CROATIA: Croatian Insurance Days 2023: Insurers have business resilience even in challenging times

17 May 2023 —
Croatian insurers are ready to face the upcoming macroeconomic, technological, and regulatory challenges, as was said at the 10th edition of the largest annual gathering - Croatian Insurance Days 2023, organized by the Croatian Insurance Office (HUO) and partners, wrote.

"In 2023, the insurance market can expect an easing of the pressure of further inflation, but not an end to the rise in interest rates. (...) Insurance companies are currently solidly capitalized and solvent, they have successfully applied new accounting standards with an appropriate level of profitability. This buffer needs to be preserved so that, despite the current uncertainty, they can withstand all the needs of the market and strengthen the focus on sustainable investments and protection against cyberattacks", said Ante ZIGMAN, the president of the Administrative Council of the Croatian Financial Services Supervisory Agency (HANFA), in the introductory part.

"Croatia lags significantly behind European countries in property insurance coverage, as it is estimated that only 20% of private property is insured. This information is worrying because we live in a time when climatic disasters often leave behind great material damage, as well as human lives. That is why it is extremely important that we all work together in Croatia to raise awareness and educate about the importance of insurance to protect ourselves from potential problems brought by unforeseen situations that we cannot influence", said Vanco BALEN, member of the Management Board of Croatia osiguranje.

Tadej COROLI, member of the Management Board of Zavarovalnica Triglav spoke about on the challenges facing the insurance industry: "Through these few really turbulent years behind us, we have shown that our industry is still the foundation of a resilient economy and risk management. We have also shown that we are capable of quick reaction in crisis situations and that we are a truly stable and reliable partner for both citizens and the economy in the most difficult times".