MONTENEGRO, FY2011: MTPL still dominant but growing competition on life

24 February 2012 — Vlad BOLDIJAR
xcom_statisticGross premium written on the insurance market of Montenegro in 2011 amounted to EUR 65.3 million, which represents a growth of 5.4% comparing to 2010, when it amounted to EUR 62 million, according to preliminary data published by Insurance Supervision Agency. At the same time, gross premium per capita in 2011 amounted to almost 99 euro.

Insurance market in Montenegro is still characterized by a low level of life insurance and dominant share of non-life insurance, among which the largest share belonged to compulsory MTPL insurance (46% of the total market). In the structure of gross premium in 2011, share of non-life insurance amounted to 86% (EUR 56.2 million), while share of life insurance increased to 14% (EUR 9.1 million), thanks to the larger growth of life insurance premiums (8.6%) comparing to non-life insurances (4.9%).

There are twelve insurance companies performing insurance operations on the Montenegrin insurance market. Seven insurance companies perform only life insurance operations and five companies deal only with non-life insurance operations.

Competition in life insurance industry was strengthened in 2011, because of the entrance, at the end of 2010 of VIENNA INSURANCE Group on the market through WIENER STAEDTISCHE zivotno osiguranje Podgorica, and after only one year of operations, the "Austrians" were able to achieve 3% of the life insurance market. Moreover, competition on the life insurance segment is high because of its many players with strong shareholders: the Austrians from GRAWE, UNIQA and MERKUR, DELTA GENERALI Life (member of GENERALI PPF Holding), LOVCEN zivotna osiguranja (member of Slovene TRIGLAV Group) and ATLAS Life (member of domestic ATLAS Group).

On the non-life segment, the largest share with almost 53.9% belongs to LOVCEN osiguranje, which represents decrease of 5.6% comparing to previous year. Top three companies with the largest premium are LOVCEN, Sava Montenegro and DELTA GENERALI, whose market share amounts to 85.0% (EUR 47.7 million).

Access and download the FY2011 Montenegrin insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Growth rates
Market rankings (Total, life and non-life insurance):
  • Gross written premiums
  • Market shares 
  • Growth rates

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