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%



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).

MACEDONIA: Triglav Osiguruvanje Turns to Q1 Loss

Macedonian non-life insurer Triglav Osiguruvanje said it turned to a net loss of some 49.1 million denars ($995,730/796,590 euro) in the first quarter of 2012 from a net profit of 184.5 million denars a year earlier.

MACEDONIA: Insurer Kjubi Makedonija Turns to Loss in 2011

Osiguruvanje Kjubi Makedonija said last year it turned to a net loss of 70.13 million denars ($1.5 million/1.1 million euro) from its non-life insurance operations and to a net loss of 1.579 million denars on the life insurance segment.