In January-September 2012, Macedonian insurers wrote MKD 5.3 billion in premiums (EUR 86.2 million), which represented an increase of 2.6%, as the figures published by the Insurance Supervision Agency of Macedonia showed. Regarding the market dynamics, the Macedonian insurance market reported a continual growth on both segments: non-life insurance premiums increased by 1.4%, while life insurance premiums increased by 20.6%.In terms of issued contracts, during 3Q2012, the insurers issued a total of 786,543 insurance policies (8,302 fewer than the year before). 4,524 of the total issued insurance contracts were life insurance policies, while 782,019 were non-life (of which 453,922 MTPL contracts).
As in previous periods, non-life insurance premiums dominated the market portfolio, and accounted for 93% of the total insurance premiums (MKD 4.9 billion or EUR 80.2 million), while the life insurance segment accounted for the remainder of the market (MKD 370 million or EUR 6 million).
Regarding claims, during January-September 2012, motor vehicle insurance was prevalent in the total paid claims premiums with 62% (MKD 1.4 billion of MKD 2.2 billion), of which 45% falls out from MTPL insurance and 17% from voluntary motor hull insurance.
In the non-life insurance segment, despite the drop in GWP, TRIGLAV remained the market leader. In 3Q2012 it had an 18% market share and was followed by EUROLINK and QBE, with a 12.7% and 11.3% market share, respectively.
In the life insurance segment, two major insurers stand out: GRAWE (46.2% market share) followed by CROATIA (43.7%), while the other three players (UNIQA, QBE and WINNER) accounted for a summed market share of about 10%.
Access www.xprimm.com and download the 3Q2012 Macedonian insurance market statistics.
Market portfolio (in MKD and EUR):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance
- Non-life insurance
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