Podgorica, (MINA-BUSINESS) – Director of the Insurance Supervision Agency (ANO) Branko Barjaktarovic said that Montenegro's insurance consumer protection system is functioning, adding that most complaints relate to individual claims-settlement procedures rather than any systemic lack of market competition.

He noted that insurance companies in Montenegro settled a total of 102,120 claims last year, with payouts exceeding €65.4 million.

"The number of complaints accounts for less than 0.1 percent of the total number of settled claims, while only around 0.02 percent of settled claims were the subject of justified complaints. These figures show that the insurance consumer protection system is functioning," Barjaktarovic told Mina-business.

He explained that the number of complaints must be viewed in the context of the sector's overall business volume. Last year, the Agency received 93 complaints, of which 92 concerned insurance companies and one concerned the National Insurance Bureau.

Most complaints related to motor liability insurance, followed by accident insurance and comprehensive motor (casco) insurance.

“The complaints most frequently concerned damage assessments, compensation calculations, additional documentation required for processing claims, or reasons for rejecting compensation requests," Barjaktarovic said.