According to The Croatian Financial Services Supervisory Agency, total premium collected by insurance companies in 2023 amounted to EUR 1.7 billion, of which EUR 300 million (18.4%) related to life insurance premium and EUR 1.4 billion (81.6%) to non-life insurance premium.
The total premium collected in 2023 rose by 7.1% – with the increase in non-life insurance premium totaling 13.8%, and a decrease in life-insurance premium reaching 15%.
The structure of the collected non-life insurance premium is dominated by motor vehicle liability insurance (35.5%), followed by insurance of land motor vehicles (18.2%) and other property insurance lines (9.9%), according to XPRIMM.
The volume of claims settled also increased (by 13.6% on an annual basis), reaching EUR 1.2 billion – EUR 419.8 million of this amount related to life insurance (a 1.5% decrease on an annual basis), while EUR 743.2 million related to non-life insurance (a 24.3% increase on an annual basis).
In the total amount of claims settled in non-life insurance, the largest amounts relate to motor vehicle liability insurance (38.2%), insurance of land motor vehicles (19.8%), insurance against fire and natural disasters (10.7%) and other property insurance lines (12.7%).
Croatian insurance market dynamics
The Croatian insurance market exhibits a dynamic landscape, with key segments being life insurance and general insurance.
General insurance is the dominant market segment, and within it, motor insurance plays a leading role, driven by mandatory liability insurance requirements for vehicle owners. Additionally, personal accident and health insurance, along with property insurance, are significant contributors within the general insurance sector.
Life insurance in Croatia encompasses various classes such as universal life, endowment, supplementary or riders, term life, whole life, and general annuity. Universal Life insurance is the largest class within this segment.
The Croatian Health Insurance Fund (CHIF) ensures mandatory health insurance coverage for the entire population, with dependents covered through family member contributions and economically weaker sections supported through state budget transfers.
Prominent players in the Croatian insurance market include Wiener Osiguranje Vienna Insurance Group DD, Croatia osiguranje DD, Allianz Hrvatska DD, and several others. Croatia osiguranje DD is noted as the largest insurer in the country as of 2021. These companies offer a range of products and services catering to both individual and corporate clients.
The Croatian insurance market is also influenced by global trends, including a strong demand for vehicle, property, health, and other insurance types.
Economic growth, governmental policies, technological innovations, and increased consumer awareness are key drivers shaping the market.
In terms of competition, Croatian insurance companies face challenges not only from each other but also from risk retention groups, government policies, and self-insurance trends among large organizations. The rising number of digital distribution channels, including Insurtech platforms, is transforming the insurance landscape in Croatia, offering more accessible policy acquisition options for consumers.
Overall, the Croatian insurance market presents a mix of traditional and emerging trends, with a strong emphasis on digitalization and customer-oriented services. This evolving market landscape provides a range of opportunities for market players and consumers alike
by Yana Keller
