Montenegro’s insurance industry recorded gross written premiums of €127.34 million during the first nine months of 2026, representing a 12.8% increase compared with the corresponding period last year. Growth was primarily supported by the non-life insurance segment, while Sava osiguranje increased its premium income but recorded a decline in overall market share.
Sava Increases Premiums but Loses Market Share
Preliminary data published by the Insurance Supervision Agency show that Sava generated €22.10 million in gross written premiums between January and September, up 9.2% year-on-year. This represented an increase of approximately €1.86 million compared with the same period of the previous year.
Despite higher premium income, the insurer’s share of Montenegro’s total insurance market declined to 17.36%, from 17.93% a year earlier, as its growth rate remained below the industry average. Sava maintained a substantial position in the non-life insurance segment, accounting for 21.22% of premiums in this category.
Non-Life Insurance Drives Sector Expansion
Non-life insurance continued to account for the largest proportion of market activity. Premiums in this segment increased by 13.5% to €104.18 million, representing approximately 82% of total gross written premiums across the sector.
The expansion reflects continued demand for insurance coverage among households and businesses, with property development, construction, tourism, motor insurance and corporate risk coverage representing areas linked to further growth in premium income.
Infrastructure Projects Create Additional Insurance Demand
Montenegro’s infrastructure investment pipeline also provides potential demand for specialised insurance products. As internationally financed projects progress towards procurement and implementation, construction-all-risk, liability, property and engineering insurance could become increasingly relevant to project developers, contractors and other businesses involved in infrastructure delivery.
Higher gross written premiums do not automatically translate into improved profitability across the insurance sector. Claims expenses, underwriting margins, reinsurance costs and investment income remain important factors determining insurers’ financial performance.
Competition Intensifies Among Insurance Providers
Sava’s slower premium growth compared with the overall market highlights the competitive environment facing established insurance providers. Other market participants are seeking to increase their business volumes through portfolio expansion and the development of distribution networks.
The sector’s ability to maintain double-digit growth will remain connected to broader economic conditions, household purchasing power, corporate investment and the development of insurance products offering higher-value coverage.
