In the first 9 months of 2021, GWPs grew by 11% YoY. GWPs in non-life insurances grew 11.9% YoY and life insurance also grew by 8.5% YoY.
Croatian Insurance Bureau published the GWP development in September 2021. Since the beginning of the year, GWP’s rose by 10.95% compared to the same period last year. The total amount of GWPs collected reached HRK 9.1bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country).
The amount of GWPs in non-life insurances, which traditionally account for the biggest portion, grew 11.9% YoY, amounting to HRK 6.9bn. In this segment, Triglav osiguranje observed solid increase of 24.3% YoY to HRK 486.4m. Croatia osiguranje, accounted for 28.5% of the market in this segment and noted a 6.1% YoY increase.
Life segment observed an increase of 8.5% YoY (or HRK 172.8m). We note that Croatia’s largest insurer, Croatia osiguranje observed a slight increase in this segment compared to the same period last year of 1.4%.
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 24.8% of GWPs) recorded a high increase of 15.1% YoY (or HRK 293.5m). The second-biggest category in non-life insurance is vehicle insurance (casco policy) which accounts for 11.7% of total GWPs recorded a solid increase of 7.6%. Health insurance also observed a solid performance of +10.35%.
The impact from two destructive earthquakes which struck central Croatia is still seen on two insurance categories which both observed an increase: fire and elemental insurance with +10.4% and other property insurance +14.4%. Meanwhile, credit insurance noted a pickup compared to 2020 and observed a sharp increase of 42.4% (or HRK 82.5m).