The insurance market in Montenegro continued its steady growth in 2025, with a marked increase in the amount and frequency of claims. According to data presented in Budva at the "IV Montenegrin Insurance Days" conference, which brought together almost 130 registered participants, GWP in 2025 reached EUR 148.3 million, representing a 10.5% increase y-o-y.
The President of the Council of the Insurance Supervisory Agency of Montenegro, Marko Ivanović emphasized that a significant rise in claims is one of the key trends of the insurance market. Total amount of claims settled in 2025 reached EUR 65.5 million, which is 9% more y-o-y, or even 31% more compared to 2023. At the same time, the number of claims settled increased to 102.1 thousand, which indicates an increase in the frequency.
The structure of claims is dominated by non-life insurance, which accounts for approximately three-quarters of the total amount. The largest share relates to motor vehicle liability insurance, as well as Motor Hull, which makes this type of insurance the key generator of claims on the market.
A steady rise in claims was observed throughout the year, with a more pronounced intensity in the second half, which means continued pressure on insurance companies. At the same time, promptness in resolving claims remains high at 91.6%, according to Ivanović.
Marko Ivanović concluded that overall, the insurance market in Montenegro is recording a positive trend, but at the same time, there are growing challenges in risk and claims management, especially in the motor insurance segment.
The conference was attended by experts from Brussels and other European and regional experts. As founders of the NBOCG (National Insurance Bureau of Montenegro), Montenegrin insurance companies contributed to the event: Lovćen osiguranje, Generali, Sava osiguranje, Uniqa and Grawe.
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