The company is investing HRK 200m in digitalization and the development of new products.

This week Croatia osiguranje announced that they have launched LAQO – Croatia’s first digital vehicle insurance.

The company states that LAQO offers contracting of compulsory and casco vehicle insurance completely digitally, in a simple, fast and smart way. Arranging vehicle insurance is possible in just a few clicks on the website, without having to physically go to the branch, while the whole process takes less than a minute. Additionally, the company offers extra options such as towing, hail insurance, animal damage (collision with an animal) insurance, etc.

With this, Croatia osiguranje is covering digitally a solid portion of the Croatian insurance market as vehicle insurance (casco policy) accounts for 12.12%, while civil liability in respect of the use of motor vehicles is the single largest GWP item in Croatia taking up 23.7% of the insurance segment (as of August 2020).  These segments have in the first 8 months of 2020 performed quite well despite the pandemic as civil liability in respect of the use of motor vehicles grew by HRK 152.6m, while vehicle insurance (casco policy) grew by HRK 20m. To read more about the latest GWP development in Croatia click here.

Croatia osiguranje is the market leader in Croatia with a market share of 27% as of August 2020. The company added that they are currently investing HRK 200m in digitalization and the development of new products.

As a reminder, even though the insurance segment has felt the impact of the pandemic measures a lot less than other segments of Adris group, the fall in Croatia osiguranje’s net earned premium was accelerated in the Q2 to -7.3% vs. -1.6% in Q1, so H1 decrease was -4.6%. Total GWPs in Q1 2020 have decreased by 5.8% YoY driven by improvement in non-life segment (+0.5%), while in life segment the company is witnessing double digit premium decrease as more maturities of life insurance contracts coupled with early termination of life insurances (trend on the market triggered by Covid-19 pandemic).