STATISTICS: MACEDONIA, 2008-2017 timeline: life insurance premiums quadrupled, reaching a 16% portfolio share

13 December 2018 — Daniela GHETU, Cosmin CONCEATU
The Macedonian insurance market recorded a constant ascendant trend during the last decade, with GWP increasing between 2008 and 2017 by about 40%. Yet, as the life insurance sector gained more relevance in the recent years, its contribution to the market growth became more visible.

In 2008, life insurance accounted for just a little above 4% of the total GWP, while at the end of 2017 its share was slightly exceeding 16%. Also, in absolute figures, the business volume in life insurance more than quadrupled in the last decade.

By comparison, the non-life insurance lines maintained a quieter evolution, achieving double digit decennial growth rates of 18.8% for property insurance and 20.5% for motor insurance.

Except for the year 2016, a year during which the country was confronted with several nat cat events, on the paid claims side the market saw a smooth evolution, with no dramatic changes in volumes.

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