STATISTICS: Montenegrin insurers posted double digit increases in Q1 2024 business

11 June 2024 — Andrei VICTOR
STATISTICS: Montenegrin insurers posted double digit increases in Q1 2024 business

According to preliminary figures published by the Insurance Supervision Agency of Montenegro (ISA), the business of Montenegrin insurers increased by 12.58% y-o-y in the first quarter of 2024, reaching EUR 34.46 million.

Gross written premiums from non-life insurance totaled EUR 28.54 million in January-March 2024, up by 10.48% y-o-y, while the life insurance GWP totaled EUR 4.92 million, up by 23.89% y-o-y.

At the same time, total gross claims paid increased by 10.26% to EUR 13.12 million. Of this total, life indemnities amounted to EUR 2.77 million vs. EUR 2.79 million a year before, while non-life payments increased by 13.55% y-o-y to EUR 10.35 million due to the 66.21% growth rate in health insurance, over 30% increases reported in MTPL segment and almost +22% in MoD.

The statistics published by Montenegrin ISA comprises data from nine insurance companies operating in the country: four life and five non-life insurers. Wiener Stadtische zivotno osiguranje is the largest life insurer with 46.19% market share (almost 10% more vs. Q1 2023), while Lovcen osiguranje is the largest non-life insurer with 41.07% market share.

Access XPRIMM Database and download the Q12024 Montenegrin insurance market statistics.
 

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