STATISTICS: MACEDONIA, 1H2016: Recently launched UL insurance products support the life insurance market's growth

The Macedonian insurance market saw a 4% y-o-y increase in the GWP volume, to EUR 72.7 million. In absolute terms, the life and non-life insurance segments' contribution to the GWP growth was fairly equal. Still, in relation to the size of the two business lines, the growth in life insurance was the most impressive.

The 20% y-o-y increase in premiums provided for a 1.5pp increase in the life insurance sector's weight in the market portfolio. According to Klime POPOSKI, Chairman of the Macedonian Insurance Supervisory Agency, the main growth driver was the "unit link insurance class - introduced at the Macedonian market for the first time in 2015." However, the overall premium remains still very small.

On the non-life side, motor insurance lines performed well, probably the most relevant evolution being the one recorded on the Motor Hull line, which "saw a 11.62% increase in GWP, reversing a 5-year decline."

On the contrary, property insurance lines recorded a negative trend, especially on the "damages to property" line, which includes agricultural insurance. The trend is particularly interesting to observe especially considering the recent events in Macedonia, which demonstrated once again the significant exposure of the country to the Nat Cat risks.

Access www.xprimm.com and download the 1H2016 Macedonian insurance market statistics.

Read more about the Macedonian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Related articles

photodune-3834701-laughing-girl-xs

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

STATISTICS: MACEDONIA - 2015: Local insurers marked an 8.51% y-o-y growth-rate in GWP

Last year, Macedonian insurers reported an aggregated increase in GWP of 8.51%, according to the preliminary results provided by the Insurance Supervision Agency. The non-life insurance sector dominated the market portfolio and accounted for 86.70% of total GWP - of which about 44.59% was related to Motor TPL policies, 19.82% - property lines and 8.37% - motor hull.

2016-04-07

STATISTICS: MACEDONIA, 3Q2015: The number of MTPL contracts rose by 16,616 units

In January-September 2015, Macedonian insurers reported GWP of MKD 6.3 billion (EUR 102 million), 7.8% up y-o-y, as data published by the Insurance Supervision Agency of Macedonia show. As in previous reporting periods, non-life insurance premiums dominated the market portfolio, and accounted for 89% of the aggregate GWP (MKD 5.6 billion.

2015-12-17

STATISTICS: MACEDONIA, H1: Preliminary figures show a 8.3% y-o-y increase in GWP

In January-June 2015, Macedonian insurers reported gross written premiums of MKD 4.3 billion (about EUR 70 milion) or 8.3% more y-o-y, as the preliminary figures provided by the Insurance Supervision Agency showed. As in previous periods, non-life insurance premiums dominated the market portfolio, and accounted for 89.2% of total GWP, of which about 39% was related to Motor TPL policies, 26.5% - property lines and 8.0% - motor hull.

2015-09-24

STATISTICS: GWP of MACEDONIAN insurers up by more than 10% in Q1

Macedonian insurers posted aggregate gross written premiums of EUR 34.86 million (MKD 2.14 billion) at the end of March 2015, according to figures published on the Insurance Supervisions Agency website. The mentioned figure is about 10.2% higher y-o-y. The value of paid claims increased by 16.4% y-o-y to EUR 13.3 million.

2015-08-26

STATISTICS: MACEDONIA FY2014: Preliminary figures indicate significant growth rates in property claims

The preliminary FY2014 statistics indicate for the Macedonian insurance market a total GWP volume of EUR 124 million, 6.1% up y-o-y. Life insurance segment generated a 21.8% y-o-y growth rate (to EUR 14.5 million), while the non-life insurance classes increased by 4.3% y-o-y to EUR 109.6 million. At the "claims chapter", the aggregate value increased by 3.2% to almost EUR 50 million. Life indemnities' volume went down by 10.6% y-o-y to EUR 1.7 million, while on the non-life segment the aggregate growth rate was 3.8% (to EUR 48 million).

2015-04-02

STATISTICS: MACEDONIA 3Q2014: life insurance strives to reach 10% market weight

The Macedonian insurance market ended the first three quarters of 2014 with an almost 6% increase in GWP, to EUR 95 million. In relative terms, life insurance saw the highest growth rate, recording a GWP amount higher by 21.6% as compared with 3Q2013. Yet, in absolute figures, the main source of growth remained the non-life segment, especially the MTPL and damages to property lines.

2015-01-08

ON THE MOVE

TOP EVENT

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

photodune-3834701-laughing-girl-xs

MONTE CARLO: Live news from the "Rendez-Vous de Septembre"

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers has started yesterday in Monte Carlo. XPRIMM publications on the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel as well as at the other event's venues.

10.09.2017

See all