Croatia Insurance Market Intelligence: 2011 Edition

Date: January 22, 2011
Pages: 21
Price:
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: CC23401568AEN
Leaflet:

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Croatia Insurance Market Intelligence: 2011 Edition
The total insurance premiums of the Croatian market declined by 2.7 in 2009 due to the economic slowdown, collapse in the financial markets, increased unemployment and decrease of real income. Non-life insurance, the dominant segment of the insurance industry of Croatia accounted for three-fourth of the gross written premiums and the compulsory motor insurance emerged as the only positive growth segment of the insurance industry in 2009.

The Croatian economy, after a contraction of 5.8% in 2009, is likely to see zero growth in 2010 which would also affect the growth of the insurance industry. It is estimated that 2011 and for few more coming years, the national economy would experience a consistent positive growth which would also have a positive impact on other industries including insurance.

However, improving employment rate, rising household income, increasing savings amount are some of the important drivers of the insurance industry which would be driving the industry for the next few years. The low insurance penetration rate also provides wide opportunities to the players to increase their presence by providing attractive and beneficial products to the customer.
1. INDUSTRY SNAPSHOT

1.1 Industry Structure
  1.1.1 Legislations facilitated entry of foreign insurers and private investors
  1.1.2 Distribution mainly through brokers and agents
1.2 Market Overview
  1.2.1 Market Size & Growth
    1.2.1.1 Considered as a mid sized insurance player in CEE region
    1.2.1.1 Overall premiums declined in 2009 mainly due to poor performance of life business
    1.2.1.2 Increase in the number of contracts in 2009
  1.2.2 Market Segments
    1.2.2.1 Croatian insurance industry is dominated by the non-life insurance segment
    1.2.2.2 Fall in unit-linked insurance policies due to financial crisi
    1.2.2.3 Motor insurance premiums affected by decline in sales of new cars
  1.2.3 Market Density & Penetration
    1.2.3.1 Low insurance penetration compared to other developed countries
  1.2.4 Market Share
    1.2.4.1 Allianz Jagreb as market leader in the Croatian life insurance segment
    1.2.4.2 Life insurers providing new products with more benefits to consumers
    1.2.4.3 Croatia Osiguranje dominates non-life insurance segment

2. INDUSTRY ANALYSIS

2.1 Industry Developments
  Health Reform
  Regulation on Investments Amended
  Insurers Post Profit of US$1.01 million in 2009
  Government Announced Changes in Pension System
  Post-Liberalization, New Rules for Insurers
2.2 Market Drivers
  Growth in Economy
  Declining Unemployment Rate
  Expanding Market for Health Insurance
  Demand for Motor Insurance
  Pension Insurance
  Rising Savings
  Increasing Average Household Income

3. COUNTRY ANALYSIS: RISK ASSESSMENT

3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections

4. INDUSTRY OUTLOOK: FORECAST AND PROJECTIONS

4.1 Slower growth in premiums in coming years due to economy contraction in 2009
4.2 Non-life premiums will be driven by compulsory motor and property insurance

LIST OF CHARTS:

Annual Premium – Croatian Insurance Industry: 2002-2009
Croatia Premium – Croatia Insurance Industry: H110 Vs. H109
Croatia Premium – Life and Non-life Insurance: H110 Vs. H109
Croatia Insurance Premium Share (%) by Segment – 2009
Croatia Insurance premium by segment – 2002-2009
Croatia Insurance premium by sub-segments: 2009
Croatia Insurance Density (US$): 2002 – 2009
Croatia Insurance Penetration: 2002 – 2009
Croatia Life Insurer’s Market Share (%): 2009
Croatia Non-life Insurance Market Share (%): 2009
GDP Growth Rate (2002-2009)
Declining Unemployment Rate (%) (2002-2009)
Health Insurance Premium (2002-2009)
Motor Third Party Insurance (2002-2009)
Number of Person Insured Under Pension Insurance (2002-2009)
Croatian Savings Amount (2002-2008)
Croatia: Average Income per Household (2006-2009)
Forecast: Croatia Insurance Industry: 2009A - 2013F
Forecast: Croatia Life & Non-Life Insurance Industry: 2009A – 2013F

LIST OF TABLES:

Key Macroeconomic Indicators: (2009 – 2013F)
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