engleski

Insurance industry in Macedonia: A general overview

The development of insurance industry in Macedonia has undergone through the similar process to those of economies in region. However, although a vast literature exploring insurance industry from different aspect can be found for the regional countries, a scant number of articles are devoted to the Macedonian financial system as whole and insurance industry in particular. Therefore the aim of this article is to give insights into the main characteristics of the Macedonian nonlife insurance industry. In order to accomplish this goal, we explore several different segments of the insurance industry. First, key development indicators of insurance industry are compared to those of countries in region. Second, we investigate the changes in the structure of this industry. Furthermore, in order to assess strength and weaknesses of this sector, a SWOT analysis is performed. Finally, we evaluate the influence of the financial crises on the insurers' performance, by confronting insurers' profitability before and during the crises period.

Insurance industry; Macedonia; performance; market structure; SWOT analysis

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