STATISTICS: MONTENEGRIN market ended 2014 "in red", influenced by decreases in property and motor insurance

The Montenegrin insurance market totaled EUR 72.41 million at the end of 2014, 0.50% less y-o-y, according to the preliminary statistics published by the local Insurance Supervision Agency. As in the previous reporting periods, the two market segments recorded similar dynamics: Non-life insurance GWP was down by 3.31% (to EUR 59.85 million), while the total life insurance premium grew by 15.45% (to EUR 12.56 million).

The GWP portfolio was characterized by a dominant share of non-life insurance (82.66%), among which the largest share belonged to compulsory MTPL insurance (45.41% of the total market), accident insurance (12.37%), property (11.08%) and Motor hull (6.50%).

According to the published statistics, the decline in non-life was strongly influenced by the negative rates reported on the two main sub-segments as share in total GWP: motor (MTPL and CASCO, summed) -1.56% and property: down by -20.44%.

In 2014, Montenegrin insurers paid claims of EUR 30.52 million, of which more than half (EUR 15.57 million) was related by motor classes (Motor Hull and MTPL, summed).

At the end of 2014, eleven insurers were active in Montenegro: six specialized life insurers and five companies activate only on the non-life segment. The largest insurers were GRAWE Osiguranje (on life, 37% market share) and LOVCEN Osiguranje (non-life, 44.2%).

Access www.xprimm.com and download the FY2014 Montenegrin insurance market statistics.

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

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