Double-digit increase for the Macedonian market in Q1

7 August 2014 — Vlad BOLDIJAR
Double-digit increase for the Macedonian market in Q1
macedonia-statisticsMacedonian insurance companies posted consolidated gross written premiums of MKD 1.95 billion (EUR 31.6 million) in 1Q2014, up 11% y-o-y, the market figures published by Insurance Supervision Agency indicated. Non-life insurance premiums accounted for 93.5% of the total, supported by the heavy contribution of motor insurance classes (46% of total), property (~25%) and accidents (more than 10%).

During January-March 2014, the insurers issued a total of 208,624 contracts, compared with 203,678 the previous year. 1,580 of the total issued insurance contracts were life policies, while 207,044 were non-life policies (of which 128,835 MTPL contracts).

At the same time, during the analyzed period, Macedonian insurers settled 703,166 claims (vs. 688,749 in 1Q2013), of which 379,788 related to MTPL policies, 99,315 - accidents, 96,987 - motor hull and 10,512 - related to travel insurance class.

Compared with 1Q2013, on the two major business lines, the market rankings suffered no significant changes: on the life insurance segment the market leader remained CROATIA Osiguranje (~45% market share on life segment) followed by GRAWE (~39%), while on the non-life segment WINNER VIG has lost its leading position to TRIGLAV (16.5% market share).

Access www.xprimm.com and download the 1Q2014 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

4544 views