In the first 4 months GWPs slightly declined by 0.3% YoY. GWPs in non-life insurances grew 4.7% YoY, while life insurance decreased by 12.5% YoY.
Yesterday, Croatian Insurance Bureau published the GWP development in April 2020.
Since the beginning of the year, GWP’s observed a slight decline of 0.3% compared to the same period last year. The total amount of GWPs collected reached HRK 3.95bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). The slight decrease came on the back of the life segment which observed a strong decline of 12.5% YoY to HRK 998.6m. Meanwhile, non-life segment which traditionally accounts for the biggest portion of total GWPs, recorded a solid increase of 4.7% YoY.
When observing solely April, GWPs recorded a strong decrease of 14.7% to HRK 830.5m. Such a result came on the back of a decrease of both life (-35.5%) and non-life segment (-5.7%). This does not come as a surprise given that the country was under a lockdown for whole month due to the Covid-19 pandemic.
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 20.6% of GWPs) recorded an increase of 5.4% YoY. Next, vehicle insurance (casco policy) which accounts for 11.5% of total GWPs recorded a strong increase of 6.5%. Health insurance observed also a solid YTD performance of 3.94%.
Croatia Osiguranje accounted for 27.1% of the market, showing a 2.2 p.p. YoY decrease.
