higher than the same period in 2020.
In the first six months of this year, citizens and companies invested 908 million MKD (14.76 million EUR) or higher by 9.6 percent than the same period last year.
The Insurance Supervision Agency (ISA) is an independent regulatory body that regulates the insurance market, supervises the work of insurance entities, takes care of the protection of the rights of the insured and contributes to financial education and inclusion of the population.
