NORTH MACEDONIA: non-life insurance market grew by 16% in 2021

2 March 2022 — Marina MAGNAVAL
In 2021 the number of concluded non-life insurance contracts reached 1.5 million units, which is 30% more than in 2020. Growth was observed in 15 insurance classes, and the most significant was the increased demand for travel insurance, property insurance, private health insurance, according to the Insurance Supervision Agency (ISA).

The non-life insurance market grew by 16% last year compared to 2020, to MKD 9.6 billion (EUR 156.5 million) in all 18 classes of non-life insurance, which is MKD 1.3 billion (EUR 21 million) more y-o-y.

It is noted that non-life GWP volume in 2021 was higher compared to 2019, which indicates that the insurance industry has fully recovered from the negative impacts and numerous restrictions caused by the pandemic in 2020.

In property insurance, the largest voluntary class, last year the insurers collected MKD 2.17 billion (EUR 35.2 million), which is 16.5% or over MKD 300 million (EUR 5 million) more than in 2020. GWP from individuals in property insurance increased by 34%, i.e. total of MKD 679 million (EUR 11 million). The corporate sector in property insurance expanded by 10% and reached MKD 1.5 billion (EUR 24.2 million).

As expected, the biggest growth last year was in travel insurance, which reached MKD 148 million (EUR 2.4 million), that is 94% more y-o-y. Intense growth was also observed in private health insurance - the fastest growing insurance class since the beginning of the health crisis. It amounted to MKD 405 million (EUR 6.6 million), which is 48% more y-o-y.

Motor Hull saw moderate growth - MKD 890 million (EUR 14.5 million) or 8% more than in 2020. The largest insurance class - MTPL, mandatory by law, last year reached MKD 4.8 billion (EUR 78.6 million), which is 17% more.

It is noteworthy that all 11 non-life insurance companies recorded an increase in sales, which indicates strengthening of market competition in the non-life insurance sector.

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