Croatia: GWP up by 13.2% in the first five months of 2021

24 June 2021 — Daniela GHETU
The 15 insurers active on the Croatian market in the first five months of 2021 wrote gross premiums worth HRK 5.4 billion (~ EUR 972 million), of which for life insurance HRK 1.4 billion, and HRK 4.0 billion for non-life insurance, latest data from HANFA, the supervisory authority, show.

In the structure of non-life GWP, MTPL insurance holds the largest share (30.3%), followed by Motor Hull insurance (14.6%), fire and natural damage insurance (10.5%) and other property insurance (13.1%).

In a y-o-y comparison, life insurance premiums increased by 14.9%, non-life insurance premiums by 12.6%, while total gross written premium increased by 13.2%. The number of policies sold for property insurance increased y-o-y, in average, by about 14.7% ( fire and natural damage by about 18.3%; damages to property by 11.4%), confirming the increasing public interest for this type of coverage.

Gross claims paid amounted to HRK 3.0 billion, which is an annual increase of 9.4%. Of that amount, HRK 1.3 billion were paid for life insurance (down 3.9% y-o-y), and HRK 1.7 billion for non-life insurance (growth of 21.8% on an annual basis). The significant increase in claims paid for non-life insurance was mostly driven by earthquake insurance - as a remaining effect of the 2020 quakes -, and MTPL, related to the recovery of road traffic in 2021 from suppressed levels in the previous year.

In the total amount of settled claims in non-life insurance in the first 5 months of 2021, the largest amounts relate to MTPL insurance (34.3%), Motor Hull insurance (18.2%), fire and elemental insurance (16.6%) and other property insurance (9.5%).

Top 5 remained the same as one year earlier: CROATIA osiguranje, ALLIANZ Hrvatska, EUROHERC osiguranje, Wiener osiguranje Vienna Insurance Group ,ADRIATIC OSIGURANJE - accounting together for about 69% of the total market GWP.

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