STATISTICS: MACEDONIA, 1Q2018: MTPL provides for 38% of market GWP and generates half of the paid claims volume

Macedonian insurers reported GWP worth EUR 38.4 million, 5.5% up y-o-y in 1Q2018, half of the market growth being owed to the MTPL insurance class and to the life insurance segment, which provided for about 40% of the premiums volume increase.

Life insurance, a still very small market, of EUR 5.3 million at the end of March 2018, saw a 18.26% y-o-y growth rate and gained some 0.5 percentage points in market weight, as compared with 1Q2017. Paid indemnities increased by 11.7%, totaling EUR 0.96 million.

On the non-life side, two were the main changes recorded:

  • The MTPL class continued to be the main line of business, accounting for about 38% of the market GWP, but also generating a little over half of the paid claims; GWP went up by 7.5%, to EUR 14.56 million; paid claims have increased by 13.3%, to EUR 7.76 million;
  • The damages to property class saw an almost 21% reduction in GWP, to EUR 4.8 million; paid claims saw an extraordinary increase in relative terms, by 113%, to EUR 1.6 million, a sum which is not big by itself, but still represents a third of the premiums written.
The Macedonian subsidiary of the Slovenian group TRIGLAV leads the non-life insurance market, gaining an extra 1 pp of market share in comparison with 1Q2017, to 18.7%. EUROLINK and OSIGURUVANJE MAKEDONIJA are completing Top 3, with market shares of 14.7% (+2 pp y-o-y) and 13% (+0.5pp y-o-y) respectively.

On the life side, CROATIA is the market leader, accounting for about 44% of the market GWP (+ almost 1 pp y-o-y). GRAWE follows, with a market share decreasing from 34.13% to 30.3%, while the third ranked is WINNER (16.6%). Top 3 companies account together for over 90% of the life insurance business.

Access www.xprimm.com and download the 1Q2018 Macedonian insurance market statistics.

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

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all