The Insurance Industry in Macedonia, Key Trends and Opportunities to 2018

Date: 2015-09

“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.”

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