STATISTICS: North Macedonia, 1H2024: property insurance is voluntary insurance most popular class

9 October 2024 — Marina MAGNAVAL
STATISTICS: North Macedonia, 1H2024: property insurance is voluntary insurance most popular class

North Macedonia's insurance market rose 10.66% to EUR 132.27 million, while in national currency the market growth rate was almost same (+10.49%). Claims paid by insurers increased by 2.92% to EUR 46.71 million, of which EUR 38.30 million were paid in non-life insurance and EUR 8.41 million – life indemnities.

Both life and non-life insurance recorded growth in premiums, while paid claims for non-life almost stagnated with a slight decrease (-0.20% in EUR) mainly due to a huge decline by 48% in property insurance.

Non-life ranking is headed by the subsidiary of the Slovene Triglav, that occupies over 13% of this market, while the life insurance leader is Croatia life with a 27% share in the sector, followed by Triglav life.

In the first half of the year vehicle owners invested EUR 43.1 million in mandatory motor liability insurance and green card policies. Citizens and companies paid EUR 10.2 million for green card policies, according to the Insurance Supervision Agency (ASO).

So far, according to official data, the months with the highest GWP were January and June with MKD 1.22 billion (EUR 19.8 million) each. Insurance demand in July was 13% higher than non-life sales in January and June.

In voluntary insurance the most popular class is property insurance with over 14,000 contracts and MKD 184 million (EUR 3 million). In second and third place, according to the July sales, were Motor Hull with MKD 126.3 million (EUR 2.05 million) and health insurance with MKD 105.5 million (EUR 1.7 million).

Access www.xprimm.com and download the 1H2024  Macedonian insurance market  statistics.
 

1255 views