Croatian Insurance Sector up by 4.8% YoY – February 2021

In Febuary of 2021, GWPs increased by 4.8% YoY. GWPs in non-life insurances grew 5.7% YoY, while life insurance increased by 2% YoY.

Croatian Insurance Bureau published the GWP development in Febuary 2021. In the first 2 months of 2021, GWP’s observed a solid increase of 4.8% YoY (or HRK 97.98m), indicating a relatively solid start of the year.

The total amount of GWPs collected reached HRK 2.13bn (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 non life and life segment.

Life observed a solid increase of 2% YoY (or HRK 9.3m) to HRK 482.1m. However, we note that such a result came mostly on the back of a very high increase of Allianz Osiguranje (+65.26% or HRK 52.94m). As of end April, Allianz has by far the largest market share in life segment of 28% (+10.6 p.p. YoY).

Non-life segment which traditionally accounts for the biggest portion of total GWPs (77%), is up by as much as 5.7% YoY (or HRK 88.67m). Croatia’s largest insurer, Croatia osiguranje accounted for 29% of the market, showing a decrease in non life premiums by 1.6%.

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 20.9% of GWPs) recorded a high increase of 15.1% YoY (or HRK 57.58m). Strong growth of this type of insurance can be explained by both, increase in number of policies issued (7.3%) and increase in average policy value (7.2% YoY).

The second biggest category in Non-life insurance is vehicle insurance (casco policy) which accounts for 11% of total GWPs, and it recorded a slight increase of 0.7%. Following two destructive earthquakes which struck central Croatia, two insurance categories ended up being in spotlight: fire and elemental insurance (+19.3% YoY) and other property insurance (+17.7%). 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 +10.7%. On the flip side, the steepest nominal decrease of HRK -51m was observed in unit linked insurance (-56.5%)

Category : Flash News

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