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.

Share |

Related articles

20 years of the BRCC

On Thursday, 14 June, the BRCC - British Romanian Chamber of Commerce celebrated its 20th Anniversary at the House of Lords in London, UK.


ING and AXA announce digital partnership to build a global insurance platform

ING and AXA announced an exclusive, long term, multi-country bancassurance partnership to provide ING customers P&C and health and protection insurance products and related services through a central digital insurance platform, in six markets: Germany, Australia, Italy, France, Czech Republic and Austria.


GDPR - A new challenge in the insurance fraud fight

Application of the General Data Protection Regulation (GDPR) may significantly impact upon insurance industry's projects which imply data sharing between members, among others for fraud fight purposes, Irish Minister for Justice Charlie Flanagan has said, reports The Irish Times.



Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.



5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.


See all