North Macedonia stands at a dynamic crossroads of opportunity, transformation, and challenge. With increased foreign investment, major infrastructure projects, and a thriving green energy sector, the country’s risk landscape is evolving rapidly. Paul Johannes Spittau, Head of Group Carrier Relations & Insurance Mediation at GrECo International, speaks with Zoran Georgiev, General Manager of GrECo North Macedonia, about the latest developments, market outlook, and GrECo’s strategic positioning in North Macedonia.
Driving Growth Amidst Structural Challenges
Spittau: The world continues to experience a time of global volatility and rapid change. What are the most pressing developments and challenges that businesses in North Macedonia are currently facing?
Georgiev: We’re experiencing moderate but steady economic growth in North Macedonia at the moment, with GDP expected to grow around 2.9% – 3.2% in the coming years. Key drivers include foreign investments, increased construction activity, and the expanding industrial sector. However, challenges remain, especially in workforce availability, bureaucratic processes, and the need for infrastructure modernisation.
At GrECo, we’ve seen a growing need among clients for more comprehensive and customised insurance solutions to match this evolving risk environment. We’re particularly active in advising companies during major development phases, where managing construction, operational, and environmental risks becomes crucial.
Strategic Vision and Recent Milestones
Spittau: What is your strategic vision moving forward?
Georgiev: Our vision is centred around becoming the leading risk and insurance advisory firm in the country by providing highly specialised, sector-focused expertise. We aim to support North Macedonia’s transition into a modern, investment-friendly economy – particularly in sectors like infrastructure, green energy, and advanced manufacturing.
Recently, we’ve secured several landmark clients that reflect our momentum. These include LIMAK DIAMOND, a major player in construction and real estate; GEN-I KAV and Sonce, both active in the renewable energy sector; and ALCAZAR/INVALL, which is heavily involved in green investments.
In the industrial zones (TIRZ), we’ve onboarded factories such as GENTHERM, FERAL MEHANIKA, and HAIX – all high-tech manufacturers requiring complex, international risk management and insurance solutions. These partnerships are a testament to our deep local insight and the trust multinational clients place in GrECo.
Emerging Risk Trends and Insurance Industry Shifts
Spittau: How are political, economic, and environmental conditions shaping the risk landscape in North Macedonia?
Georgiev: Politically, the country continues its push toward EU integration, which is positive overall but requires businesses to align with evolving regulations, especially in compliance and environmental standards. Economically, inflationary pressures and supply chain disruptions – exacerbated by the war in Ukraine – are impacting operational costs and risk outlooks across sectors.
Ecologically, North Macedonia is increasingly vulnerable to climate-related risks such as floods, droughts, and wildfires. This is pushing clients to seek protection beyond basic property insurance, including coverage for business interruption, environmental liability, and more.
For insurers, this means adapting models for risk assessment and loss estimation, and embedding ESG criteria in product development. It’s no longer just about insuring a building – it’s about supporting the sustainability and resilience of the entire operation.
Investment Opportunities and Sectoral Shifts
Spittau: Which industries are expected to see the most investment in the near future, and what does this mean for risk management?
Georgiev: Construction, energy – especially renewables – and industrial manufacturing are attracting the bulk of foreign and domestic investment. The ongoing growth in solar, wind, and hydroelectric projects creates a need for specialised insurance programmes to cover construction, operational, and regulatory risks.
We are also seeing a trend toward digitalization and automation in manufacturing, which presents both cyber and equipment-related risks that need to be properly managed.
As these industries grow more complex, companies are turning to brokers who can act not just as insurance intermediaries, but as true risk consultants. That’s where GrECo stands out.
Looking Ahead: Risks and Priorities for 2026 and Beyond
Spittau: What do you see as the top risks and priorities shaping the Macedonian market in the next few years?
Georgiev: Climate risk is at the top of the list. Without proper mitigation, the economic damage from extreme weather events could significantly impact the country’s GDP. We expect regulatory pressure around ESG reporting and sustainability risk management to increase, which will affect both local businesses and international investors.
Secondly, human capital remains a challenge. Emigration and skills mismatch in the labour market could slow investment potential. More private-public collaboration is needed to modernise education and retain talent.
Spittau: In which sectors have you seen the most success?
Georgiev: One particularly successful area for us has been Employee Benefits (EB). These programmes have become a vital tool not only helping our clients retain employees, but also for attracting new talent – especially in highly competitive sectors like IT, energy, and manufacturing. The demand is so strong that nearly 45% of our current portfolio is now EB-related coverage. This shows just how central workforce wellbeing has become in corporate strategy, and we’re proud to be shaping that narrative in North Macedonia.
Finally, insurance awareness and penetration are still relatively low compared to EU averages. One of our goals is to elevate the market by promoting better understanding of risk, and providing access to world-class insurance programmes tailored for the region.
Paul Johannes Spittau
Head of Group Carrier Relations & Insurance Mediation
T +43 664 537 17 42
Zoran Georgiev
General Manager
GrECo North Macedonia
T +38977889088
