1. The Insurance Industry in Montenegro, Key Trends and
Opportunities to 2016
Report Details:
Published:November 2012
No. of Pages: 121
Price: Single User License – US$1950
Synopsis
The report provides in depth market analysis, information and insights into the insurance market in
Montenegro, including:
• The Montenegrin insurance market’s growth prospects by insurance segments and sub-
segments
• The competitive landscape in the Montenegrin insurance market
• The current trends and drivers of the Montenegrin insurance market
• The challenges facing the Montenegrin insurance market
• The regulatory framework of the Montenegrin insurance market
Summary
The Montenegrin insurance segment recorded growth with a CAGR of 6.2% during the review
period. Government promotional measures such as subsidies on insurance premiums for
agriculture output, an improvement in loss ratio and increased awareness for insurance products
supported such growth. A rise in foreign investments increased competition in the market. During
the last decade Montenegro’s insurance segment has recorded uneven economic growth. The
industry was not exposed to the financial crisis of 2008 and 2011 due to its relative
underdevelopment.
Scope
This report provides a comprehensive analysis of the insurance market in Montenegro:
• It provides historical values for the Montenegrin insurance market for the report’s 2007–2011
review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key segments and sub-segments in the Montenegrin insurance
market, along with market forecasts until 2016
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio,
commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Montenegro and outlines the key regulations affecting
them

2. Reasons To Buy
• Make strategic business decisions using in depth historic and forecast market data related in the
Montenegrin insurance industry and each segment within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the
Montenegrin insurance market
• Assess the competitive dynamics in the Montenegrin insurance market
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Montenegrin insurance market and its impact on
companies and the industry''s future
Key Highlights
• The Montenegrin insurance segment recorded growth with a CAGR of 6.2% during the review
period.
• Government promotional measures such as subsidies on insurance premiums for agriculture
output, an improvement in loss ratio and increased awareness for insurance products supported
such growth.
• A rise in foreign investments has increased competition in the market.
• During the last decade Montenegro’s insurance segment has recorded uneven growth.
• The industry was not exposed to the financial crisis of 2008 and 2011 due to its relative
underdevelopment.
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Major points covered in Table of Contents of this report include
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Montenegro Insurance Industry Overview
3.1 Insurance Industry Overview
3.2 Montenegro Insurance Industry – Market Size, 2007–2016
3.3 Key Industry Trends and Drivers
3.4 Challenges
3.5 Regulation
4 Market Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category

3. 4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.3.1 Personal accident insurance category
4.3.2 Health insurance category
4.4 Reinsurance Segment Size by Insurance Segment, 2007–2016
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Lovcen Osiguranje AD Podgorica – company overview
5.2.2 Sava Montenegro Podgorica – company overview
5.2.3 Delta Generali Osiguranje A.D. – company overview
5.2.4 Uniqa nezivotno osiguranje A.D., Podgorica – company overview
5.2.5 Grawe osiguranje a.d. – company overview
5.2.6 Swiss Osiguranje A.D. – company overview
5.2.7 UNIQA zivotno osiguranje A.D. – company overview
5.2.8 Lovcen zivotna osiguranja – company overview
5.2.9 Merkur osiguranje – company overview
5.2.10 Wiener Stadtische zivotno osiguranje – company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Construction Output at Current Prices (US$ Billion)
6.5 Construction Net Output at Current Prices as a Percentage of GDP
6.6 Arable Land
6.7 Exports as a Percentage of GDP
6.8 Number of Air Passengers
6.9 Healthcare Expenditure Per Capita
6.1 Employed Population
6.11 Annual Disposable Income
6.12 Annual Disposable Income Per Capita
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Montenegro Insurance Overall Written Premium by Segment (EUR Billion), 2007–2011
Table 3: Montenegro Insurance Overall Written Premium by Segment (US$ Billion), 2007–2011

4. Table 4: Montenegro Insurance Overall Written Premium by Segment (EUR Billion), 2011–2016
Table 5: Montenegro Insurance Overall Written Premium by Segment (US$ Billion), 2011–2016
Table 6: Montenegro Insurance Segmentation (% Share), 2007–2016
Table 7: Montenegro Life Insurance – Paid Claims (EUR Billion), 2007–2011
Table 8: Montenegro Life Insurance – Paid Claims (EUR Billion), 2011–2016
Table 9: Montenegro Life Insurance – Incurred Loss (EUR Billion), 2007–2011
Table 10: Montenegro Life Insurance – Incurred Loss (EUR Billion), 2011–2016
Table 11: Montenegro Life Insurance – Loss Ratio (%), 2007–2011
Table 12: Montenegro Life Insurance – Loss Ratio (%), 2011–2016
Table 13: Montenegro Life Insurance – Combined Ratio (%), 2007–2011
Table 14: Montenegro Life Insurance – Combined Ratio (%), 2011–2016
Table 15: Montenegro Life Insurance – Total Assets (EUR Billion), 2007–2011
Table 16: Montenegro Life Insurance – Total Assets (EUR Billion), 2011–2016
Table 17: Montenegro Life Insurance – Retentions (EUR Billion), 2007–2011
Table 18: Montenegro Life Insurance – Retentions (EUR Billion), 2011–2016
Table 19: Montenegro Life Insurance – Investment (EUR Billion), 2007–2011
Table 20: Montenegro Non-Life Insurance Written Premium by Category (EUR Billion), 2007–2011
Table 21: Montenegro Non-Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 22: Montenegro Non-Life Insurance Written Premium by Category (EUR Billion), 2011–2016
Table 23: Montenegro Non-Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 24: Montenegro Non-Life Insurance Segment – Paid Claim (EUR Billion), 2007–2011
Table 25: Montenegro Non-Life Insurance Segment – Paid Claim (EUR Billion), 2011–2016
Table 26: Montenegro Non-Life Insurance Segment – Incurred Loss (EUR Billion), 2007–2011
Table 27: Montenegro Non-Life Insurance Segment – Incurred Loss (EUR Billion), 2011–2016
Table 28: Montenegro Non-Life Insurance – Loss Ratio (%), 2007–2011
Table 29: Montenegro Non-Life Insurance – Loss Ratio (%), 2011–2016
Table 30: Montenegro Non-Life Insurance – Combined Ratio (%), 2007–2011
Table 31: Montenegro Non-Life Insurance – Combined Ratio (%), 2011–2016
Table 32: Montenegro Non-Life Insurance – Total Assets (EUR Billion), 2007–2011
Table 33: Montenegro Non-Life Insurance – Total Assets (EUR Billion), 2011–2016
Table 34: Montenegro Non-Life Insurance – Retentions (EUR Billion), 2007–2011
Table 35: Montenegro Non-Life Insurance – Retentions (EUR Billion), 2011–2016
Table 36: Montenegro Property Insurance Category – Written Premium (EUR Billion), 2007–2011
Table 37: Montenegro Property Insurance Category – Written Premium (EUR Billion), 2011–2016
Table 38: Montenegro Motor Insurance Category – Written Premium (EUR Billion), 2007–2011
Table 39: Montenegro Motor Insurance Category – Written Premium (EUR Billion), 2011–2016
Table 40: Montenegro Liability Insurance Category – Written Premium (EUR Billion), 2007–2011
Table 41: Montenegro Liability Insurance Category – Written Premium (EUR Billion), 2011–2016
Table 42: Montenegro Marine, Aviation and Transit Insurance Category – Written Premium (EUR
Billion), 2007–2011
Table 43: Montenegro Marine, Aviation and Transit Insurance Category – Written Premium (EUR
Billion), 2011–2016

5. Table 44: Montenegro Personal Accident and Health Insurance Written Premium by Category
(EUR Billion), 2007–2011
Table 45: Montenegro Personal Accident and Health Insurance Written Premium by Category
(US$ Billion), 2007–2011
Table 46: Montenegro Personal Accident and Health Insurance Written Premium by Category
(EUR Billion), 2011–2016
Table 47: Montenegro Personal Accident and Health Insurance Written Premium by Category
(US$ Billion), 2011–2016
Table 48: Montenegro Personal Accident and Health Insurance Segment – Paid Claim (EUR
Billion), 2007–2011
Table 49: Montenegro Personal Accident and Health Insurance Segment – Paid Claim (EUR
Billion), 2011–2016
Table 50: Montenegro Personal Accident and Health Insurance Segment – Incurred Loss (EUR
Billion), 2007–2011
Table 51: Montenegro Personal Accident and Health Insurance Segment – Incurred Loss (EUR
Billion), 2011–2016
Table 52: Montenegro Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Table 53: Montenegro Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Table 54: Montenegro Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011
Table 55: Montenegro Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016
Table 56: Montenegro Personal Accident and Health Insurance – Total Assets (EUR Billion),
2007–2011
Table 57: Montenegro Personal Accident and Health Insurance – Total Assets (EUR Billion),
2011–2016
Table 58: Montenegro Personal Accident and Health Insurance – Retentions (EUR Billion),
2007–2011
Table 59: Montenegro Personal Accident and Health Insurance – Retentions (EUR Billion),
2011–2016
Table 60: Montenegro Personal Accident Insurance Category – Written Premium (EUR Billion),
2007–2011
Table 61: Montenegro Personal Accident Insurance Category – Written Premium (EUR Billion),
2011–2016
Table 62: Montenegro Health Insurance Category – Written Premium (EUR Billion), 2007–2011
Table 63: Montenegro Health Insurance Category – Written Premium (EUR Billion), 2011–2016
Table 64: Montenegro Reinsurance Ceded by Insurance Segment (EUR Billion), 2007–2011
Table 65: Montenegro Reinsurance Ceded by Insurance Segment (US$ Billion), 2007–2011
Table 66: Montenegro Reinsurance Ceded by Insurance Segment (EUR Billion), 2011–2016
Table 67: Montenegro Reinsurance Ceded by Insurance Segment (US$ Billion), 2011–2016
Table 68: Montenegro Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 69: Montenegro Life Insurance – Percentage of Reinsurance Ceded (%),2011–2016
Table 70: Montenegro Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 71: Montenegro Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016

6. Table 72: Montenegro Personal Accident and Health Insurance – Percentage of Reinsurance
Ceded (%), 2007–2011
Table 73: Montenegro Personal Accident and Health Insurance – Percentage of Reinsurance
Ceded (%), 2011–2016
Table 74: Montenegro Insurance Industry Share, 2011
Table 75: Lovcen Osiguranje AD Podgorica, Main Products
Table 76: Lovcen Osiguranje AD Podgorica, Key Employees
Table 75: Sava Montenegro Podgorica, Main Products
Table 76: Sava Montenegro Podgorica, Key Employees
Table 77: Delta Generali Osiguranje A.D., Main Products
Table 78: Delta Generali Osiguranje A.D., Key Employees
Table 79: Uniqa nezivotno osiguranje A.D., Podgorica, Main Products
Table 80: Uniqa nezivotno osiguranje A.D., Podgorica, Key Employees
Table 81: Grawe osiguranje a.d., Main Products
Table 82: Grawe osiguranje a.d., Key Employees
Table 77: Swiss Osiguranje A.D., Main Products
Table 78: Swiss Osiguranje A.D., Key Employees
Table 77: UNIQA zivotno osiguranje A.D. , Main Products
Table 78: UNIQA zivotno osiguranje A.D. , Key Employees
Table 77: Lovcen zivotna osiguranja , Main Products
Table 78: Lovcen zivotna osiguranja , Key Employees
Table 77: Merkur osiguranje, Main Products
Table 78: Merkur osiguranje, Key Employees
Table 77: Wiener Stadtische zivotno osiguranje , Main Products
Table 78: Wiener Stadtische zivotno osiguranje , Key Employees
List of Figures
Figure 1: Montenegro Insurance Overall Written Premium by Segment (EUR Billion), 2007–2016
Figure 2: Montenegro Insurance segment Dynamics by Segment, 2007–2016
Figure 4: Montenegro Life Insurance – Paid Claims (EUR Billion), 2007–2011
Figure 5: Montenegro Life Insurance – Paid Claims (EUR Billion), 2011–2016
Figure 6: Montenegro Life Insurance – Incurred Loss (EUR Billion), 2007–2011
Figure 7: Montenegro Life Insurance – Incurred Loss (EUR Billion), 2011–2016
Figure 8: Montenegro Life Insurance – Loss Ratio (%), 2007–2011
Figure 9: Montenegro Life Insurance – Loss Ratio (%), 2011–2016
Figure 10: Montenegro Life Insurance – Combined Ratio (%), 2007–2011
Figure 11: Montenegro Life Insurance – Combined Ratio (%), 2011–2016
Figure 12: Montenegro Life Insurance – Total Assets (EUR Billion), 2007–2011
Figure 13: Montenegro Life Insurance – Total Assets (EUR Billion), 2011–2016
Figure 14: Montenegro Life Insurance – Retentions (EUR Billion), 2007–2011
Figure 15: Montenegro Life Insurance – Retentions (EUR Billion), 2011–2016
Figure 16: Montenegro Life Insurance – Investment (EUR Billion), 2007–2011

7. Figure 17: Montenegro Life Insurance Penetration (% of GDP), 2007–2011
Figure 18: Montenegro Life Insurance – Premium Per Capita (EUR), 2007–2011
Figure 19: Montenegro Non-Life Insurance Written Premium by Category (EUR Billion),
2007–2016
Figure 20: Montenegro Non-Life Insurance Written Premium by Category (% Share), 2011 and
2016
Figure 21: Montenegro Non-Life Insurance Segment Dynamics by Category, 2007–2016
Figure 22: Montenegro Non-Life Insurance – Paid Claims by Category (EUR Billion), 2007–2011
Figure 23: Montenegro Non-Life Insurance – Paid Claims (EUR Billion), 2011–2016
Figure 24: Montenegro Non-Life Insurance – Incurred Loss (EUR Billion), 2007–2011
Figure 25: Montenegro Non-Life Insurance – Incurred Loss by Category (EUR Billion), 2007–2016
Figure 26: Montenegro Non-Life Insurance – Loss Ratio (%), 2007–2011
Figure 27: Montenegro Non-Life Insurance – Loss Ratio (%), 2011–2016
Figure 28: Montenegro Non-Life Insurance – Combined Ratio (%), 2007–2011
Figure 29: Montenegro Non-Life Insurance – Combined Ratio (%), 2011–2016
Figure 30: Montenegro Non-Life Insurance – Total Assets (EUR Billion), 2007–2011
Figure 31: Montenegro Non-Life Insurance – Total Assets (EUR Billion), 2011–2016
Figure 32: Montenegro Non-Life Insurance – Retentions (EUR Billion), 2007–2011
Figure 33: Montenegro Non-Life Insurance – Retentions (US$ Billion), 2011–2016
Figure 34: Montenegro Non-Life Insurance – Investment (EUR Billion), 2007–2011
Figure 35: Montenegro Non-Life Insurance Penetration (% of GDP), 2007–2011
Figure 36: Montenegro Non-Life Insurance – Premium Per Capita (EUR), 2007–2011
Figure 37: Montenegro Property Insurance Category – Written Premium (EUR Billion), 2007–2011
Figure 38: Montenegro Property Insurance Category – Written Premium (EUR Billion), 2011–2016
Figure 39: Montenegro Motor Insurance Category – Written Premium (EUR Billion), 2007–2011
Figure 40: Montenegro Motor Insurance Category – Written Premium (EUR Billion), 2011–2016
Figure 41: Montenegro Liability Insurance Category – Written Premium (EUR Billion), 2007–2011
Figure 42: Montenegro Liability Insurance Category – Written Premium (EUR Billion), 2011–2016
Figure 43: Montenegro Marine, Aviation and Transit Insurance Category – Written Premium (EUR
Billion), 2007–2011
Figure 44: Montenegro Marine, Aviation and Transit Insurance Category – Written Premium (EUR
Billion), 2011–2016
Figure 45: Montenegro Personal Accident and Health Insurance Written Premium by Category
(EUR Billion), 2007–2016
Figure 46: Montenegro Personal Accident and Health Insurance Written Premium by Category
(Percentage Share), 2011 and 2016
Figure 47: Montenegro Personal Accident and Health Insurance Segment Dynamics by Category,
2007–2016
Figure 48: Montenegro Personal Accident and Health Insurance – Paid Claims by Category (EUR
Billion), 2007–2011
Figure 49: Montenegro Personal Accident and Health Insurance – Paid Claims (EUR Billion),
2011–2016

8. Figure 50: Montenegro Personal Accident and Health Insurance – Incurred Loss (EUR Billion),
2007–2011
Figure 51: Montenegro Personal Accident and Health Insurance – Incurred Loss by Category
(EUR Billion), 2007–2016
Figure 52: Montenegro Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Figure 53: Montenegro Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Figure 54: Montenegro Personal Accident and Health Insurance – Combined Ratio (%),
2007–2011
Figure 55: Montenegro Personal Accident and Health Insurance – Combined Ratio (%),
2011–2016
Figure 56: Montenegro Personal Accident and Health Insurance – Total Assets (EUR Billion),
2007–2011
Figure 57: Montenegro Personal Accident and Health Insurance – Total Assets (EUR Billion),
2011–2016
Figure 58: Montenegro Personal Accident and Health Insurance – Retentions (EUR Billion),
2007–2011
Figure 59: Montenegro Personal Accident and Health Insurance – Retentions (US$ Billion),
2011–2016
Figure 60: Montenegro Personal Accident and Health Insurance – Investment (EUR Billion),
2007–2011
Figure 61: Montenegro Personal Accident and Health Insurance Penetration (Percentage of GDP),
2007–2011
Figure 62: Montenegro Personal Accident and Health Insurance – Premium Per Capita (EUR),
2007–2011
Figure 63: Montenegro Personal Accident Insurance Category – Written Premium (EUR Billion),
2007–2011
Figure 64: Montenegro Personal Accident Insurance Category – Written Premium (EUR Billion),
2011–2016
Figure 65: Montenegro Health Insurance Category – Written Premium (EUR Billion), 2007–2011
Figure 66: Montenegro Health Insurance Category – Written Premium (EUR Billion), 2011–2016
Figure 67: Montenegro Reinsurance Ceded by Insurance Segment (EUR Billion), 2007–2016
Figure 68: Montenegro Reinsurance segment Dynamics by Insurance Segment, 2007–2016
Figure 69: Montenegro Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 70: Montenegro Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 71: Montenegro Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 72: Montenegro Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 73: Montenegro Personal Accident and Health Insurance – Percentage of Reinsurance
Ceded (%), 2007–2011
Figure 74: Montenegro Personal Accident and Health Insurance – Percentage of Reinsurance
Ceded (%), 2011–2016
Figure 75: Montenegro Insurance Industry – Market Share 2011
Figure 76: Montenegro GDP at Constant Prices (US$ Billion), 2007–2011

9. Figure 77: Montenegro GDP Per Capita at Constant Prices (US$), 2007–2011
Figure 78: Montenegro GDP at Current Prices (US$ Billion), 2007–2011
Figure 79: Montenegro Construction Net Output at Current Prices (US$ Billion), 2007–2011
Figure 80: Montenegro Construction Output at Current Prices as a Percentage of GDP (%),
2007–2011
Figure 81: Montenegro Arable Land ( ‘000 hectares), 2007–2011
Figure 82: Montenegro Exports as a Percentage of GDP (%), 2007–2011
Figure 83: Montenegro Number of Air Passengers (Million), 2007–2011
Figure 84: Montenegro Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 85: Montenegro Employed Population (%), 2007–2011
Figure 86: Montenegro Annual Disposable Income (US$ Billion), 2007–2011
Figure 87: Montenegro Annual Disposable Income Per Capita (US$), 2007–2011
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