By the end of July 2022, total GWPs of the Croatian insurance market grew by 7.5% YoY. GWPs in Non-life insurance increased by 10.3%, while GWPs in Life insurance decreased by 1.4% YoY.

The Croatian Insurance Association, HUO, has published the latest monthly report on the developments recorded in the Croatian insurance market, for the month of July. According to the report, total GWPs of the Croatian market increased by 7.5% YoY, reaching HRK 8.03bn. It should be noted that this number includes both the insurers from Croatia as well as insurers that operate in Croatia but are based in other EU countries, and currently, this only refers to Sava osiguranje. The increase in total GWPs has been primarily driven by the growth of Non-life insurance, while at the same time, Life insurance GWPs decreased, a negative trend that has been going on for a while now.

Total Croatia TTM (trailing twelve months) GWPs and Croatia osiguranje GWPs in July 2022 (HRKbn)

Breaking the GWPs into these segments, Life insurance decreased by 1.4% YoY and amounted to HRK 1.78bn. Inside the segment, VIG holds the largest market share, at 23.4%, which was an increase of 0.22 p.p. YoY, followed by Allianz, with a 20.9% market share, representing an increase of 0.10 p.p. YoY. It should be noted that even though this increase seems small, in absolute terms, it is by far the largest, at HRK 80.8m. The next largest company by market share is also the largest Croatian insurance company, Croatia osiguranje, which holds in Life segment a market share of 11.96%, showed a decrease of 4.55 p.p. YoY. In fact, this also represents the highest absolute decrease of HRK 84.7m. Finally, the only other insurance company in this segment that has more than 10% market share is Agram Life osiguranje, with a market share of 10.58%, evidenced an increase of 0.15% YoY.

Meanwhile, Non-life insurance increased by 10.3% YoY, and amounted to HRK 6.25bn, representing 77.8% of the total GWPs. Looking at the insurance companies themselves, Croatia osiguranje maintains the largest market share by far, at 30.4%, representing an increase of 1.09 p.p. YoY. In terms of change on a YoY basis, this would amount to an increase of HRK 237.9m, or 14.5%. Following them, Euroherc osiguranje, with a market share of 14.37%, which is a decline of 1.22 p.p. YoY. Next up, we have Adriatic osiguranje, with a market share of 12.53%, an increase of 0.04 p.p. YoY. The remaining insurance companies did not record significant market share changes on a YoY basis.

However, in absolute terms, some companies had a noteworthy increase in GWPs. Adriatic osiguranje increased their GWPs by HRK 75.1m (or 10.7%), followed by Allianz with HRK 61.7m (or 11.6%), and VIG, with HRK 52.3m (or 13.96%). Even with these increases, they did not record significant market share growth, meaning that the overall insurance market expanded faster than these companies did.

Moving on to the changes by segments in Non-life insurance, in absolute terms, Other asset insurance increased by HRK 131.4m (or 18.7%). This is followed by Insurance against civil liability in respect to the use of motor vehicles, at HRK 104.7m (or 5.9%), and Vehicle insurance (casco policy), at HRK 97.1m (or 11.4%). On the other hand, Insurance against other liabilities had the largest decline, at HRK 8.78m, or -2.4%.

On the flip side, looking at Life insurance by segments, Life or rent insurance in which the insurance contractor takes on the investment risk increased by HRK 170.3m (or 77.3%), while Life assurance decreased by HRK 197.6m or 13.2%.

Finally, looking at Croatia osiguranje’s current position in the market, during the last twelve months, it collected 24.23% of all GWPs, which is a decrease of 0.37p.p. YoY. This would mean that in total, the Company’s GWPs amounted to HRK 3.0bn, representing an increase of HRK 192.5m YoY.

Croatia osiguranje TTM market share (November 2010 – July 2022, %)