NORTH MACEDONIA: travel insurance saw the largest growth in sales in 1H

8 September 2022 —
The largest growth in sales in the first half of the year was in travel insurance, with 155,000 people insured, up nearly 87,000 more insureds or twice as much as the same period in 2021. There is a slight decrease in sales of property insurance, while demand for private health insurance continues to grow, albeit at a lower intensity, the ISA (Insurance Supervision Agency) said.

Citizens and companies invested MKD 5.4 billion (EUR 87.7 million) in non-life insurance in the period, which is 8% more than a year ago, the insurance market grew by MKD 401 million (EUR 6.5 million), according to the official data of the ISA.

The number of concluded insurance contracts for the first six months grew by 20%. From the beginning of the year until now, more than 761,000 insured persons have purchased insurance under all 18 classes of non-life insurance. And the largest growth in the number of sold insurance policies was in travel insurance, where citizens invested MKD 89.9 million (EUR 1.5 million).

As expected, the largest premium volume was recorded in MTPL. 426,000 insurance contracts have been concluded, including Green Card. The number of sold policies for vehicle insurance in the first six months

increased by 8% y-o-y. During the period, MKD 2.4 billion (EUR 39 million) were invested in motor liability insurance or 8% more than last year.

In property insurance, the largest class of voluntary insurance, in 1H2022 policyholders invested MKD 1.3 billion (EUR 21.2 million), which is 7% less than the same period last year. Almost 70,000 citizens, companies, and legal entities insured their property.

In the most popular class, private health insurance, companies and citizens concluded 13,000 contracts and that is 32% more y-o-y. Insureds have invested over MKD 385 million (EUR 6.3 million) in this product, which is 66% more than the same period last year. In parallel with premium growth, paid claims in this insurance have been even more dynamically growing, the reason is excessive use of this product by insureds and the increased prices of services from private hospitals.