Macedonia is an upper-middle-income country, and is one of south-east Europe’s emerging economies. The country’s GDP at constant prices (base 2005) stood at MKD348.8 billion (US$7.5 billion) in 2013, increasing from MKD304.3 billion (US$6.9 billion) in 2009 at a review-period (2009–2013) compound annual growth rate (CAGR) of 2.1%. The Euro zone debt crisis, and falling overall exports and foreign direct investment (FDI) all impacted the country’s overall economy development during 2009–2012, before it recovered in 2013 due to increase in construction activity and exports.
The Macedonian insurance industry is small and underdeveloped, and therefore offers opportunities in terms of growth and development. It grew at a review-period CAGR of 3.9%. The industry’s growth was supported by the life segment, which grew at a review-period CAGR of 25.6%, followed by the non-life segment with 3.0%. Growth in the life segment was partly due to expanding domestic operations in 2013, particularly of life insurers Croatia Life and Grawe.
The report provides in-depth industry analysis, information and insights into the insurance industry in Macedonia, including:
- The Macedonian insurance industry’s growth prospects by insurance segment and category
- The competitive landscape in the Macedonian insurance industry
- The current trends and drivers in the Macedonian insurance industry
- Challenges facing the Macedonian insurance industry
- The detailed regulatory framework of the Macedonian insurance industry
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 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
- It offers a detailed analysis of the key segments and categories in the Macedonian insurance industry, along with forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Macedonia, and outlines the key regulations affecting them.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast industry data related to the Macedonian insurance industry and each segment within it.
- Understand the demand-side dynamics, key trends and growth opportunities in the Macedonian insurance industry.
- Assess the competitive dynamics in the Macedonian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Macedonian insurance industry, and their impact on companies and the industry’s future.
- The Macedonian insurance industry is small and underdeveloped, and therefore offers opportunities in terms of growth and development.
- The industry’s growth was supported by the life segment, which grew at a review-period CAGR of 25.6%, followed by the non-life segment with 3.0%.
- Non-life insurance was the largest segment in terms of gross written premium, and dominated the Macedonian insurance industry with 80.2% share in 2013.
- The Macedonian life segment is highly concentrated, and was dominated by the top two insurers in 2013, which together accounted for 86.4% of the life segment’s gross written premium.
- A high combined ratio is a key concern for Macedonian insurers. The combined ratio was more than 100% during the review period in all three segments: life, non-life and personal accident and health. For life insurance it was 117.5% in 2013, while for non-life it was 103.6%, and for personal accident and health it was 102.7%.
Spanning over 136 pages, 112 Tables and 104 Pages “The Insurance Industry in Macedonia, Key Trends and Opportunities to 2018” report Covering Executive Summary, Introduction, Macedonian Insurance Industry Overview, Industry Segmentation, Competitive Landscape, Macroeconomic Indicators, Appendix. This report Covered 5 Companies – Croatia Life (Кроациа Живот), Grawe (Граве), Winner Life (Винер Живот), Uniqa (Уника Живот), Makedonija (Македонија).
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