The Montenegrin market reported a 10.3% y-o-y growth in FY2023 GWP, to EUR 119.5 million, according to the preliminary figures published on the ISA's website, while the value of paid claims &indemnities increased by 9.1% y-o-y to almost EUR 50 million.

The non-life segment contributed to the aggregate figure with GWP of EUR 95.8 million (80.2% of total GWP), while the life sector accounted for the remaining 20%, or EUR 23.6 million.

The largest non-life insurers in the country were the local units of Slovene insurers TRIGLAV and SAVA: LOVCEN Osiguranje (38.1% market share) and SAVA osiguranje (21.6%).

In case of life insurance segment, the local subsidiaries of Austrian insurers GRAWE and VIG accounted for more than two thirds of local market: WIENER STAEDITCSHE zivotno osiguranje 38.8% and GRAWE osiguranje – 31.8%.

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