STATISTICS: MACEDONIA - 2015: Local insurers marked an 8.51% y-o-y growth-rate in GWP

Last year, Macedonian insurers reported an aggregated increase in GWP of 8.51%, according to the preliminary results provided by the Insurance Supervision Agency. The non-life insurance sector dominated the market portfolio and accounted for 86.70% of total GWP - of which about 44.59% was related to Motor TPL policies, 19.82% - property lines and 8.37% - motor hull.

"The 15 insurance companies marked MKD 8.28 billion (EUR 134.42 million) in gross premiums in 2015. Non-life insurance grew to MKD 7.18 billion (EUR 116.55 million), or by 6.47% compared to 2014. Car insurance grew by 4.2% and accident insurance by 3.09%", Zoran STOJANOVSKI, member of the Council of experts in the Insurance Supervision Agency, said at a press conference quoted by the local news agency independent.mk.

According to the quoted source, Klime POPOVSKI, Chairman of the Council of Experts in the Agency, pointed out that "the growth of the insurance industry is due to a rise in financial literacy among customers and increased awareness on the need to insure yourself from risks".

The value of paid claims by local insurers increased 4.27% to MKD 3.18 billion (EUR 51.70 million). According to Macedonian ISA, motor vehicle insurance was prevalent in the total with 60.21%, of which about 48.46% - Motor TPL insurance and 11.74% - voluntary motor hull insurance.

Last year, Macedonian ISA received 110 reports from customers, a quarter less than in 2014, which, "means insurance companies have seen improvement in their payments", declared Zoran STOJANOVSKI (independent.mk). At the same time, the largest payment for damages in 2015 amounted to about EUR 2 million, for the Silpen sponge factory in Kratovo that burnt to the ground in 2014.

In 2015, TRIGLAV remained the largest non-life insurer (18,03% market share), while the largest life insurer was CROATIA (44%)

Access www.xprimm.com and download the FY2015 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.

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