The twelfth edition of one of the most important industry events was organized by the Croatian Insurance Bureau (HUO) and partners and provided relevant insights into the state and development trends on the domestic and European insurance market, enriched by a series of expert lectures and panel discussions. The focus was on key challenges and transformations of the sector, with a special emphasis on climate change, digital transformation and application of AI.
President of the Board of Directors of the Croatian Insurance Bureau, Slaven Dobrić emphasized that last year the market achieved positive results in both the number of policies (+3%) and GWP (+9.92%), but there is still a large protection gap in key insurance segments – property, health and pension – in relation to insurance penetration.
"Climate risks must be viewed as the biggest challenges for business models and market stability", said Ante Žigman, Chairman of the Board of Directors of HANFA (Croatian Financial Services Supervisory Agency).
The keynote speech on the first day of the conference was given by Davor Tomašković, CEO of Croatia osiguranje, on the topic of Structural Challenges of the Croatian Insurance Market. Tomašković emphasized that the Croatian insurance market is growing faster than the European Union average but is still behind in terms of market penetration and profitability, and that key challenges include high distribution costs, low profitability in the corporate segment, and rising claim costs. The aggregator channel is growing by more than 30% annually, agency and broker remunerations are up to 40% higher than in the CEE region, constantly rising costs of car spare parts with motor insurance premiums at the 2013 level, and the costs of medical services exceeding growth of premiums, for example, in supplementary health insurance by up to four times, these are the key structural challenges of the insurance market in the Republic of Croatia.
Mario Carini, CEO of Generali Insurance, pointed out at the panel discussions that "Croatia is facing a significant protection gap, which represents a challenge, but also an opportunity for our industry to demonstrate its solidity and innovation potential to its clients. The growing frequency and severity of natural disasters, as well as an increase in the number of cyber-attacks, are examples of risks that are becoming increasingly relevant, highlighting the need for a continuous focus on protection and financial literacy of the market. Such risks also require significant investments in new skills and technology. In this context, a strong focus on protection is at the very core of our new Group and local strategy: Lifetime partner 27: Driving excellence", CEO of Generali Insurance said.
Marijana Jakovac, CEO of Allianz Hrvatska added: “The insurance sector in Croatia, as in the rest of the EU, is facing the challenges of digitalization, regulatory changes and climate risks, which requires adaptation of our services and processes. A focus on developing innovative and personalized products that will better meet the needs of today's clients is necessary”, Marijana Jakovac said. “Croatia is still behind the EU average in insurance penetration, which represents significant potential for growth through market education and improving availability of insurance products”, CEO of Allianz Hrvatska emphasized.
“Our focus is on stable growth and compliance with high European standards, especially in the context of regulation and sustainability. At the same time, we invest in digitalization and development of new competencies, but always putting relationships we build with clients, partners and employees first. In times that simultaneously require stability and readiness for change, we believe that it is precisely this ability - to make responsible decisions and maintain a focus on employee well-being - that sets us apart and leads us forward", said the President of the Management Board of Wiener osiguranje Vienna Insurance Group, Tamara Rendić, speaking about the importance of industry resilience through a consistent strategy and growth aligned with European standards.
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