Location map
author: OCHA/ ReliefWeb

- Southeastern Europe, bordering the Adriatic Sea;
- Neighbours: Albania, Croatia, Bosnia and Herzegovina, Serbia, Kosovo.

- Mediterranean climate, hot dry summers and autumns and relatively cold winters with heavy snowfalls inland.

Natural hazards:
- destructive earthquakes.

Macro indicators
* 2018 estimates
Pop. density*:44.9people/km2
GDP*:4.6EUR billion

European Union:
Official candidate

Currency: Euro
Code: EUR
- unilaterally adopted currency

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:50%




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Montenegro 1Q2022 Insurance Companies Rankings

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Montenegro 1Q2022 Market Portfolio

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Latest news

MONTENEGRO 1Q2013: Beginning of 2013 confirms the trends witnessed in 2012

The 1Q2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 16.05 million, 2.8% up y-o-y, while GWP went up y-o-y by 10% for the life insurance segment and by only 1.7% for the non-life business lines.

Montenegrin market continued its upward trend: over 3% growth in 2012

In the financial year 2012, the gross premiums written by the Montenegrin insurers amounted to EUR 66.8 million, representing a very slight increase, of only 3% y-o-y, as the Insurance Supervision Agency reported. Compared with FY2011, non-life insurance premiums grew by almost 3 % (to EUR 57.3 million), while the total life insurance premiums grew by 5% (to EUR 9.5 million). "Even if in Montenegro the volume of premiums does not seem very high, the insurance density is comparable to other larger countries, such as Bulgaria, Romania or Serbia, which is about EUR 100 per capita," declared Boris SABAN, Executive Director, National Bureau of Montenegro Insurers, last week at the International Insurance Forum in Istanbul.

MONTENEGRO 3Q2012: insurance market maintains the ascending trend

In January-September 2012, the gross premium written by the Montenegrin insurers amounted to EUR 51.1 million, slightly increasing by 4.18% in relation to the previous year, Insurance Supervision Agency reported. Compared to 3Q2011, non-life insurance premium grew by 4.3% (to EUR 44.7 million), the while the total life insurance premium grew by 3.28% (to EUR 6.4 million).


Montenegrin insurer Delta Generali osiguranje has boosted its capital by EUR 879,000 (USD 1.15 million) as it merged its life-insurance unit Delta Generali zivotna osiguranja.

MONTENEGRO: intense battle among the top market ranking companies

The Montenegrin insurance market ended the first half of 2012 with a 6.37% growth in terms of GWP, to EUR 34 million. With few exceptions, all insurance lines recorded a positive dynamic, in spite of a difficult economic environment which leaded to rising unemployment rate - up by 1.5pp as compared to July 2011, to 12.65% -, and decreasing average wage of the Montenegrin citizens.

MONTENEGRO, 1Q2012: GWP rose 14%

According to data of the Insurance Supervision Agency of Montenegro, gross premiums for the 12 insurance companies totaled EUR 15.6 million at the end of March, up 14.2% in relation to the same period of 2011.

MONTENEGRO: UNIQA's 2011 loss narrows 27%

Austrian insurance group UNIQA said its loss from ordinary activities in Montenegro narrowed to 685,000 euro ($906,200) in 2011 from 943,000 euro a year earlier.

MONTENEGRO, FY2011: MTPL still dominant but growing competition on life

Gross premium written on the insurance market of Montenegro in 2011 amounted to EUR 65.3 million, which represents a growth of 5.4% comparing to 2010, when it amounted to EUR 62 million, according to preliminary data published by Insurance Supervision Agency. At the same time, gross premium per capita in 2011 amounted to almost 99 euro.

MONTENEGRO: State helping agriculturalists with insurance

Minister of Agriculture and Rural Development of Montenegro Tarzan Milosevic expressed the satisfaction with the increase of sown areas in Montenegro during 2011. At the same time, Milosevic announces state subsidies for the insurance of agriculturalists and their families.

MONTENEGRO: politicians want a national insurer to weigh down the Slovene players

During a recent session of the Montenegrin Committee for Economy, Finance and Budget, a representative of the main opposition party, the Socialist People's Party (SNP), Dragoslav SCEKIC said that Montenegro should form a national insurance house and prevent the outflow of money through other insurance companies. In his view, "there is monopoly in this sector, which is controlled by Slovenian insurance companies, which is the reason for the outflow of capital".

MONTENEGRO: Housing insurance business slowing down in 3Q

Montenegrin's insurance market growth slowed down in the third quarter of 2011: after a half year 5.63% growth rate, the 3Q results show a 4.9% y-o-y nominal increase in GWP, up to EUR 49.5 million. Life insurance countinued to register a higher dynamic than the non-life sector. The most visible slowing-down may be observed on the property insurance segment. Thus, the impressive 16.50% growth rate reported in 1H 2011 nearly halved in the 3Q statistics.

Capital increases for the first two insurers in Montenegro

The end of 2010 brought with it important capital increase operations for the largest insurance companies in Montenegro (LOVCEN and SAVA MUNTENEGRU). Thus, at the end of December, the General Shareholders Meeting of LOVCEN Osiguranje decided a capital increase and issuing some new shares.

VIG: Market entry in Montenegro - Entry into the property/casualty insurance business in Lithuania

VIENNA Insurance Group is continuing its expansion path into Central and Eastern Europe even during economically difficult times and underscores its commitment to these future markets. With the market entry planned in Montenegro, the leading insurance group of this region will develop the overall 24th country as a market for itself. Furthermore, the non-life insurance business in Lithuania will be started from Poland. At the same time, the DONAU Versicherung is extending its product range on the Italian market and is going to sell motor liability insurance.