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Viewing report
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Croatia Insurance Market Intelligence: 2011 Edition
Koncept Analytics, Jan 2011, Pages: 21
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.
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