North Macedonia

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

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 

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.