Premiums Increased by 1 Percent, Croatia Insurance and Allianz at the Top

The gross written premium of Croatian insurance companies in the first eight months of this year increased by one percent compared to the same period last year, solely due to the increase in premiums in life insurance, according to data from the Croatian Insurance Bureau (HUO).

At the end of August this year, the total gross written premium of all 26 insurers amounted to nearly 6.3 billion kuna, which is 1 percent or about 60 million higher than at the end of the same month last year. The growth in total premiums is exclusively the result of an increase in premiums in the life insurance segment, which rose by 5 percent to 1.6 billion kuna, while the non-life insurance segment recorded a decline of 0.4 percent to 4.6 billion kuna.

During the first eight months of this year, premiums in life insurance have been continuously growing at rates ranging from 5.9 to over 8 percent (in April), while premiums in non-life insurance have been declining since February. Thanks to life insurance, the total gross written premium has been increasing for the last five months.

The largest Croatian insurer, measured by total premium, remains Croatia Insurance with a share of total premium at the end of August this year of 32.47 percent, or with a total premium amounting to 1.95 billion kuna.

In second place is Allianz, whose total gross written premium amounts to 834.4 million kuna and constitutes 13.29 percent of the total premium, while Euroherc is third, with a total premium of 622.6 million kuna and a market share of 9.92 percent.

Croatia Insurance, with a premium of 1.7 billion kuna, also has the largest share in the non-life insurance segment, at 37.16 percent, followed by Euroherc with a premium of 622.6 million kuna, representing a 13.37 percent share in that segment.

Allianz, on the other hand, ranks third in this segment, with a premium of 527.3 million kuna and a share of 11.32 percent, while it holds the first place in life insurance.

The gross written premium of Allianz in life insurance amounted to 307 million kuna at the end of August, which constitutes 18.97 percent of that market segment, while Croatia Insurance is in second place, with collected premiums of 221.13 million kuna and a share of 13.67 percent.

Third is Wiener Insurance Vienna Insurance Group, whose premium at the end of August amounts to 172.6 million kuna, with a share in the total life insurance premium of 10.67 percent.