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 independent.mk.

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 (independent.mk). 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 www.xprimm.com 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

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, 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

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

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

See all