MONTENEGRO: preliminary 2020 market results show just a 1% decrease as compared with 2019, the top record year

28 January 2021 — Daniela GHETU
According the preliminary results published by the Insurance Supervision Agency of Montenegro, the local insurance market closed 2020 with GWP worth EUR 93.67 million, 1% down y-o-y, a result that the Council's President Uros ANDRIJASEVIA appreciated as very good, considering the challenges of the Covid crisis.

Non-life insurance premiums decreased by 4.7%, i.e. by EUR 3.7 million, while the life insurance sector managed to partially offset this decreased by recording a GWP increase by 15.1% (i.e. EUR 2.6 million) compared to 2019.

Paid claims amounted to EUR 36.47 million, in a number of 49.2 thousand solved claims files.

The MTPL insurance line accounts for the largest share in the market portfolio, both in GWP (38.47%) and paid claims (36.27%) terms. Life insurance segment's weight has increased by over 3 percentage points, to 21.3%, reflecting the dynamics recorded in comparison with the non-life business.

Speaking about the preliminary indicators of the business of insurance companies for last year, Uros ANDRIJASEVIA pointed out that the market results are worth considering as very good, considering that the premium production decreased in such a difficult year as 2020 by just 1% as compared with 2019, which was a record year for the domestic insurance market. He emphasized that the insurance sector has shown resistance to emergency and crisis situations, in which the Agency also played a significant role, through the activities it carried out in the previous year in order to maintain market stability and protect the interests of policyholders. However, despite the satisfactory business indicators, and especially having in mind the high level of uncertainty in the coming period which will be very challenging for all market actors, the Agency's Crisis Team formed with the beginning of the COVID crisis will continue to work this year.

Detailed statistical data will be soon updated on the XPRIMM statistical database.