STATISTICS: MONTENEGRIN market reported double-digit increase in premiums at the end of September

7 November 2019 — Andrei Victor
In 3Q 2019, the Montenegrin insurance market totaled EUR 72.33 million, 11.52% up y-o-y, according to data published by the Insurance Supervision Agency. Compared with 3Q2018, non-life insurance premium was up by 11.31% (to EUR 60.59 million), while the life insurance GWP grew by 12.62% y-o-y (to EUR 11.73 million).

ISA's market figures revealed that all major classes reported impressive growth rates in GWP, the largest being reported by GTPL policies (+39.38%), damages to property (+31.45%), Health (+21.33%), MoD (+10.62% y-o-y), MTPL (+9.69%) and accident (+9.02%). On the other hand, Montenegrin insurers paid claims of about EUR 25.90 million or 16.57% less y-o-y, of which about a half (EUR 12.35 million) - related to the two motor segments (MTPL and MoD, summed-up).

In life insurance, in terms of GWP, the largest insurers in the country were the two local units of Austrian insurers GRAWE and VIG: GRAWE osiguranje (39.18% market share) and WIENER Staedische zivotno osiguranje (27.73%), while in non-life, the market leaders with the greatest GWP were the local subsidiaries of Slovenian insurance groups TRIGLAV and SAVA: LOVCEN Insurance (43%) and SAVA osiguranje (17.57%).

Access and download the 3Q2019 Montenegrin insurance market statistics.

  • MONTENEGRO 3Q2019 - market portfolio & market rankings: GWP, claims, growth rates, shares.
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