North Macedonia


Location map
author: OCHA/ ReliefWeb

- Southeastern Europe;
- Neighbours: Greece, Albania, Kosovo, Serbia, Bulgaria.

- warm, dry summers and autumns;
- relatively cold winters with heavy snowfall.

Natural hazards:
- high seismic risks.

Macro indicators
* 2018 estimates
Pop. density*:80.9people/km2
GDP*:10.7EUR billion

European Union:
Official candidate

Currency: Denar
Code: MKD
Since: 1993

Insurance market portfolio
* 2018 estimates
Overall Property*:17%
Overall Motor*:52%




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Macedonia 1H2020 Insurance Companies Rankings

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Macedonia 1H2020 Market Portfolio

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Latest news

Double-digit increase for the Macedonian market in Q1

Macedonian insurance companies posted consolidated gross written premiums of MKD 1.95 billion (EUR 31.6 million) in 1Q2014, up 11% y-o-y, the market figures published by Insurance Supervision Agency indicated. Non-life insurance premiums accounted for 93.5% of the total, supported by the heavy contribution of motor insurance classes (46% of total), property (~25%) and accidents (more than 10%).

MACEDONIA: VIG's insurance premiums up 2.6% to EUR 117mn in 2013

Macedonian insurance companies recorded gross written premiums of MKD 7.19bn (EUR 117mn) in 2013, up 2.6% y/y, the country's insurance supervision agency said. Non-life insurance premiums edged up 0.8% to MKD 6.46bn, whereas life insurance premiums climbed 22% to MKD 729.5mn.

REP. MACEDONIA, FY2013: Insurance market returns to profit after two years of losses

The Macedonian insurance market totaled MKD 7.19 billion (~EUR 117 million) at the end of December 2013, 2.6% up y-o-y, according to the data provided by the Insurance Supervisory Authority. Regarding the profit-loss account, "I would like to emphasize that after two years of showing losses at industry level, in 2013 the insurance sector achieved profits in the amount of MKD 211.70 million (~EUR 3.44 million)", has declared exclusively for XPRIMM, Mr. Klime POPOSKI, President, Insurance Supervision Agency Macedonia.

MACEDONIA 1H2013: 6.2% y-o-y growth in GWP and strong governmental support for agricultural insurance

With GWP amounting to EUR 58.8 million by the end of 1H2013, the Macedonian insurance market continued to follow the upswing trend, showing a 6.2% growth y-o-y. "The insurance sector is in a dynamic phase of development despite the financial crisis and its consequences are felt. Recent statistics show that over the last two years and in the first half of 2013 we have recorded perhaps the most dynamic development in the insurance sector in the countries of Central and Southeast Europe," Klime POPOSKI, President of the Council of Experts, Macedonian ISA, told XPRIMM.

MACEDONIA: VIG completes integration of former QBE Macedonia

The official renaming of the new Vienna Insurance Group (VIG) company in Macedonia to Akcionersko Drustvo za Osiguruvanje i Reosiguruvanje Makedonija Skopje - Vienna Insurance Group (short name: Makedonija Osiguruvanje) marked the completion of its successful integration into the Group.

FYROM 1Q2013: Life insurance drives the market growth

Gross premium written by the Macedonian insurers in 1Q2013 amounted to MKD 1.76 billion (EUR 28.5 million), 3.1% up y-o-y, according to data published by the insurance supervising authority. Once again, in line with trend witnessed by the end of 2012, the life insurance segment was the growth driver as GWP for this line of business went up by 19%. Yet, life insurance continues to represent a still very small share of the market, of only 7.5%.

FYROM, FY 2012: Life and property, the 2012 stars of the insurance market

An almost 3% growth in GWP, to EUR 113.95 million, driven by the positive development of the property insurance and life insurance lines - these are the main 2012 coordinates of one of the smallest CEE markets, FYROM. According to data provided by the supervising authority, the main growth factors were: introduction of new innovative products, enlargement of the risk coverage, development of alternative distribution channels and broader insurance awareness of the potential policy holders.

QBE Makedonija deal raises VIG market share to over 20%

Austria's Vienna Insurance Group (VIG) said on Tuesday it has completed the acquisition of a majority stake in QBE Makedonija, raising its share in the Southeast European country to a marketing-leading 20% plus.

MACEDONIA: VIG acquired 92.9% of QBE Makedonija

Austria's Vienna Insurance Group (VIG) acquired 92.9% of Macedonian insurer QBE Makedonija for some 1.4 billion denars (EUR 21.7 million), the Macedonian financial regulator said on Friday.

MACEDONIA, 3Q2012: The figures continued to show the market potential

In January-September 2012, Macedonian insurers wrote MKD 5.3 billion in premiums (EUR 86.2 million), which represented an increase of 2.6%, as the figures published by the Insurance Supervision Agency of Macedonia showed. Regarding the market dynamics, the Macedonian insurance market reported a continual growth on both segments: non-life insurance premiums increased by 1.4%, while life insurance premiums increased by 20.6%.

VIG to acquire 75% of QBE Makedonija

VIENNA Insurance Group signed an agreement to acquire around 75% of the voting rights with the Macedonian insurer QBE Makedonija. The transaction is subject to regulatory approval.

MACEDONIAN insurers GWP grew by 7.3% in Q1

Macedonian insurance companies posted combined gross written premiums of MKD 1.71 billion (EUR 27.7 million) in 1Q2012, up from MKD 1.59 billion a year earlier, Insurance Supervision Agency figures indicated. Non-life insurance premiums accounted for 93.5% of the total insurance premiums (MKD 1.60 billion), while the life insurance segment accounted for the remainder of the market (MKD 110 million).