Boston, MA -- (ReleaseWire) -- 04/28/2014 -- 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..
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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As of early 2014, 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.
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.
CROATIA Osiguranje, which the government now only has a direct 28% stake in (having sold a controlling interest to local commercial group Adris), is not such a company. It remains BMI's view that the privatisation of CROATIA Osiguranje could yet prove to be the catalyst for major and beneficial consolidation of a fairly fragmented insurance sector.
Key BMI Forecasts
- In 2014, total premiums will fall by 3.7% to US$1.5bn.
- Life premiums will slip by 2.4% to US$0.4bn.
- Non-life premiums will drop by 4.2% to US$1.1bn.
- Within this sub-total, motor vehicle insurance premiums will drop by 4.4% to US$579mn.
- Property insurance premiums will contract by 4.4% to US$224mn.
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