Croatian Insurance Market - Latest market trends


Challenging economic conditions saw most lines in the Croation insurance sector suffer. Hvroje Paukovic provides an overview of the market.

In challenging economic conditions, for quarter four 2011, the 26 Croatian insurance companies generated HRK9.145bn (€1.230bn) in gross written premiums, a 1.1% decrease compared to the same period last year.

The market leaders were Croatia with a 30.54% market share, followed by Allianz Zagreb with 11.22%, then Euroherc (10.94%), Jadransko (7.00%) and Kvarner Vienna Insurance Group (4.90%), with a top 10 market share reaching 84.43%.

Non-life declines
The non-life market GWP amounted to HRK6.714bn (€903m), a decline of 1.1% compared to the same period in the year before, accounting for 73.41% of the total premium of the Croatian insurance market (Q4 2010: 73.42%).

The largest non-life business line remains motor liability insurance with a GWP of HRK2.935bn, down 1.6% on the same period the year before, and a non-life premium share of 43.7% and a 32.1% total market share.


"Companies generated HRK9.145bn (€1.230bn) in gross written premiums, a 1.1% decrease compared to the same period last year."

Reduction in motor
Motor TPL insurance generated HRK2.911bn, a 1.5% reduction year on year, with an increase in the number of insurance policies issued by 13,875 (0.5%), resulting in a rise of the average MTPL premium from HRK1,488 to HRK 1,500.

The following general classes recorded a decrease in premiums: accident by -2.6%; health by -1.4%; motor vehicle casco by -10.2%; railway rolling stock by -12.6%; aircraft insurance by -35.5%; ships by -10.2%; goods-in-transit by -7.2%; fire and natural disasters by -1.3%; other damage top; property by -1.0%; and marine liability by -14.5% (see table 1).

Some premium growth
However, premium growth was recorded for the following lines of general business: aircraft liability by 12.2%; other liability insurance by 8.7%; credit insurance by11.4%; suretyship by 71.8%; financial loss by 8.5%; legal protection by 14.9%; travel insurance by 3.5%.

On the life side GWP decreased by 1.1% to a total of HRK2.431bn (€327m), with a share in the total market premium remaining at the same level as in the previous period (26.59% as compared to 26.58% in Q4 2010), while the number of life insurance policies fell by 2.0%.

Life issues
Traditional life assurance, with premiums down by 0.9% to HRK2.093bn, is the largest class of life business, accounting for 86.08% of the life GWP and 22.89% of the total market premium.

It is followed by annuity insurance with a premium written amounting to HRK9.047m, a 26.4% rise on the previous period; supplementary insurance linked with life assurance policies with premiums amounting to HRK156.469m, 3.4% down on last year; marriage and birth assurance with a premium written to the amount of HRK8.969m (-3.0%) and finally unit linked with a premium written amounting to HRK163.888m - a 2.0% decrease compared to the same period last year.

Hvroje Paukovic is editor of Bilten Hrvatskog ureda za osiguranje (Bulletin of the Croatian Insurance Bureau)





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