STATISTICS: MONTENEGRO 1Q2018: GWP rose by 5.1% y-o-y while the value of paid claims grew by 16.2%

The Montenegrin insurance market increased by 5.1% y-o-y during Q1 2018 to EUR 18.4 million, while the aggregate value of paid claims and indemnities was up by 16.2% y-o-y to EUR 9 million, as data from the Insurance Supervisions Agency shows.

The non-life insurance segment accounted for EUR 15.5 million of the total GWP, up by 6.9% on the year, while the life-insurance companies contributed the remainder EUR 2.9 million, which was 0.9% less y-o-y.

In terms of claims, life indemnities grew by almost 41% to EUR 1.4 million, while non-life claims totaled EUR 7.6 million or 12.6% more y-o-y due the 19.2% increase reported by the motor insurance business segment to EUR 4.3 million, of which EUR 3.4 million - Motor TPL claims.

After as of 15 January 2018 ATLAS life has ceased to operate, while at the end of June 2017 MERKUR osiguranje merged into GRAWE osiguranje, there are only four players in the life insurance segment, of which three are Austrians (GRAWE, WIENER STADTISCHE and UNIQA) and one with Slovene "passport" - LOVCEN zivotna osiguranje, member of TRIGLAV Group.

The local unit of Austrian GRAZER Wechselseitige Versicherung was the largest life insurer - GWP of EUR 1.3 million, market share of 45.1%, followed by the VIG subsidiary (26.4% market share), the local branch of UNIQA (15.2%) and LOVCEN (13.4%).

The non-life unit of Slovenian insurance group TRIGLAV - LOVCEN osiguranje, was the biggest non-life insurer in Montenegro with GWP of EUR 6.6 million, and a market share of 42.8%. The other four non-life insurers active on the local market were SAVA Montenegro (19.4% market share), UNIQA nezivotno osiguranje (16.5%), GENERALI Montenegro (14.4%) and SWISS osiguranje (7.1%).

Access www.xprimm.com and download the 1Q2018 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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