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РINУTБEРRИVКIEАW
Marija Tomeska (photo: Economy and business)
President of the Manage- Health, property and
ment Board of EUROLINK business insurance
brings benefit
Insurance Inc
Mrs. Tomeska, the general strengthening of the competition We can expect in the future an in-
impression is that competition in on the market and the fight that creasing number of companies to
the insurance sector in Macedonia can sometimes be characterized as really start to sell their products
is becoming increasingly fierce. unfair competition. on the market directly to their
What are the trends? What should clients who are not yet informed
we expect in the future? I have to mention that the about the benefits of the insur-
competition is becoming increas- ance of their business, property,
M. Tomeska: One can say that ingly fierce only in the compulsory and health.
the insurance market in Macedo- classes; I could say that there is
nia in the past years is character- no significant competition in the We like challenges and solid
ized by low concentration, with a other segments, particularly in competition which I believe will be
mild trend of growth, considering products for individuals and small established as soon as the insur-
that 11 companies for non-life in- businesses. ance companies start to work to-
surance exist on the market, and gether on the market development
only 3 of them, one of which is Very few companies invest in through a creation of new or rede-
“Eurolink” have a market share promotion of underrepresented signed products which are easier
higher than 10% of the total port- types of insurance which are more to understand, and more favorable
folio which in 2015 was 7.2 billion than necessary for the everyday for the clients. This is precisely our
denars measured through the modern life. Usually it is a matter vision, to strengthen the position
amount of the gross written pre- of undertaking existing distribu- through development of innova-
mium. However, the market in tion channels and clients, rather tive products in the part of non-
specific segments is increasingly than creation of a new market compulsory insurance, wherewith
becoming deconcentrated, par- and new ways of sale. The inno- the very insurance market would
ticularly in the part of the com- vations in terms of distribution grow with a faster pace, particu-
pulsory insurances, mostly the and product design are limited in larly considering that the market
liability car insurances, through a small number of companies, of penetration is still at a very low
which “Eurolink” is always ahead level (with 1.48% participation of
with its creativity and flexibility.
64 July-August 2016
