Austrian insurer GRAWE, which has made in the past year a number of acquisitions in Bosnia and Herzegovina, is considering to take similar actions in Montenegro throught its local subsidiary active only in life insurance market - GRAWE osiguranje, local media informed.
The Montenegrin market reported a 9% y-o-y growth in FY2019 GWP, to EUR 94.76 million, according to the preliminary figures published on the ISA's web-site.
From January to November 2019, GWP of the Montenegrin insurance market exceeded the GWP level of the whole year 2018, as the Insurance Supervision Agency of the country announced on its website.
In 3Q 2019, the Montenegrin insurance market totaled EUR 72.33 million, 11.52% up y-o-y, according to data published by the Insurance Supervision Agency. Compared with 3Q2018, non-life insurance premium was up by 11.31% (to EUR 60.59 million), while the life insurance GWP grew by 12.62% y-o-y (to EUR 11.73 million).
Montenegrin insurers ended the first half of 2019 with total GWP worth EUR 46.6 million, up by almost 14% y-o-y. Both the life and non-life segments have recorded double digit growth rates.
The GWP by the Montenegrin insurers totalled EUR 22.1 million in the first three months of 2019, up 20.2% on the year, the Insurance Supervision Agency of Montenegro informed.
In 10 years, between 2008 and 2017, the insurance market in Montenegro grew by EUR 21.2 million (+35.0%) in terms of gross written premiums (GWP). More than half of the market was represented by motor insurance classes. Life insurance maintained a positive trend the whole decade.
The gross written premiums of Montenegrin insurers increased to EUR 86.83 million in 2018, up by 6.19% y-o-y, official figures 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 3Q2018, the Montenegrin insurance market totaled almost EUR 65 million, a 6% increase y-o-y, as the Insurance Supervision Agency has reported.
Montenegro insurers reported GWP of EUR 41.27 million in 1H2018, up by 3.2% y-o-y. Paid claims increased at a higher pace, of 10.9%, reaching a total of EUR 17.6 million. The MTPL insurance line was the main driver in both cases.
Montenegrin insurer Lovcen Osiguranje has said it completed a 100,000 euro capital hike as part of its shareholder remuneration policy.
The Montenegrin insurance market increased by 5.1% y-o-y during Q1 2018 to EUR 18.4 million, while the aggregate value of paid claims and indemnities was up by 16.2% y-o-y to EUR 9 million, as data from the Insurance Supervisions Agency shows.
The insurance market of Montenegro totalled EUR 81.77 million at the end of 2017, representing an annual increase of 2.00%, according to the preliminary figures published on the ISA's web-site.
Montenegrin insurers Sava Re and Lovcen osiguranje are entering the market of supplementary health insurance, raising the number of local providers to four, osiguranje.hr wrote.
According to data provided by the Insurance Supervision Agency of Montenegro, local insurers have ended 3Q2017 with GWP of EUR 61.2 million, 3.2% up y-o-y.
According to the centralized CEE figures, in terms of gross written premiums, at the end of June 2017, the insurance market of Montenegro was the smallest among all 17 CEE countries: GWP of EUR 40 million, up by 3.5% y-o-y.
The aggregate GWP of the 11 insurance companies operating in Montenegro has increased by 3.8% y-o-y to EUR 17.4 million in Q1 2017, data from the Insurance Supervisions Agency shows.
The International Monetary Fund (IMF) has pledged to provide technical support for the supervision of banks and insurance companies in Montenegro, the country's central bank, CBCG, said on Monday.