STATISTICS: MONTENEGRO, FY2017: GRAWE and LOVCEN lead the market rankings

22 March 2018 — Vlad BOLDIJAR
The insurance market of Montenegro totalled EUR 81.77 million at the end of 2017, representing an annual increase of 2.00%, according to the preliminary figures published on the ISA's web-site.

The non-life insurance segment had the largest contribution to the aggregate figure, reporting GWP of EUR 67.61 million (82.68% of total GWP), while the life sector accounted for the remaining 17.32%, or EUR 14.16 million.

The total of paid claims during year 2017 was EUR 35.70 million or 4.46% more y-o-y. Most of the gross paid claims were related to motor insurance classes, about EUR 16.14 million or 45.21% of total gross paid claims, of which EUR 12.70 million - the value of paid claims for MTPL policies.

The three local units of Austrian insurance groups GRAWE, VIG and UNIQA (GRAWE osiguranje, WIENER STAEDITCSHE zivotno osiguranje and UNIQA zivotno osiguranje) were the Top 3 largest life insurers as GWP - and accounted an aggregate market share of 82.94%.

With an aggregated market share of 62.94%, the two Slovene insurers - LOVCEN Osiguranje (member of TRIGLAV Group) and the local unit of SAVA Re- SAVA Montenegro - lead the non-life ranking.

Access and download the FY2017 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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