Data collected by the Croatian Financial Services Supervisory Agency (Hanfa) from 14 insurance companies shows that the increase was driven by a stronger growth in non-life insurance, while life insurance recorded a negative trend – life insurance GWP amounted to EUR 293.2 million, which is 0.8% less y-o-y. At the same time, non-life GWP recorded a solid 9.3% growth, which brought insurance companies EUR 1.6 billion in revenue.
The largest share in the non-life portfolio is generated by motor vehicle liability insurance (35.5%), followed by road vehicle insurance with 19.7%, fire and natural disaster insurance with 9.3%, and other property insurance with a share of 8.7%.
When it comes to claims, an opposite trend is noticeable. Total paid claims amounted to EUR 1.1 billion, which represents a 4.1% decrease primarily resulting from lower payments in life insurance – by EUR 324.4 million or 17.7% less on an annual basis. On the other hand, non-life claims rose by 3.1%, to EUR 766.7 million. The largest share in non-life paid claims belongs to motor vehicle liability insurance (40.3%), which is followed by road vehicle insurance with 21.7%, health insurance with 12%, and other property insurance with 8%.
Croatia osiguranje remains the market leader in terms of premiums collected - the company achieved a 10.5% GWP growth by the end of November, reaching EUR 495.1 million. Croatia osiguranje’s market share slightly increased to 26.4%. Euroherc ranks second with a market share of 13% and a premium growth of 9%, to EUR 244 million, followed by Adriatic with 12.5% of the market or EUR 235 million, Allianz Croatia with a share of 10.7% and Wiener osiguranje, which recorded the highest growth rate among the leading insurance companies - of 11.9%, to EUR 148.4 million.
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