Market Report, "Croatia Insurance Report Q1 2011", published

Dec. 6, 2010 - PRLog -- Overall, 2010 will probably be regarded as a challenging but not disastrous year for Croatia's insurance sector. We note that the Croatian Agency for Supervision of Financial Services (HANFA), which regulates the insurance sector, reported that total premiums in H110 were 2.13% lower than those in H109. Non-life premiums were down by 2.51% and life premiums by 0.85%. We estimate that the final outcome for the year as a whole will be similar and estimate a fall across the board of 2%.

During H110, voluntary motor insurance premiums (CASCO) contracted by 11.64%, according to HANFA. Premiums for compulsory motorists' third-party liability insurance (CMTPL) fell by 1.46%, limiting the overall contraction of the sector. For most lines of non-life business, premiums in H110 were slightly higher or slightly lower than they had been in H109. As was the case in other markets in Central and Eastern Europe, sales of unit-linked life policies were weak, with premiums falling by 7.36%. However, sales of traditional life policies, which account for nearly 90% of the premiums in the segment, fell by just 0.33%.

The conclusion that we would make is that Croatia's insurance sector has proven surprisingly resilient over the last two years in face of massive economic challenges. CROATIA Osiguranje, the former stateowned monopoly, described the industry as being 'stagnant' in 2009. The main problem, though, was downward pressure on prices rather than a contraction in the volumes of demand for insurance cover. However, during that year and, as far as we can see, in H110, Croatia's insurance sector performed respectably in comparison with its peers in other countries the region.

In this report 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 tandem with regional expansion and life insurance, a segment with mixed results region-wide, has risen slightly in Croatia.

We estimate total premiums of HRK9,223mn in 2010. This includes non-life premiums of HRK6,784mn and life premiums of HRK2,439mn. In 2015, the corresponding figures are forecast to be HRK13,630mn, HRK10,240mn and HRK3,391mn. In terms of the key drivers that underpin our forecasts, we anticipate life penetration to rise from 2.02% of GDP in 2010 to 2.25% in 2015 and for life density to increase from US$103 per capita to US$135. BMI's proprietary Insurance Business Environment Rating for Croatia is 54.5.

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Report Table of Contents:

CONTENTS
Executive Summary
- Table: Croatia Insurance Sector Overview
- Key Insights On Croatia's Insurance Sector
- Issues To Watch
SWOT Analysis
- Croatia Insurance Industry SWOT
- Croatia Political SWOT
- Croatia Economic SWOT
- Croatia Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Central And Eastern European Markets Overview
- Table: Non-Life Segment Premiums In Central And Eastern Europe
- Table: Life Segment Premiums In Central And Eastern Europe
Projections And Forecasts
- Table: Insurance Premiums, 2007-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2015
Country Update
- Macroeconomic Outlook
- Table: Croatia Economic Activity, 2005-2014
- Political Outlook
Insurance Business Environment Ratings
- Table: Croatia's Insurance Business Environment Rating
- Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Croatia's Insurance Market
- Table: Principal Insurance Lines By Gross Written Premiums, 9M09
- Table: Companies By Gross Written Premiums, 9M09
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Agram zivotno osiguranje
- Basler osiguranje dd Zagreb (Osiguranje Zagreb)
- CROATIA Osiguranje
- Euroherc
- Jadransko
- Regional Company Profiles
- AEGON
- ALICO
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
Country Snapshot: Croatia Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2000-2003
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 1999-2004
- Table: Consumer Expenditure, 2000-2010 (US$)
- Table: Average Annual Wages, 2000-2010
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment 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.