Home Country Coverage Montenegro


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Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Montenegro Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Montenegro includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Montenegro can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials Axco API

Country Information

Capital city
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
 GMT +1
0.63 mn
106.75 (mn)

Montenegro, situated in south-eastern Europe on the Adriatic coast of the Balkan Peninsula, is almost entirely mountainous: indeed, its local name, Crna Gora, means "Black Mountain". It separated from the former Yugoslavia in 2006. The country has a population of only 622,000 and an economy which is almost wholly dependent on a rapidly developing tourism sector. The insurance market is small with gross written non-life premiums of only EUR 71.60mn. Although GDP has been growing quite strongly, most new businesses are foreign-invested and subject to fronting arrangements. Domestic companies and consumers have extremely low insurance consciousness, which is reflected in the fact that there is almost no voluntary insurance. 

The Montenegrin non-life market comprises five insurers. The market is dominated by the ex-state insurance company. The main distribution channels are branch-based direct sales force and agents. There are 11 domestic insurance brokers.

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