STATISTICS: MONTENEGRO, FY2015: 6.24% growth in GWP, mostly driven by the "damages to property" insurance line

The insurance market of Montenegro saw a 6.24% y-o-y growth in GWP, to EUR 76.9 million. The non-life insurance segment had the largest contribution to the market growth, reporting GWP of EUR 64 million, 6.93% up y-o-y. Non-life insurance lines account for 83.2% of the total GWP.

The highest growth rate was reported for the property insurance lines, especially for the "damages to property" line which saw an almost 52% increase in GWP. As a result, its share in the market portfolio went up by about 3pp, to 8.26%. The "fire and allied perils" line also recorded a positive evolution, with GWP going up by 6.6% y-o-y. However, the total volume of premiums written for these business lines remains low, at EUR 10.44 million.

The motor insurance segment recorded a slightly positive evolution, GWP increasing by almost 1%. It is worth noting that this time the main growth source was the Motor Hull line, with premiums increasing by some 7%.

LOVCEN Osiguranje, SAVA Montenegro, UNIQA Non-Life are the Top 3 non-life insurers, with an aggregated market share of almost 80% of the total non-life GWP. On the life insurance side, Top 3 is formed by GRAWE, WIENER STADTISCHE Life and MERKUR, accounting for a total share of 73.3%, 1pp up y-o-y.

Access www.xprimm.com and download the FY2015 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

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

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