Croatian Insurance Market Shows a Solid Q1 on the Back on Non-life Segment

In Q1 of 2021, GWPs increased by 5.4% YoY. GWPs in non-life insurances grew 8.1% YoY, while life insurance decreased by 2.4% YoY.

Croatian Insurance Bureau published the GWP development in Q1 2021. In the first 3 months of 2021, GWP’s observed a solid increase of 5.4% YoY (or HRK 168.36m), indicating a very solid start of the year.

The total amount of GWPs collected reached HRK 3.29bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). The aforementioned increase solely on the back of non-life.

Life observed somewhat of a decrease of 2.4% YoY (or HRK -19.4m) to HRK 788.9m. However, we note that Croatia’s largest insurer, Croatia osiguranje observed a slight increase of 0.9% to HRK 116.7m.

Non-life segment which traditionally accounts for the biggest portion of total GWPs (76%), is up by as much as 8.1% YoY (or HRK 187.76m). Of that, Croatia osiguranje accounted for 29.8% of the market, showing an increase in non-life premiums by 1.2%.

When observing GWPs by structure since the beginning of the year insurance against civil liability in respect of the use of motor vehicles (which accounts for 21.6% of GWPs) recorded a high increase of 17.7% YoY (or HRK 105.8m). Strong growth of this type of insurance can be explained by both, increase in number of policies issued (11.3%) and increase in average policy value (5.8% YoY).

The second biggest category in Non-life insurance is vehicle insurance (casco policy) which accounts for 11% of total GWPs, and it recorded an increase of 3%. Following two destructive earthquakes which struck central Croatia, two insurance categories ended up being in spotlight: fire and elemental insurance (+19.1% YoY) and other property insurance (+12.3%). Unsurprisingly, both segments have seen a solid increase since the earthquakes and noted one of the highest nominal increases since the beginning of 2021.

Health insurance observed also a solid YTD performance of +10.6%. On the flip side, the steepest nominal decrease of HRK -53.7m was observed in unit linked insurance (-44.2%)

Category : Flash News

Want to invest? Do not know how and where? Contact us and we will solve everything for you.