The business of Montenegrin insurers increased by 13.83% y-o-y in the first quarter of 2023, reaching EUR 30.61 million, as preliminary official figures showed.

Gross written premiums from non-life insurance totaled EUR 25.83 million in January-March 2023, up by 14.78% y-o-y, while the life insurance GWP totaled EUR 4.78 million, was up by 2.79%, according to preliminary figures published by the Insurance Supervision Agency of Montenegro (ISA).

At the same time, total gross claims paid increased by 13.09% to EUR 11.90 million. Of this total, life indemnities amounted to EUR 2.79 million (up by 13.27% y-o-y), while non-life payments increased by 13.04% y-o-y to EUR 9.11 million.

The statistics published by Montenegrin ISA comprises data from nine insurance companies operating in the country: four life and five non-life insurers. Wiener Stadtische zivotno osiguranje is the largest life insurer with 36.84% market share, while Lovcen osiguranje is the largest non-life insurer with 40.54% market share.

Access XPRIMM Database and download the Q12023 Montenegrin insurance market statistics.