Macedonia insurance

What Macedonia insurance does

Macedonia Insurance AD Skopje – Vienna Insurance Group is a non-life insurance company headquartered in Skopje, North Macedonia, founded on March 1, 1945, and operating as a private joint-stock company majority-owned by Vienna Insurance Group (VIG), a leading CEE insurance group rated A+ with stable outlook by Standard & Poor's. The company holds licenses from the Insurance Supervision Agency of the Republic of North Macedonia for 18 classes of non-life insurance and reinsurance and is classified as a large business entity, with stated share capital of EUR 18,460,416.80. Its portfolio is organized around two customer segments: individuals (household, motor, travel, personal accident, and a bundled Family Package) and legal entities (property including a Commercial Business Package and Industrial Insurance, Casco and Motor Third Party Liability with Green Card, voluntary health, transport/cargo with CMR carriers liability, liability, and corporate personal accident). It also recently launched ROADSIDE ORYX ASSISTANCE as an add-on subscription service in partnership with Oryx.

The company's technology stack is built on proprietary internal IT applications spanning business operations, finance, HR, electronic archive, and business continuity planning, with a fully equipped backup disaster-recovery site outside Skopje and ISO 27001:2022, ISO 22301:2019, and ISO 27701:2019 certifications. Customer-facing digital channels include an Oracle APEX-based online claims reporting platform and self-service portals for online policy payment and single-click travel insurance purchase, alongside an online transport-organizer platform for managing transport insurance digitally.

The business model is built on recurring non-life insurance premiums distributed through a multi-channel network: 14 branches across North Macedonia, employed insurance agents, insurance representation agencies, insurance broker companies, bancassurance partnerships, travel agencies, and digital self-service platforms. Pricing is quote-based and not publicly disclosed, with installment premium payment available for certain policies and annual subscription tiers for the Oryx roadside assistance add-on. On June 28, 2024, VIG consolidated its two North Macedonian entities by merging WIENER – Vienna Insurance Group Skopje into Macedonia Insurance under the unified Macedonia Insurance brand, expanding scale and consolidating market position in the domestic non-life segment.

Name

Macedonia insurance

Legal name

Акционерско друштво за осигурување и реосигурување МАКЕДОНИЈА Скопје – Виена Иншуренс Груп

Website

https://insumak.mk

Company type

Private

Founded year

1945

Operating status

Operating

Short description

Macedonia Insurance AD Skopje – Vienna Insurance Group is a non-life insurer founded in 1945, licensed for 18 insurance classes in North Macedonia. It serves individuals and legal entities through 14 branches, agents, brokers, bancassurance, and digital self-service channels as a VIG subsidiary.

Ownership category

akta.pro rank

Product category

Non-Life Insurance

NAICS

Insurance Carriers (5241), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Commercial Property Insurance (FSAJACAE)

akta.pro secondary industries

Mid-Market Commercial Package (Package Policies) (FSAJAFAB), Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

Keywords

• Non-life insurance
• Property insurance
• Motor insurance
• Travel insurance
• Commercial insurance

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Non-life Insurance Premiums: Core revenue from insurance premiums across 18 classes of non-life insurance including accident, health, motor vehicle, aircraft, vessels, cargo, property, liability, credit, guarantee, financial loss, legal protection, and tourist assistance. Revenue is generated through annual and single-trip policies sold via branches, agents, brokers, and bank partners.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Macedonia Insurance is a non-life insurance and reinsurance provider headquartered in Skopje, North Macedonia, offering 18 classes of coverage including household, motor, travel, personal accident, property, casco, health, cargo, liability, and industrial/corporate policies. The company serves both individual consumers and legal entities through a nationwide network of 14 branches and multiple distribution channels (employed agents, agencies, brokers, bancassurance, and online platforms). It operates as part of the Vienna Insurance Group (VIG), one of the largest insurers in Central and Eastern Europe.

Product overview

MACEDONIA Insurance AD Skopje – Vienna Insurance Group is a non-life insurance company offering a broad portfolio of insurance products for both individuals and legal entities. The product portfolio is organized as a multi-line offering across two main customer segments: (1) Individuals (Физички лица) — covering household, motor vehicles, travel, personal accident, and a bundled Family Package; and (2) Legal Entities (Правни лица) — covering property insurance (including a Commercial Business Package and Industrial Insurance), motor vehicles (Casco and MTPL with Green Card), voluntary health insurance, transport/cargo insurance, liability insurance (including CMR Carriers Liability), and corporate personal accident. The company also recently launched ROADSIDE ORYX ASSISTANCE as an add-on service for motor insurance clients. All products are distributed through a nationwide branch network, insurance brokers, agencies, and bank partners. The company holds 17 insurance class licenses from the Insurance Supervision Agency of North Macedonia.

Differentiator

Problem solved

Functional benefit

Brands

• ROADSIDE ORYX ASSISTANCE: Road assistance service offered in partnership with ORIX, providing vehicle repair, towing, fuel delivery, and alternative transportation coverage in Macedonia, Region, and Europe.

Products and services

• Household Insurance (Домаќинство) Comprehensive household contents and property insurance covering movable property, equipment, and residential risks for individuals and families in North Macedonia.
• Motor Vehicle Insurance (МОТОРНИ ВОЗИЛА) Compulsory and voluntary motor vehicle insurance including MTPL (mandatory third-party liability), casco (comprehensive), and auxiliary coverage for individual vehicle owners.
• Travel Insurance (Патничко осигурување) Travel insurance providing medical, luggage, and trip-cancellation coverage for individual travelers, available through branch offices and partner travel agencies.
• Personal Accident Insurance (Личен договор за несреќа) Personal accident coverage providing compensation for injury, disability, or death resulting from accidents, available to individuals.
• Family Package Insurance (Фамилијарна полиса) Bundled insurance package combining multiple personal insurance coverages (household, accident, travel) for families at a discounted combined premium.
• Property Insurance (Имот) Insurance for buildings, structures, and immovable property against fire, natural disasters, and other named perils for property owners.
• Casco Insurance (Каско) Comprehensive motor insurance covering damage to the insured vehicle itself due to collision, theft, fire, or other covered events.
• Health Insurance (Здравство) Voluntary health insurance providing coverage for medical treatment, hospitalization, and related healthcare costs for individuals and groups.
• Transport/Cargo Insurance (Карго) Cargo and goods-in-transit insurance covering loss or damage to goods during transportation, serving importers, exporters, and logistics companies.
• Liability Insurance (Одговорност) General and professional liability insurance covering third-party claims arising from the insured's operations or professional activities, primarily for businesses.
• Roadside Oryx Assistance (ORYX АСИСТЕНЦИЈА) Roadside assistance service for vehicles including towing, repair, and travel support, provided as a complementary motor insurance service.
• Corporate Personal Accident Insurance Group personal accident insurance covering employees of corporations for work-related and non-work-related accidents, tailored to business clients.
• Business Package Policy (Деловен пакет) Bundled commercial insurance package combining property, liability, business interruption, and other coverages for small and medium enterprises.
• Industrial Insurance (Индустриско осигурување) Specialized insurance for industrial facilities, plants, equipment, and operations covering fire, machinery breakdown, and business interruption for large enterprises.

Quantifiable outcome

• Company classified as a large business entity in North Macedonia
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Oryx AssistancecoreStrategic or Co-development PartnerPartnership between Macedonia Insurance and Oryx for providing ROADSIDE ORYX ASSISTANCE service - a road assistance product with three coverage tiers (Macedonia, Region, Europe). The service covers vehicle repair, transport, alternative transport, fuel delivery, replacement vehicle, and hotel accommodation.
• BRIGHTminorStrategic or Co-development PartnerPartner in the EU Youth Cinema: Green Deal project, a European educational program that engages youth through film on environmental protection and sustainable development topics.
• UNDP MacedoniaminorStrategic or Co-development PartnerPartner in EU Youth Cinema: Green Deal project along with BRIGHT, organizing film screenings and educational discussions for youth on environmental topics.
• KPMGminorOthersExternal auditor for the company, referenced in shareholder meeting materials and financial proposals.
• Erste GroupminorStrategic or Co-development PartnerVIG closely cooperates with Erste Group, the largest retail bank in Central and Eastern Europe.
• SOS Children's Village North Macedonia (СОС Детско Село)minorOthersLong-term charitable partner of Macedonia Insurance. Company supports the organization through donations and volunteer activities as part of its Social Active Day program.
• Proekt Srekja (Проект Среќа)minorOthersCharitable organization partnered with Macedonia Insurance for social responsibility activities.
• EU Youth Cinema: Green Deal ConsortiumminorStrategic or Co-development PartnerEuropean educational program funded by Creative Europe and Vienna Insurance Group with local brand support. Engages youth through film on environmental topics including WEEE waste.
• Insurance Supervision Agency of RNM (АСО на РСМ)coreOthersRegulatory body that granted Macedonia Insurance its license to operate in insurance and reinsurance. Company is registered in the insurance companies register maintained by the Agency.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Allianz: Global insurance leader with non-life operations in North Macedonia delivering motor, property, and commercial coverage. Competes with Macedonia Insurance for large corporate accounts and bancassurance partnerships.
• Generali: Global insurance giant with established non-life (and life) operations in North Macedonia. Competes for the same corporate and individual customer segments with broader balance sheet and product breadth.
• UNIQA Insurance Group: Austrian-rooted insurance group with operations across CEE including North Macedonia. Offers overlapping non-life products (motor, property, health, liability) as part of a multi-country portfolio; competes for both retail and corporate clients in the same market.
• Vienna Insurance Group: Parent company of Macedonia Insurance and the leading insurance group in Austria and CEE with ~50 companies across 30 countries. Parent/corporate peer broadly comparable in non-life insurance portfolio and CEE market footprint.
• Triglav Group: Slovenia-based insurance group with regional CEE presence and operations in North Macedonia. Provides motor, property, casualty, and health insurance, competing directly with Macedonia Insurance in the broader Adriatic/SEE region.

Regional players

• Grazer Wechselseitige (GRAWE): Austrian mutual insurer with multi-line non-life and life products across CEE. Comparable in private/customer-owned governance and broad property/casualty portfolio, primarily operating in Austria and select CEE markets.
• Sava Re: Slovenia-based reinsurance and insurance group with regional CEE presence. Comparable in non-life underwriting and reinsurance activities, primarily operating in Slovenia and other SEE/EE markets rather than competing head-on in North Macedonia.
• Croatia Insurance (Croatia osiguranje): Croatia's largest domestic insurer with non-life and life offerings across the Adriatic region. Similar state-origin heritage and multi-line non-life portfolio, but operates primarily in Croatia and adjacent markets.

Direct peers

• Eurolink Insurance: North Macedonia-based non-life insurer providing household, motor, travel, and commercial insurance to individuals and legal entities. Head-to-head competitor in the same regulatory regime and customer base.
• ADOR Osiguruvanje: One of the leading non-life insurance companies domiciled in North Macedonia, offering property, motor, casualty, and personal accident products to individuals and businesses. Directly competes with Macedonia Insurance in the same domestic market on similar product lines.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/osiguruvanje-makedonija-a-d

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Macedonia insurance