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Croatia Insurance Report Q2 2016

Croatia Insurance Report Q2 2016

BMI View: Croatia's insurance market remains underdeveloped, with low rates of penetration and densityin both the life and larger non-life segments. Growth has been hampered by low average household incomelevels as well as a lack of uptake of formal banking services among a large share of the population. Movingforward, we are forecasting slow but steady growth in the life sector, bolstered by supporting demographictrends as well as falling unemployment and rising household income rates. Growth will be slower in thenon-life sector, largely due to a flat autos market which is dampening demand for motor insurance - thelargest share of the non-life market.

Key Updates And Forecasts

Following an extensive restructuring process and HRK840mn recapitalisation, Adris, owner of largestdomestic firm CROATIA Osiguranje, has announced plans to invest some HRK2bn in its insurancebusiness between 2016 and 2018 as it attempts to strengthen its ailing position in the non-life market andto expand in the region.

The non-life product offering continues to expand. In January 2016, Croatian mobile phone companyVipnet announced it had partnered with insurance firm BNP Paribas Cardif Insurance to providemobile phone insurance cover for both individuals and businesses which customers can access via theirVip subscriber account at a monthly cost of around HRK15.

We are currently forecasting average annual growth of 4.3% in the life sector and 2.9% in the non-lifesector (in local currency terms) between 2016 and 2020 as the stagnant motor sector continues to weighupon growth in the larger non-life sector.


BMI Industry View
Table: Headline Insurance Forecasts (Croatia 2013
2020)
SWOT
Insurance
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Croatia 2013
2020)
Table: Life Insurance Claims (Croatia 2007
2014)
NonLife Premiums Forecast
Table: Non
Life Premiums (Croatia 20132020)
Table: Non
Life Insurance Claims (Croatia 20082014)
NonLife SubSector Forecast
Table: Non
Life Insurance Premiums by Product Line (Croatia 20132020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index
Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Insurance Market (USDmn), 2007
2014
NonLife Market Overview
The Product Offering
The Competitive Landscape
Table: Non
Life Insurance Market, 20072014 (USDmn)
Company Profile
Allianz
CROATIA Osiguranje
ERGO
Generali
UNIQA Group
Vienna Insurance Group (VIG)
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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