STATISTICS: MACEDONIA, 1H2016: Recently launched UL insurance products support the life insurance market's growth

The Macedonian insurance market saw a 4% y-o-y increase in the GWP volume, to EUR 72.7 million. In absolute terms, the life and non-life insurance segments' contribution to the GWP growth was fairly equal. Still, in relation to the size of the two business lines, the growth in life insurance was the most impressive.

The 20% y-o-y increase in premiums provided for a 1.5pp increase in the life insurance sector's weight in the market portfolio. According to Klime POPOSKI, Chairman of the Macedonian Insurance Supervisory Agency, the main growth driver was the "unit link insurance class - introduced at the Macedonian market for the first time in 2015." However, the overall premium remains still very small.

On the non-life side, motor insurance lines performed well, probably the most relevant evolution being the one recorded on the Motor Hull line, which "saw a 11.62% increase in GWP, reversing a 5-year decline."

On the contrary, property insurance lines recorded a negative trend, especially on the "damages to property" line, which includes agricultural insurance. The trend is particularly interesting to observe especially considering the recent events in Macedonia, which demonstrated once again the significant exposure of the country to the Nat Cat risks.

Access www.xprimm.com and download the 1H2016 Macedonian insurance market statistics.

Read more about the Macedonian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

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

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