Slovenian insurer Triglav said on Friday it will enter the life insurance market in Macedonia in early November, by establishing a new company, Triglav Osiguruvanje Zivot.
The group has been present in Macedonia since 2007, but only in the non-life insurance market, where it holds the leading position with an 18% market share, Triglav said in a filing with the Ljubljana bourse.
"The group is expanding its business to the life insurance segment, as it sees potential for growth in this market due to lower insurance penetration," Triglav explained.
The insurer expects that market conditions will be challenging because the life insurance segment is closely linked to the general economic situation in a country.
Currently, four life insurance companies are operating in tight competitive conditions in Macedonia.
SOURCE: SEENEWS
