STATISTICS: North Macedonia 1H2021: balanced GWP growth with a positive overall dynamic

23 September 2021 — Daniela GHETU
North Macedonia's insurance market ended the first half of 2021 with GWP worth EUR 95.7 million, 14.6% up y-o-y. AT the same time, paid claims increased by 22%, to almost EUR 36 million. Among the main business lines, the evolution was rather balanced, so that the market portfolio structure remained stable.

The evolution seen on the health insurance market is worth noting, especially in the special context of the pandemics. In 1H, the number of contracts on purchased private health insurance policies increased by 48%, the market authority said. The investments of the insured in such insurance reached EUR 3.8 million. At the same time, the insurance companies paid 87.5% more funds for reported damages compared to 1H 2020, reaching EUR 1.5 million. The amount of the paid damages for private health insurance reached 5% in the total amount of gross paid damages (GPD) for the first six months of this year. For this period the participation of paid damages for private health insurance reached 67% compared to the same period last year when this insurance class participated with 3% in the GPD.

Among the non-life insurance classes, the highest growth rates were recorded by the "damages to property" class (26.8% up y-o-y) and MTPL insurance (17.75% increase y-o-y). However, also paid claims went up at comparable or even higher paces.

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