Insurers of North Macedonia have written gross premiums worth EUR 67.5 million in the three months of 2024, which is 18.5% more y-o-y. Paid claims increased by 7.5%, to EUR 23.47 million.

The market portfolio structures remained quasi unchanged, except for two major insurance classes: while MTPL insurance’s share decreased by almost 4 percentage points, while the property insurance business gained about 2.6 percentage points of portfolio share.

Premiums written for life insurance only increased by 4.5%, to EUR 10.6 million. The good news came from the property insurance segment, which saw an increase by 36% of the GWP, to EUR 13.53 million. Probably the lessons learned from the ever-increasing presence of extreme weather events have started raising awareness on the climate risks. However, the is still a large protection gap in place.

Access www.xprimm.com and download the 1Q2024 Macedonian insurance market statistics.