Insurers of North Macedonia achieved a 7.2% y-o-y consolidated market growth after the first three quarters of 2019, to a total GWP volume of EUR 129 million. Three business lines have provided for about 80% of the GWP increase: MTPL, fire insurance and life insurance.

Growing at a hire pace than the market average, life insurance sector's weight in the market portfolio increased by almost 1 percentage point, to 15.6%. Yet, with overall GWP of EUR 20 million, the life insurance business is still very small. CROATIA, the local subsidiary of the Croatian market leader Croatia Osiguranje, holds an almost 45% share of the local life insurance business, followed by the Austrian GRAWE (29.7%) and WIENNER - part of the Vienna Insurance Group (16.2%).

Non-life remained the main market sector, clearly dominated by the motor insurance lines which account together (Motor Hull and MTPL) for over 61% of the non-life GWP (EUR 66.65 million in 3Q). The MTPL line is by far the main source of business, providing for GWP of EUR 56.4 million. It should be said, however, that it is also the main source of claims expenses, with claims paid for MTPL policies reaching EUR 24.45 million, which is almost 79% of the motor claims expenses and 50% of the total claims paid at market level. Overall, the sector recorded a 6.2% y-o-y growth in premiums, to EUR 109 million.

The fire insurance line recorded a 23.2% GWP growth, to EUR 9.4 million, confirming the trend establishes earlier in the year. Yet, in relative terms, the highest dynamic was recorded by a class holding a still very small in the market potfolio, health insurance - with GWP going up by 51.3%, to EUR 2.74 million and its share in the portfolio increasing from 1.5% in 2018 to 2.13% in 2019.

Slovenian TRIGLAV remains the non-life insurance market's leader, although with a decreasing market share (16.65% vs. 18.1% the previous year), followed by EUROLINK (12.19%) and MAKEDONIA-VIG (11.43%). The local unit of the Bulgarian EUROINS and HALK (ex. NOVA) have improved their positions in the market rankings (to 5 and 9, respectivelly) by recording the highest GWP y-o-y growth rates, of 25.9% and 36.18%.
Access xprimm.com and download the 3Q2019 Macedonian insurance market statistics.

• North Macedonia 3Q2019 Market portfolio (in MKD and EUR):
  • Gross written premiums
  • Paid claims
  • Growth rates
• North Macedonia 3Q2019 Market rankings (GWP/Market shares/Growth rates):
  • Life insurance
  • Non-life insurance