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
- Overall market
- Life insurance
- Non-life insurance