UNIQA sees opportunities for expansion in Macedonia.

By bne IntelliNews November 24, 2011
UNIQA's Macedonian units outperformed the insurance market in the country, registering 14.5% annual growth of premiums in 2010, compared to only 4.8% growth of the market, UNIQA reported on its website. UNIQA ranked seventh on the Macedonian insurance market in 2010 with a market share of 6.6%. The property insurance segment had a 7.1% market share and ranked seventh. The life insurance arm obtained a licence in May 2011 and is currently starting operations. UNIQA Group said it sees excellent opportunities for growth in the markets of Albania, Kosovo and Macedonia. By expanding our presence in South-Eastern Europe, we are showing that we have a lot of confidence in the future development of the region," according to Wolfgang Kindl, CEO of UNIQA International AG, an independent foreign holding which controls the more than 40 foreign companies of UNIQA Group. The insurance market in Macedonia expanded by 7.7% y/y to MKD 3.33bn (EUR 54mn) in H1. Non-life insurance premiums rose by 6.4% y/y to MKD 3.12bn, and life insurance premiums increased by 32% y/y to MKD 208.9mn. A total of 11 companies offered non-life insurance in Macedonia in H1. The life insurance segment was represented by four companies during the period.
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