STATISTICS: MONTENEGRO, 1Q2020: All market players ended the first quarter "in black"

4 June 2020 —
STATISTICS: MONTENEGRO, 1Q2020: All market players ended the first quarter
The Montenegrin insurance market increased by 12.32% y-o-y during Q1 2020 to EUR 24.80 million, as data from the Insurance Supervisions Agency shows. The non-life insurance segment accounted for EUR 20.44 million of the total GWP, up by 9.54% on the year, while the life-insurance companies expanded by 27.44% y-o-y to EUR 4.36 million.

In terms of claims, life indemnities grew by almost 2% to EUR 1.43 million, while non-life claims totaled EUR 7.64 million or 14.64% more y-o-y due the double-digit increases reported by the two motor insurance LoBs.

The non-life unit of Slovenian insurance group TRIGLAV - LOVCEN osiguranje, was the biggest non-life insurer in Montenegro with GWP of EUR 9.45 million, and a market share of 46.25%. At the same time, the local unit of Austrian VIG - WIENER STADTISCHE zivotno osiguranje was the largest life insurer - GWP of EUR 1.56 million, market share of 35.86%.

The quarterly market figures presented by Montenegrin ISA revealed that for the analyzed period (January-March 2020) the local insurance market reported profit before taxes of EUR 2.84 million vs. EUR 2.90 million a year before. All nine local insurers (four life specialized insurers and five non-life insurers) ended Q1 2020 "in black". From this point of view, "the champions" were GENERALI osiguranje Montenegro (gross profit of EUR 817.46 k) , followed by LOVCEN osiguranje (EUR 747.77 k) and SAVA osiguranje (EUR 422.64 k)

Access and download the latest Montenegrin insurance market statistics.