Non-life insurances - Montenegro | Statista Market Forecast

The size of the Non-life insurance market in Montenegro is predicted to reach US$628.50m in 2024.
The average per capita spending in this market is estimated to be US$1.00k in 2024.
It is projected that the gross written premium will experience a compound annual growth rate (CAGR 2024-2029) of 2.51%, resulting in a market volume of US$711.50m by 2029.
In comparison to other countries, the United States is expected to generate the highest gross written premium, with an estimated value of US$2.5tn in 2024.
Montenegro's non-life insurance market is experiencing steady growth due to increasing demand for property and motor insurance.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Non-life insurances market in Montenegro has been experiencing steady growth and development. Customer preferences in the Non-life insurance market in Montenegro have been shifting towards more comprehensive coverage options, reflecting a growing awareness of the importance of insurance protection. Customers are increasingly seeking policies that provide coverage for a wide range of risks, including property damage, liability, and motor vehicle accidents. Trends in the market indicate a rising demand for innovative insurance products tailored to specific needs, such as travel insurance for tourists visiting Montenegro's picturesque landscapes and cybersecurity insurance for businesses facing digital threats. Insurers are adapting to these trends by introducing new products and enhancing their digital capabilities to improve customer experience and accessibility. Local special circumstances, such as Montenegro's small market size and unique geographical features, play a role in shaping the Non-life insurance landscape. The country's emerging economy and increasing integration with European markets are driving insurance penetration rates higher as individuals and businesses seek to protect their assets and investments. Underlying macroeconomic factors, including economic growth, regulatory reforms, and infrastructure development, are also contributing to the expansion of the Non-life insurance market in Montenegro. As the country continues to modernize and attract foreign investment, the insurance sector is poised to benefit from increased stability and demand for risk management solutions.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.