Fast Market Research

Just Published: "The Insurance Industry in Macedonia, Key Trends and Opportunities to 2018"

New Insurance research report from Timetric is now available from Fast Market Research

 

Boston, MA -- (SBWIRE) -- 12/11/2014 -- 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.

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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.

Report Highlights

- 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%.

Report 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 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 Get this Report

- 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.

Companies Mentioned in this Report: Croatia Life, Grawe, Winner Life, Uniqa, Makedonija

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