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%



STATISTICS: MACEDONIA, H1: Preliminary figures show a 8.3% y-o-y increase in GWP

In January-June 2015, Macedonian insurers reported gross written premiums of MKD 4.3 billion (about EUR 70 milion) or 8.3% more y-o-y, as the preliminary figures provided by the Insurance Supervision Agency showed. As in previous periods, non-life insurance premiums dominated the market portfolio, and accounted for 89.2% of total GWP, of which about 39% was related to Motor TPL policies, 26.5% - property lines and 8.0% - motor hull.

STATISTICS: GWP of MACEDONIAN insurers up by more than 10% in Q1

Macedonian insurers posted aggregate gross written premiums of EUR 34.86 million (MKD 2.14 billion) at the end of March 2015, according to figures published on the Insurance Supervisions Agency website. The mentioned figure is about 10.2% higher y-o-y. The value of paid claims increased by 16.4% y-o-y to EUR 13.3 million.

MACEDONIA: Euroins Osiguruvanje Q1 premium income up 20.5%

The premium income of Macedonian insurer Euroins Osiguruvanje soared by 20.5% to 1.84 million euro in the first three months of 2015, its parent, Eurohold Bulgaria, said on Friday. The premium income of Skopje-based Euroins Osiguruvanje from third-party liability insurance was up by 21.8% to 1.1 million euro through March, financial and insurance group Eurohold Bulgaria said in a notice filed with the Sofia bourse.

STATISTICS: MACEDONIA FY2014: Preliminary figures indicate significant growth rates in property claims

The preliminary FY2014 statistics indicate for the Macedonian insurance market a total GWP volume of EUR 124 million, 6.1% up y-o-y. Life insurance segment generated a 21.8% y-o-y growth rate (to EUR 14.5 million), while the non-life insurance classes increased by 4.3% y-o-y to EUR 109.6 million. At the "claims chapter", the aggregate value increased by 3.2% to almost EUR 50 million. Life indemnities' volume went down by 10.6% y-o-y to EUR 1.7 million, while on the non-life segment the aggregate growth rate was 3.8% (to EUR 48 million).

STATISTICS: MACEDONIA 3Q2014: life insurance strives to reach 10% market weight

The Macedonian insurance market ended the first three quarters of 2014 with an almost 6% increase in GWP, to EUR 95 million. In relative terms, life insurance saw the highest growth rate, recording a GWP amount higher by 21.6% as compared with 3Q2013. Yet, in absolute figures, the main source of growth remained the non-life segment, especially the MTPL and damages to property lines.

MACEDONIA's Euroins Osiguruvanje 11-mo premium income up 13.7%

The premium income of Macedonian insurer Euroins Osiguruvanje climbed by 13.7% to 7.6 million euro in the first eleven months of 2014, its parent, Eurohold Bulgaria, said. The premium income of Skopje-based Euroins Osiguruvanje from third-party liability insurance was up by 8.5% to 4.9 million euro through November, financial and insurance group Eurohold Bulgaria said in a notice filed with the Sofia bourse on Tuesday.

UNIQA turns to positive 9-mo pre-tax earnings in MACEDONIA

Austrian insurance group UNIQA said on Wednesday it turned to positive earnings before taxes from operations in Macedonia of 723,000 euro in the first nine months of 2014 from a pre-tax loss of 48,000 euro a year ago.

VIG's MACEDONIAN life-insurance units in portfolio transfer deal

Insurer Osiguruvanje Makedonija said on Wednesday it signed a contract with local peer Winner Life, both part of Vienna Insurance Group (VIG), for the transfer of its life insurance portfolio. The agreement will come into force after permission was granted by Macedonia's Insurance Supervision Agency, Osiguruvanje Makedonija said in a bourse filing.

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%.