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Croatia Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 67
Croatia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Croatia's insurance industry.
This report differs from its predecessors in several respects. In our analysis of competitive conditions, the authors provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Croatia, for instance, the three largest non-life companies in the first half of 2009 – in terms of Gross Written Premiums written – were Croatia, Euroherc and Allianz Zagreb with 40.9%, 14.4% and 9.4% respectively. In the life segment, the leaders in the first half of 2009 were Vienna Insurance Group Companies, including Kvaerner - Vienna Insurance Group, ERSTE Osiguranje - Vienna Insurance Group, Cosmopolitan Life - Vienna Insurance Group and Helios - Vienna Insurance Group with market share of 18.1% for the group, followed by Croatia and Allianz Zagreb whose market shares were 14.5% and 13.5% respectively. Over time, the authors hope to derive insights from observing how market shares change. The report emphasises though, that a decline in share of Gross Written Premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
This report also provides a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Croatia, for instance, the largest non-life lines in 2008 were compulsory motor third party liability, motor vehicle CASCO and personal accident insurance. These accounted for 40.6%, 14% and 7.6%, respectively, of total non-life premiums. Over time, the authors should be able to use this information to bring greater sophistication to our forecasting process.
Writing in November 2009, the authors have been able to ensure that the report includes actual data for 2008. The authors have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. The authors have also extended the forecasts out to 2014. The report is expecting total premiums in 2009 of HRK8,507mn. This includes non-life premiums of HRK6,168mn and life premiums of HRK2,339mn. In 2014, the corresponding figures should be HRK23,313mn, HRK14,598mn and HRK8,715mn. In terms of the key drivers that underpin our forecasts, the authors are looking for non-life penetration to rise from 2.09% in 2009 to 3.59% in 2014, and for life density to rise from US$101 to US$341. BMI's proprietary Insurance Business Environment Rating for Croatia is 54.8 out of 100. This quarter, the authors include a discussion of developments within regional markets – on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. In Croatia, fire and diversified risks, liability insurance and other lines have been growing in line with regional expansion and life insurance, a segment with mixed results region-wide, has risen slightly in Croatia.
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