STATISTICS: Croatia insurance market totaled EUR 1.7 billion at the end of 2023

31 January 2024 — Andrei VICTOR
STATISTICS: Croatia insurance market totaled EUR 1.7 billion at the end of 2023

According to the Overview of the financial services sector – December 2023 published by The Croatian Financial Services Supervisory Agency (Hanfa - total premium collected by insurance companies in 2023 amounted to EUR 1.7 billion, of which EUR 0.3 billion (18.4%) related to life insurance premium and EUR 1.4 billion (81.6%) to non-life insurance premium.

On an annual basis, the total premium collected in 2023 rose by 7.1% - with the increase in non-life insurance premium totaling 13.8%, and a decrease in life-insurance premium reaching 15.0%.

The structure of the collected non-life insurance premium is dominated by motor vehicle liability insurance (35.5%), followed by insurance of land motor vehicles (18.2%) and other property insurance lines (9.9%).

The volume of claims settled also increased (by 13.6% on an annual basis), reaching EUR 1.2 billion - EUR 419.8 million of this amount related to life insurance (a 1.5% decrease on an annual basis), while EUR 743.2 million related to non-life insurance (a 24.3% increase on an annual basis).

In the total amount of claims settled in non-life insurance, the largest amounts relate to motor vehicle liability insurance (38.2%), insurance of land motor vehicles (19.8%), insurance against fire and natural disasters (10.7%) and other property insurance lines (12.7%).

In December 2023, there were 14 insurance companies operating on the local insurance market.

Access xprimm.com and download the latest Croatian insurance market statistics. (Note: the 2023 HANFA figures are compared with the 2022 data published by CIB).
 

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