Croatia Insurance Report Q2 2016

Date: March 2, 2016
Pages: 63
US$ 1,295.00
Report type: Strategic Report
Delivery: Download
ID: C003186E071EN

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Includes 3 FREE quarterly updates

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

Key Updates And Forecasts
  • Following an extensive restructuring process and HRK840mn recapitalisation, Adris, owner of largest domestic firm CROATIA Osiguranje, has announced plans to invest some HRK2bn in its insurance business between 2016 and 2018 as it attempts to strengthen its ailing position in the non-life market and to expand in the region.
  • The non-life product offering continues to expand. In January 2016, Croatian mobile phone company Vipnet announced it had partnered with insurance firm BNP Paribas Cardif Insurance to provide mobile phone insurance cover for both individuals and businesses which customers can access via their Vip 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-life sector (in local currency terms) between 2016 and 2020 as the stagnant motor sector continues to weigh upon growth in the larger non-life sector.
BMI Industry View
  Table: Headline Insurance Forecasts (Croatia 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Croatia 2013-2020)
  Table: Life Insurance Claims (Croatia 2007-2014)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Croatia 2013-2020)
  Table: Non-Life Insurance Claims (Croatia 2008-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Croatia 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Life Insurance Market (USDmn), 2007-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market, 2007-2014 (USDmn)
Company Profile
CROATIA Osiguranje
Vienna Insurance Group (VIG)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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