CROATIA: market GWP up by 7.1% in 2023, but claims expenses increased at a double pace

25 January 2024 — Daniela GHETU

The total premium collected by insurance companies in 2023 was EUR 1.7 billion, 7.1% up y-o-y. Out of this total, 18.4% (EUR 0.3 billion) refers to life insurance premiums, while non-life insurance premiums account for 81.6%, or EUR 1.4 billion. Paid claims increased by +13.6% y-o-y, amounting to EUR 1.2 billion, HANFA – the Croatian FSA, said.

In December 2023, a total of 14 insurance companies were operating in Croatia. While the toral GWP increased y-o-y by 7.1%, the growth of the non-life insurance premium amounted to 13.8%, while the life insurance premium decreased by 15.0% y-o-y.

In the structure of collected non-life insurance premiums, the most represented is motor vehicle liability insurance (35.5%), followed by road vehicle insurance (18.2%) and other property insurance (9.9%). The amount of paid claims at the same time amounted to EUR 1.2 billion, which is an increase of 13.6% on the annual level. Of this amount, EUR 419.8 million refers to life insurance (a decrease of 1.5% on an annual level), and EUR 743.2 million to non-life insurance (an increase of 24.3% on an annual level). In the total amount of liquidated claims in non-life insurance, the largest amounts relate to liability insurance for the use of motor vehicles (38.2%), road vehicle insurance (19.8%), fire and natural damage insurance (10.7%) and other property insurance (12.7%).

HANFA - the Croatian Financial Services Supervisory Agency (Hanfa) is a supervisory authority whose scope of activities and competence cover the supervision of financial markets, financial services and legal and natural persons providing those services.