MACEDONIAN insurers GWP grew by 7.3% in Q1

21 September 2012 — Vlad BOLDIJAR
MACEDONIAN insurers GWP grew by 7.3% in Q1
macedonia-statisticsMacedonian insurance companies posted combined gross written premiums of MKD 1.71 billion (EUR 27.7 million) in 1Q2012, up from MKD 1.59 billion a year earlier, Insurance Supervision Agency figures indicated. Non-life insurance premiums accounted for 93.5% of the total insurance premiums (MKD 1.60 billion), while the life insurance segment accounted for the remainder of the market (MKD 110 million).

Overall, the structure of forming GWP in non-life insurance for 1Q2012 is similar with the one for January-March 2011. The only thing that deserves attention is the increase of premiums by 41% in property (fire, allied perils and damages to other property, summed), which is, at the same time, the second most important component in total GWP, after MTPL (almost 39% of total GWP), the Macedonian ISA posted in its quarterly overview of the country's insurance system.

Regarding claims, during January-March 2012, motor vehicle insurance was prevalent in the total paid claims premiums with 71.5% (MKD 504 million of MKD 705 million), of which 51.7% falls out from MTPL insurance and 19.7% from voluntary motor hull insurance. Then follows the accident insurance (with 12.6%), and the property insurance with its share of 11.6%.

During 1Q2012, the insurers issued a total of 196,022 insurance contracts, compared with 185,009 the previous year. 1,321 of the total issued insurance contracts were life insurance policies, while 194,701 were non-life insurance policies (of which 116,421 MTPL contracts).

Access and download the 1Q2012 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

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