Boston, MA -- (ReleaseWire) -- 01/07/2014 -- As of mid- 2013, the general condition of Croatia's insurance sector is similar to what it was a year ago. The non-life segment is fairly mature, competitive and constrained by the patchy economy. Life insurance premiums are growing - at low single-digit rates - although the risk aversion of Croatia's investors and savers has reduced the popularity of unit-linked products. The government is looking to privatise CROATIA Osiguranje, but will maintain a minority stake.
As of late 2013, the situation and short-term prospects of Croatia's insurance sector remain fairly uninspiring. Official data suggests that non-life insurance premiums contracted through much of 2012 and 2013. Development of the non-life segment is constrained by the softness of the economy. The general lack of interest in unit-linked products suggests that investors and savers remain cautious: this is a challenge for the life segment.
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Nevertheless, there are a number of obvious strengths. One reason for the slippage in premiums is that companies are focusing on profitability ahead of growth for its own sake as highlighted by the recent results of market leader CROATIA Osiguranje. For a small country, a large number of multinational companies are present. Some of these are comparatively small Austrian groups such as GRAWE and Merkur. However, Allianz, Vienna Insurance Group (VIG, through three different subsidiaries), Generali, ERGO and UNIQA are present, as are less frequently encountered names such as Triglav and Baloise. Croatian households and businesses are being offered risk management and savings solutions by a variety of companies that can exploit opportunities of scale across European or even global businesses.
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