Montenegro
Growth
Amounts are always in euros: this changes how growth is measured, nothing else.
How growth is measured →This page is also available in Serbian.
Latest news27 Oct 2026: Montenegro premium up 12.8% to €127.3m in 9M 2026; claims paid up 17.5% All news (7) →
Coverage The insurers shown cover the whole market. All nine insurers licensed by ANO; no branches or cross-border business. Source.
Market share by insurer
Latest quarter: Jan–Sep 2026
Premium written Jan–Sep 2026, year to date: €127m, +12.8% against Jan–Sep 2025 in local currency. Share change in percentage points against the same period a year earlier.
Largest insurers, Jan–Sep 2026
Premium year to date and growth; the bar is the share, its change in points under it.
Gains and losses in share
Change in share against Jan–Sep 2025, in percentage points; an insurer with no premium now has lost its whole share.
- Lovćen · 27 Oct 2026: Montenegro premium up 12.8% to €127.3m in 9M 2026; claims paid up 17.5%
All figures
| Insurer | Jan–Sep 2026 €m | Share | Δ pp | Jan–Sep 2025 €m | Growth |
|---|---|---|---|---|---|
| Lovćen | 34.4 | 27.0% | −1.0 | 31.6 | +8.8% |
| Sava | 22.1 | 17.4% | −0.6 | 20.2 | +9.1% |
| UNIQA neživotno | 18.7 | 14.7% | −1.8 | 18.7 | +0.2% |
| Generali | 15.7 | 12.4% | +1.5 | 12.3 | +28.3% |
| GRAWE neživotno | 11.3 | 8.9% | +1.0 | 8.9 | +27.0% |
| Wiener Städtische životno | 10.9 | 8.6% | +0.2 | 9.5 | +15.0% |
| Lovćen životna | 6.0 | 4.7% | −0.2 | 5.5 | +7.9% |
| GRAWE | 5.1 | 4.0% | −0.4 | 5.0 | +2.9% |
| Veder | 1.4 | 1.1% | new | — | — |
| UNIQA životno | 1.2 | 1.0% | −0.1 | 1.2 | +5.6% |
| Wiener Städtische neživotno | 0.5 | 0.4% | new | — | — |
| Market | 127.3 | 100% | 112.9 | +12.8% |
Each insurer's figures: All insurers, growth and latest quarter → · Full-year outlook →
What's happening in Montenegro
The latest news on the market's insurers and their supervisor, newest first: facts in Polisa's own words, each with its source.
- ResultsMontenegro premium up 12.8% to €127.3m in 9M 2026; claims paid up 17.5%
Non-life premium rose 13.5% to €104.2m and life 9.8% to €23.2m, while claims paid grew 17.45% to €53.8m. Lovćen led non-life with a 33.1% share and Wiener Städtische led life with 47%.
LovćenWiener Städtische životnoSource: XPRIMM (ANO data) - SupervisorANO hosts a second BaFin expert mission on aligning supervision with EU rules
Under a twinning project on financial services regulation, Germany's BaFin sent a second expert mission to Montenegro's insurance supervisor, focused on off-site supervision, risk assessment and alignment with Solvency II.
Source: ANO - ResultsLovćen osiguranje's H1 2026 net profit rises to €3.17m
Consolidated net profit of Montenegro's largest insurer rose from €2.97m a year earlier, as gross premium income grew to €19.34m from €18.10m. Operating expenses rose faster, to €12.89m from €11.38m.
LovćenSource: XPRIMM (SeeNews) - CompanyMontenegro's Insurance Supervision Agency licensed Wiener Städtische osiguranje AD Podgorica as a non-life insurer, so Vienna Insurance Group, until now only in life…Source: Službeni list Crne Gore (ANO decision 03-193/7-26)
3 earlier
- CompanyMontenegro's Insurance Supervision Agency licensed a new non-life insurer, VEDER neživotno osiguranje, based in Zeta.Source: Službeni list Crne Gore (ANO decision 03-1044/11-25)
- ResultsLovćen osiguranje's 2025 consolidated net profit up 23% to €4.8m
Net profit rose from €3.9m in 2024 as gross premium income grew to €37.3m from €33.9m. ANO data show Lovćen, part of Triglav Group, was the largest of nine active insurers by written premium at end-2025.
LovćenSource: XPRIMM (SeeNews) - ResultsMontenegro's 2025 premium rose 10.5% to €148.3m; claims settled up 9%
Figures shown at the 4th Montenegrin Insurance Days in Budva put 2025 claims settled at €65.5m, about 31% above 2023, mostly from motor TPL and motor hull. The share of claims settled eased to 91.6%.
Source: NBOCG (National Insurance Bureau of Montenegro)
Five-year trend
Premium
Market share of the five largest
Lines in Montenegro
All figures
Claims paid in Montenegro
Insurers paid €65m to their customers in FY 2025, +9.0% on FY 2024 in euros: €44 for every €100 of premium. Non-life claims were €49m; life insurance benefits €16m.
Premium and claims paid, FY 2021–2025
PremiumClaims paid% claims paid per €100 of premium
Claims paid by line, FY 2025
Claims settled in the year by all nine insurers, before reinsurance. Source: ANO, quarterly insurance market report. Cash paid in the year, not the claims incurred that the combined ratios on this page are built from. Claims across all markets →
Reinsurance in Montenegro
Share of non-life premium ceded, by line
Largest cedents
All figures
Capital cover across the market
Groups present
Each group's share of this market, its companies here, and where else it operates.
Profit and capital
Net profit by year
All figures
Each insurer's profit, return on equity and ratios: All insurers, solvency and profit →
Staff and premium per employee
FY 2025 premium over the insurers' reported employees. Agents, banks and group service companies are not employees, so an insurer that sells through others looks more productive: compare insurers of the same type.
Premium per employee, FY 2025
non-lifelife
Size and productivity, FY 2025
Each dot an insurer: employees across (log scale), premium per employee up; the larger the dot, the larger the premium.
By typeMedian per employee
All figures
| Insurer | Type | Employees | Premium €m | Premium per employee |
|---|---|---|---|---|
| Wiener Städtische životno | life | 18 | 14.3 | €794k |
| Lovćen životna | life | 25 | 7.4 | €298k |
| UNIQA neživotno | non-life | 111 | 23.7 | €213k |
| Generali | non-life | 75 | 14.8 | €197k |
| Sava | non-life | 149 | 26.1 | €175k |
| Lovćen | non-life | 237 | 41.0 | €173k |
| GRAWE neživotno | non-life | 72 | 11.8 | €164k |
| GRAWE | life | 52 | 7.6 | €146k |
| UNIQA životno | life | 89 | 1.6 | €18k |
Staff: employees under an employment contract at 31 December, from the notes to each insurer's audited financial statements published by the supervisor (ANO), people on supplementary-work contracts left out (Lovćen životna: the year's average); group companies share staff, so the counts add up to more than ANO's sector total. Type: life where life insurance is 90% or more of the premium, non-life where it is 10% or less, composite in between. Productivity across all markets →
Questions about Montenegro
Short answers from the figures on this page.
How big is the Montenegro insurance market?
Insurers in Montenegro wrote €148m of premium in FY 2025, +10.5% on FY 2024. That is 1.8% of GDP and €238 per person.
Who is the largest insurer in Montenegro?
Lovćen is the largest insurer in Montenegro with 27.7% of premium (€41m) in FY 2025, ahead of Sava (17.6%) and UNIQA neživotno (16.0%); the three largest write 61% of the market.
How many insurance companies are there in Montenegro?
9 insurers wrote premium in Montenegro in FY 2025: 5 non-life and 4 life.
Which insurance groups are present in Montenegro?
Polisa records 6 insurance groups in Montenegro in FY 2025; the largest by premium are Triglav 32.7%, Sava 17.6%, UNIQA 17.0%, GRAWE 13.1%.
What is the largest line of business in Montenegro?
Motor TPL is the largest line in Montenegro with 34.5% of premium (€51.2m) in FY 2025, then life insurance with 20.9%.
How well capitalised are the insurers in Montenegro?
The median solvency margin of the insurers in Montenegro was 392% at 31 December 2025: the typical insurer covered its required solvency margin 3.9 times (local rules, not Solvency II). All 9 insurers publish it.
RegulationRule changes1 rule change that reach insurers in Montenegro, with their dates
- Outside the EU: moving towards Solvency II · Montenegro: law adopted December 2025; applies on EU accession
Spotted a wrong figure? Tell us and include the source.
All insurers
ExcelDownload CSVLicence| Insurer | Premium | Share |
|---|---|---|
| Lovćen | 41.0 | 27.7% |
| Sava | 26.1 | 17.6% |
| UNIQA neživotno | 23.7 | 16.0% |
| Generali | 14.8 | 9.9% |
| Wiener Städtische životno | 14.3 | 9.6% |
| GRAWE neživotno | 11.8 | 8.0% |
| GRAWE | 7.6 | 5.1% |
| Lovćen životna | 7.4 | 5.0% |
| UNIQA životno | 1.6 | 1.1% |
CiteCite this pageThe reference in APA style and as BibTeX, each with a copy button, and the terms of reuse
Polisa compiles the figures; the original sources are named on this page and on the method page.
Polisa. (2026). Montenegro insurance market: market shares, lines, solvency and claims [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/markets/me
BibTeXShow entry
@misc{polisa_markets_me_2026,
author = {{Polisa}},
title = {Montenegro insurance market: market shares, lines, solvency and claims},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/markets/me}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data: ANO (public information, no terms published).