MACEDONIA: 3Q results reconfirm market potential

18 January 2012 — Vlad BOLDIJAR
xcom_statisticAt the end of the first nine months of 2011, Macedonian insurance companies reported a growth of 9.8 percent y-o-y (in local currency). In the analyzed period, premiums reached MKD 5.17 billion or EUR 84 million, informed the Macedonian Insurance Supervision Agency. Non-life insurance sector accounted for MKD 4.86 billion of the total sum, while the remaining MKD 307 million pertains to life insurance premiums. Most insurance policies were signed for motor insurance (58.6%), property insurance (19.5%) and accidents insurance (8.2%). The overall value of claims paid increased by 5.7% to MKD 2.14 billion (EUR 34.7 million).

The Macedonian insurance market is still young, with a strong development potential. The insurance market consists of 5 life insurance companies and 11 which operate on the non-life insurance segment. The most significant insurance companies on the market are the market leader TRIGLAV (rebranded recently from VARDAR), QBE Macedonia, GRAWE (largest life insurer), CROATIA, EVROINS Insurance (owned by Bulgarian EUROINS), UNIQA and WINNER (member of Austrian Group VIENNA INSURANCE Group).

Access www.xprimm.com and download the 3Q2011 Macedonian insurance market statistics.

Market portfolio (in EUR and MKD):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Market shares/Growth rates):
  • Life insurance ranking
  • Non-life insurance ranking

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