Croatia Insurance Industry – Governance, Risk and Compliance

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

The Croatia insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.

The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.

What are the market dynamics in the Croatia insurance industry?

The Croatian insurance industry is supervised by the Croatian Financial Services Supervisory Agency (Hrvatska Agencija Za Nadzor Financijskih Usluga-Hanfa). Hanfa was established in 2005 by integrating the Croatian Securities Commission, the Agency for Supervision of Pension Funds and Insurance, and the Insurance Companies Supervisory Authority. The main objectives of this agency are to safeguard the stability of the financial system in Croatia and supervise the legitimacy of the supervised entities’ operations. Hanfa also grants authorization to companies to carry out insurance and mediation activities.

What are the key license types issued in the Croatia insurance industry?

The key types of insurance licenses issued in the Croatian insurance industry are life insurance licenses and non-life insurance licenses. Under life insurance license, companies can provide insurance contracts related to life assurance, annuities, supplementary insurance linked with life insurance, unit-linked business, tontines, assurance with paid-up sum assured, marriage assurance and birth assurance, and pension funds.

Under a license for non-life insurance, companies can provide insurance contracts related to personal accident insurance, health insurance, land motor vehicles insurance, railway locomotives and rolling stock insurance. Other insurance contracts are – aircraft insurance, water vessels insurance, goods in transit insurance, property, fire, and natural disasters insurance, other property insurance, motor vehicle liability insurance, aircraft liability insurance, marine liability insurance, general liability insurance, credit insurance, security guarantees, insurance of miscellaneous financial losses, insurance of legal protection, and assistance insurance.

Croatian insurance industry, by license type

Croatian insurance industry, by license type

For more license type insights, download a free report sample

Which other key associations oversee the Croatian insurance industry?

The key associations that oversee the Croatian insurance industry are the International Association of Insurance Supervisors (IAIS), the European Insurance and Occupational Pensions Authority (EIOPA), and the Federation of European Risk Management Associations (FERMA).

International Association of Insurance Supervisors 

The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.

European Insurance and Occupational Pensions Authority

The EIOPA is a part of the European System of Financial Supervision, is an independent advisory body to the European Parliament and the Council of the EU. The main responsibilities of the EIOPA are to support the financial system, maintain the transparency of the markets and financial products, and provide protection to policyholders, pension scheme members and beneficiaries.

Federation of European Risk Management Associations

The FERMA is a member of the International Federation of Risk and Insurance Management Associations (IFRIMA). It aims to lead and enhance the effective practice of risk management, risk financing and insurance in Europe. The main objectives of FERMA are to monitor new regulations and standards besides detecting early issues which can impact the risk management and insurance sectors. FERMA also sets up surveys and benchmarks to identify and share current practices and maintains two-way communication with national associations on the development and application of risk management. It also establishes technical alliances and ad hoc coalitions with other stakeholders.

Market report scope

Key license types Life Insurance License and Non-life Insurance License
Key associations International Association of Insurance Supervisors (IAIS), European Insurance and Occupational Pensions Authority (EIOPA), and Federation of European Risk Management Associations (FERMA)

Scope 

  • The report covers details of the insurance regulatory framework in Croatia.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Croatia.
  • Track the latest regulatory changes and expected changes impacting the Croatian insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices about various types of insurance products.

Table of Contents

Table of Contents

CROATIA

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

Contact Us

Table

List of Tables

Croatia – Corporate Tax Rates for Financial Year 2021

Figures

List of Tables

Croatia – Corporate Tax Rates for Financial Year 2021

Frequently asked questions

Croatia Insurance Industry – Governance, Risk and Compliance thematic reports
Currency USD
$950

Can be used by individual purchaser only

$1,900

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Croatia Insurance Industry – Governance, Risk and Compliance was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Croatia Insurance Industry – Governance, Risk and Compliance in real time.

  • Access a live Croatia Insurance Industry – Governance, Risk and Compliance dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.