STATISTICS: Double-digit increase for Montenegrin insurance market in Q1 2022

24 May 2022 — Andrei Victor
The gross written premiums of Montenegrin insurers increased by 12.80% y-o-y in the first quarter of 2022, reaching EUR 26.89 million, as preliminary official figures showed.

Non-life GWP totaled EUR 22.50 million in January-March 2022, up by 13.88% y-o-y, while the life GWP totaled EUR 4.39 million, up by more than EUR 0.3 million, according to preliminary figures published by the Insurance Supervision Agency of Montenegro (ISA).

Total gross claims paid increased by 3.80% to EUR 10.52 million, of which EUR 2.46 million - Life indemnities, the remaining EUR 8.06 million being accounted by non-life payments.

The statistics published by Montenegrin ISA comprises data from nine insurance companies operating in the country: four life insurers - Wiener Stadtische zivotno osiguranje being the largest with 34.10% market share, and five non-life insurers - Lovcen osiguranje being the largest with more than 44% market share.

Access XPRIMM Database and download the Q12022 Montenegrin insurance market statistics.

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