STATISTICS:

STATISTICS: CROATIA, 1Q2018: paid claims went up at a double rate to premiums

The Croatian insurance market ended 1Q2018 with GWP worth EUR 373.26 million, 7.38% up y-o-y. The highest contributions to the market growth, in absolute terms, came from the traditional life insurance line and both motor insurance classes.

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
Market rankings (GWP/Market shares/Growth rates - in EUR and HRK):

  • Overall market
  • Life insurance
  • Non-life insurance

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: CROATIA timeline 2008 - 2017: the MTPL prices liberalization was the event with the highest impact on the market evolution

Between 2008 and 2017, the Croatian insurance market saw an 8% decrease in business, in GWP terms. From an absolute value of EUR 1.32 billion recorded in 2008, GWP at the overall market level gradually decreased year by year, until 2015, when the market started to grow again. The positive trend seen in 2016 and 2017 was not strong enough to bring the market at the pre-crisis level.

2019-01-18

CROATIA osiguranje to absorb its credit insurance unit

The Central Depository and Clearing Company - SKDD announced that Croatia Osiguranje absorbed its credit insurance unit unit Croatia Osiguranje Kredita. "The corporate action of Acquisition of the Companies will be executed on 1 October 2018", as the institution announced in a statement.

2018-09-27

ON THE MOVE

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

23.01.2019

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all