In the first 4 months of 2021, GWPs increased by 9.3% YoY. GWPs in non-life insurances grew 9.4% YoY, while life insurance increased by 9% YoY.
Croatian Insurance Bureau published the GWP development in April 2021. In the first 4 months of 2021, GWP’s observed a solid increase of 9.3% YoY (or HRK 368.4m), indicating a very solid start of the year.
The total amount of GWPs collected reached HRK 4.32bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). The aforementioned increase came both on the back of solid non-life and life performance. We also note that the sharp increase occurred in April, which witnessed GWPs of HRK 1bn (+24% YoY). In solely April, Life noted a steep increase of 58% to HRK 300m. As a reminder, Croatia was under a lockdown back in April of 2020.
In the first 4 months, life observed an increase of 9% YoY (or HRK +90.3m) to HRK 1.09bn. We note that Croatia’s largest insurer, Croatia osiguranje observed a very high increase of 36.3% to HRK 194.4m.
Non-life segment which traditionally accounts for the biggest portion of total GWPs (75%), is up by as much as 9.4% YoY (or HRK 278.1m). Of that, Croatia osiguranje accounted for 29.9% of the market, showing an increase in non-life premiums by 2.83%.
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 22% of GWPs) recorded a high increase of 22% YoY (or HRK 145m).
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 4.15%. Following two destructive earthquakes which struck central Croatia, two insurance categories ended up being in spotlight: fire and elemental insurance (+17.4% YoY) and other property insurance (+10.1%). 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 +12.2%. On the flip side, the steepest nominal decrease of HRK -30.9m was observed in unit linked insurance (-22.9%).
