STATISTICS: GWP of EUR 142 million for MACEDONIAN insurers in 2016

Insurance market of Republic of Macedonia grew by about 5% in 2016 to MKD 8.7 billion (~ EUR 142 million) with a concurrent increase of 7.74% in the number of insurance contracts, according to data provided by the local Insurance Supervision Agency.

"The insurance industry had a relatively successful year despite the impact of the risks of non-economic nature, registering increase in the GWP, growth of the assets and increased investments, higher employment, as well as increased number of the insurance intermediaries", said Klime POPOSKI, PhD, President of the Council of Expert Insurance Supervisory Agency Macedonia.

At the same time, "during 2017, we are expecting growth in the GWP for both non-life insurance and life insurance. The increase is expected in higher sales of voluntary non-life insurance, as well as in the life insurance, especially in the unit-link insurance".

The non-life insurers reported FY2016 profits of MKD 451 million, a decrease of 4.02% y-o-y, while the life insurance companies generated profits of MKD 54.2 million, an increase of 19.51% y-o-y.

Non-life insurance GWP, producing 85.19% of the total GWP, reached MKD 7.43 billion (EUR 121 million), an 3.5% increase over the previous year.

The life insurance GWP, producing 14.81% of the total GWP, reached MKD 1.29 billion (EUR 21 million), an 17.32% increase over the previous year.

Speaking about the expected regulatory changes, the President of Macedonian ISA mentioned that there is an ongoing EU twinning project with the final goal to produce regulation harmonized with the Solvency II Directive.

The full interview with Klime POPOSKI can be read here.

Find detailed 2016 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - FY2016, to be launched on 22 May.

Access www.xprimm.com and download the FY2016 Macedonian insurance market statistics.

Market portfolio (in MKD and EUR):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Market shares/Growth rates):
  • Life insurance
  • Non-life insurance

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

SAVA Re entered the Macedonian pension market

Slovenian SAVA Re announced it got the approval from the Macedonian Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the required approvals from other competition authorities for the acquisition of NLB Nov penziski fond AD Skopje.

2018-03-15

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all