The Short-run impact of COVID-19 on the activity in the insurance industry in the Republic of North Macedonia

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="" xmlns:xsi="" xsi:schemaLocation="">
<leader>00000cab a2200000 4500</leader>
<controlfield tag="001">MAP20210031427</controlfield>
<controlfield tag="003">MAP</controlfield>
<controlfield tag="005">20211029113237.0</controlfield>
<controlfield tag="008">211028e20210920esp|||p |0|||b|spa d</controlfield>
<datafield tag="040" ind1=" " ind2=" ">
<subfield code="a">MAP</subfield>
<subfield code="b">spa</subfield>
<subfield code="d">MAP</subfield>
<datafield tag="084" ind1=" " ind2=" ">
<subfield code="a">219</subfield>
<datafield tag="100" ind1="1" ind2=" ">
<subfield code="0">MAPA20210034817</subfield>
<subfield code="a">Stojkoski, Viktor</subfield>
<datafield tag="245" ind1="1" ind2="4">
<subfield code="a">The Short-run impact of COVID-19 on the activity in the insurance industry in the Republic of North Macedonia</subfield>
<subfield code="c">Viktor Stojkoski, Petar Jolakoski,Igor Ivanovski</subfield>
<datafield tag="520" ind1=" " ind2=" ">
<subfield code="a">Recent studies suggest that the COVID-19 pandemic will induce drastic changes in the business models of the insurance industry. However, despite an abundance of predictions, the literature still lacks empirical investigations of the impact of the pandemic. In this paper, we perform a first of a kind analysis and investigate the short-run impact of COVID-19 on the activity in the insurance in one countryNorth Macedonia. By utilizing a seasonal autoregressive model, we find that during the first half of 2020, the activity in the insurance industry shrank by more than 10% to what was expected. The total loss in the industry amounted to approximately 8.2 million euros. This was much less than the volume of reserves that the Insurance Supervision Agency made available as funds for dealing with the potential crisis. In addition, the pandemic induced changes in the insurance activity structurethe share of motor vehicles class in the total industry activity fell at the expense of the property classes. Our results suggest that the insurance industry in North Macedonia was well prepared to tackle the consequences of the pandemic and that automatic stabilizers had a major influence on weakening the overall negative impact.

<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20080586294</subfield>
<subfield code="a">Mercado de seguros</subfield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20110024864</subfield>
<subfield code="a">Modelos de negocio</subfield>
<datafield tag="650" ind1=" " ind2="4">
<subfield code="0">MAPA20200005599</subfield>
<subfield code="a">COVID-19</subfield>
<datafield tag="651" ind1=" " ind2="1">
<subfield code="0">MAPA20100030172</subfield>
<subfield code="a">Macedonia</subfield>
<datafield tag="700" ind1="1" ind2=" ">
<subfield code="0">MAPA20210034824</subfield>
<subfield code="a">Jolakoski, Petar</subfield>
<datafield tag="700" ind1="1" ind2=" ">
<subfield code="0">MAPA20210034831</subfield>
<subfield code="a">Ivanovski, Igor</subfield>
<datafield tag="773" ind1="0" ind2=" ">
<subfield code="w">MAP20077001748</subfield>
<subfield code="g">20/09/2021 Tomo 24 Número 3 - 2021 , p. 221-242</subfield>
<subfield code="x">1098-1616</subfield>
<subfield code="t">Risk management & insurance review</subfield>
<subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>