Montenegrin insurers' GWP up 12.6% y/y in Q1

Non-life insurance premiums totalled 28.5 million euro in the first quarter of the year, up from 25.8 million euro in January-March 2023, while life insurance premiums rose to 5.9 million euro from 4.8 million euro in the period under review, the Insurance Supervision Agency of Montenegro said in a statement earlier this week.

Lovcen Osiguranje held the biggest share of 41% of gross premiums in the non-life insurance segment in January-March, followed by Sava Osiguranje with 19.9%, Uniqa Nezivotno Osiguranje with 16.3%, Generali Osiguranje Montenegro with 14.9%, and Grawe Nezivotno Osiguranje with 7.8%.

On the life insurance segment, Wiener Stadtische Zivotno Osiguranje held the biggest share of 46.2% of first-quarter gross premiums. It was followed by Lovcen Zivotna Osiguranja with 24.8%, Grawe Osiguranje with 22.8%, and Uniqa Zivotno Osiguranje with 6.3%.

In 2023, gross insurance premiums in Montenegro rose 10.3% to 119.5 million euro.

Nine insurance companies operated in Montenegro in the first three months of 2024, including five active in the non-life and four active in the life insurance segment.

($ = 0.937 euro)