Market Research Report

The Insurance Industry in Macedonia, Key

Trends and Opportunities to 2018
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Synopsis:
The report provides in-depth industry analysis, information and insights into the
insurance industry in Macedonia, including:

The Macedonian insurance industrys 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

Report Overview:
Macedonia is an upper-middle-income country, and is one of south-east Europes emerging
economies. The countrys 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 (20092013) 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 countrys overall economy development during 20092012, 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 industrys 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.

Scope :
This report provides a comprehensive analysis of the insurance industry in
Macedonia:

It provides historical values for the Macedonian insurance industry for the reports 2009
2013 review period, and projected figures for the 20132018 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.

Key Highlights :
The Macedonian insurance industry is small and underdeveloped, and therefore offers
opportunities in terms of growth and development.

The industrys 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 segments 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%.

Table of Contents:
1 Executive Summary
2 Introduction
3 Macedonian Insurance Industry Overview
4 Industry Segmentation

5 Competitive Landscape
6 Macroeconomic Indicators
7 Appendix

Reason 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.

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