In February 2022, GWPs increased by 6.2% YoY. GWPs in Non-life insurance grew by 9.3%, while at the same time, GWPs in Life insurance decreased by -4.4%.
The Croatian Insurance Bureau has published its monthly insurance report for February 2022. In the report, we can look at how the insurance sector has developed during February. In total, GWPs increased by 6.2% (or HRK 132m), continuing the positive trend from last year.
The total amount of GWPs collected amounted to HRK 2.26bn (this number includes both the insurers located in Croatia as well as insurers operating in Croatia but which are based in other EU countries). This growth was driven by the increase in Non-life insurance, which offset the decrease in the Life-insurance sector.
Total Croatian GWPs and Croatia osiguranje GWPs in February 2022 (HRK bn)
Turning our attention to these sectors, Life insurance decreased by -4.4% (or HRK -21.3m) YoY and amounted to HRK 460.8m. The largest Croatian insurance company, Croatia osiguranje, has a market share of 20.6% in this sector, an increase of 8.56 p.p. YoY, which would also amount to a yearly increase of HRK 36.75m. VIG, the 2nd largest insurance company by market share (at 18.02%), lost -1.36 p.p. (or HRK 10.2m) YoY. In absolute terms, the largest decrease was experienced by the 3rd largest insurance company, Allianz, whose market share reduced from 28% to 12.59% (a drop of -15.41 p.p.) and a decrease of HRK -76.4m. The only other company to have a change of more than HRK 10m was Generali osiguranje, which had an increase of 5.37 p.p. (or HRK 23.5m), and ended February with a market share of 10.7%.
At the same time, the largest segment of the collected GWPs in Croatia, the Non-life insurance (which accounts for 79.6% of total GWPs), increased by 9.3% (or HRK 153.3m) amounting to HRK 1.8bn in February 2022. Looking over to the insurance companies, Croatia osiguranje has the largest market share in this segment, at 29.29%, a decrease of 0.2 p.p. compared to February 2022. However, the Company also grew with the rest of the market and increased its Non-Life GWPs by 10.2% (or HRK 48.1m). The 2nd largest insurance company in this segment, Euroherc osiguranje, grew by 4.9% (or HRK 10.4m), while the 3rd largest insurance company, Allianz, grew by 9.9% (or HRK 19.9m). On the flip side, the only insurance company that experienced a decrease in the total number of GWPs it has in this sector was HOK osiguranje, whose GWPs decreased by -7.9% (or HRK -3.65m).
Looking at the largest increases by segments of the Non-life insurance, in absolute amounts, Insurance against civil liability in respect to the use of motor vehicles increased the most, growing by HRK 32.1m (or +7.3%) YoY, followed by loan insurance with an increase of HRK 23.9m (or +65.3%) YoY. Next up, we have Vehicle insurance (casco policy) and Health insurance, which grew by HRK 20.5m (+8.86%) and HRK 18.5m (+13.12%) YoY, respectively. At the same time, the largest decrease in absolute amount was recorded in Insurance against accidents, which decreased by HRK -2.8m (or -3%), and Guarantee insurance, which decreased by HRK -2.1m (or -49.6%) YoY.
Turning our attention to Life insurance by segments, the largest increase was recorded in the Life or rent insurance in which the insurance contractor takes on the investment risk, which grew by HRK 34.9m (or 88.7%), while at the same time, Life assurance decreased by HRK -56.6m (or 13.6%), offsetting the aforementioned increase and leading to an overall decline in the Life insurance sector.
Looking over to the Croatia osiguranje, it currently holds 24.5% of all GWPs collected, a decrease of -0.57 p.p. YoY. In total, Croatia osiguranje’s GWPs amounted to HRK 2.94bn, an increase of HRK 232.9m YoY.
Croatia osiguranje market share (November 2010 – February 2022, %)