STATISTICS: NORTH MACEDONIA, 1H2020: Property insurance grew by 20.5%

24 September 2020 — Cosmin CONCEATU
During the first six months of 2020, the insurance market of North Macedonia amounted to MKD 5.2 billion (~EUR 83 million*) in gross premiums written (GWP) and MKD 1.8 billion (~EUR 29 million*) in claims paid. The overall GWP of the market decreased by 1.7%, while consolidated claims decreased by 6.8%, in local currency.

The share of life sector slightly increased in the market, to 16.1% (1H2019: 15.9%), while the rest of 83.9% came from non-life GWP. The reason for this change is explained by a bigger decrease in non-life premiums than in life premiums.

The life sector's GWP amounted to MKD 828 million (-0.3%), while life paid claims reached MKD 198 million (+21.6%). Regarding the insurance companies ranking, Croatia Life continued to lead the market in terms of life premiums market share, being followed by GRAWE and WINNER Life. The ranking was the same as in 1H2019.

The non-life sector's GWP amounted to MKD 4.3 billion (-2.0%), while non-life's paid claims decreased to MKD 1.6 billion (-9.3%). Motor insurance segments continued to be the heaviest in terms of GWP, with a share of 44.6% in the overall market's GWP, despite a substantial decrease of 9.9% y-o-y. Property insurance GWP greatly expanded during the first 6 months of 2020, increasing in total market share to 23.0% (+4.2 pp.).

Non-life insurance companies ranking in terms of GWP was led by Triglav, being closely followed by Eurolink and Makedonija. The TOP-5 non-life insurers ranking was completed by Sava and Evroins. This ranking remained the same when compared to 1H2019. However, Uniqa, Halk, Winner, Insur. Policy and Croacija switched their positions (more details available on our database spreadsheets).


* for the following exchange rate:
1 EUR = 61.6950 Denars, MKD (as of June 30th, 2020)


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