Vienna Insurance Group (VIG) has entered Montenegro’s non-life insurance market with the launch of Wiener Städtische Osiguranje Podgorica a.d. – Vienna Insurance Group. The new insurer has received an operating licence from Montenegro’s Insurance Supervision Agency and started operations with €5 million in founding capital, above the statutory minimum of €3 million.
VIG directly owns 50.1%, while Wiener Städtische životno osiguranje Podgorica and Wiener Städtische osiguranje Belgrade each hold 24.95%. The launch expands VIG’s existing presence in Montenegro, where its life-insurance business accounted for approximately 48% of the life market by gross written premium at the end of Q2 2026.
The new company will operate in the non-life segment, including areas such as motor, property, accident and other insurance products. VIG’s existing customer base and distribution network provide a platform for expanding into these product categories. Montenegro’s growing tourism, real estate, infrastructure and renewable-energy investment is also creating demand for property, liability, engineering, construction and other corporate insurance products.
The €5 million capital base gives the insurer additional capacity to support portfolio growth while maintaining its solvency position. VIG’s expansion comes as Montenegro moves closer to EU integration, with insurance regulation expected to continue converging with European standards covering solvency, governance, reporting and consumer protection.
