Strategic Market Intelligence: Insurance Industry in Montenegro - Key Trends and Opportunities to 2022

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.


  • This report provides a comprehensive analysis of the Insurance Industry in Montenegro.
  • It provides historical values for the Montenegrin insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key categories in the Montenegrin insurance industry, and market forecasts to 2022.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Montenegrin insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Montenegrin insurance industry.
  • Assess the competitive dynamics in the insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Montenegrin insurance industry, and their impact on companies and the industry's future.

Executive Summary
Industry - Snapshot
Premium Trend
Policies and Penetration
Assets and Investments
Industry Composition
Life Insurance
Policies and Density
General Insurance
Premium and Profitability
Claims and Investments
Lines of Business
Marine, Aviation and Transit
Personal Accident and Health
Other Lines of Business
Competitive Landscape
Composition of Top Five Insurers
Market Share

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