In January-September 2014, the Montenegrin insurance market totaled EUR 54 million, a slight sub unitary increase of 0.4% compared to the previous year, Insurance Supervision Agency reported. Compared to 3Q2013, non-life insurance premium was down by 2.4% (to EUR 45.3 million), while the total life insurance premium grew by 17.6% (to EUR 8.6 million).
Montenegro's insurance market declined by 1% on the year to EUR 35.3 million in the first six months of the current year, according to data provided by the Insurance Supervision Agency (ANO). Gross written premiums from non-life insurance totaled EUR 29.4 million, down by 4.4% y-o-y and accounted for ~83.4% market share, slightly lower compared to 1H 2013 (86.3%). The premiums in the life-insurance segment increased in absolute value by almost EUR 1 million to EUR 5.9 million (up by 19.8% on the year).
The Montenegrin insurance market totaled EUR 15.6 million at the end of March 2014, which represents a decrease of 2.6% y-o-y, according to preliminary data published by Insurance Supervision Agency. At the same time, the value of claims paid by local insurers EUR 7.1 million.
The Montenegrin insurers ended 2013 with an overall increase of the GWP of 8.7%, to almost EUR 73 million. Both life and non-life insurance businesses witnessed a positive y-o-y change, of 14.7% and 7.7% respectively.
Uniqa Montenegro closed the third quarter of 2013 with encouraging
figures. The premium volume increased by 11.2 per cent to 7.9 million
euros (1-9 / 2012: 7.1 million euros). In a market characterised by
stable growth, UNIQA Montenegro expanded its market share by 0.8
percentage points to 14.6 per cent (1-9 / 2012: 13.8 per cent), meaning
that it ranks at fourth place on the Montenegrin insurance market.
In January-September 2013, the Montenegrin insurance market totaled EUR 53.6 million, 4.9% more y-o-y, according to preliminary data published by the Insurance Supervision Agency. The structure of GWP was composed of 86.4% - non-life insurance, while the share of life insurance increased from 12.6% to 13.6% - due the higher growth rate than the market average (13.6% y-o-y).
The 1H2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 and in the first quarter of 2013 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 35.64 million, 4.71% up y-o-y, while GWP went up by 11.62% y-o-y for the life insurance segment and by only 3.7% for the non-life business lines.
The 1Q2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 16.05 million, 2.8% up y-o-y, while GWP went up y-o-y by 10% for the life insurance segment and by only 1.7% for the non-life business lines.
Insurance company Sava Montenegro [MNG:MNOS] said on Tuesday its net profit rose to 584,612 euro in the first half of 2013 from 378,712 euro a year earlier.
The Montenegrin unit of Austrian insurance group Grawe, Grawe
Osiguranje, raised its capital to slightly over 3.0 million euro (USD1.5
million), the bourse said.
In the financial year 2012, the gross premiums written by the Montenegrin insurers amounted to EUR 66.8 million, representing a very slight increase, of only 3% y-o-y, as the Insurance Supervision Agency reported. Compared with FY2011, non-life insurance premiums grew by almost 3 % (to EUR 57.3 million), while the total life insurance premiums grew by 5% (to EUR 9.5 million). "Even if in Montenegro the volume of premiums does not seem very high, the insurance density is comparable to other larger countries, such as Bulgaria, Romania or Serbia, which is about EUR 100 per capita," declared Boris SABAN, Executive Director, National Bureau of Montenegro Insurers, last week at the International Insurance Forum in Istanbul.
Insurance company Sava Montenegro said on Wednesday its gross profit rose to EUR 4.4 million in 2012 from EUR 3.7 million a year earlier.
In January-September 2012, the gross premium written by the Montenegrin insurers amounted to EUR 51.1 million, slightly increasing by 4.18% in relation to the previous year, Insurance Supervision Agency reported. Compared to 3Q2011, non-life insurance premium grew by 4.3% (to EUR 44.7 million), the while the total life insurance premium grew by 3.28% (to EUR 6.4 million).
Montenegrin insurer Delta Generali osiguranje has boosted its capital by
EUR 879,000 (USD 1.15 million) as it merged its life-insurance unit
Delta Generali zivotna osiguranja.
The Montenegrin insurance market ended the first half of 2012 with a 6.37% growth in terms of GWP, to EUR 34 million. With few exceptions, all insurance lines recorded a positive dynamic, in spite of a difficult economic environment which leaded to rising unemployment rate - up by 1.5pp as compared to July 2011, to 12.65% -, and decreasing average wage of the Montenegrin citizens.
According to data of the Insurance Supervision Agency of Montenegro, gross premiums for the 12 insurance companies totaled EUR 15.6 million at the end of March, up 14.2% in relation to the same period of 2011.
Montenegrin insurer Lovcen Osiguranje's gross written premiums fell 6.0% on the year to 6.1 million euro ($7.5 million) in the first quarter of 2012, its Slovenian parent, Triglav Group, said.
Austrian insurance group UNIQA said its loss from ordinary activities in Montenegro narrowed to 685,000 euro ($906,200) in 2011 from 943,000 euro a year earlier.
Gross 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.
Minister of Agriculture and Rural Development of Montenegro Tarzan Milosevic expressed the satisfaction with the increase of sown areas in Montenegro during 2011. At the same time, Milosevic announces state subsidies for the insurance of agriculturalists and their families.