Croatia Insurance Report Q3 2016

Date: May 4, 2016
Pages: 64
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: C08D05674B0EN

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Includes 3 FREE quarterly updates

BMI View: The outlook is currently mixed for Croatia's developing insurance market. On the one hand, the life insurance market, although small, is expected to record steady growth in premiums as wider economic growth stimulates increases in household income rates, improving affordability and demand for a range of traditional life covers and retirement/saving products. On the other hand the prospects for non-life insurance are dampened by competitive pressures in the key motor insurance segment which is offsetting more positive growth in smaller lines. Overall, while we do expect to see some growth, the small size of the market and limited wider economic outlook in Croatia means that we do not expect to see any major investment in the country's insurance market over the medium term.

Key Updates And Forecasts
  • Croatia's health insurance sector is set to be overhauled as the state attempts to address healthcare sector debts of around HRK2.5bn (USD380mn). Expected changes include the introduction of supplementary health insurance premiums and changes to access to emergency healthcare. As well as increasing private health expenditure, the changes could also stimulate greater demand in the underdeveloped private health insurance market.
  • The weak outlook for the motor insurance sector continues to dampen our forecasts for Croatia's non-life insurance market where we expect to see an overall fall in premiums written over the course of the forecast period, despite steady growth in some of the smaller lines such as personal accident insurance.
  • More positive growth is expected in the smaller life insurance market, where improvements to household income rates will supported increased expenditure on life products meaning premiums are forecast to grow by over 4% annually (in local currency terms) between 2016 and 2020.
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 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Croatia 2013-2020)
  Table: Non-Life Insurance Claims (Croatia 2009-2015)
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 - Q316
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Life Insurance Market (USDmn), 2008-2015
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2015
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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