Page 31 - Turkinsurance Digital Magazine

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Gross written premium (by classes of insurance, in USD)

Life insurance 10.787
MTPL (total) 5.478

Property, other 3.965

Accident 1.625
Property, fire and nat.forces 1.474

Motor vehicles (casco) 1.054
Other 394

Tourists assistance 373

major part of foreign investments in North Macedonia are made in dominates the Macedonian insurance market with highest amount
telecommunications, banking, insurance, oil industry, textile, food, of premium production. Motor Third Party Liability (MTPL) ranks
tobacco, commerce and service sectors. In recent years, there has second with 22 percent, property ranks third with 16 percent, acci-
been an increase in the number of companies investing in North dent and fire and natural forces rank fourth and fifth with 6 percent
Macedonia through various FDI methods. respectively. Top 3 branches in premium production account for
80% of overall market premiums.
“Share of non-life segment stands at Highest number of policies are written in the accident branch.
60.6%; share of life segment is 39.4%” MTPL follows as second with 24% and tourist assistance ranks
third with 16%. These lines are followed respectively by fire and
Insurance industry has a high potential in Macedonia. Total pre- natural forces, life, property, and motor vehicles (casco).
mium production of the insurance sector consists of 60.6 Non-life
segment, %39.4 of life segment. 12 insurance companies operate in the insurance market of North
Macedonia. 7 of them operate only in non-life segment, 1 operates
According to data gathered from ASO (The Insurance Supervision only in life segment, while the remaining 4 are both life and non-life
Agency of Macedonia), while total premium production was 19 companies.
million 107 thousands USD in 2017, the proportion rose by 31.6%
and reached to 25 million 151 thousands USD in 2019. It seems Its low tax rates and free economic zones have helped to attract
that premium production in life branch rose by 67.27 and reached foreign investment, which is still low relative to the rest of Europe.
to 10 million 892 thousands where non-life branch production rose Today, 75 thousand 914 entities exist actively in the country. With
by 13.20% and reached to 14 million 258 thousands in the same low penetration rates, there are still many areas waiting to be in-
period. By 2020 Q3, total premium production in both life and non- sured in North Macedonia.
life segment reached 16 million 916 thousands USD. Life insurance

Number of contracts (by classes of insurance)

Accident 113.094

MTPL (total) 54.896

Tourists assistance 36.993
Property, fire and nat.forces 27.010

Life insurance 23.858

Property, other 8.158

Motor vehicles (casco) 3.078

General liability 3.013
Other 453