STATISTICS: MACEDONIA FY2014: Preliminary figures indicate significant growth rates in property claims

2 April 2015 — Vlad BOLDIJAR
The preliminary FY2014 statistics indicate for the Macedonian insurance market a total GWP volume of EUR 124 million, 6.1% up y-o-y. Life insurance segment generated a 21.8% y-o-y growth rate (to EUR 14.5 million), while the non-life insurance classes increased by 4.3% y-o-y to EUR 109.6 million. At the "claims chapter", the aggregate value increased by 3.2% to almost EUR 50 million. Life indemnities' volume went down by 10.6% y-o-y to EUR 1.7 million, while on the non-life segment the aggregate growth rate was 3.8% (to EUR 48 million).

In terms of GWP, significant growth rates were reported on GTPL segment (+11.1%), damages to property line (+10.6%) and MTPL (+4.9%), while the fire and allied perils class and motor hull were reported negative dynamics: -5.2% and -4.3% y-o-y. In case of claims paid by insurers, the value recorded on fire and allied perils segment almost doubled (to EUR 4.2 million), while on the damages to property class was reported a 48% growth rate.

At the end of 2014, Top 3 life insurers consisted of CROATIA, GRAWE and WINNER VIG. Together, the three mentioned insurers accounted for 95% of the life insurance business. The non-life sector was led by the local subsidiary of Slovenian TRIGLAV (17% market share) followed by the two units of Austrian VIG: OSIGURUVANJE MAKEDONIA (12.9%) and WINNER (10.4%).

Access www.xprimm.com and download the FY2014 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

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