Life Report

Product Insurance Market Reports Life Rev Montenegro

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Montenegro's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Montenegro's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Montenegro

The Montenegro life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Montenegro. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Montenegro and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Montenegro’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Montenegro is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Montenegro; as well as the legislation necessary to know regarding Montenegro’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Montenegro with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Montenegrin market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Montenegro, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Montenegrin pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Montenegro report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Montenegro Life and Benefits Report Extract

Below are brief extracts of information from the Montenegro Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Montenegro is a small Balkan country which separated from the former Yugoslavia in 2006. The country has a population of only 620,000 and an economy which is almost wholly dependent on tourism. As a result of small population size, low average incomes and a lack of insurance culture, the individual life market was worth only EUR 19.72mn (USD 23.68mn) in premiums in 2020. There are four life insurers, all of them foreign owned ....


Montenegro legislated for voluntary private pensions when the Law on Voluntary Pension Funds was passed in December 2006. According to the law, voluntary pension funds are collective investment vehicles which are owned by their members and managed by pension management companies. Pension funds may be "open" or "closed". The membership of a closed fund may be limited to employees of the sponsoring employer, trade union or other organisation. Open pension funds require a minimum of 200 members ....


The health insurance market in Montenegro is undeveloped, with annual premiums of only EUR 2.70mn (USD 3.24mn) in 2020, some of which may be represented by travel health, critical illness and hospital cash benefits business. The market grew by 28.9% in 2018 and 13.8% in 2019, partly because of increasing demand for group outpatient covers written as an employee benefit. Premiums stagnated in 2020, however, because of the loss of travel health business and other disruptions caused by COVID-19 ....

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