In 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.

Croatia is "seriously considering" the sale of insurance company Croatia Osiguranje d.d. (CROSRA) and Hrvatska Postanska Banka d.d. (HPBRA), Zagreb-based Globus reported today, citing an interview with Finance Minister Slavko Linic.

Serbian drivers without Green Card insurance were held at most border crossings with Croatia, with the neighboring country's customs refusing them entry. Delays were created for this reason on all crossings except at Batrovci, said reports on Monday.

Croatian insurer Kvarner Vienna Insurance Group has completed the process of raising its issued capital to 235.8 million kuna ($40 million/31.3 million euro) from 182.3 million kuna, the Central Depository and Clearing Company, SKDD, said on Tuesday.

In the first eleven months of the year, 26 insurance companies in Croatia charged a total gross premium of HRK 8.3bn, which is 1.1 percent less than in the same period last year, the Croatian Bureau of Insurance (HUO) reports.

Croatia's Kvarner Vienna Insurance Group has completed the process of raising its issued capital to 182.3 million kuna ($32.5 million/24.3 million euro) from 142.3 million kuna, the Central Depository and Clearing Company, SKDD, said.

In the first ten months of the year, 26 insurance companies charged a total gross premium charged of HRK 7.64bn, which is 1 percent less compared with the same period last year, the Croatian Insurance Bureau (HUO) reports.

Lack of highly educated staff and agents without a clear professional and ethical code were identified as one of the biggest faults of Croatia's insurance industry, at the Insurance Days. A research conducted by mystery shopping agency Heraklea has shown that the weakest point of insurance sellers is in explaining the benefits of their services to clients.

The Croatian insurance market showed an y-o-y almost steady status by the end of 3Q2011, in nominal terms and the local currency. However, the 2011 GWP figures are 1.19% lower than 12 months ago, by the end of September 2010, coming down under the HRK 7 billion threshold. Both in real terms, considering the y-o-y 2.6% inflation rate registered, or calculated in European currency, the market turnover went down by about 3.8 percentage points, to EUR 932.33 million. Compared to the half year results, one could observe a slight flattening trend of the downward curve.

VIENNA INSURANCE Group announced this week, an investment of EUR 15 million (HRK 112.30 million) into KVARNER, after the decision of the General assembly of the insurance company.

By the end of the third quarter this year, the leading insurance company Croatia osiguranje recorded a gross premium charged of HRK 2,276.7 million, which is 3.8 percent down compared with the same period last year, the company announced via the Zagreb Stock Exchange.

Croatia's 26 insurers posted combined gross written premiums of 6.985 billion kuna ($1.3 billion/933.5 million euro) in the first nine months of 2011, down 1.2% from a year earlier, the Croatian Insurance Bureau said.

According to the data by the Croatian Insurance Bureau, the total premium income of 26 companies during the first nine months this year stood at HRK6.99 billion, whilst it stood at HRK 7.38 billion over the same period in 2008. Insurance market saw a HRK84 million decrease in income year on year. Merely three companies in large insurance company category saw an improvement in business results - Generali recorded a 10.7% increase, Allianz was 3.5% up and Triglav grew by 1.1%.

The Croatian financial regulator said it has approved a request from local fund manager HPB Invest to acquire a stake in insurance company Croatia Osiguranje.

"Unlike the Croatian National Bank (HNB), which was fiercely criticized for its operation last year, head of the Finance Committee in the Parliament Goran Maric praised financial market regulator HANFA, based on its 2010 report. The Agency closed the year with a surplus of HRK 6.9m.

"According to cumulative data of the Croatian Insurance Office between January and August 2011, 26 insurance companies received gross premiums of €0.85 billion, 1.9% down year-on-year. For non-life insurance gross calculated premium totalled €0.65 billion or 1.9% less over 2010, which is 75.73% of total premiums. The predominant type of insurance relates to motor vehicle insurance, with premiums of €0.27 billion, a 1.7% increase year-on-year. Furthermore, this type of insurance was 42.13% of the premiums of non-life insurance and 31.90% of total written premiums. In terms of mandatory third-party insurance of owners or users of motor, premiums increased by 1.6% to €0.27 billion.

EUR 1.9 million in fresh capital has been subscribed for in the recapitalization of Croatian insurance company Velebt Osigranje, indirectly owned by Sava Re, announced the Slovenian reinsurance company on the web portal of Ljubljana Stock Exchange.

Insurance market in Croatia has counted, after the first six months of the year, a total volume of gross written premiums of EUR 671 million, down by 4.4% compared to 1H/2010. On the other hand, claims also fell by about 2 percentage points, to EUR 287.6 million, according to XPRIMM INSURANCE REPORT 1H/2011.

Nine out of ten small businesses in Croatia still do not find it necessary to take out an insurance policy, but rather consider this an unnecessary cost which can be avoided, so that they would not further aggravate the problem of liquidity.

For damages incurred in mandatory automobile insurance, 14 companies providing this service in Croatia paid car owners HRK 1.19bn in 2010, which is 15.5 percent or HRK 318m less than the amount paid in 2009.