Overview of the Croatian Insurance Market – May 2022

In May 2022, the total GWPs in the Croatian insurance market grew by 6.2% YoY. GWPs in Non-life increased by 10.6% YoY, while GWPs in Life insurance decreased by -7% YoY.

The Croatian Insurance Association (HUO) has published a monthly report of the developments recorded in the Croatian insurance market during May 2022. According to the report, the total GWPs of the Croatian insurance market increased by 6.2% YoY and amounted to HRK 5.76bn. It should be noted that this also includes insurers from Croatia as well as insurers operating in Croatia but which are based in other EU countries. Currently, this only refers to Sava Osiguranje. The increase in total GWPs was driven by the growth in Non-life insurance, while at the same time, Life insurance decreased.

Total Croatian TTM GWPs and Croatia osiguranje GWPs in May 2022 (HRKbn)

Breaking the GWPs down according to these segments, Life insurance decreased by -6.98% (HRK -95.5m) and amounted to HRK 1.27bn. Looking at the largest companies in this segment, VIG holds the largest share, at 22% of the total, representing a decrease of 1.22 p.p. YoY (or HRK -37.5m). Next up, we have Allianz, which has a market share of 19.34%, which is an increase of 2.72 p.p. YoY (or HRK 18.6m), by far the highest increase in this category. The third largest, and the largest overall Croatian insurance company, Croatia osiguranje, maintains a market share of 14.04% in the segment, which on a YoY basis, represents a decrease of -4.96 p.p. YoY (or HRK -80.7m). Finally, the only other insurance company with over 10%, Agram Life osiguranje at 10.94%, grew by 0.49 p.p. YoY.

On the other hand, the Non-life insurance segment (which represents the largest segment in terms of collected GWPs, accounting for 77.9% of the total GWPs collected), grew by 10.6% YoY and amounted to HRK 4.49bn in May 2022. Taking a look at the companies in this segment, Croatia osiguranje still maintains the largest market share, at 31.1% or HRK 1.38bn, which is an increase of 1.16 p.p. YoY (or HRK 180.6m in absolute terms). Next up, we have Euroherc, which has a market share of 13.76%, a decrease of -1.28 p.p. YoY. However, considering the company still grew (but slower than the market), it increased its Non-life GWPs by HRK 7.8m. Next up, we have Adriatic osiguranje at 12%, which increased its market share by 0.07 p.p. (or HRK 54.2m in absolute terms).

If we were to look at the remainder of the companies’ developments in absolute terms, Allianz (10.04% market share) increased its GWPs by HRK 46.7m, while VIG (which has 7.2% of the market share) increased it by HRK 44.3m.

Taking a look at the changes in segments of the Non-life insurance, in absolute terms, Other asset insurance increased the most, growing by HRK 122.2m (or 23.2%), and had a share of 11.36% of the total Non-life GWPs. Next up, we have Insurance against civil liability in respect to the use of motor vehicles, which grew by HRK 83.5m (or +6.9%), and had the largest share of the total, at 22.78%. Following them, we have Vehicle insurance (casco policy), which grew by HRK 67.5m (or 11.5%), and had a share of 11.4% of the total. On the other hand, Insurance against other liabilities decreased the most, by HRK -20.3m (or -6.8% YoY).

Meanwhile, if we were to look at the Life insurance by segments, Life or rent insurance in which the insurance contractor takes on the investment risk increased by HRK 118.7m, representing an increase of 81.2% YoY, while on the flipside, Life assurance decreased by HRK -214.9m (or -18.6%).

Finally, looking at the Croatia osiguranje, in the last 12 months it holds 24.23% of all GWPs collected, which is a decrease of -0.96 p.p. YoY. Overall, the Company’s GWPs amounted to HRK 2.95bn, an increase of HRK 113.4m YoY, which would mean that even though the company continued its GWP growth, overall, it grew slower than the entire insurance market.

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

Category : Flash News

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