In the first 5 months of 2021, GWPs increased by 12.1% YoY. GWPs in non-life insurances grew 11.6% YoY, while life insurance increased by 13.5% YoY.

Croatian Insurance Bureau published the GWP development in May 2021. In the first 5 months of 2021, GWP’s observed a significant growth of 12.1% YoY (or HRK 584.6m), indicating a very solid start of the year.

The total amount of collected GWPs was HRK 5.43bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). Earlier mentioned increase came back strong on both, life and non-life insurances.

The life segment has shown significant growth of 13.5% YoY (or HRK 163m) to 1.2bn. The Croatian largest insurance company has 19% market share in life segment, with the strong GWP growth of 43.65% YoY (to HRK 258.5bn). Slovenian largest insurance company, Triglav osiguranje, has shown solid growth in Croatian market by 6.47%.

Non-life segment is still dominant in the total share of collected GWP’s in Croatia by 74.8%. This segment grew by 11.6% (or HRK 4.06m). Croatia osiguranje has the biggest market share 29.92%. Triglav osiguranje has noted strong growth in the first 5 months of 2021 as the performance in this category grew by 28.43%. The is the highest growth rate among insurers in non-life insurance, in observed period.

In non-life segment, the highest share has insurance against civil liability in respect of the use of motor vehicles (which accounts for 22.65% of GWPs), also recorded a high increase of 17.65% YoY (or HRK 182.5m). The second largest segment is vehicle insurance (casco policy) which accounts for 10.9% of total GWPs. Due to frequent and strong earthquakes in Croatia the two related insurance policies has grown: fire and elemental insurance (+14.8% YoY) and other property insurance (+13.27%).

On the other hand, the highest decrease was in insurance for legal liabilities, which fell by 33.45%, while the highest nominal decrease was in assistance insurance by HRK 1.79m.