In the first 9 months of 2020, GWPs declined by 1% YoY. GWPs in non-life insurances grew 4.7% YoY, while life insurance decreased by 15% YoY.

Croatian Insurance Bureau published the GWP development in September 2020. Since the beginning of the year, GWP’s observed a slight decline of 1% compared to the same period last year. The total amount of GWPs collected reached HRK 8.212bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). The aforementioned decrease came solely on the back of the life segment which observed a strong decline of 15% YoY (or HRK -360.43m) to HRK 2.04bn. Such a decrease could arguably be attributed to the maturing of policies which were underwritten coupled with lower savings through life insurance and early termination of these policies. Meanwhile, non-life segment which traditionally accounts for the biggest portion of total GWPs, is still up by 4.7% YoY (or HRK 274.9m).

Croatia’s largest insurer, Croatia Osiguranje accounted for 26.6% of the market, showing a 0.3 p.p. YoY decrease.

Top & Bottom Performing Insurance Segments (Jan – September 2020 vs Jan – September 2019) (HRK m)

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 24.15% of GWPs) recorded a high increase of 11.3% YoY. Next, vehicle insurance (casco policy) which accounts for 12.2% of total GWPs recorded an increase of 3.18%. Health insurance observed also a solid YTD performance of +4.36%. Credit insurance observed a sharp decrease of 30.8% (or HRK 86.49m). This does not come as a surprise given the expected lower loan issuance activity in Croatia as a result of Covid-19 outbreak.

GWPs by Insurance Segment (%)