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).
The 1H2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 and in the first quarter of 2013 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 35.64 million, 4.71% up y-o-y, while GWP went up by 11.62% y-o-y for the life insurance segment and by only 3.7% for the non-life business lines.
The 1Q2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines. Thus, the overall GWP volume amounted to EUR 16.05 million, 2.8% up y-o-y, while GWP went up y-o-y by 10% for the life insurance segment and by only 1.7% for the non-life business lines.
In the financial year 2012, the gross premiums written by the Montenegrin insurers amounted to EUR 66.8 million, representing a very slight increase, of only 3% y-o-y, as the Insurance Supervision Agency reported. Compared with FY2011, non-life insurance premiums grew by almost 3 % (to EUR 57.3 million), while the total life insurance premiums grew by 5% (to EUR 9.5 million). "Even if in Montenegro the volume of premiums does not seem very high, the insurance density is comparable to other larger countries, such as Bulgaria, Romania or Serbia, which is about EUR 100 per capita," declared Boris SABAN, Executive Director, National Bureau of Montenegro Insurers, last week at the International Insurance Forum in Istanbul.
In January-September 2012, the gross premium written by the Montenegrin insurers amounted to EUR 51.1 million, slightly increasing by 4.18% in relation to the previous year, Insurance Supervision Agency reported. Compared to 3Q2011, non-life insurance premium grew by 4.3% (to EUR 44.7 million), the while the total life insurance premium grew by 3.28% (to EUR 6.4 million).
The Montenegrin insurance market ended the first half of 2012 with a 6.37% growth in terms of GWP, to EUR 34 million. With few exceptions, all insurance lines recorded a positive dynamic, in spite of a difficult economic environment which leaded to rising unemployment rate - up by 1.5pp as compared to July 2011, to 12.65% -, and decreasing average wage of the Montenegrin citizens.
According to data of the Insurance Supervision Agency of Montenegro, gross premiums for the 12 insurance companies totaled EUR 15.6 million at the end of March, up 14.2% in relation to the same period of 2011.