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.
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.
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.
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".
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.
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
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.