Croatia: lack of property insurance increases the NatCat losses burden for the country's economy

Croatia tops a list of 33 European countries in terms of the impact of economic losses from natural disasters on the country's GDP between 1980 - 2015 but lags behind when it comes about the insured losses, Total Croatia News reports.

According to data provided by Munich Re's NatCat Service to the EEA, the annual average impact of the NatCat losses on the Croatian GDP was of about 0.2%, double as compared with the European average.

According to the quoted source, the Croatian finance ministry data show that the number of claims and their share in the national GDP varies from year to year: in 2013, the impact was of 0.1%, whereas in 2014 the percentage stood at 1.4%, 0.6% in 2015 and 0.44% in 2016.

The Croatian Insurance Bureau said that the density of property insurance in the country is of EUR 40/capita, while the EU average expense for property insurance is of EUR 150. In the CEE, the highest density for property insurance is recorded in Slovenia, EUR 140/capita.

In 2017 Croatian insurers wrote gross premiums worth HRK 9.056 billion (EUR 1.2 billion), of which property insurance premiums (fire insurance class) account for less than 7%.

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