STATISTICS: CROATIA, 1H2015: MTPL still hurt by intense competition

The first half of 2015 ended for the Croatian insurance market with a 3.65% growth in GWP, to HRK 4.8 billion (EUR 640 million). The non-life segment recorded a negative change, with GWP decreasing by almost 3% driven by a drop of more than 10%, of the MTPL insurance class. Overall, the motor insurance segment lost some 5pp of its weight in the market.

In fact, the MTPL insurance class continues to show the most spectacular trend in the market, with a significant fall in GWP despite the increase seen in the number of policies. Thus, while the total number of policies sold went up by about 171 thousand units (or 14.2%), the premiums volume decreased y-o-y by over 15%, to HRK 1.11 billion. A 11.4% increase in the new passenger cars registration as well as the 41.7% more numerous registrations of new commercial vehicles may explain, at least in part, the rising sales, while the harsh competition activated by the tariffs' liberalization explains the spectacular decrease in premium volume. A rough calculation shows that the average MTPL tariff fell by about 26% y-o-y while claims expenses remained quasi stable, a situation which was already rising concern by the end of 2014 and seems that didn't change much since then. Softening quotations are also visible on the Motor Hull segment for which the number of contracts went up by about 21%, while GWP increased by only 7%.

The only non-life line which saw a significant growth both in GWP and number of contracts is the health insurance class (GWP 20% up y-o-y). On the other hand, the life insurance sector continued to follow the steady upward trend established since 2012.

Access and download the 1H2015 Croatian insurance market statistics.

More about the Croatian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours - register here).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

CROATIA osiguranje to absorb its credit insurance unit

The Central Depository and Clearing Company - SKDD announced that Croatia Osiguranje absorbed its credit insurance unit unit Croatia Osiguranje Kredita. "The corporate action of Acquisition of the Companies will be executed on 1 October 2018", as the institution announced in a statement.



IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all