Montenegro

Axco provides details on the life insurance sector including Montenegrin market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Montenegro, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Montenegrin pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Montenegro report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Montenegro is a small Balkan country which separated from the former Yugoslavia in 2006. The country has a population of only 620,000 and an economy which is almost wholly dependent on tourism. As a result of small population size, low average incomes and a lack of insurance culture, the individual life market was worth only EUR 19.72mn (USD 23.68mn) in premiums in 2020. There are four life insurers, all of them foreign owned ....

Montenegro legislated for voluntary private pensions when the Law on Voluntary Pension Funds was passed in December 2006. According to the law, voluntary pension funds are collective investment vehicles which are owned by their members and managed by pension management companies. Pension funds may be "open" or "closed". The membership of a closed fund may be limited to employees of the sponsoring employer, trade union or other organisation. Open pension funds require a minimum of 200 members ....

The health insurance market in Montenegro is undeveloped, with annual premiums of only EUR 2.70mn (USD 3.24mn) in 2020, some of which may be represented by travel health, critical illness and hospital cash benefits business. The market grew by 28.9% in 2018 and 13.8% in 2019, partly because of increasing demand for group outpatient covers written as an employee benefit. Premiums stagnated in 2020, however, because of the loss of travel health business and other disruptions caused by COVID-19 ....