BANCASSURANCE IN ТHE REPUBLIC OF MACEDONIA - TRENDS, PERSPECTIVES AND SUSTAINABILITY
BANCASSURANCE IN ТHE REPUBLIC OF MACEDONIA - TRENDS, PERSPECTIVES AND SUSTAINABILITY

Summary/Abstract: The bankocentric character of the financial market in the Republic of Macedoniareflects the dominant participation of banks in financial market activities, includingthose that traditionally do not form the basis of banking operations. The transitionfrom traditional to universal banking operations is the result of intense competition inthe banking market that took place in the Republic of Macedonia at the beginning ofthe 21st century, and this change has also influenced the operations of insurancecompanies and the emerging trends in the insurance market. Bancassurancerepresents a model of selling insurance products through a distributive sales networkof banks, which offers various benefits for both banks and insurance companies. Thispaper presents modalities of bancassurance, trends in the development ofbancassurance and analysis of the financial results of the bancassurance activities inthe Republic of Macedonia.

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