Montenegro Insurance Industry – Key Trends and Opportunities to 2028
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Montenegro Insurance Market Report Overview
The gross written premium of the Montenegro insurance market was EUR115.1 million ($117.6 million) in 2023. The market is expected to achieve a CAGR of more than 5% during 2024-2028. The Montenegro insurance market research report provides in-depth market analysis, information, and insights into the Montenegro insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Montenegro Insurance Market Outlook, 2023-2028 (EUR Million)
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The Montenegro insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Montenegro economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | EUR115.1 million ($117.6 million) |
CAGR (2024-2028) | >5% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · Wiener
· GRAWE · Lovcen Zivotna · UNIQA Zivotno · Lovcen · Sava Montenegro |
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Montenegro Insurance Market Trends
The key trends influencing the Montenegro insurance market are an increase in motor insurance policies and employee benefits solutions. For instance, in October 2023, Sava osiguranje partnered with NLB Banka to offer the Mini Casco Insurance motor policy. This policy provides coverage for vehicles that are up to 14 years old. The product is available in three different coverage levels and provides coverage for traffic accidents, natural disasters, and vehicle theft, among others. The policy can be purchased via NLB Bank’s website.
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Montenegro Insurance Market by Segments
The key segments in the Montenegro insurance market are life insurance and general insurance. The general insurance segment dominated the Montenegro insurance market in 2023. The key lines of business in the Montenegro general insurance market are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous insurances. Motor insurance was the dominant general insurance line of business in 2023.
Montenegro Insurance Market Analysis by Segments, 2023 (%)
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Montenegro Insurance Market – Competitive Landscape
In 2022, Wiener accounted for the highest market share in the Montenegro life insurance market
A few of the key companies in the Montenegro insurance market are:
- Wiener
- GRAWE
- Lovcen Zivotna
- UNIQA Zivotno
- Lovcen
- Sava Montenegro
Montenegro Life Insurance Market Analysis by Companies, 2022(%)
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Montenegro Insurance Market – Latest Developments
- In March 2023, Asinta partnered with GrECo Group to offer employee benefits solutions in Montenegro. This includes state pension scheme benefits, group personal accident insurance, a government scheme providing disability benefits, and supplementary benefits covering two types of private medical insurance.
Montenegro Insurance Market Segments Outlook (Value, EUR Million, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Montenegro insurance industry. It also offers:
- Historical values for the Montenegro insurance industry review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Montenegro insurance industry and market forecasts up to 2028.
- Profiles of the top life insurance companies in Montenegro and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Montenegro insurance industry.
- A comprehensive overview of the Montenegro economy, government initiatives, and investment opportunities.
- The Montenegro insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Montenegro insurance industry’s market structure gives details of lines of business.
- Montenegro’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Montenegro insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Montenegro insurance industry.
- Assess the competitive dynamics in the Montenegro insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Sava Montenegro
UNIQA Nezivotno
Generali
Wiener
GRAWE Nezivotno
GRAWE Osiguranje
Lovcen Zivotna
Table of Contents
Frequently asked questions
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What was the Montenegro insurance market gross written premium in 2023?
The gross written premium of the Montenegro insurance market was EUR115.1 million ($117.6 million) in 2023.
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What will the growth rate of the Montenegro insurance market be during the forecast period?
The insurance market in Montenegro is expected to achieve a CAGR of more than 5% during 2024-2028.
-
Which segment dominated the Montenegro insurance market in 2023?
The general insurance segment dominated the Montenegro insurance market in 2023.
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Which are the major companies operating in the Montenegro insurance market?
A few of the key companies in the Montenegro insurance market are Wiener, GRAWE, Lovcen Zivotna, UNIQA Zivotno, Lovcen, and Sava Montenegro.
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