In 10 years, between 2008 and 2017, the insurance market in Montenegro grew by EUR 21.2 million (+35.0%) in terms of gross written premiums (GWP). More than half of the market was represented by motor insurance classes. Life insurance maintained a positive trend the whole decade.




The overall market increased in GWP from EUR 60.6 mil. (2008) to EUR 81.8 mil. (2017). Non-life sector brought the biggest contribution in market development, growing with EUR 14.27 mil. (+26.8%), while life sector kept a lower profile but almost doubled its volume, rising with EUR 6.9 mil. (+95.5%).

The paid claims (PC) have also increased in volume, but at a smaller scale compared to GWP. The overall market PC increased from EUR 28.7 mil. in 2008 to EUR 35.7 mil. in 2017, marking a +24.3% change.

The life insurance sector managed to increase its share in GWP year by year. No downwards trends were seen in the whole period, life insurance keeping itself strong in the overall market, with y-o-y increases. From a share of 12.0% in 2008, life insurance took 17.3% market share by the end year.




Non-life sector was sustained by MTPL insurance. MTPL has had 51.4-55.9% GWP share and 41.4-46.7% PC share in non-life sector. In overall market, MTPL represents 42.5-48.3% from total GWP and 35.6-41.6% from total PC volume. The peak year for MTPL was 2016, when this class registered a volume of EUR 35.2 mil. .

Motor hull and property insurance represented less than a quarter in total GWP. The share of motor hull fluctuated between 6.3-11.1% of total market GWP while property insurance kept a higher share, between 10.0-13.9%.

Motor hull slowly shrank in GWP volume, from EUR 7.1 mil. (2009) to EUR 4.7 mil. (2014) increasing slightly in following years to EUR 5.6 mil. . Property insurance GWP ranged between EUR 6.4 mil. - EUR 10.4 mil. .

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