Now Available: Croatia Insurance Report Q4 2014

From: Fast Market Research, Inc.
Published: Mon Nov 10 2014

As of late-2014, the latest data supports our view that times will remain tough for the insurance industry in Croatia for most of the forecast period. Thanks in part to the weakness of the economy and intense price competition, premiums have been falling in the non-life segment having an adverse effect on the profitability of some of the major players. In the life segment, which remains underdeveloped by most metrics, premiums are faring slightly better.

The outlook for the insurance sector in Croatia remains fairly bleak. Official data points towards a fall in non-life insurance premiums in 2014, with growth being hampered by general weakness in 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, despite this we have seen some growth in premiums in Q314.

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However, there are some key strengths within the Croatian insurance industry. One reason for the slippage in premiums is that companies are focusing on profitability ahead of growth for its own sake. For a small country like Croatia, there are a relatively large amount of multinational companies 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 also present, as are less frequently encountered names such as Triglav. 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 business.

One home-grown company which does not fit the above category is CROATIA Osiguranje. This company is currently the focus of a takeover bid from local group Adris. In BMI's view, the privatisation of CROATIA could prove beneficial to the insurance sector in Croatia as it will consolidate what is a fairly fragmented industry. ...

The Croatia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Croatia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Croatian insurance industry.

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Company: Fast Market Research, Inc.
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