The Role of Insurance in the Economy of the Republic of North Macedonia

Insurance presents an important role on the financial system that contributes in a significant way to a countrys economy. The insurance market also has great potential in the economic development of the country, where it provides financial assistance, and it helps in risk management. In this paper, we tried to build the objectives of growth and development on insurance in the Republic of North Macedonia, as well as to measure growth and to assess the impact of insurance on GDP. Insurance can be used to encourage investment, to mobilize savings, and to promote financial stability. Also, it can be count as a source of sustainable funding for the financial markets as well as for the domestic economy. Based on secondary data we have tried to analyze the relationship between insurance development and their impact on GDP. Sulbije Memeti | Era Memeti "The Role of Insurance in the Economy of the Republic of North Macedonia" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-2 , February 2021, URL: https://www.ijtsrd.com/papers/ijtsrd38392.pdf Paper Url: https://www.ijtsrd.com/economics/finance/38392/the-role-of-insurance-in-the-economy-of-the-republic-of-north-macedonia/sulbije-memeti