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North Macedonia

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Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s North Macedonia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for North Macedonia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for North Macedonia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API

Country Information

Capital city
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +1
2.08 mn
12,438.43 mn

North Macedonia is a landlocked country with an area of 25,713 square kilometres. Approximately 25% of its population is ethnic Albanian. The country is predominantly hilly or mountainous, with warm and fertile river valleys. The only major city is the capital, Skopje, which has the largest concentration of heavy industries.

The insurance market is characterised by low insurance penetration, significant foreign ownership, the lack of a domestic reinsurance market and some exposure to earthquake, all set against a background of political uncertainty.

The non-life market, including personal accident and health, grew by 6% in 2019, down from the 9.4% growth recorded in 2018. There were 11 companies in the North Macedonian non-life market, and non-life growth has remained below 10% over the last 12 years, although loss ratios for the market have stabilised at a respectable level approaching 40% over the same period.

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