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The Insurance Industry in Montenegro, Key Trends and Opportunities to 2020

The Insurance Industry in Montenegro, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'The Insurance Industry in Montenegro, Key Trends and Opportunities to 2020' report provides a detailed analysis of Montenegrin insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011-2015) and forecast periods (2015-2020).

The report also gives a comprehensive overview of the Montenegrin economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and 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.

Summary

Timetric's 'The Insurance Industry in Montenegro, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Montenegrin insurance industry, including:

An overview of the Montenegrin insurance industry

The Montenegrin insurance industry's growth prospects by segment and category

A comprehensive overview of the Montenegrin economy and demographics

The detailed competitive landscape in the Montenegrin insurance industry

Overview of distribution channels in the Montenegrin insurance industry

Details of regulatory policy applicable to the Montenegrin insurance industry

An analysis of natural hazards in the Montenegrin insurance industry

Scope

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 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

It offers a detailed analysis of the key segments in the Montenegrin insurance industry, with market forecasts to 2020.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

It profiles the top insurance companies in Montenegro, and outlines the key regulations affecting them.

It covers the economy and demographics structure of Montenegro.

It analyzes the impact of natural hazards in the Montenegrin insurance industry.

Reasons To Buy

Make strategic business decisions using in-depth historic and forecast market data related to the Montenegrin insurance industry and each segment and 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 Montenegrin insurance industry.

Identify growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Montenegrin insurance industry, and their impact on companies and the industry's future.

Key Highlights

�The country's economy is service-based, with the service sector accounting for 88% of GDP in 2014.

Life insurance accounted for 16.8% of the Montenegrin insurance industry, in terms of gross written premium in 2015.

The most FDI inflow was in the areas of tourism, real estate, energy, telecommunications, finance, healthcare and construction.

The public healthcare system is facing challenges due to the unavailability of drugs, medical supplies and equipment.

 

Montenegro's small population is a key challenge for insurers. The country's population registered an annual growth rate of 0.1% in 2015.

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 Life Insurance Outlook

5.1 Individual Life Insurance

5.1.1 Gross written premium

5.1.2 Penetration

6 Non-Life Insurance Outlook

6.1 Property Insurance

6.1.1 Gross written premium

6.1.2 Penetration

6.2 Motor Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.3 Liability Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.4 Marine, Aviation and Transit Insurance

6.4.1 Gross written premium

6.4.2 Penetration

7 Personal Accident and Health Insurance Outlook

7.1 Personal Accident Insurance

7.1.1 Gross written premium

7.1.2 Penetration

7.2 Health Insurance

7.2.1 Gross written premium

7.2.2 Penetration

7.3 Travel Insurance

7.3.1 Gross written premium

7.3.2 Penetration

8 Reinsurance Outlook

8.1 Premium Ceded

9 Distribution Channel Outlook

10 Natural Hazards

10.1 Flooding

10.2 Extreme temperature

10.3 Exposure

11 Competitive Landscape

11.1 Company Profiles

11.1.1 Lov?en Insurance-company overview

11.1.2 Uniqa Insurance-company overview

11.1.3 Sava Montenegro AD-company overview

11.1.4 Generali Insurance Montenegro-company overview

11.1.5 Grawe Insurance-company overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life Insurance

12.3.2 Property Insurance

12.3.3 Motor Insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Third-party liability insurance for owners or users of motor vehicles

12.4.2 Accident insurance of passengers in public traffic

12.4.3 Third-party liability insurance for owners or users of aircrafts

12.4.4 Health Insurance

12.4.5 Workmen's compensation insurance

12.4.6 Social insurance system

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 Insurance Supervision Agency

12.6 Non-Admitted Insurance Regulation

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas.

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

13 Databook

13.1 Life Insurance

13.1.1 Policies and premium

13.1.2 Claims and expenses

13.1.3 Assets and investments

13.1.4 Individual life insurance

13.1.5 Individual life insurance by product

13.1.6 Linked vs. non-linked policies

13.2 Non-Life Insurance

13.2.1 Policies and premium

13.2.2 Claims and expenses

13.2.3 Assets and investments

13.2.4 Property insurance

13.2.5 Property insurance by product

13.2.6 Motor insurance

13.2.7 Motor insurance by product

13.2.8 Liability insurance

13.2.9 Marine, aviation and transit insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and premium

13.3.2 Claims and expenses

13.3.3 Assets and investments

13.3.4 Personal accident insurance

13.3.5 Health insurance

13.3.6 Travel insurance

14 Definitions and Methodology

14.1 Definitions

14.2 Methodology

15 About Timetric

15.1 Contact Timetric

15.2 About Timetric

15.3 Timetric's Services

15.4 Disclaimer

Figure 1: Montenegrin Real GDP (USD Billion), 2011-2020

Figure 2: Montenegrin Consumer Price Inflation (%),2011-2020

Figure 3: Montenegrin Current Account Balance as Percentage of GDP (%), 2011-2020

Figure 4: Montenegrin Unemployment Rate, 2011-2020

Figure 5: Montenegrin Population by Age Group, 1990-2025

Figure 6: Montenegrin Life Insurance Penetration-Regional Comparison (%), 2015

Figure 7: Montenegrin Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Montenegrin Personal Accident and Health Insurance Penetration-Regional Comparison (%), 2015

Figure 9: Montenegrin Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 10: Montenegrin Insurance Industry-Gross Written Premium by Segment, 2011-2020

Figure 11: Montenegrin Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (EUR), 2011-2020

Figure 12: Montenegrin Insurance Industry-Number of Policies Sold by Segment (Thousand), 2011-2020

Figure 13: Montenegrin Insurance Industry-Paid Claims by Segment (EUR Million), 2011-2020

Figure 14: Montenegrin Insurance Industry-Total Assets by Segment (EUR Million), 2011-2020

Figure 15: Montenegrin Insurance Industry-Life Insurance Investment Portfolio (EUR Million), 2011-2020

Figure 16: Montenegrin Insurance Industry-Life Insurance Investment Portfolio Dynamics by Category (EUR Million), 2011-2020

Figure 17: Montenegrin Insurance Industry-Non-Life Insurance Investment Portfolio (EUR Million), 2011-2020

Figure 18: Montenegrin Insurance Industry-Non-Life Insurance Investment Portfolio Dynamics by Category (EUR Million), 2011-2020

Figure 19: Montenegrin Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (EUR Million), 2011-2020

Figure 20: Montenegrin Insurance Industry-Personal Accident and Health Insurance Investment Portfolio Dynamics by Category (EUR Million), 2011-2020

Figure 21: Montenegrin Individual Life Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 22: Montenegrin Individual Life Insurance-Penetration (%), 2011-2015

Figure 23: Montenegrin Individual Life Insurance-Penetration (%), 2015-2020

Figure 24: Montenegrin Property Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 25: Montenegrin Property Insurance-Penetration (%), 2011-2015

Figure 26: Montenegrin Property Insurance-Penetration (%), 2015-2020

Figure 27: Montenegrin Motor Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 28: Montenegrin Motor Insurance-Penetration (%), 2011-2015

Figure 29: Montenegrin Motor Insurance-Penetration (%), 2015-2020

Figure 30: Montenegrin Liability Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 31: Montenegrin Liability Insurance-Penetration (%), 2011-2015

Figure 32: Montenegrin Liability Insurance-Penetration (%), 2015-2020

Figure 33: Montenegrin Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 34: Montenegrin Marine, Aviation and Transit Insurance-Penetration (%), 2011-2015

Figure 35: Montenegrin Marine, Aviation and Transit Insurance-Penetration (%), 2015-2020

Figure 36: Montenegrin Personal Accident Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 37: Montenegrin Personal Accident Insurance-Penetration (%), 2011-2015

Figure 38: Montenegrin Personal Accident Insurance-Penetration (%), 2015-2020

Figure 39: Montenegrin Health Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 40: Montenegrin Health Insurance-Penetration (%), 2011-2015

Figure 41: Montenegrin Health Insurance-Penetration (%), 2015-2020

Figure 42: Montenegrin Travel Insurance-Gross Written Premium (EUR Million), 2011-2020

Figure 43: Montenegrin Travel Insurance-Penetration (%), 2011-2015

Figure 44: Montenegrin Travel Insurance-Penetration (%), 2015-2020

Figure 45: Montenegrin Reinsurance-Premium Ceded by Segment (EUR Million), 2011-2020

Figure 46: Montenegrin-Frequency of Hazards by Type, 1990-2014

Figure 47: Montenegrin Insurance Industry-Market Shares of Leading Insurers (%), 2015

Figure 48: Montenegro-Insurance Supervision and Control at Various Levels

Figure 49: Montenegro-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Montenegrin Insurance Industry-Key Facts, 2015

Table 2: Montenegrin Insurance Industry-Segment Shares of the Top Insurers, 2015

Table 3: Montenegrin Government Credit Ratings 2016

Table 4: Montenegrin Insurance Industry-Gross Written Premium by Segment (EUR Million), 2011-2015

Table 5: Montenegrin Insurance Industry-Gross Written Premium by Segment (EUR Million), 2015-2020

Table 6: Montenegrin Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (EUR), 2011-2015

Table 7: Montenegrin Insurance Industry-Density (Direct Written Premium Per Capita) by Segment (EUR), 2015-2020

Table 8: Montenegrin Insurance Industry-Number of Policies Sold by Segment (Thousand), 2011-2015

Table 9: Montenegrin Insurance Industry-Number of Policies Sold by Segment (Thousand), 2015-2020

Table 10: Montenegrin Insurance Industry-Paid Claims by Segment (EUR Million), 2011-2015

Table 11: Montenegrin Insurance Industry-Paid Claims by Segment (EUR Million), 2015-2020

Table 12: Montenegrin Insurance Industry-Total Assets by Segment (EUR Million), 2011-2015

Table 13: Montenegrin Insurance Industry-Total Assets by Segment (EUR Million), 2015-2020

Table 14: Montenegrin Insurance Industry-Life Insurance Investment Portfolio (EUR Million), 2011-2015

Table 15: Montenegrin Insurance Industry-Life Insurance Investment Portfolio (EUR Million), 2015-2020

Table 16: Montenegrin Insurance Industry-Non-Life Insurance Investment Portfolio (EUR Million), 2011-2015

Table 17: Montenegrin Insurance Industry-Non-Life Insurance Investment Portfolio (EUR Million), 2015-2020

Table 18: Montenegrin Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (EUR Million), 2011-2015

Table 19: Montenegrin Insurance Industry-Personal Accident and Health Insurance Investment Portfolio (EUR Million), 2015-2020

Table 20: Montenegrin Individual Life Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 21: Montenegrin Individual Life Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 22: Montenegrin Property Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 23: Montenegrin Property Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 24: Montenegrin Motor Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 25: Montenegrin Motor Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 26: Montenegrin Liability Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table27: Montenegrin Liability Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 28: Montenegrin Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 29: Montenegrin Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 30: Montenegrin Personal Accident Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 31: Montenegrin Personal Accident Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 32: Montenegrin Health Insurance-Gross Written Premium (EUR Million and USD Million), 2011-2015

Table 33: Montenegrin Health Insurance-Gross Written Premium (EUR Million and USD Million), 2015-2020

Table 34: Montenegrin Travel Insurance-Gross Written Premium (EUR Thousands and USD Thousands), 2011-2015

Table 35: Montenegrin Travel Insurance-Gross Written Premium (EUR Thousands and USD Thousands), 2015-2020

Table 36: Montenegrin Reinsurance-Premium Ceded (Excluding Retrocession) (EUR Million), 2011-2015

Table 37: Montenegrin Reinsurance-Premium Ceded by Segment (EUR Million), 2015-2020

Table 38: List of Insurance Agencies in Montenegro-2014

Table 39: Montenegrin Insurance Brokers-2014

Table 40: Montenegrin Average Annual Loss by Hazard (USD Million), 1990-2014

Table 41: Montenegrin Insurance Industry-Market Shares of Leading Insurers (%), 2015

Table 42: Lov?en Insurance-Key Facts

Table 43: Uniqa Insurance-Key Facts

Table 44: Sava Montenegro AD-Key Facts

Table 45: Generali Insurance Montenegro-Key Facts

Table 46: Grawe Insurance-Key Facts

Table 47: Montenegro-Insurance Regulatory Framework Key Features

Table 48: Montenegro-Life Insurance Regulatory Framework

Table 49: Montenegro-Property Insurance Regulatory Framework

Table 50: Montenegro-Motor Insurance Regulatory Framework

Table 51: Montenegro-Liability Insurance Regulatory Framework

Table 52: Montenegro-Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 53: Montenegro-Corporate Tax Rates for the Financial Year 2016

Table 54: Montenegrin Life Insurance-Policies and Premium, 2011-2015

Table 55: Montenegrin Life Insurance-Policies and Premium, 2015-2020

Table 56: Montenegrin Life Insurance-Claims and Expenses, 2011-2015

Table 57: Montenegrin Life Insurance-Claims and Expenses, 2015-2020

Table 58: Montenegrin Life Insurance-Assets and Investments, 2011-2015

Table 59: Montenegrin Life Insurance-Assets and Investments, 2015-2020

Table 60: Montenegrin Life Insurance-Individual Life Insurance, 2011-2015

Table 61: Montenegrin Life Insurance-Individual Life Insurance, 2015-2020

Table 62: Montenegrin Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 63: Montenegrin Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 64: Montenegrin Life Insurance-Non-Linked Policies, 2011-2015

Table65: Montenegrin Life Insurance-Linked vs. Non-Linked Policies, 2015-2020

Table 66: Montenegrin Non-Life Insurance-Policies and Premium, 2011-2015

Table 67: Montenegrin Non-Life Insurance-Policies and Premium, 2015-2020

Table 68: Montenegrin Non-Life Insurance-Claims and Expenses, 2011-2015

Table 69: Montenegrin Non-Life Insurance-Claims and Expenses, 2015-2020

Table 70: Montenegrin Non-Life Insurance-Assets and Investments, 2011-2015

Table 71: Montenegrin Non-Life Insurance-Assets and Investments, 2015-2020

Table 72: Montenegrin Non-Life Insurance-Property Insurance, 2011-2015

Table 73: Montenegrin Non-Life Insurance-Property Insurance, 2015-2020

Table 74: Montenegrin Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 75: Montenegrin Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 76: Montenegrin Non-Life Insurance-Motor Insurance, 2011-2015

Table 77: Montenegrin Non-Life Insurance-Motor Insurance, 2015-2020

Table 78: Montenegrin Non-Life Insurance-Motor Insurance by Product, 2011-2015

Table 79: Montenegrin Non-Life Insurance-Motor Insurance by Product, 2015-2020

Table 80: Montenegrin Non-Life Insurance-Liability Insurance, 2011-2015

Table 81: Montenegrin Non-Life Insurance-Liability Insurance, 2015-2020

Table 82: Montenegrin Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 83: Montenegrin Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 84: Montenegrin Personal Accident and Health Insurance-Policies and Premium, 2011-2015

Table 85: Montenegrin Personal Accident and Health Insurance-Policies and Premium, 2015-2020

Table 86: Montenegrin Personal Accident and Health Insurance-Claims and Expenses, 2011-2015

Table 87: Montenegrin Personal Accident and Health Insurance-Claims and Expenses, 2015-2020

Table 88: Montenegrin Personal Accident and Health Insurance-Assets and Investments, 2011-2015

Table 89: Montenegrin Personal Accident and Health Insurance-Assets and Investments, 2015-2020

Table 90: Montenegrin Personal Accident and Health Insurance-Personal Accident Insurance, 2011-2015

Table 91: Montenegrin Personal Accident and Health Insurance-Personal Accident Insurance, 2015-2020

Table 92: Montenegrin Personal Accident and Health Insurance-Health Insurance, 2011-2015

Table 93: Montenegrin Personal Accident and Health Insurance-Health Insurance, 2015-2020

Table 94: Montenegrin Personal Accident and Health Insurance-Travel Insurance, 2011-2015

Table 95: Montenegrin Personal Accident and Health Insurance-Travel Insurance, 2015-2020

Table 96: Insurance Industry Definitions

 

 

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Lov?en Insurance, Uniqa Non-Life Insurance, Sava Montenegro, Generali Insurance Montenegro, Grawe Insurance

Montenegrin insurance industry, Life insurance, Non-life insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Personal accident insurance, Health insurance, Reinsurance,


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