VIENNA Insurance enters the Macedonian life insurance market
After the announced market entry in Montenegro, VIENNA Insurance Group continues strengthening its presence in Central and Eastern Europe and plans to establish a life insurance company in Macedonia. The Group has already been represented in the non-life insurance sector of Macedonia through WINNER VIENNA Insurance Group since 2007.
The insurance products are to be sold through INVESTBANKA Skopje, forming part of the ERSTE Group. As a result, sales cooperation with ERSTE Group will cover a total of ten countries.
"We are particularly pleased about growth achieved by our Group companies in the life insurance segment through insurance contracts sold by banks. This success has encouraged us to expand our engagement in the life insurance business in new markets. After Montenegro, we will open up another market in the life insurance segment in Macedonia", noted GEYER, CEO, VIG.
Macedonia has 2.1 million inhabitants and is an insurance market with a strong development potential. The insurance density (premiums per capita) was almost EUR 50 in 2009 and the insurance penetration (share of premiums in the GDP in percent) amounted to slightly more than 1.5 percent. By comparison, the EU-15 Member States reported an insurance density of more than EUR 2,500 and an insurance penetration of 8.7 percent in this sector in 2009.
