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Croatia Insurance Report Q1 2008Published by: Business Monitor International Published: Mar. 11, 2008 - 30 Pages Table of Contents
AbstractThis report differs from its predecessors in that it includes BMI’s Insurance Business Environment Rating(IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI’sCountry Risk Rating (CRR). It is now much easier to consider the business environment for the insurancesector in any one country relative to the business environment for other industries in that country that aresurveyed by BMI, and the business environment for the insurance sector in other countries.Croatia’s IBER is 56.3. Relative to other countries in Central and Eastern Europe (CEE), it is amoderately attractive insurance market for foreign insurers. Within the region, Croatia stands out for itsstrong regulatory framework. The economic outlook is germane. Government policies are likely to remainconstant over the long-term. However, the IBER is held back by the underdevelopment of the lifesegment, the bureaucracy and external risk. Over the forecast period, we anticipate that non-life premiums will grow by 16% annually in localcurrency terms and by 16% in US dollar terms. Life premiums are expected to increase by 18% annuallyin local currency terms and by 18% in US dollar terms. The key drivers of growth in the non-life segmentin 2007-2012 are the anticipated rise in nominal GDP from around US$48bn to US$71bn and an expectedincrease in non-life penetration from 2.78% of GDP to 4.00%. The key driver of growth in the lifesegment is the envisaged rise in life density from US$117 per capita in 2007 to US$270 per capita in2012. Croatia’s total population is declining. The competitive landscape, in both the non-life and the life segment, is fragmented. Neither segment isparticularly open to participation by foreign groups, and there exist clear barriers to entry into the marketas it is still largely controlled by the state. As the market is underdeveloped, however, Croatia may stillattract some foreign interest. Croatia’s non-life segment has grown significantly over the last two years. It is currently among the top inits region. Like most other countries in the region, more than half of this is accounted for by motorinsurance. However, the market is still primarily local and somewhat under-developed, meaning that theremay be room for cross-border groups to move in. The main weakness of Croatia’s insurance sector is the small size of the life segment. Despite the severalcross-border companies present, it is apparent that the market is not yet a strong one, though its score isabout average for Eastern Europe in the IBER breakdown. Get Full Details About This Report >> |
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