In April 2022, total GWPs on the Croatian market increased by 6.7% YoY. GWPs in Non-Life increased by 9.8%, while GWPs in Life insurance decreased by -2.43% YoY.
The Croatian Insurance Association has published its monthly report for the changes in the Croatian insurance market for April 2022. In it, we can see that the total GWPs in the Croatian insurance market grew by 6.7% YoY and amounted to HRK 4.61bn. This includes both the insurers from Croatia as well as the insurers operating in Croatia but which are based in other EU countries, in this case, Sava Osiguranje. The growth in the total GWPs was driven by the increase in Non-life insurance, while Life insurance decreased.
Total Croatian TTM GWPs and Croatia osiguranje GWPs in April 2022 (HRKbn)
Looking at the GWPs by these segments, Life insurance decreased by -2.43% YoY and amounted to HRK 1.06bn. The largest insurance company in this segment, Allianz Hrvatska, has a market share of 21.05% in 2022, marking an increase of 2.92 p.p. (or HRK 26.3m) YoY. Next up, we have VIG, which currently sits at 20.69% of the total Life GWPs, a decrease of -2.96 p.p. (or HRK -37.3m) YoY. Lastly, we have Croatia osiguranje, the largest Croatian insurance company, which holds 15.25% of Life GWPs, a decrease of -2.7 p.p. (or HRK -33.2m) YoY. Other insurance companies did not experience major changes YoY, all except Generali osiguranje, which increased its market share by 1.1 p.p. to 7.35%, an increase of HRK 10.2m.
On the other hand, Non-life insurance (by far the largest segment in terms of collected GWPs, accounting for 76.9% of total GWPs collected), grew by 9.8% and amounted to HRK 3.55bn in April. Breaking this segment further, Croatia osiguranje still maintains by far the largest market share, at 30.66%, an increase of 0.76 p.p. (or HRK 120.9m) YoY. Following them, we have Euroherc osiguranje, with 13.27%, a decline of -0.66 p.p. (or HRK 20.7m) YoY, and Adriatic osiguranje, with 11.82%, an increase of 0.08 p.p. (or HRK 39.8m) YoY.
Turning our attention to the changes by segments of the Non-life insurance, in absolute amounts, Insurance against civil liability in respect to the use of motor vehicles increased by HRK 64.5m, an increase of 6.84% YoY, and had a 22.06% share of the Non-life GWPs. Next up, we have Other asset insurance, which increased by HRK 61.7m (or 15.4%) YoY, followed by Vehicle insurance (casco policy), and Loans insurance, with increases of HRK 51.1m (or 11%) YoY, and HRK 30.9m (or 29.6%) YoY, respectively. Meanwhile, Guarantee insurance decreased by HRK -1.97m, a decrease of -31.9% YoY.
On the flip side, looking at the Life insurance by segments, Life or rent insurance in which the insurance contractor takes on the investment risk increased by HRK 139.1m (or +133.6%) YoY, while simultaneously, Life assurance decreased by HRK -166.1m (or -17.8%) YoY.
Lastly, when looking at Croatia osiguranje in the last 12 months it holds 24.22% of all GWPs collected, which is a decrease of -0.99 p.p. YoY. In total, Croatia osiguranje’s GWPs amounted to HRK 2.94bn, an increase of HRK 153.2m YoY, implying that even though Croatia osiguranje expanded its GWPs, it expanded slower than the entire market.
Croatia osiguranje TTM market share (November 2010 – April 2022, %)
