STATISTICS: MACEDONIA, 1H2017: Insurance brokers dominate life insurance distribution; direct sales preferred by non-life insurers

Macedonian insurers' GWP increased by 3.13% y-o-y, to MKD 4.62 billion (EUR 74.95 million) in 1H2017, according to the market data provided by the country's insurance supervisory agency.

"In conditions of political risks and corrections of the GDP growth, insurance companies successfully face and mark a positive trend in the GWP. Non-life insurance companies realized GWP of EUR 64.48 million, which is an increase of 1.23% over the previous year, while life insurance companies realized GWP of EUR 10.47 million, an increase of 16.56% over the previous year", Klime POPOSKI, Chairman of the Macedonian Insurance Supervisory Agency stated for XPRIMM.

On the non-life side, the motor insurance lines performed differently. Thus, if in the case of Motor TPL insurance, the amount of gross written premiums reported a positive trend while in terms of profitability, the combined ratio was less than 100%, not the same can be affirmed about MoD policies. In terms of paid claims, both business lines reported double-digit increases.

"MTPL LoB is profitable in this period measured through the combined ratio of 90.2% (loss ratio of 46.7% and expense ratio of 43.4%). Motor Hull LoB during this period recorded losses measured through the combined ratio of 117.6% (loss ratio of 72.7%, expense ratio of 45%). This result is also due to the consequences of a hail on the territory of Skopje in June 2017 that caused damages on many vehicles," said Klime POPOSKI.

Speaking about the most used distribution channels, Klime POPOSKI underlined the dominant participation of insurance brokers for life insurers (50.16% of GWP), while in case of non-life insurers - dominates the direct sales channel with 56.91% of total GWP, followed by brokers - 21.12%, "mostly in the MTPL business. The insurance agency companies participate with 10% and equally sale MTPL and property insurance".

Access www.xprimm.com and download the 1H2017 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
More about the Macedonian insurance market evolution in 1H2017 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2017, to be released on October, 22th, on the occasion of the Baden-Baden Meetings (22-26 October).

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

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