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Croatia Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 68 pages

Includes 3 FREE quarterly updates

BMI View: Croatia's insurance market is small by EU standards, but with potential for growth. At present,the market is dominated by essential or compulsory lines, including motor vehicle insurance, whichaccounts for nearly 50% of non-life premiums. However, with this market expected to continue to stagnatethrough the forecast period, we see greater potential for growth among less mature lines such as life andhealth insurance, where penetration is starting to pick up from a low base. However, we caution that thecountry's current political crisis following the recent disbandment of the coalition government presents anelement of downside risk to our forecasts, particularly if consumer and business spending starts to drop offover the coming months.Key Updates And Forecasts

- Recent media reports show that the majority of Croatia's insurers have seen revenues from compulsorymotor vehicle insurance (CMTPL) lines fall sharply since the liberalisation of the CMPTL market inSeptember 2013. The development has led to increased price competition within the market to thedetriment of most insurance groups, though niche providers and those with economies of scale in themarket, such as Uniqa, have benefitted. Allianz and Croatia Osiguranje were among the worst affectedproviders, losing about 40% of revenues over the past two years.

- A lack of growth in car insurance premiums will impact growth in the wider non-life sector over theforecast period, with premiums set to grow by just 0.7% in 2016 in local currency terms to HRK5.8bn.Premiums will stagnate thereafter, falling to HRK5.7bn in 2020.

Table Of Contents

Croatia Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Croatia 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Croatia 2013-2020) 13
Table: Life Insurance Claims (Croatia 2008-2015) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Croatia 2013-2020) 17
Table: Non-Life Insurance Claims (Croatia 2009-2015) 19
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums By Product Line (Croatia 2013-2020) 30
Insurance Risk/Reward Index 31
Emerging Europe Risk/Reward Index 31
Table: Emerging Europe Insurance Risk/Reward Index - Q416 32
Market Overview 33
Life Market Overview 33
Product Offering 33
Competitive Landscape 33
Table: Life Insurance Market (USDmn), 2008-2015 35
Non-Life Market Overview 36
Product Offering 36
Competitive Landscape 37
Table: Non-Life Insurance Market (USDmn) 2008-2015 40
Company Profile 41
Allianz 41
CROATIA Osiguranje 44
Generali 51
UNIQA Group 55
Vienna Insurance Group (VIG) 58
Methodology 62
Industry Forecast Methodology 62
Risk/Reward Index Methodology 65
Table: Indicators 67
Table: Weighting of Indicators 68

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