SectionTitle
InsurTech
Body
InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.

Introduction 

Attitude of the country towards InsurTech-services

Provision of insurance services for life and non-life insurance is a regulated activity in North Macedonia subject to authorisation from the local authority which is the Insurance Supervision Agency (ISA). Certain insurance companies offer online sale of insurance policies for non-life insurance.
 

Legal affairs

Obligations and requirements to provide InsurTech-services

The procedure and costs for obtaining license for provision of insurance services in North Macedonia depends on a number of factors. In general, for issuing a permit for conducting insurance activates the administrative fee is MKD 180,000.00 (approx. EUR 3,000), and for each class of insurance offered an administrative fee of MKD 50,000.00 (approx. EUR 815). There are other fees payable for different activities such as request for amendment of the Statute of the company, change of the registered address, change of member of supervisory board etc.

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Companies operating in the InsurTech industry are subject to consumer protection, privacy and data protection, cybersecurity and anti-money laundering legislation, including the Law on Personal Data Protection, the Law on Consumer Protection and the Law on Prevention of Money Laundering and Financing Terrorism.

Economic conditions

Market size for InsurTech-services and biggest companies in this business area

Currently there are 11 companies offering non-life insurance services, and five (5) companies offering life insurance services.

Based on the latest available information (for 2020) as published on the ISA website, the top three (3) insurance companies based on policed premium for non-life insurance are:

  1. Triglav Insurance – MKD 1,231,614,000.00, approx. EUR 20,026,244.00;
  2. Eurolink Insurance – MKD 963,579,000.00, approx. EUR 15,667,951.00; and
  3. Macedonia Insurance – MKD 862,860,000.00, approx. EUR 14,030,244,00.

Based on the latest available information (for 2020) as published on the ISA website, the top three (3) insurance companies based on policed premium for life insurance are:

  1. Croatia Life Insurance – MKD 654,532,000.00, approx. EUR 10,642,796.00;
  2. Grawe Insurance – MKD 534,483,000.00, approx. EUR 8,690,780.00; and
  3. Winner Life Insurance – MKD 305,663,000.00, approx. EUR 4,970,130.00.

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Considering the fact that the insurance sector is a tightly regulated area, companies intending to operate in this sector should carefully take into consideration all the relevant rules and

Authors

Close

Choose country