The market experts also note a significant growth in comprehensive insurance. Investments during this period from individuals, companies and institutions reached almost EUR 32 million, the Insurance Supervision Agency (ASO) said.
Non-life insurance investments for the first five months of the year (January-May) exceeded MKD 5.5 billion (EUR 89.6 million). This value grew by 10% y-o-y, according to official data submitted to the Insurance Supervision Agency by non-life insurance companies.
During this period, paid claims also rose – for the first five months of this year, the insureds received MKD 1.95 billion (EUR 31.7 million) from insurance companies. This means a 6% increase y-o-y.
In voluntary insurance the most demanded and fastest growing product is still private (voluntary) health insurance, where during the period insurers collected MKD 687.7 million (EUR 11.2 million). Compared to the same period last year, health insurance increased by 35%.
There is also solid growth in comprehensive insurance of motor vehicles. From January to May insurance companies sold policies with a total value of MKD 543 million (EUR 8.83 million), which is 17% more y-o-y.
The largest voluntary class is property insurance, where individuals, institutions and companies invested MKD 1.22 billion (EUR 19.82 million), however, this segment saw a minimal increase of 2% y-o-y.
On the other hand, the largest mandatory class is motor liability insurance, where in the first five months, companies collected MKD 2.21 billion (EUR 36 million). This means a 7% y-o-y increase due to the increased number of insured vehicles.
The total number of concluded insurance contracts from January to May rose by 5% and exceeded 676,000 units. The largest number of insurance contracts (over 305,700) falls on accident insurance, the ASO said.
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