CROATIA: Croatian Insurance Days, Ante ZIGMAN: We can expect a good year for insurance

17 November 2021 — Marina MAGNAVAL
The largest regional conference on insurance - Croatian Insurance Days was held on November 4, 2021 in Zagreb, organized by the Croatian Insurance Bureau (HUO) and partners. The conference once again brought together leading people in the insurance industry from the national, regional and European levels who discussed latest developments and future challenges of the Croatian and European insurance markets, wrote.

President of the Management Board of the Croatian Insurance Bureau, Slaven DOBRIC emphasized: "The current situation still has a strong impact on our industry, our companies and their policyholders. But we can proudly say that, as an industry, we have responded very well to all these challenges. We have maintained business continuity, provided adequate service and even protection to our clients, and at the same time we have reduced health risks for employees to a minimum. We have also shown that we are a stable and quality partner to the economy, but also to the state", he said.

Ante ZIGMAN, President of the Management Board of the Croatian Financial Services Supervisory Agency (HANFA) said: "The solvency of insurance companies in Croatia is well above the regulatory minimum. even in the worst-case scenarios, it would not be at a worryingly low level and the insurance sector would retain adequate capitalization. Accelerated application of digital technologies that occurs in these circumstances in the insurance sector brings multiple benefits because it can reduce operating costs of insurance companies, reduce risk and make insurance services more accessible to customers....At the same time, we need to be aware of the growing environmental risks. Croatia stands out with a larger gap between total and insured economic losses from natural disasters compared to the rest of the EU, and there is potential for improvement in this segment", he noted.

Vanco BALEN, Member of the Management Board of Croatia Osiguranje, pointed out that digital opportunities and innovations have improved business processes: "Our role in insurance is to make the community more resilient to all challenges, continuously adapting our products to the times we operate. In this regard, we at Croatia Osiguranje remain committed to reliable insurance solutions, but we also lead digitalization of the insurance market by developing innovative products that are at the level of the most advanced insurances in the world". Ante ZIGMAN emphasized that "More intensive use of digital technologies can reduce the insurance gap and increase the efficiency and profitability of insurance business".

During the 2020 pandemic, non-life insurance in Croatia showed significant resilience to the recession, with a relatively small impact on premium income. Non-life GWP in 2020 remained at the level of the previous year, and in 2021 motor liability insurance is the main determinant of the non-life growth. While Croatia's GDP fell by 8% last year, non-life insurance grew by 5.9%. "The effects of the corona crisis and the multi-year period of low interest rates were reflected in the negative premium trends in life insurance, but a slight recovery is still visible in 2021. This year, growth rates in insurance are higher than last year and a good year can be expected. However, what is discouraging is the divergence between life and non-life insurance, with life insurance starting to recover this year", ZIGMAN explained.

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