STATISTICS: MONTENEGRO 3Q2014: Slightly positive rate maintained by life insurers

In January-September 2014, the Montenegrin insurance market totaled EUR 54 million, a slight sub unitary increase of 0.4% compared to the previous year, Insurance Supervision Agency reported. Compared to 3Q2013, non-life insurance premium was down by 2.4% (to EUR 45.3 million), while the total life insurance premium grew by 17.6% (to EUR 8.6 million).

The decrease of non-life sector was due the negative rates reported by the two main segments as share in total GWP: motor (MTPL and CASCO, summed) - which was comprised by 1.9% and property: down by -5.8%. All in all, the share of the two segments in total insurance market decreased by 2pp to 64%. On the other hand, the greatest premium growth was generated by the accidents insurance class: +10.4% to EUR 6.7 million.

In life insurance, the largest market share of 35.4% (EUR 3 million) was generated by GRAWE Insurance, while in non-life, the market leader with the greatest GWP was LOVCEN Insurance (member of Slovenian-based TRIGLAV Group): market share of 43.5% (EUR 19.7 million).

Access www.xprimm.com and download the 3Q2014 Montenegrin insurance market statistics - market portfolio & market rankings: GWP, claims, growth rates, shares.

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

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