Life insurance saw, overall, a 6.9% y-o-y growth rate as the almost 20% increase in GWP recorded by the traditional life insurance, meaning in absolute terms a surplus of about EUR 14.7 million, was negatively offset by the decreasing trend recorded by the Unit-Linked products, with premiums going down by over 21%.
The non-life segment recorded a 7.6% y-o-y increase in GWP, to EUR 255.6 million, mainly driven by the positive trends seen on the motor and the property insurance lines.
Yet, it is worth noting that Q1 also brought a 13.9% increase in the claims paid, some business lines recording quite impressive double digit growth of the claims expenses: while almost all life insurance classes saw a significant increase in the indemnities volume, on the non-life side the absolute "champion" was the property segment, both its classes witnessing higher claims costs by about 40%.
CROATIA Osiguranje, ALLIANZ Zagreb, EUROHERC Osiguranje continued to lead the Croatian market, in an unaltered hierarchy. The Top 3 companies accounted for about 55.6% of the market GWP, a share which has increased y-o-y by about 3 percentage points.
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
- Overall market
- Life insurance
- Non-life insurance