Non-life insurances - North Macedonia

North Macedonia

The Non-life insurances market market in North Macedonia is expected to witness significant growth in the coming years.
According to projections, the market size, measured by gross written premium, is estimated to reach US$918.50m in 2024.
This indicates a positive trend in the country's insurance sector.
Furthermore, the average spending per capita in the Non-life insurances market market is anticipated to be around US$441.00 in 2024.
This figure highlights the level of individual contributions to the insurance sector, indicating the importance of insurance coverage for the population.
Looking ahead, the gross written premium is projected to experience a steady annual growth rate of 1.84% between 2024 and 2029.
This growth trajectory is expected to result in a market volume of US$1,006.00m by 2029.
This indicates a promising outlook for the Non-life insurances market market in North Macedonia.
In a global context, it is worth noting that the United States is expected to generate the highest gross written premium of US$2,500.0bn in 2024.
This demonstrates the dominance of the US market in terms of insurance revenue and underscores the significance of the Non-life insurances market sector on a global scale.
Overall, the Non-life insurances market market in North Macedonia is poised for growth, with positive projections for both market size and individual spending.
These developments align with the global trends in the insurance industry, highlighting the importance of this market segment in the country's economy.
North Macedonia's non-life insurance market is experiencing steady growth due to increased awareness and demand for property and liability coverage.

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Analyst Opinion

Over the past few years, the Non-life insurances market in North Macedonia has shown a steady growth trajectory, reflecting the increasing awareness and importance of insurance products among individuals and businesses in the country.

Customer preferences: Customers in North Macedonia are increasingly valuing non-life insurance products as a means of protecting their assets and mitigating risks. The demand for property, motor, and health insurance policies has been on the rise, driven by the need for financial security and stability in the face of unforeseen events.

Trends in the market: One notable trend in the North Macedonian non-life insurance market is the growing popularity of customized insurance solutions tailored to meet the specific needs of different customer segments. Insurers are offering more flexible policies and innovative coverage options to attract and retain customers in a competitive landscape.

Local special circumstances: North Macedonia's non-life insurance market is also influenced by local regulatory frameworks and market dynamics. The country's insurance sector is undergoing reforms to enhance transparency, consumer protection, and market efficiency. Additionally, the presence of both domestic and foreign insurance companies contributes to a diverse range of products and services available to customers.

Underlying macroeconomic factors: The development of the non-life insurance market in North Macedonia is closely linked to the overall economic growth and stability of the country. As the economy continues to expand, driven by sectors such as manufacturing, tourism, and services, individuals and businesses are increasingly recognizing the importance of insurance as a risk management tool. Moreover, favorable demographic trends and increasing disposable incomes are also contributing to the growth of the insurance market in the country.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.