LOVCEN osiguranje - local non-life insurer owned by Slovene TRIGLAV, and GRAWE osiguranje - the Montenegrin life unit of Austrian insurance group GRAWE - are in terms of GWP, according to the year-end 2020 market statistics published by Insurance Supervision Agency of Montenegro the largest insurers in the Adriatic country.

Thus, with GWP of EUR 8.36 million (market share of 42.4%) GRAWE osiguranje is the largest life insurer in the country, the followers being WIENER STADTISCHE zivotno osiguranje (26.37%), LOVCEN-zivotna osiguranja and UNIQA zivotno osiguranje.

On the non-life segment side, LOVCEN osiguranje accounted for 43.22% market share followed by SAVA osiguranje (17.36%) UNIQA nezivotno osigurane, GENERALI osiguranje Montenegro and SWISS osigurnaje.

As priviously xprimm reported, the preliminary results published by the Insurance Supervision Agency of Montenegro showed that the local insurance market closed 2020 with GWP worth EUR 93.67 million, 1% down y-o-y.

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. Click here to read more.

Access XPRIMM Database and download the FY2020 Montenegrin insurance market statistics.