Last update:
13 December 2019 at 15:45 hours.

The Council of Experts of the Insurance Supervision Agency, at the meeting held on October 27, 2017, adopted the Commission's Report on the selection of the best research paper on risk management and insurance in the Republic of Macedonia for 2017 by declaring the work of Angela Blazheska - "Analysis of the impact of operational risk on the business success of non-life insurance companies in the Republic of Macedonia" the winner of the Competition for the selection of the best research paper on the risk management and insurance in the Republic of Macedonia for 2017. The winner Angela Blazeska presented her paper on November 7, 2017 to representatives of the insurance companies in the Insurance Supervision Agency.

The paper presents an empirical survey of the efficiency of the operation of the insurance companies in the Republic of Macedonia in the field of non-life insurance by examining the five companies that have the largest share in the insurance market in the Republic of Macedonia. Through the use of complex quantitative analysis, the goal is to understand the situation of the following indicative success: the gross written premium as the dominant source of income, the impact on it of the number of insurance policies, the liquidated damages and operating costs.

The paper is methodically consistent and contains advanced quantitative analysis, especially in the part of VAR models as innovative in examining the integration of variables, compared to appropriate empirical modern research, and it is the basis for generating individual findings for the selected companies and general conclusions for the same. The operational risk for the companies is one of the crucial factors that affects the business success of Macedonian companies, and on which, especially in the part of the operating costs, companies do not focus adequate attention and improvement of the internal processes.


In this context, the paper has additional value for the insurance market, and the same is useful considering the quantitative findings that need to be used in the operation of companies, but still with limited influence. The paper is dominantly oriented towards the quantitative analysis of operational risk, and it has additional space for in-depth analysis of the overall performance of the companies and the need for a more detailed qualitative analysis of the operational risk and its factors.

Research paper




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