STATISTICS: CROATIA, 1H2018: 9.6% Y-O-Y GWP growth accompanies by a 12% increase in the claims paid

Croatian insurers reported for 1H2018 GWP worth EUR 729.43 million, 9.6% up y-o-y. Paid claims amounted to EUR 375.18 million, 12% up y-o-y. Most of the market growth was provided by the non-life segment, especially the motor insurance lines.

Life insurance saw, overall, a slower dynamic than the non-life segment, but its market weight didn't change much as compared with the previous year. The "Life insurance and annuities related to investment funds" class recorded an almost 10% decrease in GWP, this negative change having the highest negative impact on the life insurance premiums volume although there were other life insurance classes which saw a decrease in GWP. Indemnities paid for this line went up by about 13%. Traditional life insurance lines saw a 15.7% increase in GWP, to EUR 175.37 million, thus offsetting in a large proportion the decreasing business on the other lines.

Non-life insurance classes performed well, only the classes related to the vessels insurance (both casco and liability) seeing a negative trend.

Property insurance lines recorded a 11.25% increase in GWP, to EUR 115.6 million, most of this increase coming from the damages to property line. Yet, paid claims also went up, increasing by almost a third, most probable because of the weather-related events that affected the country. Motor insurance classes had a rather equal contribution to the market growth, of about EUR 11 million each of them, overall reporting a GWP increase by 10.9%, to EUR 229.2 million.

CROATIA Osiguranje, member of the Adris Group, remained the undisputed market leader, accounting for almost 32% of the market GWP. The company announced an EUR 42 million net profit target for the year end and a 8% GWP increase, the 1H results confirming its objectives as realistic. ALLOIANZ Zagreb ranks second, with an almost 12% market share, followed by EUROHERC Osiguranje (9.87%).

Access www.xprimm.com and download the 1Q2018 Croatian insurance market statistics.
Market portfolio (in EUR and HRK):

  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Market shares/Growth rates - in EUR and HRK):

  • Overall market
  • Life insurance
  • Non-life insurance
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