North Macedonia

Life Report

Product Insurance Market Reports Life Rev Macedonia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details North Macedonia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in North Macedonia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of North Macedonia

The North Macedonia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of North Macedonia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit North Macedonia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about North Macedonia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in North Macedonia is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in North Macedonia; as well as the legislation necessary to know regarding North Macedonia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in North Macedonia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including North Macedonian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in North Macedonia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of North Macedonian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The North Macedonia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

North Macedonia Life and Benefits Report Extract

Below are brief extracts of information from the North Macedonia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

In 2018 Macedonia (now North Macedonia) was ranked 124 in the world for all classes of business, according to Axco Global Statistics; for life business it ranked 129. The market is characterised by low insurance penetration, significant foreign ownership and the lack of a domestic reinsurance market, all set against a background of political fragility. Ongoing poverty and a lack of insurance awareness in Macedonia have meant that the local life insurance market is one of the smallest in Europe.


Today North Macedonia has a three-pillar pension system comprising:

  • state pensions - governed by the Law on Pension and Disability Insurance of 30 July 2012
  • mandatory private pensions - this second pillar is governed by the Law on Mandatory Fully Funded Pension Insurance, of 24 April 2002
  • voluntary funded private pensions - this third pillar of the private pension system is governed by the Law on Voluntary Fully Funded Pension Insurance of 4 January 2008 and for which the first contributions were collected in July 2009.


Back to Report Store

You may also be interested in these reports...


Ready to talk? We're here to help.

Whether you need more information or to discuss which products are best suited to your needs, our dedicated team are here to help.

Get in touch