By major business lines, the share of non-life insurance in total premiums was 89.86%, while the share of life insurance premium ~10.14%, being for the "first time in the history of the insurance sector in Republic of Macedonia, when the life insurance exceeded the threshold of 10% market share in the total GWP of the insurance industry".
Quantitatively, the non-life GWP reached the value of MKD 6.47 billion, 0.79% more compared with December 2012, while the gross written premiums in life insurance business reached the value of MKD 729 million, which indicate "one of the highest growth rates among the countries in South-Eastern Europe: 21.96% y-o-y".
"The real growth of the insurance market is much higher and is 4.04% compared to last year, if measured (expressed) through the number of insurance policies sold (2013: 1,058,074 vs. 2012: 1.418.575).The high competition of the 11 non-life insurance companies resulted in price decrease, resulting in only slight growth of 0.79% in the GWP", Macedonian ISA's President added.
According to ISA's figures, depending on the criterion volume of gross written premium, on the life insurance segment, the first position is held by the local Subsidiary of CORATIA Osiguranje - almost 44% market share, followed by the Austrians from GRAWE - 43%. On the non-life insurance segment, first two positions were taken by TRIGLAV (16.7%) and EUROLINK (12.1%). "The market concentration of the insurance company is moderate, and none of the companies exceed the threshold of 20% share in the total gross written premium. Nevertheless, there is a trend of reduction in the market concentration among the market leaders, where 5 non-life insurance companies have shares above 10% of the total GWP for non-life insurance".
An extended analysis of the Macedonian insurance market evolution in 2013 will be available in the forthcoming issue of XPRIMM Insurance Report FY 2013, to be released on May, 27th.
Access www.xprimm.com and download the FY2013 Macedonian insurance market statistics.
Market portfolio (in MKD and EUR):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance
- Non-life insurance