Although it is still early to know the insured losses recorded by Croatia after the 5.5 magnitude earthquake that hit Zagreb on Sunday, it seems that very few of the buildings and homes affected by the event are insured for the earthquake risk, so the impact on the local insurers' business will be modest.

In March 2020, The Croatian Financial Services Supervisory Agency (HANFA) rejected the issue of authorization to acquire a majority stake in the Croatian pension insurance company Raiffeisen Mirovinsko osiguravajuce drustvo by Triglav Group.

CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced 2019 total revenues of HRK 6.1 billion (~EUR 813 million), which represents a 5% growth, while net profit stood at HRK 506 million (~EUR 67.5 million), which represents a 13.4% growth. Net profit after minority interest stood at HRK 402 million and was 31% higher than previous year's.

The gross written premiums of Croatian insurers increased by 7% y-o-y to HRK 10.54 billion (EUR 1.42 billion) in 2019, according to the preliminary figures published by the Croatian Insurance Bureau.

At the beginning of December 2019, Croatian Insurance Bureau (HUO) and Croatian Vehicle Center (CVH) announced the launch of a digitalization project regarding motor third party liability (MTPL) insurance policies.

On December 1, 2019, Sava Osiguranje - the Croatian branch of the Slovene Sava Re company -, fully acquired the portfolio of ERGO insurance and ERGO life insurance companies operating in Croatia, thus doubling its weight on the local market.

CROATIA Osiguranje, a leading Croatian insurer, has selected Sapiens IDITSuite for Property & Casualty and Sapiens ReinsuranceMaster, as well as other tools provided by Sapiens International Corporation for its digital transformation program.

The Adriatic osiguranje Group reported a net profit of HRK 64.08 million (EUR 8.66 million) in 3Q2019, down by 13.0% y-o-y. GWP reached HRK 539.7 million (EUR 72.9 million), increasing by almost 14% y-o-y.

GWP of the 18 active Croatian insurers increased by 7.54% y-o-y, to HRK 8.15 billion (EUR 1.10 billion) in 3Q 2019, the Croatian Insurance Bureau quarterly figures showed. The value of paid claims totaled HRK 4.25 billion, up by 6.02% compared to the prior year's level.

CROATIA Osiguranje Group's results after 3Q show a steady underwriting performance, but a declining profitability, with the consolidated net profit decreasing by 15.6% y-o-y, to EUR 37.8 million (HRK 280 million). Total GWP amounted to EUR 363.8 million (HRK 2693.4 million), 0.3% less y-o-y.

GENERALI CEE Holding announced it will expand on Croatian insurance market by acquiring the business of local non-life insurer IZVOR osiguranje: "The transaction will be finalized after receiving the approval of the relevant supervisory and competition authorities and is aimed to further consolidate GENERALI's position on the Croatian market".

The total gross premiums written abroad by the Croatian insurers amounted to HRK 235.6 million (EUR 31.76 million), three and a half times more y-o-y. Out of the total premium production, GWP on foreign markets accounted for 2.39% (in 2017, 0.73%).

The first half of 2019 ended for the Croatian insurance market with aggregated GWP of EUR 784 million, 7.5% up y-o-y, a growth almost entirely provided by the non-life insurance segment.

ADRIATIC Osiguranje dd (ex. JADRANSKO osiguranje) has obtained the official approval of IVASS - Insurance Supervisory Authority of the Republic of Italy (Istituto per la Vigilanza sulle Assicurazioni) to start business in the Republic of Italy.

CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced it plans to invest HRK 3 billion (EUR 400 million) in developing its three main business segments by 2023.

GENERALI CEE Holding announces some changes in the managements of its subsidiaries CESKA pojistovna (Czech Republic), Generali Poistovna (Slovakia), and Generali osiguranje (Croatia), to become effective in the upcoming weeks and months once the necessary approvals have been received.

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The gross written premiums of Croatian insurers totaled HRK 2.93 billion (EUR 396 million) in the first three months of 2019, up by 5.97% on the year, the Croatian Insurance Bureau informed.

The Croatian Financial Services Supervisory Agency (HANFA) has established a regulatory Innovation Hub, a specialized team dedicated to the issue of regulating financial innovation - FinTech, InsurTech, RegTech.

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