STATISTICS: NORTH MACEDONIA, 1H2019: life, MTPL and fire insurance fed the market growth

29 August 2019 — Daniela GHETU
STATISTICS: NORTH MACEDONIA, 1H2019: life, MTPL and fire insurance fed the market growth
Macedonian insurers ended 1H2019 with an aggregate GWP volume of EUR 85.37 million, 6.7% up y-o-y. In relative terms, the life insurance sector showed a double-digit growth rate, but in absolute value, it was still the non-life insurance segment providing for the largest contribution to the market growth.

Life insurance increased its portfolio share by about 1 percentage point, to 16.14%, due to the above 14% increase in GWP achieved during the period, to EUR 13.8 million. UNIQA Life has managed the highest growth rate, of 40.56%, benefitting at least in part from the bancassurance partnership established by the beginning of the year with Stopanska banka AD - Skopje, the Macedonian bank with the oldest tradition. CROATIA Osiguranje, the second life insurer that joined the partnership, also achieved a double-digit growth rate, of 13.73%. With total GWP in 1H2019 of EUR 6 million, CROATIA Life is the market leader on this segment, holding a 44% market share.

On the non-life side, motor insurance lines continued on an ascendant trend, recording an overall GWP increase of 5%, to EUR 41.37 million. The property insurance segment saw, overall, a slightly declining GWP volume. Yet, on the fire insurance line GWP went up by 18%, to EUR 6.6 million. It was the "damages to property" line, including agricultural insurance, that witnessed an almost 10% y-o-y downsize in the GWP volume. Yet, expectations are that the property insurance segment will see better results, at least in what the number of sold policies is concerned, due to the prices abasement. As Klime Poposki, the Head of the supervising agency stated for the local press, lately Macedonian seem also interested to insure their homes against the earthquake risk. The basic home insurance policies cover seven risks (fire, lightning, explosion, water leakage from installations, manifestations and demonstrations, aircraft crashes and collisions). To cover also the theft risk, as well as NatCat risks, homeowners have to buy additional clauses to the basic policy.

Access and download the 1H2019 Macedonian insurance market. statistics.