Macedonian agricultural insurance benefited from the government subsidizes
Generally speaking, the local insurance market is still developing, with an insurance penetration of 1.45% in 2014 and an insurance density of 60 EUR/capita, in comparison with 57 EUR in 2013. 6 out of 11 non-life insurers are active on the agricultural line of business. Until 2013 only 4 companies were active. Agro insurance represents 1.12% of the total non-life GWP. Over the last years, agricultural insurance had a positive growth due to the measures implemented by the Macedonian Government which decided to subsidize 60% of agricultural insurance premiums. At the same time, public authorities invested in education campaigns for this particular type of policies.
The Macedonian insurance market reached a total GWP volume of EUR 124 million, 6.1% up y-o-y. The life insurance segment had a 21.8% y-o-y growth rate (to EUR 14.5 million), while the non-life insurance classes increased by 4.3% to EUR 109.6 million.