In 2021, GWPs grew by 11% YoY. GWPs in Non-life insurance grew by 11.8% YoY, while GWPs in life insurance grew by 8.3% YoY.

Croatian Insurance Bureau has published the GWP development in December 2021. This means that in the entire year of 2021, GWPs grew by 11% (or HRK 1.17bn), which continues the positive trend already noted since the beginning of the year.

The total amount of GWPs collected amounted to HRK 11.84bn (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 increase was achieved due to the growth in both the Non-life insurance as well as the life insurance sectors.

Total Croatian GWPs and Croatia osiguranje GWPs in 2021 (HRK bn)

In 2021, the life insurance sector grew by 8.3% (or HRK 223m) to HRK 2.91bn. The largest Croatian insurance company, Croatia osiguranje, has on the domestic market a market share of 15.3%, which is a decrease of 1.8 p.p. compared to the 17.1% it had in this period last year. Meanwhile, some other biggest competitors managed to increase their overall market share. Leading this group (in absolute amounts), we have Uniqa Osiguranje, which increased its GWPs in the life insurance sector by HRK 118.8m (or 22.8%) in 2021, followed by Euroherc Osiguranje, which increased its GWPs by HRK 63.2m (or 32.5%) and Agram Life Osiguranje, which grew by 57.5m (or 15.14%).

The largest part of the collected GWPs in Croatia however, does not lie with the life insurance sector, but with the Non-life sector, which accounts for 75.4% of the total GWPs. This segment had an increase of 11.8% YoY (or HRK 940.9m), growing to HRK 8.93bn by the end of the year. Looking over at the insurance companies, Croatia osiguranje holds the largest share in this segment, at 27.28%, which is a decrease of 1.5 p.p. compared to 2020, as it grew somewhat slower than the whole market but was still up HRK 152.9m (or 6.8%). At the same time, other companies had an increase, and ranking them by the absolute amount, we have Adriatic Osiguranje, which grew its GWPs by HRK 221.2m (or 22.1%), Generali Osiguranje, which had an increase of HRK 183.9m (or 32.9%), and Euroherc Osiguranje, which grew by HRK 140.6m (or 10.5%).

In the Non-life sector, the highest growth (in absolute amounts) goes to the insurance against civil liability in respect to the use of motor vehicles, which grew by HRK 361.9m (or 13.9%), and currently accounts for 25.2% of the total GWPs in this segment. This is explained by the strong growth of registered cars in Croatia in 2021, which grew 25% YoY, and you can read about this statistic more here. Next, we have credit insurance, which grew by HRK 130.5m (or 51%) in 2021, and currently holds 3.3% of total GWPs in this segment. Following these two are vehicle insurance (casco policy) which grew by HRK 100.7m (or 7.72%), and other property insurances, which grew by HRK 99.1m (or 12%) in 2021. Meanwhile, in the life insurance segment, life assurance grew by HRK 149.3m (or 6.8%), while the largest absolute decrease (in both segments) was experienced by the rental insurance, which decreased by HRK 3.34m.

Turning our attention to Croatia osiguranje, it currently holds 24.1% of all the GWPs collected, a decrease of 1.28 p.p. from 2020. In total, this amounts to HRK 2.85bn, which is an increase of HRK 143.4m in 2021.

Croatia osiguranje Market Share (November 2010 – December 2021, %)

In the period from 22 Feb 2020 till 23 Jan 2022 the value of taxable invoices increased by 25.4% YoY amounting to HRK 194.6bn. The spending amount is 5.4% higher than spending in a comparable period in 2019, yet again indicating positive sentiment. The value of last week’s taxable invoices is up 16% YoY while compared to the week before it was down 3.75%.

By looking at the latest announcements from the Tax Administration of the Republic of Croatia, in the period from 22 Feb 2021 till 23 Jan 2022, the value of taxable invoices increased by 25.4% YoY amounting to 194.6 bn. This growth in taxable invoices represents positive sentiment in consumption, especially taking into consideration that consumption is yet again, 5.4% higher in the 2019 comparable period (24 Feb 2019 – 24 Jan 2020). Taxable invoices in wholesale and retail trade in the period from 22 Feb 2021 till 23 Jan 2022 grew by HRK 18.1bn YoY (an increase of 16.2%) and it is also 7.2% above the value of spending level in this segment in the same period in 2019.

The value of taxable invoices in all segments in the week from 17 Jan to 23 Jan 2022 witnessed double-digit growth of 16% YoY. Compared to the same week in 2020 consumption witnessed an increase of 8.4% beating pre-pandemic spending. In the last week (16 Jan to 23 Jan) the spending in wholesale and retail trade picked up 7.6% YoY. Meanwhile, it is important to note that the value of taxable invoices in accommodation and food in a given week increased threefold – an increase of HRK 164.4m (amounting to HRK 216.9m) when compared to the same week in 2021. Compared to the same week in 2020, which is considered a pre-pandemic period, taxable invoices in accommodation and food are still down by 7.7%.

The value of taxable invoices in all segments in the week from 16 Jan to 23 Jan 2022, compared to the week before (10 Jan 2022 to 16 Jan 2022) was down 3.8%, mostly driven by the value in wholesale and retail in the same period which decreased 4.4%. When looking at the value of taxable invoices in accommodation and food service, it decreased slightly by 1.14% compared to the week before.

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Given the current Covid-19 situation, some of these events might be subject to change (postponed or cancelled).