Overview of the Croatian Insurance Market – November 2021

In the 11 months of 2021, GWPs grew by 10.9% YoY. GWPs in non-life insurance grew by 11.7% YoY, while life insurance grew by 8.7% YoY.

Croatian Insurance Bureau published the GWP development for November 2021. In the first 11 months of 2021, GWPs grew by 10.9% YoY (or HRK 1.06bn), continuing the already experienced growth in 2021.

The total amount of collected GWPs was HRK 10.86bn (it should be noted that this number includes insurers that are located in Croatia as well as insurers operating in Croatia but which are based in other EU countries). The aforementioned increase was achieved on the back of strong performance of both the life and non-life insurance sectors.

Total Croatian TTM GWP and Croatia Osiguranje TTM GWP (HRK bn)

The life segment witnessed solid growth of 8.3% YoY (or HRK 201m) to HRK 2.64bn. The largest Croatian insurance company, Croatia Osiguranje, has a market share of 15.8%, which compared to 17.6% in the same period last year is a decrease of 1.74 p.p.
At the same time, major competitors in the market grew YoY, with the most notable examples being Allianz Croatia, Generali Osiguranje, and Wiener Insurance Group, which had an increase of 1.59 p.p., 1.46 p.p., and 1.46 p.p., respectively. Looking over at absolute numbers, this amounts to an increase of 22.2% YoY for Allianz Croatia (or HRK 73.3m) and an increase of 17.3% YoY for Wiener Insurance Group (or HRK 84.9m).

The largest share of collected GWPs in Croatia however, lies with the Non-life segment, amounting to 75.7%. This segment grew by 11.7% YoY or HRK 861.7m and the total GWPs sold amounted to HRK 8.2bn. Croatia Osiguranje has the largest market share in the Non-life segment of 27.7%, and it grew its Non-life GWPS by 6%, which is below the market average of 12.6%. Several insurers grew by more than 20% YoY, with Generali Osiguranje leading the way with 34% growth, followed by Adriatic Osiguranje with 22.3%, Wiener Insurance Group at 23.5%, and Triglav Osiguranje at 21.9%.

In the Non-life segment, the highest share goes to the insurance against civil liability in respect to the use of motor vehicles (which accounts for 25% of GWPs), which also recorded the largest absolute increase of HRK 340.5m, or 14.2%. The second-largest segment is vehicle insurance (casco policy) which accounts for 12% of total GWPs. With the current increased demand for medical services, as well as the uncertainty with the repayment of loans, both the health insurance and loan insurance increased, by 11.1% (or HRK 65.8m) and 51.3% (or HRK 121.9m) YoY, respectively. On the flip side, the largest relative decrease was in the insurance for legal support, which decreased by 19.3% YoY, or HRK 958.9k.

Croatia Osiguranje accounts for about 24.6% of the market, and the company’s market share decreased by 1.67 p.p. compared to 11M in 2020. When looking at their GWPs, they amounted to 2.67bn, which represents a 4.8% increase YoY. When looking at Croatia Osiguranje’s TTM market share, it amounts to 24.1% and shows a decrease of 1.19 p.p. YoY.

Croatia Osiguranje TTM Market Share (%)

Category : Flash News

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