Insurance premiums are growing, paid claims are growing, both number and amount-wise. The number of insurance companies is also growing, the market is growing in all aspects, according to Dr. Krste Sajnoski, president of the Council of Experts at the Insurance Supervision Agency (ASO), kapital.mk writes. Last year, 2023, the insurance industry surpassed the record results of the previous year, demonstrating market growth in all aspects, as Dr. Krste Sajnoski noted.
“The facts show that behind us we have the best year in the history of insurance as a corporate business in Macedonia. The data shows that 2023 is a record year in terms of insurance volumes. Total premiums in both segments (non-life and life) exceeded EUR 233 million, which is the highest annual amount in our country of all time”, emphasized Dr. Krste Sajnoski.
According to him, 2023 is the best year in terms of claims paid. All companies operating in the industry (non-life and life, a total of 17) paid their policyholders EUR 94.7 million. The number of serviced claims is 23% higher compared to 2022.
The market expansion is accompanied by an increase in the assets of the insurance companies. The data at the end of 2023 show that the total assets of non-life insurance companies grew by 11% and reached EUR 339 million. The assets in life insurance reached EUR 212.8 million, which is 13% more y-o-y.
Speaking about the market competition, Dr. Krste Sajnoski mentioned that the process of merging two insurance companies in the non-life insurance segment started last year and will be successfully completed this year. These are Macedonia Insurance - VIG and Viner VIG, and the process should improve their efficiency, and most importantly for insurers, increase competitiveness and quality of services.
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