Macedonian insurers reported GWP worth EUR 38.4 million, 5.5% up y-o-y in 1Q2018, half of the market growth being owed to the MTPL insurance class and to the life insurance segment, which provided for about 40% of the premiums volume increase.

Life insurance, a still very small market, of EUR 5.3 million at the end of March 2018, saw a 18.26% y-o-y growth rate and gained some 0.5 percentage points in market weight, as compared with 1Q2017. Paid indemnities increased by 11.7%, totaling EUR 0.96 million.

On the non-life side, two were the main changes recorded:

• The MTPL class continued to be the main line of business, accounting for about 38% of the market GWP, but also generating a little over half of the paid claims; GWP went up by 7.5%, to EUR 14.56 million; paid claims have increased by 13.3%, to EUR 7.76 million;
• The damages to property class saw an almost 21% reduction in GWP, to EUR 4.8 million; paid claims saw an extraordinary increase in relative terms, by 113%, to EUR 1.6 million, a sum which is not big by itself, but still represents a third of the premiums written.

The Macedonian subsidiary of the Slovenian group TRIGLAV leads the non-life insurance market, gaining an extra 1 pp of market share in comparison with 1Q2017, to 18.7%. EUROLINK and OSIGURUVANJE MAKEDONIJA are completing Top 3, with market shares of 14.7% (+2 pp y-o-y) and 13% (+0.5pp y-o-y) respectively.

On the life side, CROATIA is the market leader, accounting for about 44% of the market GWP (+ almost 1 pp y-o-y). GRAWE follows, with a market share decreasing from 34.13% to 30.3%, while the third ranked is WINNER (16.6%). Top 3 companies account together for over 90% of the life insurance business.

Access www.xprimm.com and download the 1Q2018 Macedonian insurance market statistics.