Croatian insurance market totaled HRK 6.9 billion (EUR 910 million) in the first nine months of 2013, up 0.96% from a year earlier, according to the financial figures published by the Croatian Insurance Bureau. As in previous reporting periods, the market leaders were CROATIA Osiguranje with a 30.5% market share, followed by ALLIANZ Zagreb with 13.2% and EUROHERC (10.2%).
Hungary's biggest lender OTP is among the companies looking to bid in
the privatization of Croatia-based Hrvatska Postanska Banka and national
insurance company Croatia Osiguranje, Croatia's post bank and insurance
The first half of 2013 ended for the Croatian insurers with a total GWP premium fairly equal to the one recorded in 1H2012, of HRK 4.9 billion (0.35% up y-o-y). Denominated in European currency, due to a minor appreciation of the Croatian Kuna, the figures show a slightly better image, with a nominal y-o-y growth rate of 1.14%, to EUR 659.5 million. The life insurance segment deserves all the credit for this positive trend, showing a 5.9% growth in local currency, while GWP for the non-life business lines decreased by 1.4%.
A total of seven companies, including Vienna Insurance Group (VIG), American International Group (AIG) and German insurer Ergo Versicherungsgruppe AG, filed expressions of interest for a stake in Croatia Osiguranje [ZSE:CROS-R-A], Zagreb-based media reported on Tuesday.
Croatia's Croatia Osiguranje (CO) insurance company is continuing to
increase its share in Slovenia's Pozavarovalnica Sava, planning to
acquire a controlling interest, Ljubljana's Dnevnik daily said on
Croatia opened a tender on Wednesday for the sale of a stake in its
leading insurer Croatia Osiguranje (CO), which could be around 50-55
New EU member Croatia, under pressure to cut its debt, approved
long-awaited plans on Thursday to sell stakes in HPB, its last state-run
bank, and in leading local insurer CO (Croatia Osiguranje).
Coface has started offering credit insurance services in Croatia following the country's accession to the European Union.
The biggest Croatian insurer Croatia osiguranje has disclosed it wants to acquire a 25% stake in reinsurer Pozavarovalnica Sava, announcing it had participated in the recent capital injection at the Slovenian company.
The gross premium of the 27 Croatian insurance companies totalled HRK
4.12 billion in the first five months of 2013, up 0.4 per cent on the
year, the Croatian Insurance Office has said on Tuesday.
For the first quarter 2013, the 27 Croatian insurance companies generated HRK 2.52 billion (EUR 332 billion) in gross written premiums, a 0.7% decrease compared with the same period last year, according to the figures published by the Croatian Insurance Bureau. The market leaders were CROATIA Osiguranje with a 35.7% market share, followed by ALLIANZ Zagreb with 13.5% and EUROHERC (8.5%).
Croatia's top insurer will not sacrifice profit margins as the price of
expansion as looks to keep its dominant local position and strengthen
its regional presence ahead of a government stake sale, its CEO said.
Vienna Insurance Group (VIG) said the entity resulting from the merger of its Croatian units Kvarner and Helios will operate under the brand Wiener Osiguranje Vienna Insurance Group as of June.
Croatia's 27 insurers posted combined gross written premiums of 3.28 billion kuna ($563.8 million/431 million euro) in the first four months of 2013, up 0.3% from a year earlier, the Croatian Insurance Bureau said.
The Croatian government is gearing up to privatize the country's biggest
insurance company and seventh biggest bank, according to reports.
The privatisation of the Croatia Osiguranje insurance company and the
Croatian Postal Bank (HPB) is entering the final stage and a tender is
expected to be advertised by early May, Finance Minister Slavko Linic
told the parliamentary Finance Committee on Tuesday.
Croatia's 27 insurers posted combined gross written premiums of 1.7
billion kuna ($290.2 million/224.1 million euro) in the first two months
of 2013, down 0.7% from a year earlier, the Croatian Insurance Bureau
"Although we are witnessing a slight decrease in premium production for forth consecutive year, the Croatian insurance market remains sound and stable. Considering the general economic perspectives, we are not really projecting growth for 2013, but there are some signs of recovery and we are expecting a steady evolution," stated Hrvoje PAUKOVIC, Director of the Croatian Insurance Bureau for XPRIMM.TV.
CROATIA Osiguranje Group, one of the largest and oldest insurance firm in the Balkans, reported for the financial year 2012 a net profit of HRK 110.3 million (EUR 14.6 million) which is an increase of 0.6% y-o-y. The value of gross written premium amounted to HRK 3.16 billion (EUR 419 million), down 2.5% from the year before.
As in previous reporting periods, the activity of Croatian insurers is still influenced by the macroeconomic indicators, such as the economic growth, unemployment or the real income. Last year, 12 out of the 27 insurers recorded decreases in GWP. Practically, in 2012, the Croatian insurance market totaled HRK 9.04 billion (EUR 1.19 billion), 1.17% down from a year earlier, according to the financial data published by Croatian Insurance Bureau (HUO).