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).
Montenegro's insurance market declined by 1% on the year to EUR 35.3 million in the first six months of the current year, according to data provided by the Insurance Supervision Agency (ANO). Gross written premiums from non-life insurance totaled EUR 29.4 million, down by 4.4% y-o-y and accounted for ~83.4% market share, slightly lower compared to 1H 2013 (86.3%). The premiums in the life-insurance segment increased in absolute value by almost EUR 1 million to EUR 5.9 million (up by 19.8% on the year).
The Montenegrin insurance market totaled EUR 15.6 million at the end of March 2014, which represents a decrease of 2.6% y-o-y, according to preliminary data published by Insurance Supervision Agency. At the same time, the value of claims paid by local insurers EUR 7.1 million.
The Montenegrin insurers ended 2013 with an overall increase of the GWP of 8.7%, to almost EUR 73 million. Both life and non-life insurance businesses witnessed a positive y-o-y change, of 14.7% and 7.7% respectively.
Uniqa Montenegro closed the third quarter of 2013 with encouraging
figures. The premium volume increased by 11.2 per cent to 7.9 million
euros (1-9 / 2012: 7.1 million euros). In a market characterised by
stable growth, UNIQA Montenegro expanded its market share by 0.8
percentage points to 14.6 per cent (1-9 / 2012: 13.8 per cent), meaning
that it ranks at fourth place on the Montenegrin insurance market.
In January-September 2013, the Montenegrin insurance market totaled EUR 53.6 million, 4.9% more y-o-y, according to preliminary data published by the Insurance Supervision Agency. The structure of GWP was composed of 86.4% - non-life insurance, while the share of life insurance increased from 12.6% to 13.6% - due the higher growth rate than the market average (13.6% y-o-y).