STATISTICS: MACEDONIA 3Q2014: life insurance strives to reach 10% market weight

The Macedonian insurance market ended the first three quarters of 2014 with an almost 6% increase in GWP, to EUR 95 million. In relative terms, life insurance saw the highest growth rate, recording a GWP amount higher by 21.6% as compared with 3Q2013. Yet, in absolute figures, the main source of growth remained the non-life segment, especially the MTPL and damages to property lines.

Life insurance continued to account for less than 10% of the overall GWP, although its share in the market portfolio increased by about 1pp.

On the non-life side, the MTPL recorded a GWP growth in line with the larger number of contracts sold. Not the same proportionality was seen on the property insurance lines. Thus, for the fire insurance business, although the number of policies went up by about 5,000 units, GWP decreased by 5.67% indicating a market softening trend. On the other hand, for the damages to property line, GWP went by 11% while the number of contracts only increased by about 5.5%.

CROATIA, GRAWE and WINNER are the Top 3 life insurers, together accounting for almost 94% of the life insurance business in Macedonia. TRIGLAV, OSIGURUVANJE MAKEDONIA and WINNER are holding the first three positions in the non-life ranking, with an aggregated market share of about 41%.

Access www.xprimm.com and download the 3Q2014 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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