At the end of 2022, a total gross premium of EUR 99.6 million was invoiced by Montenegrin insurance companies

Published on 13. January 2023., News

Last year surpassed the record 2021 in terms of gross premiums invoiced by Montenegrin insurance companies, President of the Council of the Insurance Supervisory Agency Uroš Andrijašević said.

He pointed out that as of the last day of November 2022, a total gross premium of EUR 99.6 million was invoiced, which is an increase of 10.3% or EUR 9.3 million compared to the same period of the record 2021.

– Last year’s premium for 11 months exceeded the premium for the whole of 2021, which amounted to 98.8 million – Andrijašević told Pobjeda.

He stated that, with 36.8%, the most represented liability insurance for the use of motor vehicles, life insurance 17.3%, accident insurance 10.5% and property insurance 9.5%.

– Life insurance had the highest nominal growth for several months in a row, by EUR 1.6 million or 10.1% – stated Andrijašević.

Last year, 38 complaints were submitted to the Agency, of which 33 related to the actions of non-life insurance companies, three to the work of life insurers, and two to the National Bureau of Insurers. Out of the total number of complaints related to non-life insurance, 22 were related to auto liability insurance, seven to accident insurance, and four to other types.

– The subject of objections in the largest number of cases was the amount of assessed damages, that is, the insured sum paid, and only three objections related to other issues related to the insurance contract – specified Andrijašević.

In the last year, the Agency changed the existing and adopted new by-laws, of which Andrijašević singles out two regulations. The rulebook on the management system in insurance companies introduced the obligation of the company to conduct an independent assessment of risk and solvency at least once a year. The Rulebook on the detailed content and method of providing information defines the form of information to potential contractors for the first time.Insurers recently asked to delay the implementation of International Accounting Standard (IFRS) 17 until 2026, explaining that they need preparation. Andrijašević states that the application of that standard has been postponed in Bosnia and Herzegovina, and that it has been implemented in Croatia and Slovenia since January 1 of this year.

25 licenses were issued for actuaries

The agency has launched a new training cycle for actuaries, who deal with risk assessment and premium calculation, and the new training cycle should start no later than the beginning of March.

– Currently, 25 actuaries are licensed, but some of them are not our citizens, and some of them no longer work in Montenegro, so the need for a larger number of actuaries is evident – notes Andrijašević.

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