Macedonian insurers reported aggregate nine-months 2024 aggregate GWP worth MKD 12.18 billion (~EUR 198.17 million), 12.6% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.

Non-life GWP accounted for about 83.14% of the total GWP (MKD 10.13 billion, or EUR 164.75 million, up by 11.09% y-o-y) - of which MTPL (36.7% of total), property (17.17%), MoD (8.3%) and GTPL (2.47%), the remaining share of 16.86% being represented by the life insurance segment: GWP of MKD 2.05 billion (EUR 33.4 million), up by 11.5% y-o-y.

In terms of payments, the value of life indemnities increased by 17.2% y-o-y to MKD 707.3 million (EUR 11.5 million), while non-life claims totaled at the end of September 2024 about MKD 3.61 billion (EUR 58.8 million), up by 2.6% y-o-y.

At the end of September 2024, in terms of GWP, the largest non-life insurer in the country was MAKEDONIJA Insurance s.c. Skopje - Vienna Insurance Group (18.3% market share), while CROATIA (22.7%) led the life business segment.

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North Macedonia's insurance market rose 10.66% to EUR 132.27 million, while in national currency the market growth rate was almost same (+10.49%). Claims paid by insurers increased by 2.92% to EUR 46.71 million, of which EUR 38.30 million were paid in non-life insurance and EUR 8.41 million – life indemnities.

Total premiums paid by citizens in travel insurance for traveling abroad in June, July and August reached EUR 2 million, which is 6% more y-o-y. At the same time, paid claims in travel insurance, for this period, increased by 89% and reached EUR 560,000, the Insurance Supervision Agency (ASO) informed.

Insurers of North Macedonia have written gross premiums worth EUR 67.5 million in the three months of 2024, which is 18.5% more y-o-y. Paid claims increased by 7.5%, to EUR 23.47 million.

Among voluntary classes, property insurance remains the best-selling with EUR 3 million generated per month, followed by Motor Hull with EUR 2 million and health insurance with EUR 1.7 million, the Insurance Supervision Agency (ASO) informed.

In the first half of the year vehicle owners invested EUR 43.1 million in mandatory motor liability insurance and green card policies. Citizens and companies paid EUR 10.2 million during the period for green card policies, the Insurance Supervision Agency (ASO) informed.

Citizens received MKD 443 million (over EUR 7.2 million) from life insurance in the first five months of the year, according to the official data submitted by six life insurance companies to the Insurance Supervision Agency (ASO).

The value of paid claims for private health insurance from January through May this year grew by 28.5% y-o-y. Insureds received MKD 324.4 million (EUR 5.3 million) from insurance companies for medical expenses covered by their private health insurance policies in the first five months, according to data submitted by insurers to the Insurance Supervision Agency (ASO).

Private health insurance has been, as before, the most popular insurance during the first five months of this year, while property insurance has been the largest.

North Macedonia's Makedonija Osiguruvanje (Vienna Insurance Group (VIG) will propose to its shareholders to distribute a gross dividend of MKD 34 denars (EUR 0.55) per share for 2023. The insurer plans to distribute MKD 24.4 million as dividend for 2023 in total, SeeNews reports.

The market results achieved in 2023 complete a process of continuous three-year growth of the insurance industry.

North Macedonia's insurance companies reported aggregate FY2023 business worth MKD 14.3 billion (~EUR 233 million), up by 12.2% y-o-y, according to the preliminary year-end market figures published on the country's Insurance Supervision Agency website. Claims paid by insurers increased by 13.9% to MKD 5.8 billion (~EUR 95 million), of which MKD 5.0 billion - non-life payments and MKD 0.8 billion - life indemnities.

In 2023, vehicle owners paid about EUR 87 million for motor liability insurance. Of that amount EUR 21 million was paid for Green Card policies, according to the Insurance Supervision Agency (ISA).

In November this year total payment for damages covered by non-life insurance reached MKD 550 million (EUR 9 million). Compared to October, the value of paid claims in the segment increased by 45%, according to the preliminary data of Insurance Supervision Agency (ISA), the ISA said.

Macedonian insurers reported aggregate nine-months 2023 aggregate GWP worth MKD 10.8 billion (~EUR 176 million), 12.8% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.

All non-life insurance companies paid over 9,800 claims worth MKD 312.5 million (EUR 5.1 million) in August of 2023 alone. The companies paid for damages covered by insurance 22% (MKD 57.3 million) more than in August of 2022, according to the preliminary data submitted to the Insurance Supervision Agency (ISA) by all 11 non-life companies, the ISA said.

From January to July 2023 life insurance companies paid out MKD 494 million (EUR 8 million). The five life insurers paid MKD 62.4 million (EUR 1 million) in July alone, which is 19% higher than the same month last year, the ISA (Insurance Supervision Agency) said.

Macedonian insurers posted January-June aggregate GWP worth MKD 7.4 billion (~EUR 119.5 million), 14.1% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

In July 2023 medical expenses dominate the structure of claims paid for voluntary insurance, followed by motor vehicle insurance claims for which local insurers paid EUR 0.98 million (MKD 60.61 million) in July, the ISA (Insurance Supervision Agency) said.

At the end of March 2023, the insurance market of North Macedonia totaled MKD 3.5 billion (EUR 57 million), up by 17.8% y-o-y, according to quarterly data published by the local Insurance Supervision Agency.