Market Report, "Croatia Insurance Report Q3 2011", published

June 27, 2011 - PRLog -- Key Insights And Key Risks

*  The overall insurance sector remains reasonably resilient despite the weak economic conditions and outlook.
 *  Nonetheless, the non-life segment has reduced in terms of overall premium revenue and penetration (defined as premiums as a percentage of GDP) since 2008.
 *  Life premium revenues have remained relatively flat since 2008 despite the weak economic conditions in Croatia.
 *  Croatia's insurance sector is therefore very underdeveloped compared to most Eastern European countries. Part of this is related to the lack of foreign players in the market to stimulate the industry, and also to weak economic conditions and domestic consumption.


Given that Croatia's economic recovery is only in its nascent stages, it is unsurprising that the insurance industry has shown little signs of pick-up. However BMI forecasts that the Croatian economy will emerge from two years of recession in 2011, but the forecast is for weak real GDP growth of 1.9%. The recovery will be largely export driven, benefiting from a positive eurozone growth story, as consumer demand remains constrained by high unemployment (19.6% in February 2011) and weak credit growth. One positive aspect for the growth outlook for Croatia is tourism growth. Croatia is heavily dependent on tourism for economic growth and it is therefore encouraging to see that tourist arrivals have already rebounded strongly, with foreign visitors leading the charge. The rebound in service exports will in turn reduce unemployment, which BMI forecasts to moderate in 2011 as seasonal employment picks up. We also forecast 2.0% growth in private consumption in 2011, following a 0.9% drop in 2010.

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Full Report Details at
- http://www.fastmr.com/prod/204735_croatia_insurance_repor...
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Given the high unemployment and slow consumption growth outlook, demand for insurance products is likely to remain reasonably constrained in 2011. However, over the medium term BMI remains positive on the insurance sector in Croatia. As the economic recovery continues and Croatia continues the process for accession to the EU, this will be positive for sentiment and growth. The sector remains underpenetrated and therefore provides opportunities for growth, particularly should new foreign players enter the market after EU membership.

The life segment has been particularly resilient in Croatia during the economic downturn. This segment could show good growth as the financial markets continue to improve. Life density (penetration), defined as life premiums per capita, is very low compared to most other Eastern European countries.

Report Table of Contents:

Executive Summary
- Table: Total Premiums, 2008-2015
- Key Insights And Key Risks
SWOT Analysis
- Croatia Insurance Industry SWOT
- Croatia Political SWOT
- Croatia Economic SWOT
- Croatia Business Environment SWOT
Life
- Central And Eastern Europe Life Sector Overview
- Table: Central And Eastern Europe's Life Premiums, 2008-2015 (US$mn)
- Croatia Life Sector Update
- Table: Breakdown Of Life Insurance Premiums And Fees By Line, 2009 (HRKmn)
- Life Insurance Industry Forecast Scenario
- Table: Total Life Premiums, 2008-2015
- Population
- Table: Insurance Sector Key Drivers - Demographics, 2008-2015
Non-Life
- Central And Eastern Europe Non-Life Sector Overview
- Table: Central And Eastern Europe's Non-Life Premiums, 2008-2015 (US$mn)
- Croatia Non-Life Sector Update
- Table: Croatia Breakdown Of Non-Life Premiums, 2010 (HRKmn)
- Non-Life Insurance Industry Forecast Scenario
- Table: Total Non-Life Premiums, 2008-2015
- Macroeconomic Outlook
- Table: Croatia Economic Activity, 2006-2015
- Political Stability Outlook
- Table: Europe Security Risk Ratings
- Table: Insurance Sector Key Drivers - Disability-Adjusted Life Years, 2008-2015
- Motor
- Table: Insurance Sector Key Drivers - Autos 2008-2015
- Table: Insurance Key Drivers - Tourism, 2008-2015
Insurance Risk/Reward Ratings
- Table: Croatia's Insurance Business Environment Rating
Competitive Landscape
- Competitive Landscape Analysis
- Major Players In Croatia's Insurance Sector
- Table: Principal Insurance Lines By Gross Written Premiums, 9M09
- Table: Companies' Market Share By Gross Written Premiums, 9M09
- Local Company Profiles
- Agram zivotno osiguranje
- Basler osiguranje dd Zagreb
- CROATIA Osiguranje
- Euroherc
- Jadransko
- Regional Company Profiles
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/ Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
BMI Methodology
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Indicators And Rationale
- Table: Weighting Of Indicators

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.