Investments in property insurance are growing at the same rate as compulsory motor third-party liability insurance – a trend that is very important for the development of the insurance market. In this period, the continuous growth of investments in private health insurance, which reached EUR 3.8 million and increased by 38% compared to the first half of 2020, is especially prominent.
Investments by policyholders in non-life insurance policies (gross written premium (GWP)) reached MKD 5 billion (EUR 81.2 million) in the first six months of this year. That is a 15.6 per cent increase compared to the same period in 2020, according to official data from the Insurance Supervision Agency (ISA).
The growth of investments in non-life insurance policies has been expected given that last year was extremely difficult due to the numerous restrictions imposed by the coronavirus pandemic. In half a year, 634,567 non-life insurance contracts were concluded, which is 16 per cent more than last year.
It is important to note that in the first half of this year, investments in non-life insurance have been higher by MKD 600 million (EUR 9.76 million) or 13.6 per cent, compared to 2019.
The highest growth of insurance investments has been recorded in private health insurance and property insurance. As travel restrictions started to ease, a significant increase in the sale of green cards and travel insurance has been recorded.
Property insurance reached a value of MKD 1.4 billion (EUR 22.7 million) for six months, which is MKD 210.3 million (EUR 3.4 million) more compared to the same period last year. Investments by companies, institutions and other legal entities in property insurance exceeded one billion MKD (EUR 17.3 million), which is 29 per cent more compared to the same period in 2020.
Private health insurance has been growing steadily since the expansion of the corona crisis. In the first six months, investments in this type of insurance exceeded MKD 232 million (EUR 3.8 million), which is one million euros or 38 per cent more than last year.
GWP in the most common class of motor third-party liability insurance (which is mandatory by law and has a regulated price) brought revenue of MKD 1.74 billion (EUR 28.3 million) to the insurance companies for a period of six months. Investments in this insurance have increased by 14 per cent compared to the same period in 2020.
Sales of green cards reached MKD 409.4 million (EUR 6.6 million), which is an increase of 34 per cent, while travel insurance reached MKD 47.7 million (EUR 775,000) or 18 per cent more than last year.
“Triglav Osiguruvanje” had the largest market share in the first half of the year, ahead of “Eurolink Osiguruvanje”, “Halk Osiguruvanje”, ADOR “Makedonija” and “Unika”. They are followed by “Sava Osiguruvanje”, “Evroins Osiguruvanje”, “Wiener – VIG”, “Croatia Osiguruvanje – Non-Life”, “Osiguritelna Polisa” and “Grawe – Non-Life”.
All 11 non-life insurance companies recorded an increase in market share. “Halk Osiguruvanje”, “Unika”, “Croatia Non-Life”, and “Grawe Non-Life” had the highest growth in this period. The following are: “Sava Osiguruvanje”, “Wiener – VIG”, “Osiguritelna Polisa”, “Triglav Osiguruvanje”, ADOR “Makedonija”, and “Evroins Osiguruvanje”.
The Insurance Supervision Agency (ISA) is an independent regulatory body that regulates the insurance market, supervises the operation of insurance companies, takes care of the protection of the rights of the policyholders and contributes to the financial education of the population.