Croatia Insurance Report Q2 2011
Business Monitor International, February 2011, Pages: 70
The 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.
Key Insights On Croatia’s Insurance Sector:
Writing in early 2011, we can look back on a challenging but not disastrous 2010 for Croatia’s insurance sector. Croatia’s insurance sector has been surprisingly resilient over the last few years in face of massive economic challenges. Total premiums in the first half of 2010 were 2.13% lower than in the second half of 2009, according to the Croatian Agency for Supervision of Financial Services (HANFA). Non-life premiums were down by 2.51% and life premiums by 0.85%. The second half of 2010 remained very subdued. This was all following a period of intense downward pressure on prices rather than a contraction in the volume of demand for insurance cover.
Fire and diversified risks, liability insurance and other lines continue to grow in tandem with regional expansion and life insurance, all of which have had mixed results region-wide but slight growth in total in Croatia.
We estimate total premiums of HRK9,223mn in 2010. This includes non-life premiums ofHRK6,784mn and life premiums of HRK2,439mn. In 2015, the corresponding figures are forecast to be HRK13,630mn, HRK10,240mn and HRK3,391mn. In terms of the key drivers that underpin our forecasts, we anticipate life penetration to rise from 2.02% of GDP in 2010 to 2.25% in 2015 and for life density to increase from US$103 per capita to US$135 over the same period. BMI’s proprietary Insurance Business Environment Rating for Croatia is 54.5.
Issues To Watch:
Contagion In Bond Markets;
The resilience of Croatia’s economy and insurance companies was reflected in the performance of the industry. However, volatility in bond markets elsewhere in Central and Eastern Europe, which affects perceptions of Croatian bonds, could pose a major challenge in the year ahead.
CROATIA’s Distribution Deals;
CROATIA has a deal with Croatian Post and Financial Agency (FINA) to sell its products through their branches and we will track what impact this will have on the insurer’s market share.
Pricing Of Insurance Products;
Our premium projections for 2011 are under threat from the pressure of pricing reduction rather than volume in Croatia, unlike in other Central and Eastern European markets.
Executive Summary
- Table: Croatia Insurance Sector Overview
- Key Insights On Croatia’s Insurance Sector
- Issues To Watch
SWOT Analysis
- Croatia Insurance Industry SWOT
- Croatia Political SWOT
- Croatia Economic SWOT
- Croatia Business Environment SWOT
MetLife’s Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO – A Market Leader In Japan
- Table: MetLife’s Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Central And Eastern European Markets Overview
- Table: Non-Life Segment Premiums In Central And Eastern Europe
- Table: Life Segment Premiums In Central And Eastern Europe
Projections And Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2015
Country Update
- Macroeconomic Outlook
- Table: Croatia Economic Activity, 2006-2015
- Political Outlook
Insurance Business Environment Ratings
- Table: Croatia’s Insurance Business Environment Rating
- Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Croatia’s Insurance Market
- Table: Principal Insurance Lines By Gross Written Premiums, 9M09
- Table: Companies By Gross Written Premiums, 9M09
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Agram životno osiguranje
- Basler osiguranje dd Zagreb
- CROATIA Osiguranje
- Euroherc
- Jadransko
- Regional Company Profiles
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
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
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators
- Agram životno osiguranje
- Basler osiguranje dd Zagreb
- CROATIA Osiguranje
- Euroherc
- Jadransko
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
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