HUO: Insurer Premium Increased by 2.8 Percent in August

In August, 23 Croatian insurance companies charged a total gross premium of 6.24 billion kuna, representing an increase of 2.8 percent compared to August of last year, according to data from the Croatian Insurance Bureau (HUO).

In the non-life insurance segment, the gross premium charged increased by 3.4 percent compared to August of last year, reaching 4.3 billion kuna.

>>>HUO: Insurer Premium Increased by 2.39 Percent Year-on-Year

At the same time, in the life insurance segment, the gross premium charged increased by 1.6 percent, to 1.9 billion kuna, according to HUO data.

The most prevalent type of insurance in the non-life insurance segment remains motor vehicle liability insurance, with a gross premium charged at the end of August amounting to 1.39 billion kuna, which is 0.64 percent lower compared to the same period last year.

Within motor vehicle liability insurance, the largest share is held by mandatory insurance for owners or users of motor vehicles against automotive liability for damages caused to third parties, known as mandatory auto insurance, with a premium exceeding 1.3 billion kuna.

This premium amount is 0.8 percent lower than in August of last year, and this decline can still be attributed to the impact of the liberalization of this market segment, namely lower prices of mandatory auto insurance policies.

In the life insurance segment, the largest share is held by traditional life insurance with a premium at the end of August amounting to 1.47 billion kuna, which is 2.3 percent less compared to the premium from August last year.

At the end of August, the largest market share, measured by the amount of gross premium charged, was held by Croatia osiguranje with 28.01 percent, with a total gross premium charged of 1.7 billion kuna.

The second is Allianz with a premium of 807.9 million kuna, or a market share of 12.94 percent, while Euroherc ranks third with a premium of 567.76 million kuna and a share of 9.09 percent in the Croatian insurance market.

>>>HUO: Insurer Premium Increased by 2.2 Percent Year-on-Year

Croatia osiguranje also held the largest share in the non-life insurance segment at the end of August, 32 percent, with a premium of 1.37 billion kuna, while in the life insurance segment it was also in first place with a share of 19.18 percent, or a premium of 372.9 million kuna.

The second place in life insurance was held by Allianz with a share of 18.10 percent and a premium exceeding 352 million kuna, while in the non-life insurance segment, Euroherc was in second place with a share of 13.21 percent and a premium of 567.7 million kuna.