STATISTICS: MONTENEGRO, 1H2018: property insurance lines have lost ground in GWP terms despite the increasing number of policies

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.

Life insurance maintained quasi unchanged its share in the market portfolio, at 16.3%, reporting a slightly lower premiums growth rate than the market average (2.24%).

On the non-life side, while motor insurance lines saw a positive trend, with growth rates of 15% on the Motor Hull line and 5.33% for the MTPL class, the property insurance segment recorded a significant fall of the premiums volume: thus, GWP for the fire and allied perils line decreased by 10.9%, to only EUR 1.6 million, while for the "damages to property" line, GWP went down by 19.7%, to EUR 2.84 million. It is worth mentioning that for both lines the number of policies has actually increased in comparison with the previous year: while on the "damages to property" line the increase was a marginal one, from 7,828 to 7,888 policies, on the fire insurance line the number of policies went up by almost 20%, from 4,904 to 5,823, as shown by the data provided by the Insurance Supervision Agency of Montenegro.

The local unit of Austrian GRAZER Wechselseitige Versicherung is the largest life insurer - GWP of EUR 3.08 million, market share of 45.76%, followed by the VIG subsidiary (27.29% market share), the local branch of UNIQA (13.89%) and LOVCEN (13.06%).

The non-life unit of Slovenian insurance group TRIGLAV - LOVCEN osiguranje, is the leading non-life insurer in Montenegro with GWP of EUR 14.90 million in 1H, and a market share of 43.13 %. The other four non-life insurers active on the local market are SAVA Montenegro (19.15% market share), UNIQA nezivotno osiguranje (15.78%), GENERALI Montenegro (14.42%) and SWISS osiguranje (7.5%).

Access www.xprimm.com and download the 1Q2018 Montenegrin insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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