CROATIA: 2011, another year of crisis for insurance business

10 February 2012 — Vlad BOLDIJAR
CROATIA: 2011, another year of crisis for insurance business
xcom_statisticIn 2011 insurance companies operating in Croatia recorded GWP of HRK 9.14 billion (EUR 1.21 billion), 1.08% less compared with 2010, according to financial data published by Croatian Insurance Bureau (HUO). In absolute values, out of a HRK 100.3 million decrease, HRK 73.8 million related to non-life insurance, while the HRK 26.5 million decrease related to life assurance.

Insurance density amounted to almost EUR 271 per capita, and continued the downward trend started in 2009 due to the financial crisis, while 13 out of the 26 HUO members recorded a decrease in gross written premium.

The gross written premium in non-life insurance continued its decline started in 2009 and recorded HRK 6.71 billion in 2011, which is a 1.09% decrease compared to 2010. At the same time, gross written premium in life segment recorded a decline of 1.08%, and thus reached the amount of HRK 2.43 billion in 2011.

The share of non-life insurance is still a major share in the total gross written premium in the insurance industry in Croatia which amounted to 73.4% (the same percentage value as in 2010) of the total gross written premium. The share of life assurance amounted to 26.6%.

Motor vehicle insurance (Motor hull and MTPL, summed) made up to 40.8% of the total GWP and 40.4% of the total claims value. Premiums of MTPL amounted to HRK 2.9 billion in 2011 which is an increase of 1.6% and represented the most significant growth in the absolute value (HRK 45.6 million). In the case of Motor hull, premium amounted to HRK 797.7 million, decreasing by 10.2% compared with 2010 which is the largest decrease by insurance classes in absolute value (HRK 90.7 million).

During 2011, the insurance concentration by total gross written premium of the top 5 insurance companies decreased from 65.3% in 2010 to 64.6% in 2011, while insurance portfolio concentration of the top 10 insurance companies fell from 84.9% to 84.4%.

Access and download the FY2011 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 ranking
  • Life insurance ranking
  • Non-life insurance ranking

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