Ilijana Jelec, Member of the Management Board of the Croatian Financial Services Supervisory Agency (HANFA), said that Croatian insurance market GWP is expected to drop by 4.4% year-on-year, at the end of 2020.
The 5.5 magnitude earthquake that hit Zagreb on March 22, 2020 has materialized for the Croatian insurers, in 6,255 claims settled so far, worth EUR 25.73 million. Expectations are that the final bill for insurers will amount to EUR 55 - EUR 63 million.
Croatian insurers H1 2020 GWP fell by 2.30% y-o-y to HRK 5.66 billion (~EUR 749 million*), according to the statistics published by Croatian Insurance Bureau.
For the first six months of 2020, CROATIA osiguranje Group reported GWP of HRK 1,867 million (~EUR 247 million), about 6% lower than last year. The combined ratio from the Group's regular operations is 91.8% and is almost one percentage point better than last year.
Taking into account the current global economic situation due to pandemic, it is crucial to maintain liquidity and investment potential and preserve jobs, Ante VLAHOVIC, President of the Board of the Croatian ADRIS Grupa - CROATIA's osiguranje shareholder stated at the group's latest GM.
The Croatian holding ADRIS Grupa and the shareholder of the largest Croatian insurer - CROATIA osiguranje, have lost the legal battle in Supreme Court due to an increase in their stake in Slovenian SAVA Re, informed local media.
The Croatian insurance market ended 1Q2020 with GWP worth HRK 3 billion (~EUR 402 million*), 4.12% up y-o-y. The largest contributions to the aggregate GWP, in absolute terms, came from the motor insurance classes, traditional life insurance and both property LoBs, according to the figures published by the Croatian Insurance Bureau.
GENERALI CEE Holding announced it officially expanded on Croatian insurance market finalising the acquiring of the business of local non-life insurer IZVOR osiguranje. Thus, "all rights and obligations under the insurance contracts of IZVOR osiguranje were transferred to GENERALI osiguranje as the new insurer".
According to recent updates from the Croatian government, the 5.5 magnitude earthquake that hit Zagreb on March 22, 2020
caused damages estimated at HRK 42 billion (~EUR 5.56 billion*).
CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced a series of decisions that will impact the operations of affiliated companies.
The Board of the Croatian Financial Services Supervisory Agency (HANFA) has announced is banning the Croatian insurers from paying dividends from realized profits until 30 April 2021, thus retaining in the country about HRK 4 billion (~EUR 526 million) of earnings.
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.