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Strategic Market Intelligence: Insurance Industry in Macedonia - Key Trends and Opportunities to 2022

Strategic Market Intelligence: Insurance Industry in Macedonia - Key Trends and Opportunities to 2022

  • February 2019
  • 37 pages
  • ID: 5744607
  • Format: PDF
  • By GlobalData

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Strategic Market Intelligence: Insurance Industry in Macedonia - Key Trends and Opportunities to 2022

Summary
During 2015-16, political disturbance due to nationwide protests against the ruling party adversely affected domestic and private investment in the economy; this resulted in an economic slowdown, with modest real GDP growth of 0.02% in 2017. After the end of the political crisis, the economy recovered in 2018, facilitated by a rise in foreign direct investment (FDI) and exports. Macedonia’s GDP is projected to grow by 2.6% in 2019.

As of 2017, Macedonia’s total insurance industry gross written premium (GWP) was MKD9.0 billion (US$164.1 million), and grew at CAGR of 5.8% during 2013-2017. The life segment dominated the insurance industry, with a share of 83.9%, and is expected to grow at a forecast-period (2017-2022) CAGR of 9.5%.

Retail was the dominant consumer segment in general insurance, accounting for 68.9% of GWP in 2017. Motor insurance was the largest contributor to retail GWP, with a share of 76.5% in 2017. During 2013-2017, health insurance was the fastest growing line of business, registering a review-period CAGR of 129.0%. Mandatory classes such as Motor Third Party Liability, Personal Accident insurance for public transport passengers, Professional Indemnity and Clinical Trials’ insurance supported the industry’s growth.

The top four insurers in the general segment accounted for 51.1% of the segment’s total GWP in 2017. The life segment consists of only four insurers, of which Croatia Insurance accounted for a 43.0% share in 2017. Mandatory classes such as Motor Third Party Liability, Personal Accident insurance for public transport passengers, Professional Indemnity and Clinical Trials’ insurance supported the industry’s growth. At the end of 2017, the top five insurers accounted for about 54.3% of the total insurance industry by GWP.

The report "Strategic Market Intelligence: Insurance Industry in Macedonia - Key Trends and Opportunities to 2022", provides a detailed outlook by product category for the Macedonian insurance industry. It provides values for key performance indicators such as written premium, incurred loss, claims paid, commissions and expenses, combined ratio, total assets, total investment income and net earned premium during the review period (2013-2017) and forecast period (2017-2022).

The report provides -
- Key insights and dynamics of the Macedonian insurance industry
- A comprehensive overview of the Macedonian economy and demographics, and provides detailed information on the competitive landscape in the country
- Macedonian insurance industry’s market structure giving details of retail and commercial lines of business with market shares
- Historical values for the Macedonian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period
- Detailed analysis of the key categories in the Macedonian insurance industry, and market forecasts to 2022
- Profiles of the top insurance companies in Macedonia

Companies mentioned: Triglav Insurance, Eurolink Insurance, Insurance Macedonia, Joint Stock Company for Insurance Sava, Winner Insurance, Croatia Insurance, GRAWE Insurance ad Skopje, Winner Life, UNIQA AD Skopje, Insurance Macedonia.

Scope
- This report provides a comprehensive analysis of the Insurance Industry in Macedonia.
- It provides historical values for the Macedonian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key categories in the Macedonian insurance industry, and market forecasts to 2022.
- It profiles the top insurance companies in Macedonia.

Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Macedonian insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Macedonian insurance industry.
- Assess the competitive dynamics in the insurance industry.
- Identify growth opportunities and market dynamics in key product categories.

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