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The Insurance Industry in Macedonia, Key Trends and Opportunities to 2017

Macedonia insurance market: Industry unaffected by global financial crisis

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2014-04-22 01:49:01 - The Insurance Industry in Macedonia, Key Trends and Opportunities to 2017 - a new market research report on

The Macedonia insurance market is small and in the developmental stage with the insurance penetration rate standing at 1.52% at the end of 2012. The industry was largely unaffected by the global financial crisis.

Overall, gross written premiums expanded at a CAGR of 2.2% during the review period (2008–2012), led by a strong performance in the life insurance segment which registered a CAGR of 22.4%.

Insurance industry growth was also supported by gradual economic development and an increase in the number of international companies in the industry. According to the Insurance Supervision Agency (ISA), the regulator of the Macedonian insurance industry, there were 15 insurance companies (five life insurers and 10 non-life insurers) operating at the end of 2012.

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