STATISTICS: MACEDONIA, 1H2017: Insurance brokers dominate life insurance distribution; direct sales preferred by non-life insurers

Macedonian insurers' GWP increased by 3.13% y-o-y, to MKD 4.62 billion (EUR 74.95 million) in 1H2017, according to the market data provided by the country's insurance supervisory agency.

"In conditions of political risks and corrections of the GDP growth, insurance companies successfully face and mark a positive trend in the GWP. Non-life insurance companies realized GWP of EUR 64.48 million, which is an increase of 1.23% over the previous year, while life insurance companies realized GWP of EUR 10.47 million, an increase of 16.56% over the previous year", Klime POPOSKI, Chairman of the Macedonian Insurance Supervisory Agency stated for XPRIMM.

On the non-life side, the motor insurance lines performed differently. Thus, if in the case of Motor TPL insurance, the amount of gross written premiums reported a positive trend while in terms of profitability, the combined ratio was less than 100%, not the same can be affirmed about MoD policies. In terms of paid claims, both business lines reported double-digit increases.

"MTPL LoB is profitable in this period measured through the combined ratio of 90.2% (loss ratio of 46.7% and expense ratio of 43.4%). Motor Hull LoB during this period recorded losses measured through the combined ratio of 117.6% (loss ratio of 72.7%, expense ratio of 45%). This result is also due to the consequences of a hail on the territory of Skopje in June 2017 that caused damages on many vehicles," said Klime POPOSKI.

Speaking about the most used distribution channels, Klime POPOSKI underlined the dominant participation of insurance brokers for life insurers (50.16% of GWP), while in case of non-life insurers - dominates the direct sales channel with 56.91% of total GWP, followed by brokers - 21.12%, "mostly in the MTPL business. The insurance agency companies participate with 10% and equally sale MTPL and property insurance".

Access www.xprimm.com and download the 1H2017 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
More about the Macedonian insurance market evolution in 1H2017 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2017, to be released on October, 22th, on the occasion of the Baden-Baden Meetings (22-26 October).

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

ON THE MOVE

TOP EVENT

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

See all