Croatian market falls by more than 4%. All insurance types - in the red

12 September 2011 — Vlad BOLDIJAR
croatiaInsurance 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.
On insurance classes, life policies fell by 4.17%, total gross written premiums volume being around EUR 155 million (about 23% of the total market). Unfortunately, the amount of claims amounted to EUR 81.8 million, with almost 11% more than in the previous year, showing that the rate of cancellation of policies still remains at alarming levels, after, two years ago (1H/2009), at the first impact with the financial crisis, the indicator had increased by about 24%.

Top insurance companies on the life segment has on the first position the company  ALLIANZ Zagreb, which registered a 0.4% fall of the business, still winning 0.5 points market share, amid higher negative dynamics of the main competitors: the second place - CROATIA Osiguranje (-0.5%), the third place - MERKUR (-3.7%), the fourth place - GRAWE Hrvatska (-3.4%), 5th place - KVARNER VIG (-12.3%).

Moreover, among the top ten companies in life insurance market, only one company managed to increase its business volume: 8th place - GENERALI (+30.5%). This performance brought the company an additional 1.5% market share and helped the company to climb three positions in the hierarchy.
On the non-life market, the total turnover decrease was 4.5%, the underwritings value reaching around EUR 515 million. All major business lines, such as motor insurance, property, accident, health, civil liability or policies for marine ships have known decreases on these lines, the only ones that have registered a positive tendency being credit insurance (+13.3%) and financial loss insurance (+9.4%), but they generated, cumulated, far too little to influence the market trend (2.5% of the total insurance market).

As for life insurance, most companies active on the non-life segment have recorded decreases in business volume. Also, the hierarchy of insurance companies knew no significant changes, between the first 10 competitors the only recorded change being at the level of the 9-10 places, where HOK and SUNCE companies exchanged their positions. The market leader is still CROATIA osiguranje, with a market share of over 41%.

Trends, market realities and complete results of the insurance market for 1H/2011 in Croatia, as well as for other 16 insurance markets from CEE, respectively, Turkey, Russia and 10 countries in CIS and Central Asia will be read in Issue 2/2011 of XPRIMM INSURANCE REPORT, to be released Sunday, October 23rd, 2011, on the occasion of Baden-Baden XPRIMM Reception.

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