Macedonian insurance companies posted consolidated gross written premiums of MKD 1.95 billion (EUR 31.6 million) in 1Q2014, up 11% y-o-y, the market figures published by Insurance Supervision Agency indicated. Non-life insurance premiums accounted for 93.5% of the total, supported by the heavy contribution of motor insurance classes (46% of total), property (~25%) and accidents (more than 10%).
Macedonian insurance companies recorded gross written premiums of MKD
7.19bn (EUR 117mn) in 2013, up 2.6% y/y, the country's insurance
supervision agency said. Non-life insurance premiums edged up 0.8% to
MKD 6.46bn, whereas life insurance premiums climbed 22% to MKD 729.5mn.
The premium income of Macedonian insurer Euroins Osiguruvanje decreased slightly by 0.5% on the year to 2.2 million euro (USD 3.0 million) in the first four months of the year, its parent Eurohold Bulgaria, said.
The Macedonian insurance market totaled MKD 7.19 billion (~EUR 117 million) at the end of December 2013, 2.6% up y-o-y, according to the data provided by the Insurance Supervisory Authority. Regarding the profit-loss account, "I would like to emphasize that after two years of showing losses at industry level, in 2013 the insurance sector achieved profits in the amount of MKD 211.70 million (~EUR 3.44 million)", has declared exclusively for XPRIMM, Mr. Klime POPOSKI, President, Insurance Supervision Agency Macedonia.
Although somehow slowed down, the upswing trend of the Macedonian insurance market continued also in the third quarter of 2013. Thus, by the end of September 2013, gross premiums written by the Macedonian insurers amounted to EUR 89.8 million, showing a 6.2% growth y-o-y.
With GWP amounting to EUR 58.8 million by the end of 1H2013, the Macedonian insurance market continued to follow the upswing trend, showing a 6.2% growth y-o-y. "The insurance sector is in a dynamic phase of development despite the financial crisis and its consequences are felt. Recent statistics show that over the last two years and in the first half of 2013 we have recorded perhaps the most dynamic development in the insurance sector in the countries of Central and Southeast Europe," Klime POPOSKI, President of the Council of Experts, Macedonian ISA, told XPRIMM.
The official renaming of the new Vienna Insurance Group (VIG) company in
Macedonia to Akcionersko Drustvo za Osiguruvanje i Reosiguruvanje
Makedonija Skopje - Vienna Insurance Group (short name: Makedonija
Osiguruvanje) marked the completion of its successful integration into
Gross premium written by the Macedonian insurers in 1Q2013 amounted to MKD 1.76 billion (EUR 28.5 million), 3.1% up y-o-y, according to data published by the insurance supervising authority. Once again, in line with trend witnessed by the end of 2012, the life insurance segment was the growth driver as GWP for this line of business went up by 19%. Yet, life insurance continues to represent a still very small share of the market, of only 7.5%.
Macedonian insurer QBE Makedonija said on Friday it has changed its name to Osiguruvanje Makedonija a.d Skopje - Vienna Insurance Group to reflect its ownership.
An almost 3% growth in GWP, to EUR 113.95 million, driven by the positive development of the property insurance and life insurance lines - these are the main 2012 coordinates of one of the smallest CEE markets, FYROM. According to data provided by the supervising authority, the main growth factors were: introduction of new innovative products, enlargement of the risk coverage, development of alternative distribution channels and broader insurance awareness of the potential policy holders.
Macedonian non-life insurance company Osiguritelna Polisa said its net profit rose to 67 million denars (USD1.4 million/1.1 million euro) in 2012 from 44.2 million denars a year earlier.
Austria's Vienna Insurance Group (VIG) said on Tuesday it has completed the acquisition of a majority stake in QBE Makedonija, raising its share in the Southeast European country to a marketing-leading 20% plus.
Austria's Vienna Insurance Group (VIG) acquired 92.9% of Macedonian
insurer QBE Makedonija for some 1.4 billion denars (EUR 21.7 million),
the Macedonian financial regulator said on Friday.
Macedonia's financial regulator said it allowed Austria's Vienna Insurance Group (VIG) to launch a takeover bid for all the shares issued by local insurer QBE Makedonija.
In January-September 2012, Macedonian insurers wrote MKD 5.3 billion in premiums (EUR 86.2 million), which represented an increase of 2.6%, as the figures published by the Insurance Supervision Agency of Macedonia showed. Regarding the market dynamics, the Macedonian insurance market reported a continual growth on both segments: non-life insurance premiums increased by 1.4%, while life insurance premiums increased by 20.6%.
Macedonia's OHRIDSKA Banka has launched a credit life insurance service, the first product of this kind on the local market, it said.
Slovenian reinsurer SAVA Re said on Tuesday it has completed the recapitalization of its Macedonian unit SAVA Osiguruvanje with EUR 2.0 million.
The premium income of Macedonian insurer EUROINS Osiguruvanje rose 6.1% to EUR 5.8 million (USD 7.5 million) in the first nine months of 2012, its Sofia-based parent company, EUROHOLD Bulgaria, said on Tuesday.
VIENNA Insurance Group signed an agreement to acquire around 75% of the
voting rights with the Macedonian insurer QBE Makedonija. The transaction is
subject to regulatory approval.
Macedonian 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).