STATISTICS: NORTH MACEDONIA, 1Q2020: The insurance market reported similar growth rates both in life and general LoBs

18 June 2020 — Andrei Victor
At the end of March 2020, the Macedonian insurance market totaled about MKD 2.6 billion (EUR 42 million*), up by 4.5% y-o-y, according to data provided by the local Insurance Supervision Agency. Paid claims by insurers remained at the Q1 2019 level: MKD 955 million, the equivalent of EUR 15.5 million*.

GWP from non-life insurance increased by 4.5% y-o-y to MKD 2.2 billion (about 84% of total GWP), while the life insurance segment reported premiums of MKD 416 million, 4.3% more y-o-y, official figures show.

Despite the 10% decrease in GWP, the largest life insurer in the country was the local unit of CROATIA osiguranje (with GWP of MKD 165 million, ~EUR 2.7 million*, a 40% market share), while EUROLINK led the non-life ranking (EUR 5.1 million*, 14.5% market share).

* For the following exchange rates:
1 EUR = 61.5684 MKD (March 31st, 2019)
1 EUR = 61.6950 MKD (March 31st , 2020)

Access and download the latest Macedonian insurance market statistics (in EUR and local currency).

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