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.