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Croatia Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 63 pages

Includes 3 FREE quarterly updates

BMI View: Croatia's insurance market remains underdeveloped, with low rates of penetration and densityin both the life and larger non-life segments. Growth has been hampered by low average household incomelevels as well as a lack of uptake of formal banking services among a large share of the population. Movingforward, we are forecasting slow but steady growth in the life sector, bolstered by supporting demographictrends as well as falling unemployment and rising household income rates. Growth will be slower in thenon-life sector, largely due to a flat autos market which is dampening demand for motor insurance - thelargest share of the non-life market.

Key Updates And Forecasts

- Following an extensive restructuring process and HRK840mn recapitalisation, Adris, owner of largestdomestic firm CROATIA Osiguranje, has announced plans to invest some HRK2bn in its insurancebusiness between 2016 and 2018 as it attempts to strengthen its ailing position in the non-life market andto expand in the region.

- The non-life product offering continues to expand. In January 2016, Croatian mobile phone companyVipnet announced it had partnered with insurance firm BNP Paribas Cardif Insurance to providemobile phone insurance cover for both individuals and businesses which customers can access via theirVip subscriber account at a monthly cost of around HRK15.

- We are currently forecasting average annual growth of 4.3% in the life sector and 2.9% in the non-lifesector (in local currency terms) between 2016 and 2020 as the stagnant motor sector continues to weighupon growth in the larger non-life sector.

Table Of Contents

Croatia Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Croatia 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Croatia 2013-2020) 11
Table: Life Insurance Claims (Croatia 2007-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Croatia 2013-2020) 16
Table: Non-Life Insurance Claims (Croatia 2008-2014) 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Croatia 2013-2020) 27
Insurance Risk/Reward Index 29
Emerging Europe Risk/Reward Index 29
Table: Emerging Europe Insurance Risk/Reward Index - Q216 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Life Insurance Market (USDmn), 2007-2014 33
Non-Life Market Overview 34
The Product Offering 34
The Competitive Landscape 35
Table: Non-Life Insurance Market, 2007-2014 (USDmn) 37
Company Profile 38
Allianz 38
CROATIA Osiguranje 41
ERGO 44
Generali 47
UNIQA Group 50
Vienna Insurance Group (VIG) 53
Methodology 57
Industry Forecast Methodology 57
Risk/Reward Index Methodology 60
Table: Indicators 62
Table: Weighting of Indicators 63

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