Macedonian insurers posted nine-months 2021 aggregate GWP worth MKD 8.8 billion (~EUR 143 million), 17.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

In the first 9 months of 2021, life insurance increased by 12% y-o-y, reaching MKD 1.32 billion (EUR 21.5 million). More than 242,000 citizens have life insurance policies as of the end of September, according to official data from the Insurance Supervision Agency (ISA), osigurajse.net wrote.

The number of insurance contracts concluded in the first 9 months of 2021 increased by 32% and exceeded 1.13 million, according to official data from the Insurance Supervision Agency (ISA).

The government plans to introduce compulsory insurance in agriculture, and a new law is being prepared. For years, only a small number of farmers insured their crops and livestock, thus in the event of disasters and damage, the Government compensated affected farmers from the budget. The new law has a new solution - to establish Agricultural Insurance Fund.

The number of complaints filed by insured persons in the first nine months has doubled y-o-y. According to the Insurance Supervision Agency (ASO) complaints resolved in favor of dissatisfied policyholders in 9M2021 increased by 83% compared to the same period last year.

Insurance companies paid EUR 10.2 million of remuneration to their intermediaries. Through insurance intermediaries (insurance brokerage companies, insurance companies and insurance agents), insureds paid EUR 42 million for non-life insurance in the first six months of 2021, the Insurance Supervision Agency (ISA) said.

North Macedonian non-life insurer Halk Osiguruvanje, owned by Halk Banka, the local arm of Turkish state-owned lender Halk Bankasi, raised EUR 3 million in a capital increase via a new share issue, SeeNews informed.

The largest corporate policy issued in North Macedonia covers a maximum damage of up to EUR 1.26 billion. In motor vehicle insurance, the maximum sum insured is EUR 41 million and the insurance contract is with a public passenger transport company.

North Macedonia's insurance market ended the first half of 2021 with GWP worth EUR 95.7 million, 14.6% up y-o-y. AT the same time, paid claims increased by 22%, to almost EUR 36 million. Among the main business lines, the evolution was rather balanced, so that the market portfolio structure remained stable.

In 1H2021, the number of contracts in private health insurance increased by 48%, GWP reached EUR 3.8 million. Insurance companies of North Macedonia for the first half of 2021 for reported insurance events paid 87.5% more y-o-y, Insurance Supervision Agency (ISA) reports.

The Insurance Supervision Agency (ISA), as of June 30, 2021, received 82 complaints from insureds who were dissatisfied with the work of insurance companies. Compared to the same period last year, in 1H2021 the number of submitted complaints has doubled, ISA

North Macedonia-based insurer Triglav Osiguruvanje, which is part of Slovenian insurance group Triglav, said that it recorded a net loss of MKD 17.6 million (EUR 0.38 million) in the first half of 2021 (vs a net profit of MKD 30.5 million for the same period last year), SeeNews reports.

Croatia Osiguruvanje - Nezivot, subsidiary of Croatia Osiguranje - Croatia's market leader, increased its capital by EUR 580,000 through a new share issue, thus the non-life insurer raised its capital to EUR 7.03 million, SeeNews said.

The Securities and Exchange Commission of North Macedonia announced it gave the green light to Croatia Osiguruvanje - Nezivot (non-life), the local unit of Croatian market leader, to increase its capital by EUR 0.58 million through a new share issue, SeeNews said.

At the end of March 2021, the Macedonian insurance market totaled MKD 2.68 billion (EUR 43.6 million), up by 4% y-o-y, according to preliminary data provided by the local Insurance Supervision Agency.

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*.