Croatia Insurance Report Q1 2010
Business Monitor International, December 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.
Executive Summary
Table: Croatia’s Insurance Sector At A Glance
Key Insights On Croatia’s Insurance Sector
SWOT Analysis
Croatia Insurance Industry SWOT
Croatia Political SWOT
Croatia Economic SWOT
Croatia Business Environment SWOT
Global Outlook
Central And Eastern Europe Overview
Table: Gross Premiums Written In Selected Central And Eastern European Countries, 2008 And 2009
Projections And Forecasts
Table: Insurance Premiums, 2005-2014
Projections And Drivers Of Growth
Table: Growth Drivers, 2005-2014
Country Update
Macroeconomic Activity
Table: Croatia – Economic Activity, 2005 – 2014
Political Outlook
Insurance Business Environment Rating
Table: Croatia – Insurance Business Environment Indicators
Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
Table: Non-Life Premiums In A Regional Context, 2008
Table: Life Premiums In A Regional Context, 2008
Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
The Major Players In Croatia’s Insurance Market
Table: Principal Insurance Lines By Gross Written Premiums, Nine Months To September 30 2009 (HRKmn)
Table: Companies By Gross Written Premiums, Nine Months to September 30 2009 (HRKmn)
Analysis Of Regional Competitive Conditions
Local Company Profiles
Agram životno osiguranje
CROATIA Osiguranje dd
Euroherc
Jadransko
Osiguranje Zagreb
Regional Company Profiles
Cardif
Ergo
Erste Group
Generali
GRAWE
UNIQA
Vienna Insurance Group
Country Snapshot: Croatia Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2000-2003
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 1999-2004
Table: Consumer Expenditure, 2000-2010 (US$)
Table: Average Annual Wages, 2000-2010
Methodology
Insurance Business Environment Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- Cardif
- Ergo
- Erste Group
- Generali
- GRAWE
- UNIQA
- Vienna Insurance Group
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