"The insurance industry had a relatively successful year despite the impact of the risks of non-economic nature, registering increase in the GWP, growth of the assets and increased investments, higher employment, as well as increased number of the insurance intermediaries", said Klime POPOSKI, PhD, President of the Council of Expert Insurance Supervisory Agency Macedonia.
At the same time, "during 2017, we are expecting growth in the GWP for both non-life insurance and life insurance. The increase is expected in higher sales of voluntary non-life insurance, as well as in the life insurance, especially in the unit-link insurance".
The non-life insurers reported FY2016 profits of MKD 451 million, a decrease of 4.02% y-o-y, while the life insurance companies generated profits of MKD 54.2 million, an increase of 19.51% y-o-y.
Non-life insurance GWP, producing 85.19% of the total GWP, reached MKD 7.43 billion (EUR 121 million), an 3.5% increase over the previous year.
The life insurance GWP, producing 14.81% of the total GWP, reached MKD 1.29 billion (EUR 21 million), an 17.32% increase over the previous year.
Speaking about the expected regulatory changes, the President of Macedonian ISA mentioned that there is an ongoing EU twinning project with the final goal to produce regulation harmonized with the Solvency II Directive.
The full interview with Klime POPOSKI can be read here.
Find detailed 2016 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - FY2016, to be launched on 22 May.
Access www.xprimm.com and download the FY2016 Macedonian insurance market statistics.
Market portfolio (in MKD and EUR):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance
- Non-life insurance