At the end of 2020, the Macedonian insurance market totaled MKD 10 billion (EUR 163 million), down by 5% y-o-y, according to Macedonian ISA preliminary year-end figures.

Macedonian insurers posted nine-months 2020 aggregate GWP worth MKD 7.52 billion (~EUR 122 million), 5.22% less y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

Non-life GWP dominated the market portfolio accounting more than 84% of the total GWP (MKD 6.33 billion, or EUR 102.7 million) - of which MTPL (40.75% of total), property (20.13%), MoD (8.18%) and GTPL (2.11%) - , the remaining share of 16% being represented by the life insurance segment: GWP of MKD 1.18 billion (EUR 19.2 million).

TRIGLAV (15.18% market share), EUROLINK (11.85%) and MAKEDONIJA (11.41%) were the largest non-life insurers, while CROATIA (38.34%), GRAWE (30.95%) and WINNER LIFE (17.87%) were the top 3 life insurers.

Access www.xprimm.com and download the 3Q2020 Macedonian insurance market statistics.

During the first six months of 2020, the insurance market of North Macedonia amounted to MKD 5.2 billion (~EUR 83 million*) in gross premiums written (GWP) and MKD 1.8 billion (~EUR 29 million*) in claims paid. The overall GWP of the market decreased by 1.7%, while consolidated claims decreased by 6.8%, in local currency.

The Italian group GENERALI informed its Slovenian asset management arm - GENERALI Investments Slovenia - is in the process of acquiring ILIRIKA FM AD SKOPJE by merger with GENERALI Investments AD Skopje, a subsidiary of the oldest asset management company in Slovenia, GENERALI Investments. GENERALI mentioned the transaction is subject to relevant regulatory and competition approval.

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*.

On February 27, 2020, during Macedonian Insurance Supervision Agency (ISA) meeting, the Board of Experts decided to approve GRAWE's request to take over EUROLINK Skopje.

The preliminary market figures submitted by Macedonian ISA to XPRIMM.com, 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.

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.

Macedonian insurers ended 1H2019 with an aggregate GWP volume of EUR 85.37 million, 6.7% up y-o-y. In relative terms, the life insurance sector showed a double-digit growth rate, but in absolute value, it was still the non-life insurance segment providing for the largest contribution to the market growth.

At the end of March 2019, the Macedonian insurance market totaled about a quarter billion MKD (EUR 40 million), up by 4.6% y-o-y, according to data provided by the local Insurance Supervision Agency.

Turkey-based Halkbank announced the acquisition of Macedonian Nova Insurance, and now shows interest in investing in Moldova, too. Halkbank is already active in North Macedonia and Serbia, making Moldova the third country in the region Halkbank wants to develop.

Read the full story

The preliminary FY2018 statistics provided by Macedonian ISA indicate for the local insurance market a total gross written premiums (GWP) volume of EUR 161.4 million (MKD 9.9 billion), up by 10.4% y-o-y.

EUROLINK Insurance, Macedonia, was awarded for its contribution to the development of entrepreneurship in Central and Southeastern Europe at the 2018 Creators for Centuries project, the company said.

Slovenia's top insurer Zavarovalnica Triglav plans to expand its activity in the Macedonian private pensions market. The Group is already present on the local insurance market, with two companies.

Stopanska Banka has become one of the largest insurance distribution channels in Macedonia, by starting - in the year that marked its 75th annyversary, a partnership with two important life insurers from the local market: CROATIA Insurance and UNIQA.

Macedonian insurers nine-months 2018 aggregate GWP amounted MKD 7.4 billion (~EUR 120 million), 8.9% more y-o-y, according to the market figures provided by the Insurance Supervision Agency of Macedonia.

The Macedonian insurance market recorded a constant ascendant trend during the last decade, with GWP increasing between 2008 and 2017 by about 40%. Yet, as the life insurance sector gained more relevance in the recent years, its contribution to the market growth became more visible.

Read the full story

Macedonian insurers ended 1H2018 with an aggregated GWP volume of EUR 80 million, up 6.7% y-o-y. Most of the market growth came from the non-life insurance segment, namely from MTPL and fire and allied perils insurance lines.