FYROM 1Q2013: Life insurance drives the market growth

22 August 2013 — Daniela GHETU
FYROM 1Q2013: Life insurance drives the market growth
macedonia-statisticsGross premium written by the Macedonian insurers in 1Q2013 amounted to MKD 1.76 billion (EUR 28.5 million), 3.1% up y-o-y, according to data published by the insurance supervising authority. Once again, in line with trend witnessed by the end of 2012, the life insurance segment was the growth driver as GWP for this line of business went up by 19%. Yet, life insurance continues to represent a still very small share of the market, of only 7.5%.

The second best performance in terms of dynamic belongs to the "Damages to property" line for which a growth pace of 15.5% was recorded, increasing the line's participation to the market portfolio to 14% (1.5pp up).

Another noteworthy result is the 119% growth of the claims paid for life insurance, although the total figure is still small in absolute terms (less than EUR 0.7 million).

WIENER, TRIGLAV and UNIQA are the Top 3 market leaders on the non-life side, while for the life insurance business the top is made by CROATIA, GRAWE and WIENER.

Access www.xprimm.com and download the 1Q2013 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