In the first 7 months of 2021, GWPs increased by 11.2% YoY. GWPs in non-life insurances grew 11.7% YoY, while life insurance increased by 9.7% YoY.
According to Croatian Insurance Bureau on GWP development in July 2021, in the first 7 months of 2021, GWP’s observed a significant growth of 11.2% YoY (or HRK 754m). This indicates a continuation of a very strong year.
The total amount of collected GWPs was HRK 7.47bn (includes insurers located in Croatia and insurers operating in Croatia but based in another EU country). Earlier mentioned increase came back strong on both, life and non-life insurances.
The life segment has shown significant growth of 9.7% YoY (or HRK 160m) to 1.8bn, albeit slower than in 1H 2021 when 11.9% YoY growth was evidenced. The Croatian largest insurance company has almost 17% market share in life segment, with the strong GWP growth of 6.4% YoY (to HRK 297m). Among the biggest Croatian insurers, the highest growth in Life, 27.5% was evidenced by Allianz Croatia to HRK 289m of GWPs. The fourth biggest Croatian insurer, Wiener osiguranje grew by 18% HRK 428m, making it the biggest insurance company in Life segment.
The dominant share of collected GWP’s in Croatia lie with the Non-life segment amounting to 76%. This segment grew by 11.7% (or HRK 594m) and total GWPs sold amounted to 5.7bn. Croatia osiguranje has the biggest market share of 29.3%. Triglav osiguranje has noted strong growth in the first 7 months of 2021. The performance in this category grew by 27.3%, which is the highest growth rate in non-life insurance among Croatian top insurers.
In non-life segment, the highest share has insurance against civil liability in respect of the use of motor vehicles (which accounts for 24% of GWPs), also recorded a high absolute increase of HRK 246m or 16%. The second largest segment is vehicle insurance (casco policy) which accounts for 12% of total GWPs. Due to frequent and strong earthquakes in Croatia the two related insurance policies have grown: fire and elemental insurance (+12.8% YoY) and other property insurance (+14.3%).
On the other hand, the highest decrease was in insurance for legal support, which fell by 27.1%, while the highest nominal decrease was in accident insurance by HRK 3.6m.
