Croatia: lack of property insurance increases the NatCat losses burden for the country's economy

Croatia tops a list of 33 European countries in terms of the impact of economic losses from natural disasters on the country's GDP between 1980 - 2015 but lags behind when it comes about the insured losses, Total Croatia News reports.

According to data provided by Munich Re's NatCat Service to the EEA, the annual average impact of the NatCat losses on the Croatian GDP was of about 0.2%, double as compared with the European average.

According to the quoted source, the Croatian finance ministry data show that the number of claims and their share in the national GDP varies from year to year: in 2013, the impact was of 0.1%, whereas in 2014 the percentage stood at 1.4%, 0.6% in 2015 and 0.44% in 2016.

The Croatian Insurance Bureau said that the density of property insurance in the country is of EUR 40/capita, while the EU average expense for property insurance is of EUR 150. In the CEE, the highest density for property insurance is recorded in Slovenia, EUR 140/capita.

In 2017 Croatian insurers wrote gross premiums worth HRK 9.056 billion (EUR 1.2 billion), of which property insurance premiums (fire insurance class) account for less than 7%.

Share |

Related articles

CROATIA osiguranje to absorb its health insurance unit

HANFA - the Croatian Financial Services Supervisory Agency informed on its website it has approved the merger through absorption between CROATIA osiguranje and its private health insurance unit - CROATIA zdravstveno osiguranje.

2017-06-29

ON THE MOVE

Three new appointments at XL Catlin insurance operations

XL Catlin insurance operations announced on 4 June three appointments: Donnacha SMYTH as President Global Excess Casualty Insurance; Carla GREAVES as Chief Underwriting Officer, Global Excess Casualty; Aurelie FALLON SAINT-LO as Senior Underwriter, Environmental and Client & Distribution Leader for Western France.

07.06.2018

TOP EVENT

LIVE: BAKU: "Insurance in Azerbaijan: New perspectives" Conference

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

20.06.2018

5th Annual Insurance Business Forum "Challenges of the Year 2018"

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

12.06.2018

See all