·
The country's economy is
service-based, with the service sector accounting for 88% of GDP in 2014.
·
The most FDI inflow was in the
areas of tourism, real estate, energy, telecommunications, finance, healthcare
and construction.
·
The country's population
registered an annual growth rate of 0.1% in 2015 and currently is 0.6 million
Ken research
announced latest production on “The
Insurance Industry in Montenegro, Key Trends and Opportunities to 2020,” which offers vast knowledge on the comprehensive
overview of the Montenegrin economy and demographics, also provides detailed
information on the competitive landscape in the country and details of
regulatory policy applicable to the insurance industry including the recent
changes made in the regulatory structure. This
report includes the amalgamation of Timetric's research, modeling and analysis
expertise, giving insurers access to information on segment dynamics and
competitive advantages, and profiles of insurers operating in the country. It analyzes the result of natural hazards in the Montenegrin insurance
industry. This report guides to gain
insights into key regulations governing the Montenegrin insurance industry, and
their impact on companies and the industry's future which further identifies
the growth opportunities and market dynamics in significant segments by
providing significant performance indicators such as written premium, incurred
loss, loss ratio, commissions and expenses, total assets, total investment
income and retentions during the review (2011-2015) and forecast periods
(2015-2020).
The economy of
Montenegro is for the most part a service based economy, currently in the
middle of economic transition. The economy of this little Balkan state is
recouping from the effect of the Yugoslav Wars, the decrease of industry taking
after the separation of SFRY, and UN financial sanctions. The economy
progressed only after World War 2, as it became a part of the SFRY, during this
phase, Montenegro witnessed a growth of urbanization and industrialization
through various segments such as steel, aluminium, electricity generation,
textile and forestry. The huge financial losses under the severe effects of the
UN sanctions on the whole economy of Montenegro are speculated to be
approximately $6.39 billion. This period was marked by the second highest hyperinflation in
the history of humankind. The country's economy is service-based, with the
service sector accounting for 88% of GDP in 2014.
Montenegro's
protection industry has been liable to critical changes because of uneven
monetary development and advancement in the course of the most recent decade.
Being less developed than other European insurance ventures, its introduction
to the worldwide financial crisis was generally low. Not at all like nations
with developed insurance businesses where the life fragment is prevailing, is
Montenegro’s insurance industry driven by the general, or non-life, and
individual accident and health portions, which together represented 85.9% of
the gross composed premium in 2012. The life fragment represented 14.1% of the
aggregate composed premium in 2012 and Life insurance accounted for 16.8% of
the Montenegrin insurance industry, in terms of gross written premium in 2015, despite
the fact that its share has enhanced fundamentally since 2003 when it
represented 4.6%. The Montenegrin life segment developed at a much speedier
CAGR of 6.9%, than the other two sections amid the survey time frame.
Montenegro's
small population is a key challenge for insurers. The country's population
registered an annual growth rate of 0.1% in 2015 and currently is 0.6 million.
The economy depends intensely on tourism and exports of refined metals, yet
real estate is picking up significance. Unbeneficial state organizations
trouble public finances and unemployment is high.
To know more on the coverage,
tap on the link underneath:
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/insurance-montenegro/51140-93.html
Related Reports
https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/non-life-insurance-slovakia/55795-93.html
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
query@kenresearch.com
+91-124-4230204