Montenegro's insurance market declined by 1% on the year to EUR 35.3 million in the first six months of the current year, according to data provided by the Insurance Supervision Agency (ANO). Gross written premiums from non-life insurance totaled EUR 29.4 million, down by 4.4% y-o-y and accounted for ~83.4% market share, slightly lower compared to 1H 2013 (86.3%). The premiums in the life-insurance segment increased in absolute value by almost EUR 1 million to EUR 5.9 million (up by 19.8% on the year).

On non-life segment, the largest decrease was reported by motor policies: -8.4% in case of motor hull, while MTPL sector declined by 1.7%. Summed, the two property classes (fire, allied perils and other damages to property) totaled EUR 4.2 million, down 13.7% y-o-y.

During January-June, Montenegrin insurers paid claims of about EUR 14.1 million or 15.8% more y-o-y. Atypical dynamics were reported on life sector (were the total value of indemnities was more than doubled: +115%) and on property segment: +95%.

At the end of June, LOVCEN Osiguranje was the non-life market leader with a share of 44.3%. The second largest non-life insurer was SAVA Montenegro (19.2% share), while DELTA GENERALI ranked third (17.2%).

The life segment was dominated by the local subsidiary of GRAWE (36.1% market share), followed by WIENER STAEDTISCHE Life (20%) and MERKUR Osiguranje (16.4%).

Access www.xprimm.com and download the 1H2014 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