The Insurance Industry in Montenegro, Key Trends and Opportunities to 2018

Published: Sep, 2014 | Pages: 169 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights of the insurance industry in Montenegro, including:
The Montenegrin insurance industry's growth prospects by insurance segment and category
The competitive landscape in the Montenegrin insurance industry
The current trends and drivers of the Montenegrin insurance industry
Challenges facing the Montenegrin insurance industry
Detailed regulatory framework of the Montenegrin insurance industry

Summary
In terms of gross written premium the Montenegrin insurance industry increased at a review period (2009-2013) CAGR of 2.6%. The growth was led by the life segment, which grew at a CAGR of 7.6%, and personal accident and health insurance with a CAGR of 3.8%. The non-life segment constituted 72.1% of the industry, followed by the life segment with 14.9% and the personal accident and health segment with 12.9% in 2013. Motor insurance constituted 72.9% of the non-life segment, followed by property insurance with 19.8%.
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 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Montenegrin insurance industry, along with forecasts until 2018.
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.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Montenegrin insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Montenegrin insurance industry.
Assess the competitive dynamics in the Montenegrin insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Montenegrin insurance industry and its impact on companies and the industry's future.
Key Highlights
In terms of gross written premium the Montenegrin insurance industry increased at a review period (2009-2013) CAGR of 2.6%.
The non-life segment constituted 72.1% of the industry, followed by the life segment with 14.9% and the personal accident and health segment with 12.9% in 2013.
Certain amendments were implemented in the technical provisions in the Insurance Law, which came into effect in August 2012. These include provisions for bonuses and discounts, special technical provisions, provisions for reserved claims, provisions for unearned premiums, and risk equalization reserves.
According to the World Bank, Montenegro had the highest per capita income in south-east Europe in 2013.
Poverty is a major challenge in Montenegro. Despite the slight economic recovery and increased FDI, the poverty rate increased from 6.8% in 2009 to 11.3% in 2012, according to the World Bank.
Low premium rates per policyholder and high operating expenses for insurers are likely to be challenges over the forecast period.
The Montenegrin insurance industry was served by six life insurers and five non-life insurers in 2013.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Montenegrin Insurance Industry Overview
3.1 The Montenegrin Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Individual Life Insurance
4.3 Life Insurance by Category
4.3.1 Individual whole life insurance
4.3.2 Individual general annuity insurance
4.3.3 Individual supplementary insurance
4.4 Non-Life Insurance
4.4.1 Property insurance
4.4.2 Motor insurance
4.4.3 Liability insurance
4.4.4 Marine, aviation and transit insurance
4.5 Persol Accident and Health Insurance
4.5.1 Persol accident insurance
4.5.2 Health insurance
4.5.3 Travel insurance
4.6 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Transport insurance
5.3.2 Health insurance
5.3.3 Workmen's compensation insurance
5.3.4 Social insurance system
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 Insurance Supervision Agency
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Grawe osiguranje AD, Podgorica - company overview
6.2.2 Merkur osiguranje AD - company overview
6.2.3 Lov?en osiguranje AD - company overview
6.2.4 Delta Generali Osiguranje AD - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation
7.5 Total Life Expectancy
7.6 Total Internet Users
7.7 Total Labor Force
7.8 Urban and Rural Populations
7.9 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Montenegrin Insurance - Gross Written Premium by Segment (EUR Million), 2009-2013
Table 3: Montenegrin Insurance - Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Montenegrin Insurance - Gross Written Premium by Segment (EUR Million), 2013-2018
Table 5: Montenegrin Insurance - Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Montenegrin Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 7: Montenegrin Insurance - Direct Written Premium by Segment (EUR Million), 2009-2013
Table 8: Montenegrin Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 9: Montenegrin Insurance - Direct Written Premium by Segment (EUR Million), 2013-2018
Table 10: Montenegrin Insurance - Direct Written Premium by Segment (US$ Million), 2013-2018
Table 11: Montenegrin Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 12: Montenegrin Life Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 13: Montenegrin Life Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 14: Montenegrin Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2009-2013
Table 15: Montenegrin Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 16: Montenegrin Individual Life Insurance - Gross Written Premium by Category (EUR Million), 2013-2018
Table 17: Montenegrin Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 18: Montenegrin Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2009-2013
Table 19: Montenegrin Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 20: Montenegrin Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2013-2018
Table 21: Montenegrin Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 22: Montenegrin Life Insurance - Paid Claims (EUR Million), 2009-2013
Table 23: Montenegrin Life Insurance - Paid Claims (EUR Million), 2013-2018
Table 24: Montenegrin Life Insurance - Incurred Loss (EUR Million), 2009-2013
Table 25: Montenegrin Life Insurance - Incurred Loss (EUR Million), 2013-2018
Table 26: Montenegrin Life Insurance - Loss Ratio (%), 2009-2013
Table 27: Montenegrin Life Insurance - Loss Ratio (%), 2013-2018
Table 28: Montenegrin Life Insurance - Combined Ratio (%), 2009-2013
Table 29: Montenegrin Life Insurance - Combined Ratio (%), 2013-2018
Table 30: Montenegrin Life Insurance - Total Assets (EUR Million), 2009-2013
Table 31: Montenegrin Life Insurance - Total Assets (EUR Million), 2013-2018
Table 32: Montenegrin Life Insurance - Retentions (EUR Million), 2009-2013
Table 33: Montenegrin Life Insurance - Retentions (EUR Million), 2013-2018
Table 34: Montenegrin Life Insurance - Total Investment (EUR Million), 2009-2013
Table 35: Montenegrin Individual Whole Life Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 36: Montenegrin Individual Whole Life Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 37: Montenegrin Individual General Annuity Insurance - Gross Written Premium (EUR), 2009-2013
Table 38: Montenegrin Individual General Annuity Insurance - Gross Written Premium (EUR), 2013-2018
Table 39: Montenegrin Individual Supplementary Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 40: Montenegrin Individual Supplementary Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 41: Montenegrin Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2009-2013
Table 42: Montenegrin Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 43: Montenegrin Non-Life Insurance - Gross Written Premium by Category (EUR Million), 2013-2018
Table 44: Montenegrin Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 45: Montenegrin Non-Life Insurance - Direct Written Premium by Category (EUR Million), 2009-2013
Table 46: Montenegrin Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 47: Montenegrin Non-Life Insurance - Direct Written Premium by Category (EUR Million), 2013-2018
Table 48: Montenegrin Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 49: Montenegrin Non-Life Insurance - Paid Claims (EUR Million), 2009-2013
Table 50: Montenegrin Non-Life Insurance - Paid Claims (EUR Million), 2013-2018
Table 51: Montenegrin Non-Life Insurance - Incurred Loss (EUR Million), 2009-2013
Table 52: Montenegrin Non-Life Insurance - Incurred Loss (EUR Million), 2013-2018
Table 53: Montenegrin Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 54: Montenegrin Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 55: Montenegrin Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 56: Montenegrin Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 57: Montenegrin Non-Life Insurance - Total Assets (EUR Million), 2009-2013
Table 58: Montenegrin Non-Life Insurance - Total Assets (EUR Million), 2013-2018
Table 59: Montenegrin Non-Life Insurance - Retentions (EUR Million), 2009-2013
Table 60: Montenegrin Non-Life Insurance - Retentions (EUR Million), 2013-2018
Table 61: Montenegrin Non-Life Insurance - Total Investment (EUR Million), 2009-2013
Table 62: Montenegrin Property Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 63: Montenegrin Property Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 64: Montenegrin Motor Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 65: Montenegrin Motor Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 66: Montenegrin Liability Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 67: Montenegrin Liability Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 68: Montenegrin Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 69: Montenegrin Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 70: Montenegrin Persol Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2009-2013
Table 71: Montenegrin Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 72: Montenegrin Persol Accident and Health Insurance - Gross Written Premium by Category (EUR Million), 2013-2018
Table 73: Montenegrin Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 74: Montenegrin Persol Accident and Health Insurance - Direct Written Premium by Category (EUR Million), 2009-2013
Table 75: Montenegrin Persol Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 76: Montenegrin Persol Accident and Health Insurance - Direct Written Premium by Category (EUR Million), 2013-2018
Table 77: Montenegrin Persol Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 78: Montenegrin Persol Accident and Health Insurance - Paid Claim (EUR Million), 2009-2013
Table 79: Montenegrin Persol Accident and Health Insurance - Paid Claim (EUR Million), 2013-2018
Table 80: Montenegrin Persol Accident and Health Insurance - Incurred Loss (EUR Million), 2009-2013
Table 81: Montenegrin Persol Accident and Health Insurance - Incurred Loss (EUR Million), 2013-2018
Table 82: Montenegrin Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 83: Montenegrin Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 84: Montenegrin Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 85: Montenegrin Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 86: Montenegrin Persol Accident and Health Insurance - Total Assets (EUR Million), 2009-2013
Table 87: Montenegrin Persol Accident and Health Insurance - Total Assets (EUR Million), 2013-2018
Table 88: Montenegrin Persol Accident and Health Insurance - Retentions (EUR Million), 2009-2013
Table 89: Montenegrin Persol Accident and Health Insurance - Retentions (EUR Million), 2013-2018
Table 90: Montenegrin Persol Accident and Health Insurance - Total Investment (EUR Million), 2009-2013
Table 91: Montenegrin Persol Accident Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 92: Montenegrin Persol Accident Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 93: Montenegrin Health Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 94: Montenegrin Health Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 95: Montenegrin Travel Insurance - Gross Written Premium (EUR Million), 2009-2013
Table 96: Montenegrin Travel Insurance - Gross Written Premium (EUR Million), 2013-2018
Table 97: Montenegrin Reinsurance - Ceded by Insurance Segment (EUR Million), 2009-2013
Table 98: Montenegrin Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 99: Montenegrin Reinsurance - Ceded by Insurance Segment (EUR Million), 2013-2018
Table 100: Montenegrin Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 101: Montenegrin Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 102: Montenegrin Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 103: Montenegrin Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 104: Montenegrin Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 105: Montenegrin Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 106: Montenegrin Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 107: Montenegro - Life Insurance Regulatory Framework
Table 108: Montenegro - Property Insurance Regulatory Framework
Table 109: Montenegro - Motor Insurance Regulatory Framework
Table 110: Montenegro - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 111: Montenegro - Corporate Tax Rates for the Fincial Year 2013
Table 112: Montenegrin Life Insurance - Segment Shares, 2012 and 2013
Table 113: Montenegrin Non-Life Insurance - Segment Shares, 2012 and 2013
Table 114: Grawe osiguranje AD, Podgorica, Main Products
Table 115: Grawe osiguranje AD, Podgorica, Key Employees
Table 116: Merkur osiguranje AD, Main Products
Table 117: Merkur osiguranje AD, Key Employees
Table 118: Lov?en osiguranje AD, Main Products
Table 119: Lov?en osiguranje AD, Key Employees
Table 120: Delta Generali Osiguranje AD, Main Products