Through H115, nothing has happened to change our view that Croatia remains a low growth insurance market. Premiums in the important motor vehicle sub-sector of the non-life segment may have stabilised: however, competitive pressures will contain future growth in premiums. In the life segment, the continuation of strong sales of unit-linked and single premium products has surprised us. We remain of the view that growth in life premiums (including renewal premiums) will be fairly slow over the course of the forecast period. This is because of structural constraints such as the low incomes of some households (who are basically unable to save) and preferences for other channels of organised savings. We would not be surprised if consolidation of the insurance sector continues.
In many ways, Croatia is an archetypal Central and Eastern European market for insurance. It is dominated by non-life lines. Growth in premiums in the non-life segment has been hampered by low volume growth and (especially since the liberalisation of the market for Compulsory Motorists' Third Party Liability (CMTPL) covers) lower prices. Although economic activity should increase through the forecast period, the rise will be gradual. Life insurance has generally been constrained by the low income levels of some households, a lack of understanding of the benefits of life insurance and a preference for other forms of organised savings. The former state-owned monopoly, CROATIA, has been losing market share to the subsidiaries of regional or global multi-nationals.
Full Report Details at
The Croatia Insurance Report has been researched at source and features BMI Research'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.
* Benchmark BMI's independent insurance industry forecasts for Croatia to test other views - a key input for successful budgeting and strategic business planning in Croatia's insurance market.
* Target business opportunities and risks in Croatia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
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Market Report, "Croatia Insurance Report Q1 2016", published
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