Browse the complete Report on: Croatia Insurance Report Q4 2010
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Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. According to HANFA, the insurance sector regulator in Croatia, total premiums in 2009 amounted to HRK9.41bn. This included non-life premiums of HRK6.92bn and HKR2.49bn. We estimate that, in 2014, the corresponding figures will be HRK20.16bn, HRK13.77bn and HRK6.39bn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 1.99% in 2009 to 3.00% in 2014 and for life density to rise from US$107, to US$250.
BMI’s Insurance Business Environment Rating (IBER) for Croatia is 54.2 out of 100.
We include a discussion of developments within regional markets, on the basis of results published by major cross-border companies and the latest information provided by regulators and/or trade associations. In Croatia, fire and diversified risks, liability insurance and other lines have been growing in line with regional expansion and life insurance, a segment with mixed results region-wide, has risen slightly in Croatia.
Croatia’s Insurance Sector In 2009 And 2010
In its report for the first nine months of 2009, CROATIA Insurance, the former state-owned monopoly that is by far the largest domestic insurance company, described the insurance industry as ‘stagnant’. The main problem was downward pressure on premiums. While 2009 may have been disappointing for CROATIA, the overall industry performed respectably in relation to its peers in Central and Eastern Europe.
Figures published by the industry regulator, the Croatian Financial Services Supervisory Agency (HANFA), show that total non-life premiums in Croatia in the first nine months of 2009 came to HRK5.48bn, a decline of 1.6% year-on-year (y-o-y). Life premiums were HRK1.81bn, down 3.4% y-o-y. Unlike in countries nearby, such as Greece and Bulgaria, non-life premiums were not given a significant boost by growth in compulsory motor third party liability (CMTPL) business. CMTPL premiums were virtually unchanged, at HRK2.23bn. CASCO premiums were HRK777mn, down 13% y-o-y, although this was offset by higher premiums in many other lines. Despite the recession, fire insurance premiums increased by about 8% y-o-y, to HRK499mn. Premiums across all kinds of life insurance were unchanged.
CROATIA reported that its non-life premiums fell 5.3% y-o-y to HRK2,493mn in the first nine months of 2009, while life premiums dropped 1.8% y-o-y to HRK254mn. The company lost market share in the non-life segment, but gained ground marginally in the life segment. Gross profits were up 36.2% y-o-y, at HRK96.6mn.
Euroherc, Croatia’s second largest insurer, reported that its total revenues rose 3.2% y-o-y to HRK825.7mn. Its net profits rose 8.6% to HRK49.4mn. Vienna Insurance Group, whose companies in Croatia account for 18% of life premiums, said that it achieved double-digit growth in the segment in the first nine months of 2009.
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Contact:
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7557 Rambler road,
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Tel: +1-888-989-8004
http://reportsandreports.blogspot.com/
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Browse All Business Monitor International Market Research Reports
Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. According to HANFA, the insurance sector regulator in Croatia, total premiums in 2009 amounted to HRK9.41bn. This included non-life premiums of HRK6.92bn and HKR2.49bn. We estimate that, in 2014, the corresponding figures will be HRK20.16bn, HRK13.77bn and HRK6.39bn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 1.99% in 2009 to 3.00% in 2014 and for life density to rise from US$107, to US$250.
BMI’s Insurance Business Environment Rating (IBER) for Croatia is 54.2 out of 100.
We include a discussion of developments within regional markets, on the basis of results published by major cross-border companies and the latest information provided by regulators and/or trade associations. In Croatia, fire and diversified risks, liability insurance and other lines have been growing in line with regional expansion and life insurance, a segment with mixed results region-wide, has risen slightly in Croatia.
Croatia’s Insurance Sector In 2009 And 2010
In its report for the first nine months of 2009, CROATIA Insurance, the former state-owned monopoly that is by far the largest domestic insurance company, described the insurance industry as ‘stagnant’. The main problem was downward pressure on premiums. While 2009 may have been disappointing for CROATIA, the overall industry performed respectably in relation to its peers in Central and Eastern Europe.
Figures published by the industry regulator, the Croatian Financial Services Supervisory Agency (HANFA), show that total non-life premiums in Croatia in the first nine months of 2009 came to HRK5.48bn, a decline of 1.6% year-on-year (y-o-y). Life premiums were HRK1.81bn, down 3.4% y-o-y. Unlike in countries nearby, such as Greece and Bulgaria, non-life premiums were not given a significant boost by growth in compulsory motor third party liability (CMTPL) business. CMTPL premiums were virtually unchanged, at HRK2.23bn. CASCO premiums were HRK777mn, down 13% y-o-y, although this was offset by higher premiums in many other lines. Despite the recession, fire insurance premiums increased by about 8% y-o-y, to HRK499mn. Premiums across all kinds of life insurance were unchanged.
CROATIA reported that its non-life premiums fell 5.3% y-o-y to HRK2,493mn in the first nine months of 2009, while life premiums dropped 1.8% y-o-y to HRK254mn. The company lost market share in the non-life segment, but gained ground marginally in the life segment. Gross profits were up 36.2% y-o-y, at HRK96.6mn.
Euroherc, Croatia’s second largest insurer, reported that its total revenues rose 3.2% y-o-y to HRK825.7mn. Its net profits rose 8.6% to HRK49.4mn. Vienna Insurance Group, whose companies in Croatia account for 18% of life premiums, said that it achieved double-digit growth in the segment in the first nine months of 2009.
About Us
ReportsandReports comprises an online library of 10,000 reports, in-depth market research studies of over 5000 micro markets, and 25 industry specific websites. Our client list boasts almost all well-known publishers of such reports across the globe. We as a third-party reseller of market research reports employ a number of marketing tools, such as press releases, email-marketing and effective search-engine optimization techniques to drive revenues for our clients. We also provide 24/7 online and offline support service to our customers.
Contact:
Ms. Sunita
7557 Rambler road,
Suite 727, Dallas, TX 75231
Tel: +1-888-989-8004
http://reportsandreports.blogspot.com/
http://reportsandreports.proarticles.co.uk/
http://reportsnreports.wordpress.com/
