STATISTICS: CROATIA: Positive trend in GWP driven by the life insurance lines

Despite the falling MTPL premium figures, the Croatian insurance market saw an overall positive trend in 2015, with total GWP going up by 2.26%, to EUR 1.14 billion. The life insurance segment's weight in the total portfolio increased by 3pp, to 33.6%, due to the positive evolution which led to an 11.6% in GWP. On the non-life segment premiums went down by almost 2%, driven by the falling tariffs on the MTPL line.

Non-life insurance, which currently accounts for 66.36% of total premiums, saw a positive trend on most of the most relevant business lines except for MTPL insurance.

The MTPL insurance class holds the largest share of the non-life portfolio, of 24%, but already lost 4pp of its weight because of the falling GWP volumes recorded after the tariffs liberalization. Overall, premiums for the MTPL line fell by 13.67%, while on the mandatory segment, in fact the prevalent one, GWP went down according to the Croatian Insurance Bureau (HUO) data by 14.76%, while the number of policies increased by 2.72%. As stated by HUO, the average premium in compulsory MTPL amounted to HRK 992.98, 17.02% lower compared to the same period last year.

GWP for life insurance increased y-o-y by 11.24%. Although in absolute terms most of the premiums growth came from the largest class of the segment, namely the traditional life insurance line, the highest dynamic was recorded for the Unit-Linked products sales, which increased y-o-y by 77.06%.

Claims paid by the Croatian insurers amounted to EUR 601 million, 4.45% up y-o-y. The property lines, i.e. classes 8 and 9, saw a significant reduction in the claims volume, while for the MTPL line claims expenses increased by almost 2%.

CROATIA Osiguranje, the market leader, managed to maintain almost unaltered its market weight, of over 26% and also holds the leading position on the life insurance segment. The second position in the total market ranking, ALLIANZ Zagreb is the non-life segment's leader.

Access www.xprimm.com and download the FY2015 Croatian insurance market statistics.

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