An almost 3% growth in GWP, to EUR 113.95 million, driven by the positive development of the property insurance and life insurance lines - these are the main 2012 coordinates of one of the smallest CEE markets, FYROM. According to data provided by the supervising authority, the main growth factors were: introduction of new innovative products, enlargement of the risk coverage, development of alternative distribution channels and broader insurance awareness of the potential policy holders. Although life insurance is still a small segment of the Macedonian market, its weight in the total portfolio grew in 2012 /2011 by about 1pp, to 8.5% thanks to the 20.36% growth rate recorded, the GWP for this line of business amounting to EUR 9.7 million. GRAWE and CROATIA, the two life insurers belonging to the German group GRAWE and the Croatian market leader CROATIA Osiguranje, are making together more than 85% of the Macedonian life insurance business.
On the non-life side, the GWP amount grew by only 1.57%, mostly influenced by the steady evolution of the MTPL segment, which accounts for almost 47% of the market portfolio. The best dynamic was recorded on the property segment, with an 11.4% growth rate in terms of GWP, to EUR 22.57 million. In fact, most of this ascending trend was due to the "fire and allied perils" line which reported a 27% growth in GWP.
The local subsidiary of the Slovene TRIGLAV Group maintained its leadership position on the non-life market, with an over 19% market share, despite the slight decrease recorded in underwritings (-0.75% y-o-y). The second position in the non-life ranking belongs to EUROLINK (12.3% market share), while SAVA and QBE rank 3rd and 4th, with a quasi equal market share, of about 10.5%.
Read more about the Macedonian insurance market evolution in the interview with Mr. Klime POPOSKI, Phd, President of the Council of Expert Insurance Supervisory Agency.
Access www.xprimm.com and download the FY2012 Macedonian insurance market statistics.
Market portfolio (in MKD and EUR):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance
- Non-life insurance
4577 views
