STATISTICS: GWP of EUR 142 million for MACEDONIAN insurers in 2016

Insurance market of Republic of Macedonia grew by about 5% in 2016 to MKD 8.7 billion (~ EUR 142 million) with a concurrent increase of 7.74% in the number of insurance contracts, according to data provided by the local Insurance Supervision Agency.

"The insurance industry had a relatively successful year despite the impact of the risks of non-economic nature, registering increase in the GWP, growth of the assets and increased investments, higher employment, as well as increased number of the insurance intermediaries", said Klime POPOSKI, PhD, President of the Council of Expert Insurance Supervisory Agency Macedonia.

At the same time, "during 2017, we are expecting growth in the GWP for both non-life insurance and life insurance. The increase is expected in higher sales of voluntary non-life insurance, as well as in the life insurance, especially in the unit-link insurance".

The non-life insurers reported FY2016 profits of MKD 451 million, a decrease of 4.02% y-o-y, while the life insurance companies generated profits of MKD 54.2 million, an increase of 19.51% y-o-y.

Non-life insurance GWP, producing 85.19% of the total GWP, reached MKD 7.43 billion (EUR 121 million), an 3.5% increase over the previous year.

The life insurance GWP, producing 14.81% of the total GWP, reached MKD 1.29 billion (EUR 21 million), an 17.32% increase over the previous year.

Speaking about the expected regulatory changes, the President of Macedonian ISA mentioned that there is an ongoing EU twinning project with the final goal to produce regulation harmonized with the Solvency II Directive.

The full interview with Klime POPOSKI can be read here.

Find detailed 2016 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - FY2016, to be launched on 22 May.

Access www.xprimm.com and download the FY2016 Macedonian insurance market statistics.

Market portfolio (in MKD and EUR):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Market shares/Growth rates):
  • Life insurance
  • Non-life insurance

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

SAVA Re entered the Macedonian pension market

Slovenian SAVA Re announced it got the approval from the Macedonian Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the required approvals from other competition authorities for the acquisition of NLB Nov penziski fond AD Skopje.

2018-03-15

Macedonia in need of aid after the severe flooding of August 6th

Macedonia's Ministry of Interior said that at least 21 people have died in flooding that hit the capital, Skopje and its surroundings last week. At least 6 are still missing and it is feared that the death toll could rise further. Police in Macedonia said that over 50 people have been injured in the floods.

2016-08-10

ON THE MOVE

Stefan STAVROSITU appointed Sales Director of GROUPAMA's Romanian unit

Groupama Asiguraari, the Romanian arm of the French group and of the leading players on he ocal market, has announced the appointment of Stefan STAVROSITU as National Sales Director, replacing Julien RAMILLION who, after holding this position for four years, will receive other responsibilities.

08.08.2018

TOP EVENT

LIVE: IIS Global Insurance Forum 2018 / Day2

The works of the Global Insurance Forum continued today in Berlin, Germany. Providing security for ageing populations in health care and pensions terms, as well as innovation and InsurTech or innovative strategies for the future development of the industry are on the today's agenda.

10.07.2018

See all