STATISTICS: MONTENEGRO, 1H2019: 10% increase in the market aggregate gross profit

22 August 2019 — Daniela GHETU
STATISTICS: MONTENEGRO, 1H2019: 10% increase in the market aggregate gross profit
Montenegrin insurers ended the first half of 2019 with total GWP worth EUR 46.6 million, up by almost 14% y-o-y. Both the life and non-life segments have recorded double digit growth rates.

The market portfolio's structure in GWP terms remained almost unchanged, except for the slightly decreasing motor insurance share in behalf of the property lines. Yet, in absolute terms, both motor and property lines have contributed with about EUR 1 million each to the total GWP y-o-y increase of about EUR 5 million. A similar contribution was provided by the life insurance sector.

MTPL continues to form the largest "slice" of the market portfolio, with a 40% share in the total GWP, down from 43.5% in 1H2018. In the first six months of the current year, GWP for the MTPL class amounted to EUR 18.64 million, while paid claims reached EUR 6.2 million, decreasing by about 7.2% y-o-y.

Five non-life insurers and four life insurance companies were active on the Montenegrin market in 1H2019. The 9 players totaled assets worth EUR 232 million and by the end of 1H2019 they have recorded a total profit before taxes of EUR 6.48 million (~10% up y-o-y).

The local unit of Austrian GRAZER Wechselseitige Versicherung is the largest life insurer - GWP of EUR 3.09 million, market share of 40.05% (down from 45.7% the previous year), followed by the VIG subsidiary (27.29% market share) and LOVCEN zivotna osiguranja AD (20.75%, up from 13% in 1H2018).

The non-life unit of Slovenian insurance group TRIGLAV - LOVCEN osiguranje, is the leading non-life insurer in Montenegro with GWP of EUR 16.48 million in 1H, and a market share of 42.4 %. The other four non-life insurers active on the local market are SAVA Montenegro (18.35% market share), UNIQA nezivotno osiguranje (15.78%), GENERALI Montenegro (15%) and SWISS osiguranje (8.46%).

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