CO: Only one in five citizens of Croatia has insured property

The severe weather that affected Zagreb and parts of central and northern Croatia has caused significant damage to vehicles and property, but it has also revealed that only one in five citizens of Croatia has insured property, reported Croatia osiguranje (CO) on Tuesday, noting that more than 900 claims have been filed so far.

The structure of the claims shows that 80 percent of the damages relate to property, while 20 percent relate to vehicles.

For vehicles, most damages were caused by falling trees and branches, while the most common property damages are roof, facade, and window damages.

Compared to the storm of 2023, fewer damages have been reported so far, but the average amount of paid damages is about 30 percent higher. For example, the value of the damage for a damaged roof is 32 percent higher than in 2023, CO states.

Bojan Letica, Director of the Product Development and Risk Management Sector at CO, stated that this time, as after the earthquake and the storm of 2023, CO expects increased interest in insurance, but he hopes that the interest in property insurance will not be short-lived as is usually the case.

Interestingly, as he noted, the same proportion, that is, one in five citizens of Croatia, takes out comprehensive vehicle insurance and property insurance, even though properties are worth ten times more than vehicles.

– Overall, we are significantly less insured than the EU average, where every second citizen has insured their vehicle and property – said Letica.

The statement notes that only one in five vehicles in Croatia has comprehensive insurance that covers damages caused by severe weather, which means that the costs without comprehensive coverage are mostly borne by the owners themselves. In this case, damages to older vehicles are often total losses, as repairs are not cost-effective due to their value.

The situation is similar with property. Only between 20 and 25 percent of private houses are insured, while residential buildings are generally insured in accordance with the law.