STATISTICS: MACEDONIA, 2008-2017 timeline: life insurance premiums quadrupled, reaching a 16% portfolio share
In 2008, life insurance accounted for just a little above 4% of the total GWP, while at the end of 2017 its share was slightly exceeding 16%. Also, in absolute figures, the business volume in life insurance more than quadrupled in the last decade.
By comparison, the non-life insurance lines maintained a quieter evolution, achieving double digit decennial growth rates of 18.8% for property insurance and 20.5% for motor insurance.
Except for the year 2016, a year during which the country was confronted with several nat cat events, on the paid claims side the market saw a smooth evolution, with no dramatic changes in volumes.