North Macedonia
Growth
Amounts are always in euros: this changes how growth is measured, nothing else.
How growth is measured →Latest news27 Aug 2026: 1H2026 premiums slip 0.6% to EUR 154m as property falls 23% All news (9) →
Coverage The insurers shown cover the whole market. All 17 insurers licensed by ISA; no branches. Source.
Market share by insurer
Latest quarter: H1 2026
Premium written H1 2026, year to date: €154m, −0.6% against H1 2025 in local currency. Share change in percentage points against the same period a year earlier.
Largest insurers, H1 2026
Premium year to date and growth; the bar is the share, its change in points under it.
Gains and losses in share
Change in share against H1 2025, in percentage points; an insurer with no premium now has lost its whole share.
- Eurolink · 3 Dec 2025: Competition watchdog fines ten insurers MKD 17.27m over motor TPL price moves
- SIGAL · 2 Jan 2026: After UNIQA's exit, UNIQA AD Skopje was renamed SIGAL Insurance Group AD Skopje.
- ZOIL · August 2026: Serbian businessman Davor Macura's Alta Group bought all 60,000 shares of ZOIL Makedonija in a block trade on the Macedonian Stock Exchange for about EUR 1.7 million.
All figures
| Insurer | H1 2026 €m | Share | Δ pp | H1 2025 €m | Growth |
|---|---|---|---|---|---|
| Makedonija | 20.1 | 13.0% | +0.5 | 19.5 | +3.1% |
| SIGAL | 16.5 | 10.7% | +1.0 | 15.1 | +9.2% |
| Triglav | 15.2 | 9.8% | −0.2 | 15.6 | −2.5% |
| Croatia Non-life | 14.7 | 9.5% | +1.2 | 12.9 | +13.8% |
| Eurolink | 14.1 | 9.1% | −6.8 | 24.7 | −42.9% |
| Sava | 13.3 | 8.6% | +0.6 | 12.5 | +7.0% |
| Halk | 11.1 | 7.2% | +0.8 | 10.0 | +11.1% |
| Croatia Life | 8.2 | 5.3% | +0.5 | 7.4 | +10.9% |
| Osiguritelna Polisa | 8.1 | 5.3% | +0.6 | 7.3 | +11.2% |
| Triglav Life | 6.8 | 4.4% | +0.5 | 6.0 | +13.4% |
| GRAWE Non-life | 6.7 | 4.4% | +0.9 | 5.4 | +25.4% |
| Winner Life | 5.7 | 3.7% | +0.4 | 5.1 | +10.8% |
| Euroins | 5.4 | 3.5% | −0.5 | 6.2 | −14.0% |
| GRAWE Life | 4.4 | 2.9% | +0.2 | 4.1 | +8.8% |
| SIGAL Life | 3.4 | 2.2% | +0.6 | 2.4 | +40.3% |
| Prva Life | 0.4 | 0.3% | +0.1 | 0.4 | +22.8% |
| ZOIL no premium in H1 2026 | — | — | −0.4 | 0.5 | — |
| Market | 154.2 | 100% | 155.3 | −0.6% |
Each insurer's figures: All insurers, growth and latest quarter → · Full-year outlook →
What's happening in North Macedonia
The latest news on the market's insurers and their supervisor, newest first: facts in Polisa's own words, each with its source.
- Results1H2026 premiums slip 0.6% to EUR 154m as property falls 23%
First-half premiums were EUR 154.15m. Life grew 14.4% to EUR 28.96m (18.8% of the market) while non-life fell 3.5%, as property dropped 23%, mainly fire; motor rose 7.2% to EUR 65m. Paid claims rose 2.8%.
Source: XPRIMM - DealSerbian businessman Davor Macura's Alta Group bought all 60,000 shares of ZOIL Makedonija in a block trade on the Macedonian Stock Exchange for about EUR 1.7 million.ZOILSource: Biznis.rs (11 Aug 2026); XPRIMM (13 Aug 2026)
- CompanyThe Insurance Supervision Agency approved ZOIL Makedonija's requests to change its name, seat and statute, and lifted its supervisory measures.ZOILSource: Insurance Supervision Agency (ISA/АСО) council session
- SupervisorInsurance supervisor and competition watchdog sign cooperation memorandum
ISA and the Commission for Protection of Competition signed a memorandum to deepen cooperation, including exchanging information and experience, to better protect policyholders' rights.
Source: XPRIMM
5 earlier
- ResultsPremiums up 12.3% to MKD 17.93bn in 2025, led by property and motor
Preliminary ISA data: MKD 17.93bn (about EUR 291.6m), non-life +12.8%, life +10.2%, fire +36.8%. Makedonija led non-life with 15.5% and Croatia led life with 29.4%. Claims paid rose 8.3% to MKD 6.8bn.
MakedonijaCroatia LifeSource: XPRIMM (ISA preliminary data) - DealISA takes up request to acquire a qualifying holding in ZOIL Makedonija
The ISA council's 19 February agenda included a request for consent to acquire a qualifying holding in ZOIL Makedonija, Bitola, with a decision; the agency's page did not name the acquirer or the size of the stake.
ZOILSource: Insurance Supervision Agency (ISA) - ResultsTriglav's North Macedonian non-life insurer doubles 2025 net profit
Triglav Osiguruvanje's net profit rose to MKD 106.5m (about EUR 1.7m) in 2025 from MKD 52.4m; net earned premiums grew 6.4% to MKD 1.2bn and net claims fell 10.8%.
TriglavSource: XPRIMM (citing SeeNews) - CompanyAfter UNIQA's exit, UNIQA AD Skopje was renamed SIGAL Insurance Group AD Skopje.SIGALSource: Macedonian Stock Exchange notice; XPRIMM (19 Jan 2026)
- SupervisorCompetition watchdog fines ten insurers MKD 17.27m over motor TPL price moves
The Commission for Protection of Competition found that ten insurers exchanged sensitive data and agreed rises in the overhead part of the mandatory motor premium in March-May 2024, and fined them MKD 17.27m in total.
EuroinsTriglavMakedonijaSava+5Source: XPRIMM (citing SeeNews)
Five-year trend
Premium
Market share of the five largest
Lines in North Macedonia
All figures
Motor TPL, FY 2025: average premium €93 per policy, 3.9 claims per 100 policies, average claim €1,083. Prices in every market on the Motor TPL page →
Claims paid in North Macedonia
Insurers paid €110m to their customers in FY 2025, +8.4% on FY 2024 in MKD: €38 for every €100 of premium. Non-life claims were €91m; life insurance benefits €20m.
Premium and claims paid, FY 2021–2025
PremiumClaims paid% claims paid per €100 of premium
Claims paid by line, FY 2025
Claims paid in the year by all insurers, before reinsurance; motor TPL includes Green Card and border insurance. Source: ISA, quarterly report, tables 1 and 5. Cash paid in the year, not the claims incurred that the combined ratios on this page are built from. Claims across all markets →
Reinsurance in North Macedonia
Share of non-life premium ceded, by line
Largest cedents
All figures
Capital cover across the market
Groups present
Each group's share of this market, its companies here, and where else it operates.
Profit and capital
Net profit by year
All figures
Each insurer's profit, return on equity and ratios: All insurers, solvency and profit →
Staff and premium per employee
FY 2025 premium over the insurers' reported employees. Agents, banks and group service companies are not employees, so an insurer that sells through others looks more productive: compare insurers of the same type.
Premium per employee, FY 2025
non-lifelife
7 more in the full table below
Size and productivity, FY 2025
Each dot an insurer: employees across (log scale), premium per employee up; the larger the dot, the larger the premium.
By typeMedian per employee
All figures
| Insurer | Type | Employees | Premium €m | Premium per employee |
|---|---|---|---|---|
| Winner Life | life | 41 | 10.4 | €254k |
| SIGAL Life | life | 24 | 5.8 | €243k |
| GRAWE Life | life | 38 | 8.7 | €230k |
| Triglav Life | life | 48 | 10.8 | €225k |
| SIGAL | non-life | 150 | 30.4 | €202k |
| Croatia Life | life | 90 | 15.2 | €169k |
| Eurolink | non-life | 207 | 34.8 | €168k |
| Croatia Non-life | non-life | 183 | 24.8 | €136k |
| Triglav | non-life | 205 | 27.7 | €135k |
| Halk | non-life | 147 | 19.4 | €132k |
| Euroins | non-life | 94 | 12.3 | €131k |
| Makedonija | non-life | 288 | 37.0 | €129k |
| ZOIL | non-life | 6 | 0.7 | €121k |
| GRAWE Non-life | non-life | 104 | 12.4 | €119k |
| Sava | non-life | 219 | 24.2 | €111k |
| Osiguritelna Polisa | non-life | 159 | 15.7 | €99k |
| Prva Life | life | 9 | 0.8 | €83k |
Staff: employees at 31 December, from the notes to each insurer's audited financial statements or its annual report filed with the Macedonian Stock Exchange; the supervisor publishes only the sector total, which they match (2,012 of 2,016 in 2025). Type: life where life insurance is 90% or more of the premium, non-life where it is 10% or less, composite in between. Productivity across all markets →
Questions about North Macedonia
Short answers from the figures on this page.
How big is the North Macedonia insurance market?
Insurers in North Macedonia wrote €291m of premium in FY 2025, +12.3% on FY 2024 in MKD. That is 1.7% of GDP and €160 per person.
Who is the largest insurer in North Macedonia?
Makedonija is the largest insurer in North Macedonia with 12.7% of premium (€37m) in FY 2025, ahead of Eurolink (11.9%) and SIGAL (10.4%); the three largest write 35% of the market.
How many insurance companies are there in North Macedonia?
17 insurers wrote premium in North Macedonia in FY 2025: 11 non-life and 6 life.
Which insurance groups are present in North Macedonia?
Polisa records 9 insurance groups in North Macedonia in FY 2025; the largest by premium are GRAWE 19.2%, VIG 16.3%, Adris 13.8%, Triglav 13.2%. Insurers with no group (independent or not in a group) write 5.6% of the premium.
What is the largest line of business in North Macedonia?
Motor TPL is the largest line in North Macedonia with 35.7% of premium (€104m) in FY 2025, then life insurance with 17.8%.
How well capitalised are the insurers in North Macedonia?
The median solvency margin of the insurers in North Macedonia was 298% at 31 December 2025: the typical insurer covered its required solvency margin 3.0 times (local rules, not Solvency II). 15 of the 17 insurers publish it.
Spotted a wrong figure? Tell us and include the source.
All insurers
ExcelDownload CSVLicence| Insurer | Premium | Share |
|---|---|---|
| Makedonija | 37.0 | 12.7% |
| Eurolink | 34.8 | 11.9% |
| SIGAL | 30.4 | 10.4% |
| Triglav | 27.7 | 9.5% |
| Croatia Non-life | 24.8 | 8.5% |
| Sava | 24.2 | 8.3% |
| Halk | 19.4 | 6.7% |
| Osiguritelna Polisa | 15.7 | 5.4% |
| Croatia Life | 15.2 | 5.2% |
| GRAWE Non-life | 12.4 | 4.3% |
| Euroins | 12.3 | 4.2% |
| Triglav Life | 10.8 | 3.7% |
| Winner Life | 10.4 | 3.6% |
| GRAWE Life | 8.7 | 3.0% |
| SIGAL Life | 5.8 | 2.0% |
| Prva Life | 0.8 | 0.3% |
| ZOIL | 0.7 | 0.3% |
CiteCite this pageThe reference in APA style and as BibTeX, each with a copy button, and the terms of reuse
Polisa compiles the figures; the original sources are named on this page and on the method page.
Polisa. (2026). North Macedonia insurance market: market shares, lines, solvency and claims [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/markets/mk
BibTeXShow entry
@misc{polisa_markets_mk_2026,
author = {{Polisa}},
title = {North Macedonia insurance market: market shares, lines, solvency and claims},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/markets/mk}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data: ISA (no re-use terms published), MSE (personal non-commercial use only).