Vienna Insurance Group granted life insurance licence in Macedonia
It is planned that sales activities will be carried out by the Sparkasse Bank Makedonija AD Skopje, which belongs to the Erste Group. Thus the sales agreement with the Erste Group will be expanded to ten countries.
The Vienna Insurance Group has been active in the non-life insurance sector in Macedonia since 2007 with Winner Vienna Insurance Group and is one of the top 10 businesses in the local insurance market.
The insurance market in Macedonia
Macedonia has a population of approximately 2 million. It is thus one of the smaller markets in the region but has considerable potential for growth in the insurance sector. The insurance density (annual premiums per capita) amounts to approximately EUR 50 and the insurance penetration (share in percent of total premiums to GDP) is 1.5 percent. In comparison, the EU15 countries have an insurance density of EUR 2,500 and an insurance penetration of 8.7 percent.
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