Climate: - Mediterranean and continental; - continental climate predominant with hot summers and cold winters; - mild winters, dry summers along coast.
The gross profit of Allianz Hrvatska (the Croatian unit of German insurer Allianz) reached a record-high EUR 24.2 million last year, which means an increase of EUR 5.6 million compared to 2022, thanks to growing profitability of its non-life and life insurance operations, SeeNews reports.
The largest and most important annual meeting of insurers will again take place in Opatija this year, on May 8-10, at the Amadria Park Grand Hotel 4, Opatija, Cvideta, the Croatian Insurance Bureau announced.
In the first two months of 2024, 14 insurance companies, operating in Croatia, collected EUR 287.0 million, of which EUR 48.7 million (17%) came from life insurance, and EUR 238.3 million (83%) – from non-life insurance, HANFA – the Croatian FSA, said.
Consolidated insurance revenues of Croatia osiguranje, including regional branches, amounted to EUR 476 million in 2023, which is 11% more y-o-y. The company, part of the Adris Group, achieved a consolidated net profit before minority interests in the amount of EUR 58.5 million.
Ante Žigman will continue to serve as President of the Croatian Financial Services Supervisory Agency (HANFA) for a new mandate of six years, flanked by four members of the Administrative Council: Jurica Jednačak,Antun Palarić, Tomislav Ridzak andAnamarija Staničić, who will replace the previous member Ilijana Jeleč, HANFA announced on 7 February.
According to the Overview of the financial services sector – December 2023 published by The Croatian Financial Services Supervisory Agency (Hanfa - total premium collected by insurance companies in 2023 amounted to EUR 1.7 billion, of which EUR 0.3 billion (18.4%) related to life insurance premium and EUR 1.4 billion (81.6%) to non-life insurance premium.
The Croatian Financial Services Supervisory Agency (Hanfa) suffered a cyber-attack on its computer system on January 23, 2024. Both the causesand consequences of the attack are still under investigation, HANFA cooperating with all competent authorities to this end and to determine the total damage.
Thetotalpremiumcollectedbyinsurancecompaniesin2023wasEUR1.7billion, 7.1% up y-o-y. Out of this total, 18.4% (EUR0.3billion)referstolifeinsurancepremiums, while non-life insurance premiums account for 81.6%, or EUR1.4billion. Paid claims increased by +13.6% y-o-y, amounting to EUR 1.2billion, HANFA – the Croatian FSA, said.
Croatia’s top insurance company Croatia Osiguranje last week informed that its management and supervisory boards will propose to the shareholders to distribute EUR 65 million in dividend on preferred and ordinary shares (EUR 151.27 per share) from retained earnings from previous years, SeeNews wrote.
In mid-December, the Croatian Parliament approved a decision that will stop the monopoly of insurance companies. Parliament after 15 years harmonized the law on mandatory motor insurance with EU legal norms, osiguranje.hr reports.
Total collected GWP of 14 insurance companies, operating in the market, for the first ten months of 2023 amounted to EUR 1.4 billion, of which EUR 243.8 million (17.0%) were life premiums, and EUR 1.2 billion (83.0%) - non-life, the Croatian Financial Services Supervisory Agency (HANFA) reports.
According to the September 2023 Monthly Report published by HANFA – Croatian Financial Services Supervisory Agency, at the end of September 2023 the total premium collected by the 15 local insurers amounted to EUR 1.3 billion, of which EUR 0.2 billion (17.15%) related to life insurance premium and EUR 1.1 billion (82.85%) to non-life insurance premium.
Consolidated income from insurance sales of Croatia Osiguranje Group of companies amounted to EUR 348 million, 11% more y-o-y. The consolidated net profit for the same period was EUR 31.2 million, the Group said. Yet, adjusting 9M2022 results according IFRS 17, for comparability, 9M2023 net profit fell by 27% y-o-y.
From January to August 2023, 15 insurance companies operating in Croatia collected total GWP worth EUR 1.2 billion, of which EUR 196.2 million (17.0%) related to life insurance and EUR 980.1 million (83.0%) to non-life insurance, the Croatian Financial Services Supervisory Agency reports.
Jasminka Horvat Martinović is leaving the position of President of the Management Board of the Croatian VIG subsidiary Wiener osiguranje at the end of June, osiguranje.hr reports. Starting first of July, the company will be managed by the current members of the Management Board, Tamara Rendić and Božo Šaravanja.
Thanks to the positive, double digit growth rate recorded for the non-life segment, which offset the significant fall of the life insurance business, the Croatian insurance market saw in the first quarter of the year a very modest, but positive dynamic. GWP increased, overall, by 1.5% y-o-y, to EUR 411.16 million.
Croatian motor insurers are preparing to face a new Law on compulsory MTPL. Currently the draft Law is going to the process of public debate, which should be completed by June 3rd. After that the amended Law will be submitted to the Government, and then to Parliament and is expected to take effect already in the fall.
Croatian insurers are ready to face the upcoming macroeconomic, technological, and regulatory challenges, as was said at the 10th edition of the largest annual gathering - Croatian Insurance Days 2023, organized by the Croatian Insurance Office (HUO) and partners, svijetosiguranja.eu wrote.
Croatian Insurance Days will take place in Opatija, Amadria Park Grand Hotel 4 Opatija Cvijeta, organized by the Croatian Insurance Agency from May 3 - 5, 2023, svijetosiguranja.eu wrote.
Croatia Osiguranje, one of the biggest insurers in SEE, plans to distribute a dividend of EUR 14.86 per preference share for 2022. Thus, a total of EUR 980,000 will be paid out in dividend.