Macedonian agricultural insurance benefited from the government subsidizes

"The agricultural sector is an essential part of Macedonia's national economy but it is highly sensitive to the climate changes", Mr. Zoran STOJANOVSKI, Executive member of the Council of Experts, ISA - Insurance Supervision Agency, Macedonia, stated during the agro panel of the second day of IIF - Property Insurance in a Stormy Era Conference. "The country is characterized by great climatic variability and is also sensitive to natural disasters, especially earthquakes and floods", he added.

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.

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