STATISTICS: CROATIA, 1H2018: 9.6% Y-O-Y GWP growth accompanies by a 12% increase in the claims paid

Croatian insurers reported for 1H2018 GWP worth EUR 729.43 million, 9.6% up y-o-y. Paid claims amounted to EUR 375.18 million, 12% up y-o-y. Most of the market growth was provided by the non-life segment, especially the motor insurance lines.

Life insurance saw, overall, a slower dynamic than the non-life segment, but its market weight didn't change much as compared with the previous year. The "Life insurance and annuities related to investment funds" class recorded an almost 10% decrease in GWP, this negative change having the highest negative impact on the life insurance premiums volume although there were other life insurance classes which saw a decrease in GWP. Indemnities paid for this line went up by about 13%. Traditional life insurance lines saw a 15.7% increase in GWP, to EUR 175.37 million, thus offsetting in a large proportion the decreasing business on the other lines.

Non-life insurance classes performed well, only the classes related to the vessels insurance (both casco and liability) seeing a negative trend.

Property insurance lines recorded a 11.25% increase in GWP, to EUR 115.6 million, most of this increase coming from the damages to property line. Yet, paid claims also went up, increasing by almost a third, most probable because of the weather-related events that affected the country. Motor insurance classes had a rather equal contribution to the market growth, of about EUR 11 million each of them, overall reporting a GWP increase by 10.9%, to EUR 229.2 million.

CROATIA Osiguranje, member of the Adris Group, remained the undisputed market leader, accounting for almost 32% of the market GWP. The company announced an EUR 42 million net profit target for the year end and a 8% GWP increase, the 1H results confirming its objectives as realistic. ALLOIANZ Zagreb ranks second, with an almost 12% market share, followed by EUROHERC Osiguranje (9.87%).

Access www.xprimm.com and download the 1Q2018 Croatian insurance market statistics.
Market portfolio (in EUR and HRK):

  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Market shares/Growth rates - in EUR and HRK):

  • Overall market
  • Life insurance
  • Non-life insurance

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.

2018-09-27

ON THE MOVE

AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.

13.12.2018

Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.

12.12.2018

MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.

12.12.2018

TOP EVENT

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.

06.11.2018

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.

05.11.2018

See all