MACEDONIA, FY2011: Figures untouched by global crisis

26 April 2012 — Vlad BOLDIJAR
macedonia-statisticsFigures released by the Insurance Supervision Agency in respect of insurance companies in Macedonia show an increase of 5.02% in total gross premiums written (GPW) over the period 2010 - 2011. The increase in GPW was primarily due to the authorization of new undertakings, and also because many insurers exhibited significant increases in premiums written over the previous year.

"The development of the life insurance segment represents only a continuation of the before noted positive two-digit growth rates, but 2011 notes even a more dynamic growth. In 2011, 2 new life insurance undertakings entered the insurance market: WINNER Life Vienna Insurance Group and UNIQA Life. Also, the number of insurance brokerage companies has reached 17, i.e., it was increased by 3 new companies, and the number of insurance agencies has reached the number of 6, i.e., it was increased by one new agency", underlined Klime POPOSKI, Phd, President of the Council of Experts, Insurance Supervision Agency, Macedonia.

By insurance classes, in the general business sector, the volume of gross written premiums increased by 2.98% over 2010: from EUR 99.61 million to EUR 102.58 million in 2011. The MTPL class remains the leading group in amounts of premiums written, comprising 48% of the total GPW in 2011. The property insurance group of classes (fire, allied perils and damages to property, summed) recorded an decrease in premiums written of 2.5% over 2010, while Motor hull premiums decreased by 2%.

"The biggest generator for the development of the non-life insurance in 2011 was the MTPL, with a total growth rate of 6.59%. This growth of the MTPL is a result of the government's measure regarding the import of used vehicles in 2010, i.e. vehicles with EUR 1-standard, as well as of the reduction of uninsured vehicles' number, also a result of the complementary measure for limitation of pre-registration of vehicles with foreign plates which stay longer than 6 months in the Republic of Macedonia. All of this directly influenced increasing of the number of new registered vehicles and the number of uninsured vehicles as well", declared Mr. POPOSKI.

In the life Insurance sector, total GPW written has increased by 40.28%, from EUR 5.76 million in 2010 to EUR 8.08 million, due to the positive evolution of the economy and "the entering of 2 new insurance undertakings on the market as well, contributed toward extension of the offer with life insurance products which generated growth in the demand", explained Klime POPOSKI.

Access and download the FY2011 Macedonian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Market shares/Growth rates):
  • Life insurance
  • Non-life insurance
  • Accidents insurance
  • Damages to property 
  • Motor hull
  • MTPL
  • Fire and allied perils
  • GTPL
  • Travel insurance
  • Goods in transit

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