MACEDONIA: Insurance Market Grows by 4 Percent
The insurance market in Macedonia grew by about 4 percent in 2016, a rate that is lower than expected due to the tense political situation, the Macedonian Chamber of Commerce (SKM) informed on Monday. Klime Poposki, from the Insurance Supervision Agency said that there was a growth in accident insurance of 9.31 percent, while gross property insurance premiums dropped by 7.98 percent, while the number of contracts increased.
According to Poposki, intense competition in the market led to a drop in policy prices in 2016, and that individuals were especially more ready to take on new policies, compared to companies.
There was a rise of 19 percent in the number of individual policies, and 10.56 percent in policies issued to corporations. Citizens were especially willing to purchase policies after the deadly flood in Skopje, and the series of earthquakes that occurred during the Summer and in early Autumn.
"If we compare 2016 with 2013, we can say that the total number of policies grew from 22,683 to 33,252 now. Most of the growth was among individual policy holders", said Poposki. Read the full story