STATISTICS: MONTENEGRO, 1H2018: property insurance lines have lost ground in GWP terms despite the increasing number of policies

Montenegro insurers reported GWP of EUR 41.27 million in 1H2018, up by 3.2% y-o-y. Paid claims increased at a higher pace, of 10.9%, reaching a total of EUR 17.6 million. The MTPL insurance line was the main driver in both cases.

Life insurance maintained quasi unchanged its share in the market portfolio, at 16.3%, reporting a slightly lower premiums growth rate than the market average (2.24%).

On the non-life side, while motor insurance lines saw a positive trend, with growth rates of 15% on the Motor Hull line and 5.33% for the MTPL class, the property insurance segment recorded a significant fall of the premiums volume: thus, GWP for the fire and allied perils line decreased by 10.9%, to only EUR 1.6 million, while for the "damages to property" line, GWP went down by 19.7%, to EUR 2.84 million. It is worth mentioning that for both lines the number of policies has actually increased in comparison with the previous year: while on the "damages to property" line the increase was a marginal one, from 7,828 to 7,888 policies, on the fire insurance line the number of policies went up by almost 20%, from 4,904 to 5,823, as shown by the data provided by the Insurance Supervision Agency of Montenegro.

The local unit of Austrian GRAZER Wechselseitige Versicherung is the largest life insurer - GWP of EUR 3.08 million, market share of 45.76%, followed by the VIG subsidiary (27.29% market share), the local branch of UNIQA (13.89%) and LOVCEN (13.06%).

The non-life unit of Slovenian insurance group TRIGLAV - LOVCEN osiguranje, is the leading non-life insurer in Montenegro with GWP of EUR 14.90 million in 1H, and a market share of 43.13 %. The other four non-life insurers active on the local market are SAVA Montenegro (19.15% market share), UNIQA nezivotno osiguranje (15.78%), GENERALI Montenegro (14.42%) and SWISS osiguranje (7.5%).

Access www.xprimm.com and download the 1Q2018 Montenegrin insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: MONTENEGRO, FY2016: Austrian and Slovene insurers lead the market rankings

The Montenegrin market reported a 4.2% y-o-y growth in FY2016 GWP, to EUR 80.1 million, according to the preliminary figures published on the ISA's web-site. The non-life insurance segment had the largest contribution to the aggregate figure, reporting GWP of EUR 66.5 million (83% of total GWP), while the life sector accounted for the remaining 17%, or EUR 13.7 million.

2017-02-09

STATISTICS: Montenegrin market up by 3.5% at the end of the third quarter

In 3Q2016, the Montenegrin insurance market totaled almost EUR 60 million, a 3.5% increase y-o-y, as the Insurance Supervision Agency has reported. Compared with September 2015, non-life insurance premium was up by 3.3% (to EUR 50.1 million), while the life insurance GWP grew by 4.2% (to EUR 9.2 million).

2016-11-10

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all