Paid damages for private health insurance increased by 87.5% and reached EUR 1.5 million

In the first six months of the year the number of contracts on purchased private health insurance policies increased by 48%. The investments of the insured in such insurance reached EUR 3.8 million. In the first six months of the year, the insurance companies paid 87.5% more funds for reported damages compared to the same period in 2020.

The amount of the paid damages covered with private health insurance in the first six months increased by 87.5% and reached MKD 92.6 million (EUR 1.5 million). The official data of the Insurance Supervision Agency (ISA) show that at the same time the investments of citizens and companies in private health insurance increased by 38%, thus reaching MKD 232.5 million (EUR 3.8 million).

Data on paid damages and sold policies confirm that private health insurance, in the context of the current health pandemic, becomes quite popular and widely accepted by the insured (citizens and legal entities). At the same time, the amounts that the insured invest in private health insurance also increase for the purpose to ensure more qualitative health protection from the public health, which is not covered by the state budget and the state Health Insurance Fund.

In the first six months of the year the insurance companies selling private health insurance policies settled i.e. paid 9,144 damage claims of their insured. That is 68% more compared to the same period in the previous year when the insurance companies settled 5,432 damage claims. In the same period, 9,870 private health insurance policies were sold which is 46% more compared to the same period in 2020. For the first six months of this year only 2 complaints were submitted to ISA from dissatisfied insured for damage coverage upon private health insurance policy.

The amount of the paid damages for private health insurance reached 5% in the total amount of gross paid damages (GPD) for the first six months of this year. For this period the participation of paid damages for private health insurance reached 67% compared to the same period last year when this insurance class participated with 3% in the GPD.

The highest individual paid damage covered with private health insurance is MKD 610,000 (EUR 10,000).

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 the financial education and inclusion of the population.