Thanks to the positive, double digit growth rate recorded for the non-life segment, which offset the significant fall of the life insurance business, the Croatian insurance market saw in the first quarter of the year a very modest, but positive dynamic. GWP increased, overall, by 1.5% y-o-y, to EUR 411.16 million.

Life insurance fell by almost 30% y-o-y, in GWP terms, mostly because of the decline seen on the Unit-Linked life insurance products. Premiums written on this Lob went down y-o-y by 69.3%.

On the non-life side, the highest contribution to the GWP growth, in absolute terms, came from the motor insurance lines, mostly from the mandatory MTPL class, which saw an almost 21% growth rate, to EUR 116.6 million. With a similar dynamic, the Motor Hull LoB's contributed by half as much as the MTPL one to the extra GWP volume.

With very few exceptions, most non-life classes have seen a positive evolution as compared with Q1 2021.

Overall, paid claims increased by 13.8%, with a similar dynamic for the life and the non-life segments. Both in GWP and paid claims growth terms, inflation had a significant role to play. Traditional life insurance and mandatory MTPL, and to a lesser extent Motor Hull, were the LoBs that recorded the most important increases in paid claims.

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