STATISTICS: NORTH MACEDONIA, FY2019: MTPL policies generated 43% of total business and more than a half of total settled payments

20 February 2020 — Andrei Victor
The preliminary market figures submitted by Macedonian ISA to, indicate that at the end of 2019 the local insurance industry totaled MKD 10.58 billion (EUR 172 million), up by 6.61% y-o-y.

Life insurance segment recorded a 9.64% y-o-y GWP growth rate, to MKD 1.83 billion, representing about 17.3% of total market. At the same time, the non-life insurance classes increased by 5.99% y-o-y, reaching MKD 8.75 billion, of which more than MKD 4.57 billion was related to Motor TPL subclass (52% of non-life GWP).

The aggregate value of payments increased by 2.87% to MKD 4.03 billion, of which MKD 347 million - Life indemnities, while on the non-life segment the volume of claims paid by insured totaled MKD 3.68 billion, of this total about 56% being related settled on Motor TPL claim files.

The largest life insurers in the country were CROATIA, GRAWE and WINNER VIG, the mentioned companies accounting for about 90% of the life insurance business. The non-life sector was led by TRIGLAV (16.28% market share) followed by EUROLINK (11.27%) and MAKEDONIJA-VIG (10.60%).

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