North Macedonia Insurance Industry – Key Trends and Opportunities to 2026

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The North Macedonia insurance market size was $223.2 million in 2021. The market is expected to grow at a CAGR of more than 10% from 2021 to 2026.

The North Macedonia insurance market research report provides a detailed outlook by product category for the North Macedonian insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium ceded, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the North Macedonian economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

North Macedonia Insurance Industry

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Key North Macedonia Insurance Market Trends

As per the Insurance Supervision Agency (ASO), the Government of North Macedonia is in the process of introducing compulsory insurance in agriculture. To date, the government compensated the affected farmers for crops and livestock in the event of disasters and damage. The government is establishing an Agricultural Insurance Fund and enacting a law on Compulsory Agricultural Insurance.

The National Insurance Bureau (NBO), in coordination with the Insurance Supervision Agency (ISA), declared that border insurance is exempted for Ukrainian refugees, in the view of a Russian invasion. The decisive measure, made by consensus of all 11 non-life insurance companies operating in the Macedonian insurance market, applies to all vehicles with Ukrainian license plates transporting Ukrainian refugees. All possible damages from Ukrainian vehicles transporting refugees were covered from NBO’s guarantee fund until June 30, 2022.

Key Segments in The North Macedonia Insurance Market

The key segments in the North Macedonia insurance market are life insurance and general insurance.

Life Insurance Market in North Macedonia: Life insurance in Macedonia is a relatively small market, with savings and retirement benefits being the main lines of business. During the review period, North Macedonian life insurance market penetration remained low in comparison to developed and emerging markets.

General Insurance Market in North Macedonia: The North Macedonia insurance industry was dominated by the general insurance segment in 2021. In comparison to developed markets, North Macedonian general insurance market penetration remained low over the review period. However, the market penetration of North Macedonia was very close to that of emerging markets.

 North Macedonia Insurance Market Analysis by Segments

 North Macedonia Insurance Market Analysis by Segments

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Leading Companies in The North Macedonia Insurance Market

Some of the leading insurance companies in North Macedonia are Croatia Insurance – Nejivot AD Skopje, Triglav Osiguruvanje AD Skopje, Eurolink Insurance AD Skopje, Halk Insurance AD, Wiener Insurance – Vienna Insurance Group, UNIQA Life AD Skopje, Insurance Makedonija s.c. Skopje – Vienna Insurance Group, and Euroins Insurance AD Skopje. Croatia Insurance – Nejivot AD Skopje was the leading insurance company in North Macedonia in 2021.

 North Macedonia Insurance Market Analysis by Companies

 North Macedonia Insurance Market Analysis by Companies

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North Macedonia Insurance Market Report Overview

Market Size (2021) $223.2 million
CAGR (2021 to 2026) >10%
Key Segments Life Insurance and General Insurance
Leading Companies Croatia Insurance – Nejivot AD Skopje, Triglav Osiguruvanje AD Skopje, Eurolink Insurance AD Skopje, Halk Insurance AD, Wiener Insurance – Vienna Insurance Group, UNIQA Life AD Skopje, Insurance Makedonija s.c. Skopje – Vienna Insurance Group, and Euroins Insurance AD Skopje

Scope

This report provides a comprehensive analysis of the North Macedonian insurance industry –

  • It provides historical values for the North Macedonian insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the North Macedonian insurance industry, and market forecasts to 2026.
  • It profiles the top life insurance companies in North Macedonia and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the North Macedonian insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the North Macedonian insurance industry.
  • Assess the competitive dynamics in the North Macedonian insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Triglav Osiguruvanje AD Skopje
Eurolink Insurance AD Skopje
Halk Insurance AD
Wiener Insurance - Vienna Insurance Group
UNIQA Life AD Skopje
Insurance Makedonija s.c. Skopje - Vienna Insurance Group
Euroins Insurance AD Skopje
Croatia Insurance - Nejivot AD Skopje

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Penetration and Growth

Premiums and Key Lines of Business

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Lines of Business Breakdown

Competitive Landscape

Competitor Profiles

Reinsurance Overview

Reinsurance Ceded Premiums

Reinsurance: Regulatory and Compliance

Appendix

Frequently asked questions

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