North Macedonia

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Location map
author: OCHA/ ReliefWeb


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

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

Natural hazards:
- high seismic risks.

Macro indicators
* 2018 estimates
Surface:25,713km2
Population*:2.1million
Pop. density*:80.9people/km2
GDP*:10.7EUR billion
GDP/capita*:5,170.0EUR

European Union:
Official candidate

Currency: Denar
Code: MKD
Since: 1993


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:17%
TOTAL NON-LIFE*:83%
Overall Property*:17%
Overall Motor*:52%


Sources:



 

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.

MACEDONIA, FY2011: Figures untouched by global crisis

Figures released by the Insurance Supervision Agency in respect of insurance companies in Macedonia show an increase of 5.02% in total gross premiums written (GPW) over the period 2010 - 2011. The increase in GPW was primarily due to the authorization of new undertakings, and also because many insurers exhibited significant increases in premiums written over the previous year.




MACEDONIA: 3Q results reconfirm market potential

At the end of the first nine months of 2011, Macedonian insurance companies reported a growth of 9.8 percent y-o-y (in local currency). In the analyzed period, premiums reached MKD 5.17 billion or EUR 84 million, informed the Macedonian Insurance Supervision Agency. Non-life insurance sector accounted for MKD 4.86 billion of the total sum, while the remaining MKD 307 million pertains to life insurance premiums. Most insurance policies were signed for motor insurance (58.6%), property insurance (19.5%) and accidents insurance (8.2%). The overall value of claims paid increased by 5.7% to MKD 2.14 billion (EUR 34.7 million).