Macedonia

Location:
Southeastern Europe, north of Greece

Climate:
warm, dry summers and autumns; relatively cold winters with heavy snowfall

Natural hazards:
high seismic risks



Currency: Denar (MKD)

1 EUR = 61.4814 Denars, MKD (December 31st, 2014)
1 EUR = 61.5113 Denars, MKD (December 31st, 2013)
1 EUR = 61.5000 Denars, MKD (December 31st, 2012)
1 EUR = 61.5050 Denars, MKD (December 31st, 2011)
1 EUR = 61.5050 Denars, MKD (December 31st, 2010)

Sources:
Insurance Supervision Agency
Ministry of Finance of the Republic of Macedonia
National Bank of the Republic of Macedonia
Insurance Companies Association

Insurance statistics

FY2016Market Portfolioxlsx
FY2016Insurance Companies Rankingsxlsx
1H2016Market portfolioxlsx
1H2016Insurance Companies Rankingsxlsx
1Q2016Market portfolioxlsx
1Q2016Insurance Companies Rankingsxlsx
FY2015Market Portfolioxlsx
FY2015Insurance Companies Rankingsxlsx
3Q2015Market portfolioxlsx
3Q2015Insurance Companies Rankingsxlsx
1H2015Market portfolioxlsx
1H2015Insurance Companies Rankingsxlsx
1Q2015Market portfolioxlsx
1Q2015Insurance Companies Rankingsxlsx
FY2014Market Portfolioxlsx
FY2014Insurance Companies Rankingsxlsx
3Q2014
Insurance Companies Rankingsxlsx
3Q2014Market Portfolioxlsx
1H2014Insurance market overview pdf
1H2014Market portfolioxlsx
1H2014Insurance companies rankingsxlsx
1Q2014Market portfolioxlsx
1Q2014Insurance companies rankingsxlsx
FY2013Insurance market overview pdf
FY2013Market Portfolioxlsx
FY2013Insurance Companies Rankingsxlsx
3Q2013Market Portfolioxlsx
3Q2013Insurance Companies Rankingsxlsx
1H2013Insurance market overview pdf
1H2013Market Portfolioxlsx
1H2013Insurance Companies Rankingsxlsx
1Q2013Insurance Companies Rankingsxlsx
1Q2013Market Portfolioxlsx
FY2012Insurance market overview pdf
FY2012Market Portfolioxlsx
FY2012Insurance Companies Rankingsxlsx
3Q2012Market Portfolioxlsx
3Q2012Insurance Companies Rankingsxlsx
1H2012Insurance Companies Rankingsxlsx
1H2012Market Portfolioxlsx
1H2012Insurance market overview pdf
1Q2012Insurance Companies Rankingsxlsx
1Q2012Market Portfolioxlsx
FY2011Insurance market overview pdf
FY2011Market Portfolioxlsx
FY2011Insurance Companies Rankingsxlsx
3Q2011Market Portfolioxlsx
3Q2011Insurance Companies Rankingsxlsx
1H2011Insurance market overviewpdf
1H2011Market portfolio and rankingsxlsx
2010
Insurance market overviewpdf
2010Market portfolio and rankingsxlsx
1H2009
Macedonian insurance market overviewpdf
1H2009 Market portfolio xls
1H2009 Life insurance rankingsxls
1H2009
Non-Life insurance rankings xls
2009Macedonian insurance market overview pdf
2009Market portfolioxls
2009Life insurance rankingsxls
2009Non-Life insurance rankingsxls
1H2010Macedonian insurance market overviewpdf
1H2010Market portfolioxls
1H2010Life insurance rankingsxls
1H2010Non-Life insurance rankings (total & main lines)xls


FY2016 Market Portfolio

FY2016 Insurance Companies Rankings

Double-digit increase for the Macedonian market in Q1

Macedonian insurance companies posted consolidated gross written premiums of MKD 1.95 billion (EUR 31.6 million) in 1Q2014, up 11% y-o-y, the market figures published by Insurance Supervision Agency indicated. Non-life insurance premiums accounted for 93.5% of the total, supported by the heavy contribution of motor insurance classes (46% of total), property (~25%) and accidents (more than 10%).

MACEDONIA: VIG's insurance premiums up 2.6% to EUR 117mn in 2013

Macedonian insurance companies recorded gross written premiums of MKD 7.19bn (EUR 117mn) in 2013, up 2.6% y/y, the country's insurance supervision agency said. Non-life insurance premiums edged up 0.8% to MKD 6.46bn, whereas life insurance premiums climbed 22% to MKD 729.5mn.

REP. MACEDONIA, FY2013: Insurance market returns to profit after two years of losses

The Macedonian insurance market totaled MKD 7.19 billion (~EUR 117 million) at the end of December 2013, 2.6% up y-o-y, according to the data provided by the Insurance Supervisory Authority. Regarding the profit-loss account, "I would like to emphasize that after two years of showing losses at industry level, in 2013 the insurance sector achieved profits in the amount of MKD 211.70 million (~EUR 3.44 million)", has declared exclusively for XPRIMM, Mr. Klime POPOSKI, President, Insurance Supervision Agency Macedonia.

MACEDONIA 1H2013: 6.2% y-o-y growth in GWP and strong governmental support for agricultural insurance

With GWP amounting to EUR 58.8 million by the end of 1H2013, the Macedonian insurance market continued to follow the upswing trend, showing a 6.2% growth y-o-y. "The insurance sector is in a dynamic phase of development despite the financial crisis and its consequences are felt. Recent statistics show that over the last two years and in the first half of 2013 we have recorded perhaps the most dynamic development in the insurance sector in the countries of Central and Southeast Europe," Klime POPOSKI, President of the Council of Experts, Macedonian ISA, told XPRIMM.

MACEDONIA: VIG completes integration of former QBE Macedonia

The official renaming of the new Vienna Insurance Group (VIG) company in Macedonia to Akcionersko Drustvo za Osiguruvanje i Reosiguruvanje Makedonija Skopje - Vienna Insurance Group (short name: Makedonija Osiguruvanje) marked the completion of its successful integration into the Group.

FYROM 1Q2013: Life insurance drives the market growth

Gross premium written by the Macedonian insurers in 1Q2013 amounted to MKD 1.76 billion (EUR 28.5 million), 3.1% up y-o-y, according to data published by the insurance supervising authority. Once again, in line with trend witnessed by the end of 2012, the life insurance segment was the growth driver as GWP for this line of business went up by 19%. Yet, life insurance continues to represent a still very small share of the market, of only 7.5%.