The insurance market of Montenegro totaled EUR 68.23 million at the end of H1 2024, up by 13.95% y-o-y or by EUR 8.3 million, according to the half-year figures published by the local Insurance Supervision Agency (ISA). Gross written premiums from non-life insurance represent 81.35% of total insurance market - about EUR 55.5 million, up by 12% y-o-y while, while life business GWP was up by 23.11% y-o-y to EUR 12.7 million.

Motor insurance lines account together for almost 43% of the total market GWP. Overall, GWP for motor insurance increased by 11.47%, while paid claims grew by 24.66%. The imbalance was more substantial on the MTPL LoB, for which GWP went up by 9.2%, while claim expenses increased by almost 25%.

The largest life insurer in the country was Wiener Staedtische zivotno osiguranje with a GWP volume of EUR 5.58 million and a market share of 43.85%, while Lovcen osiguranje, a unit of Slovenian insurance group TRIGLAV, was the biggest non-life insurer with GWP of EUR 21.2 million and a market share of 38.2%.

Access xprimm.com and download the latest Montenegrin insurance market statistics.