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Many of the strengths that can be found in the insurance markets of other countries of Central and Eastern Europe are present in Croatia. Many of the leading companies are well capitalised subsidiaries of major subsidiaries. The regulator is effective. There is evidence of product innovation and multi-channel distribution.
Nevertheless, the latest developments confirm our views that conditions remain quite difficult in both of the major segments and that premium growth is likely to remain elusive for most of the insurance companies. In the larger non-life segment, the main challenge is the softness of the economy, which is consistent with minimal growth in volumes. The competitive landscape is crowded, and pressure on prices are downwards. Interestingly, it is easier to identify foreign groups that are looking to expand their presence in Croatia than to leave the market. Although we doubt that Basler/ La Baloise will be the last foreign group to reconsider its commitment to Croatia (and Serbia - having sold operations in both countries to Austria's Uniqa), the process of consolidation will likely be a (very) slow one. In this challenging environment, market leader CROATIA Osiguranje is undertaking a major restructuring that looks to boost revenues and to cut costs.
In the life segment, the main challenge is that life insurance and pensions face competition from other conduits for savings, such as bank savings accounts. Recent research by Erste Group has found that 15% of the adult population of Croatia has life insurance and 7% has private pensions: these figures have been falling over the last two years. Some companies have achieved good growth by increasing revenues from existing clients. Overall, though, there is no sign that the segment is increasing as result of winning of new users of insurance.
The Croatia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Croatia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Croatian insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Croatia to test other views - a key input for successful budgeting and strategic business planning in Croatia's insurance market.
- Target business opportunities and risks in Croatia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).
Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).
Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
As of late 2014, the most recent developments confirm our view that premiums will only grow very slowly in Croatia.
BMI Industry View
Total Premiums Forecast
Table: Total Gross Premiums Written (Croatia 2011-2018)
Table: Total Net Premiums Written (Croatia 2011-2018)
Claims And Assets
Table: Total Insurance Claims (Croatia 2006-2013)
Table: Total Insurance Assets (Croatia 2006-2013)
Life Premiums Forecast
Table: Gross Life Premiums Written (Croatia 2011-2018)
Table: Net Life Premiums Written (Croatia 2011-2018)
Table: Life Insurance Claims (Croatia 2006-2013)
Table: Insurance Key Drivers, Private Health Expenditure (Croatia 2011-2018)
Table: Insurance Key Drivers, Disease Adjusted Life Years (Croatia 2011-2018)
Non-Life Premiums Forecast
Table: Gross Non-Life Premiums Written (Croatia 2011-2018)
Table: Net Non-Life Premiums Written (Croatia 2011-2018)
Table: Reinsurance Non-Life Premiums Written (Croatia 2011-2018)
Table: Non-Life Insurance Claims (Croatia 2006-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life % Breakdown (Croatia 2011-2018)
Motor Vehicle And Transport Insurance
Table: Motor Vehicle Insurance (Croatia 2011-2018)
Table: Insurance Key Drivers, Autos (Croatia 2011-2018)
Table: Transport Insurance (Croatia 2011-2018)
Table: Insurance Key Drivers, Freight Tonnage (Croatia 2011-2018)
Table: Property Insurance (Croatia 2011-2018)
Health And Personal Accident Insurance
Table: Health Insurance (Croatia 2011-2018)
Table: Personal Accident Insurance (Croatia 2011-2018)
Industry Risk Reward Ratings
Central and Eastern European Risk/Reward Ratings
Table: Central And Eastern Europe Risk/Reward Ratings
Life Market Overview
Table: Life Insurance Market (USDmn) 2006-2012
Table: Life Insurance Market (%) 2006-2012
Non-Life Market Overview
Table: Non-Life Insurance Market (USDmn) 2006-2012
Table: Non-Life Insurance Market (%) 2006-2012
Vienna Insurance Group (VIG)
Table: Croatia's Population By Age Group, 1990-2020 ('000)
Table: Croatia's Population By Age Group, 1990-2020 (% of total)
Table: Croatia's Key Population Ratios, 1990-2020
Table: Croatia's Rural And Urban Population, 1990-2020
Industry Forecast Methodology
Risk/Reward Rating Methodology
Table: Weighting of Indicators
This report does not have a list of Companies Mentioned available
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