MONTENEGRO: Insurance market is stable and has great development prospects, as the preliminary 2018 data show

On January 30, 2019 Representatives of the Insurance Supervision Agency and the National Bureau of Montenegro Insurers (NBMI) had a meeting, during which it was agreed that the Montenegrin insurance market is stable and has great development prospects, according to the press release of the supervisor.

During the meeting the two insurance institutions discussed joint activities and further cooperation, focusing on the development of legislation and functioning of the insurance market in Montenegro.

"The importance of a steady voluntary insurance growth rate, as one of the main factors of the strengthening of the insurance market, was underlined in the context of development," the press release says.

Before that on January 29, 2019 the President of the Council of the Insurance Supervision Agency, Uros Andrijasevic, during the 265th session of the Council, dedicated to the discussion of the market preliminary results, noted that in general the market in 2018 saw rather good growth: total market GWP in 2018 went up by about 6% y-o-y, at that non-life segment increased by 6% and the life one - by 7.5%, based on the preliminary data. The most popular type of insurance of the Montenegrin market is still the MTPL insurance with a share of 42% in the total GWP and the highest nominal growth. Voluntary insurance, which is one of the key market development drivers, records continuous significant growth rates. Among the prevailing classes are voluntary health insurance, MoD and life insurance.

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