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• The country’s economy is service-based, with the service sector accounting for 88% of GDP in 2014.
• The most FDI inflow was in the areas of tourism, real estate, energy, telecommunications, finance, healthcare and construction.
• The country’s population registered an annual growth rate of 0.1% in 2015 and currently is 0.6 million
Ken research announced latest production on “The Insurance Industry in Montenegro, Key Trends and Opportunities to 2020,” which offers vast knowledge on the comprehensive overview of the Montenegrin economy and demographics, also provides detailed information on the competitive landscape in the country and details of regulatory policy applicable to the insurance industry including the recent changes made in the regulatory structure. This report includes the amalgamation of 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. It analyzes the result of natural hazards in the Montenegrin insurance industry. This report guides to gain insights into key regulations governing the Montenegrin insurance industry, and their impact on companies and the industry’s future which further identifies the growth opportunities and market dynamics in significant segments by providing significant 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 economy of Montenegro is for the most part a service based economy, currently in the middle of economic transition. The economy of this little Balkan state is recouping from the effect of the Yugoslav Wars, the decrease of industry taking after the separation of SFRY, and UN financial sanctions. The economy progressed only after World War 2, as it became a part of the SFRY, during this phase, Montenegro witnessed a growth of urbanization and industrialization through various segments such as steel, aluminium, electricity generation, textile and forestry. The huge financial losses under the severe effects of the UN sanctions on the whole economy of Montenegro are speculated to be approximately $6.39 billion. This period was marked by the second highest hyperinflation in the history of humankind. The country’s economy is service-based, with the service sector accounting for 88% of GDP in 2014.
Montenegro’s protection industry has been liable to critical changes because of uneven monetary development and advancement in the course of the most recent decade. Being less developed than other European insurance ventures, its introduction to the worldwide financial crisis was generally low. Not at all like nations with developed insurance businesses where the life fragment is prevailing, is Montenegro’s insurance industry driven by the general, or non-life, and individual accident and health portions, which together represented 85.9% of the gross composed premium in 2012. The life fragment represented 14.1% of the aggregate composed premium in 2012 and Life insurance accounted for 16.8% of the Montenegrin insurance industry, in terms of gross written premium in 2015, despite the fact that its share has enhanced fundamentally since 2003 when it represented 4.6%. The Montenegrin life segment developed at a much speedier CAGR of 6.9%, than the other two sections amid the survey time frame.
Montenegro’s small population is a key challenge for insurers. The country’s population registered an annual growth rate of 0.1% in 2015 and currently is 0.6 million. The economy depends intensely on tourism and exports of refined metals, yet real estate is picking up significance. Unbeneficial state organizations trouble public finances and unemployment is high.

Ken Research
Ankur Gupta, Head Marketing & Communications

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