CROATIA 1H2013: life insurance gives the upward trend of the market

5 September 2013 — Daniela GHETU
croatia-statisticsThe first half of 2013 ended for the Croatian insurers with a total GWP premium fairly equal to the one recorded in 1H2012, of HRK 4.9 billion (0.35% up y-o-y). Denominated in European currency, due to a minor appreciation of the Croatian Kuna, the figures show a slightly better image, with a nominal y-o-y growth rate of 1.14%, to EUR 659.5 million. The life insurance segment deserves all the credit for this positive trend, showing a 5.9% growth in local currency, while GWP for the non-life business lines decreased by 1.4%.

Gross written premiums for life insurance amounted to HRK 1.23 billion (EUR 166 million). Among the insurance classes listed in this category, the traditional life insurance lines recorded the best dynamics, such as the 120% GWP growth recorded for the annuities insurance line. At the same time, the underwritings for unit-linked insurance products decreased by 6.3%.

On the non-life side, the Motor Hull and Damages to property insurance classes recorded the worst performance. Yet, it is interesting to observe that, according to data published by the supervisory authority, the number of policies issued for both this business lines didn't change significantly, as compared with 1H2012. Thus, the total number of policies issued for the Motor Hull class in 1H2013 was 1.3% lower than in 1H2012, while the GWP volume decreased by 7.5%, leading us to conclude that it is possible to witness a new tightening of the price war.

CROATIA Osiguranje, ALLIANZ Zagreb and EUROHERC Osiguranje are the Top 3 market leaders, with an aggregated market share of about 55%.

Access www.xprimm.com and download the 1H2013 Croatian insurance market statistics.

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