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.