The insurance market of Montenegro saw a 6.24% y-o-y growth in GWP, to EUR 76.9 million. The non-life insurance segment had the largest contribution to the market growth, reporting GWP of EUR 64 million, 6.93% up y-o-y. Non-life insurance lines account for 83.2% of the total GWP.
Montenegrin insurance companies reported aggregate GWP of EUR 57.3 million during January-September 2015, 6.3% more y-o-y, according to the preliminary figures published on the country's Insurance Supervision Agency website. Non-life insurance premiums totaled EUR 48.5 million, up by 6.9% on the year, while the life insurance segment generated premiums of EUR 8.8 million, 4.0% more y-o-y.
Judging by the first six months results, it seems that the Montenegrin insurance market is recovering in 2015, with improved dynamics on almost all business lines. Thus, after ending 2014 with a drop in GWP, in 1H2015 the overall premium volume went up by 4.8% y-o-y, to almost EUR 37 million.
Montenegrin non-life insurer UNIQA Nezivotno Osiguranje raised its
capital to 8.7 million euro through the issue of new shares, while life
insurer UNIQA Zivotno Osiguranje hiked its capital to 4.03 million euro,
the Podgorica bourse said.
The 11 Montenegrin insurers activating on the market reported aggregate gross written premiums of EUR 17.06 million for the January-March 2015 period, up from EUR 15.63 million in 1Q2014, the figures published by the country's Insurance Supervision Agency indicated.
The Council of Montenegrin Central Bank has issued a license to turkish
'Ziraat Bank' to operate in Montenegro. Ziraat Bank applied for
permission in December 2014 and it is expected that the Turkish lender
will begin opening its branches in the coming months.
The Montenegrin insurance market totaled EUR 72.41 million at the end of 2014, 0.50% less y-o-y, according to the preliminary statistics published by the local Insurance Supervision Agency. As in the previous reporting periods, the two market segments recorded similar dynamics: Non-life insurance GWP was down by 3.31% (to EUR 59.85 million), while the total life insurance premium grew by 15.45% (to EUR 12.56 million).
Montenegrin insurance companies posted combined gross written premiums
of 6.02 million euro in November, down from 6.0 million euro a month
earlier, the country's Insurance Supervision Agency said. Non-life
insurance premiums totalled 4.973 million euro in November, up 1.4% on
the month, data from the Insurance Supervision Agency of Montenegro
Societe Generale Banka Montenegro said on Wednesday it has signed a deal
with local non-life insurer Uniqa to enable its clients to buy
insurance policies at the bank's branches. In the life insurance segment, Societe Generale Banka Montenegro partners with insurer Merkur, the lender said in a statement.
In January-September 2014, the Montenegrin insurance market totaled EUR 54 million, a slight sub unitary increase of 0.4% compared to the previous year, Insurance Supervision Agency reported. Compared to 3Q2013, non-life insurance premium was down by 2.4% (to EUR 45.3 million), while the total life insurance premium grew by 17.6% (to EUR 8.6 million).
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