HUO: Insurers Charged 6.58 Billion Kuna in Premiums in July, Less Than a Year Ago

Insurance companies had a total charged gross premium of 6.58 billion kuna at the end of July, which is 1.8 percent less than at the end of the same month in 2019, according to cumulative data from the Croatian Insurance Bureau (HUO). HUO data shows a growth in the gross premium of non-life insurance by 3.83 percent, to 4.96 billion kuna, while the charged premium in life insurance fell by 15.75 percent, to 1.62 billion kuna.

The most prevalent type of insurance in non-life insurance is motor vehicle liability insurance, with a charged gross premium at the end of July of 1.54 billion kuna, which is an annual increase of 9.2 percent. 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, with a premium amount of 1.46 billion kuna or 9.3 percent more than in July 2019.

In the first seven months of this year, 1,459,789 policies were concluded, which is 13,170 policies or 0.91 percent more than in the same period last year. The average premium in mandatory auto insurance amounted to 1,000.18 kuna, which is an annual increase of 8.32 percent, according to HUO data.

In the life insurance group, the largest share belongs to traditional life insurance with a premium amount of 1.35 billion kuna, or 13.4 percent less compared to July 2019. This is followed by life or annuity insurance where the policyholder bears the investment risk, in which the charged gross premium amounted to 187.6 million kuna, a decrease of 33 percent year-on-year.

Among insurance companies, the largest market share according to charged gross premium is still held by Croatia osiguranje (CO), but with a decrease in the charged premium on an annual basis, by 3.5 percent, to 1.83 billion kuna. The market share of CO has thus decreased from 28.35 percent, which it was at the end of July last year, to 27.85 percent at the end of the seventh month of this year.

The second is Euroherc, with a market share of 11.66 percent and an increase in charged gross premium by 5.5 percent, to 766.9 million kuna. Following it is Allianz Zagreb, which records a significant decrease in charged gross premium, by 17.5 percent, to 740.2 million kuna, with a market share of 11.25 percent.

The fourth place in the Croatian insurance market is held by Wiener osiguranje, whose charged gross premium increased by 14.4 percent year-on-year, to 657.7 million kuna, while its market share rose from 8.58 percent in July last year to 10 percent in the seventh month of 2020.

{embed_digitalno_izdanje}{/embed_digitalno_izdanje}