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.

"The 15 insurance companies marked MKD 8.28 billion (EUR 134.42 million) in gross premiums in 2015. Non-life insurance grew to MKD 7.18 billion (EUR 116.55 million), or by 6.47% compared to 2014. Car insurance grew by 4.2% and accident insurance by 3.09%", Zoran STOJANOVSKI, member of the Council of experts in the Insurance Supervision Agency, said at a press conference quoted by the local news agency

According to the quoted source, Klime POPOVSKI, Chairman of the Council of Experts in the Agency, pointed out that "the growth of the insurance industry is due to a rise in financial literacy among customers and increased awareness on the need to insure yourself from risks".

The value of paid claims by local insurers increased 4.27% to MKD 3.18 billion (EUR 51.70 million). According to Macedonian ISA, motor vehicle insurance was prevalent in the total with 60.21%, of which about 48.46% - Motor TPL insurance and 11.74% - voluntary motor hull insurance.

Last year, Macedonian ISA received 110 reports from customers, a quarter less than in 2014, which, "means insurance companies have seen improvement in their payments", declared Zoran STOJANOVSKI ( At the same time, the largest payment for damages in 2015 amounted to about EUR 2 million, for the Silpen sponge factory in Kratovo that burnt to the ground in 2014.

In 2015, TRIGLAV remained the largest non-life insurer (18,03% market share), while the largest life insurer was CROATIA (44%)

Access and download the FY2015 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

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.


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.


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.



New Head of Investor Relations at AEGON

Jan Willem WEIDEMA has been appointed as the new Head of Investor Relations at AEGON. He succeeds Willem van den BERG who has led the Investor Relations team over the past 7 years.


Robin SPENCER to leave NN Group

NN Group announced that Robin SPENCER will step down as Chief Executive Officer of International Insurance and member of the Management Board of NN Group, effective 1 June 2018.



"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.



"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.



Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.



The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!


Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".


Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.


See all