Strategic Market Intelligence: Insurance Industry in Montenegro - Key Trends and Opportunities to 2022
Montenegro is among the select countries which are not part of Euro zone and yet use Euro as national currency. Discussions are underway for Montenegro’s European Union (EU) membership. As per the Central Bank of Montenegro, GDP growth for 2018 is estimated at about 3.5%. This is somewhat similar to World Bank projections for the region’s countries. However, GDP growth for 2019 is projected to be lower. As per World Bank, Montenegro’s GDP is expected to grow at 2.8% during 2019.
As of 2017, the insurance industry GWP was valued at EUR0.08 billion (US$0.09 billion). It is expected to value EUR 0.10 billion (US$0.12 billion) by 2022. Penetration has been on a decline since 2013 when it was 2.2%. Insurance density in contrast has shown a rise during 2013-2017. General insurance segment accounts for over 80% of the total insurance industry size. Within this, the retail is predominant consumer segment with 77% share in 2017.
The top four insurers account for over 77% of the total market size in terms of GWP, as of end-2017. Between 2013 and 2017, the insurers Grawe and Lovcen have been in market leadership position in life and general insurance segments respectively. Recent developments in the life insurance segment point towards consolidation.
Strategic Market Intelligence: Insurance Industry in Montenegro - Key Trends and Opportunities to 2022, report provides a detailed outlook by product category for the Montenegrin insurance industry, and a comparison of the Montenegrin insurance with its regional counterparts. The report brings together modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
It provides values for key performance indicators such as written premium, incurred loss, claims paid, loss ratio, total assets, total investment, penetration, number of new policies sold and number of active policies during the review period (2013-2017) and forecast period (2017-2022). The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Montenegrin economy and demographics, and provides detailed information on the competitive landscape in the country.
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