In the first 6 months of 2021, GWPs increased by 12% YoY. GWPs in non-life and life insurance increased also by 12% YoY each.
Croatian Insurance Bureau published the GWP development in June 2021. In the first half of the 2021, GWP’s observed a significant growth of 12% YoY (or HRK 693.7m), indicating a very strong H1 result on all premium segments.
The total amount of GWPs reached HRK 6.47bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). The mentioned increase came back strong on both, life and non-life insurances. To be specific, life segment has shown significant growth of 11.9 % YoY (or HRK 170m) to 1.6bn. Wiener osiguranje has the largest share in life segment with 24%, while the Croatian largest insurance company, Croatia osiguranje, accounts for 18% in this segment. Slovenian largest insurance company, Triglav, has shown solid growth in Croatian market by 5.3% YoY (life).
Non-life segment is still dominant in the total share of GWP’s in Croatia accounting for 75.3%. This segment grew by as much as 12.02% (or HRK 523.4m). Croatia osiguranje observed an increase of 5.4% YoY in the non life segment, growing slower than the market. So its market share decreased to 29.7% in H1 2021 from 31.8% in H1 2020. Triglav, the fifth largest Croatian insurer, noted a very strong performance in this category in H1 2021 by increasing its GWPs by 30.87% YoY. Triglav’s market share in H1 2021 stands at 7.8%, 12 b.p. higher than Generali insurances’ market share in the same period.
In non-life segment, the highest share has insurance against civil liability in respect of the use of motor vehicles (which accounts for 23.36% of GWPs). In this period it has recorded a high increase of 16.69% YoY (or HRK 217.1m). The second largest segment is vehicle insurance (casco policy) which accounts for 11.18% of total GWPs. Furthermore, fire and elemental insurance (+12.96% YoY) and other property insurance (+15.79%) also noted very strong performances in H1. On the flip side, the highest absolute decrease was in accident insurance by HRK 3.03m.
