Life Insurance in Croatia, Key Trends and Opportunities to 2020

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Published: September 26, 2017 Report Code: GD-IS1577MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Croatia, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the Croatian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Croatian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Croatia:

• It provides historical values for the Croatian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Croatian life insurance segment, and market forecasts to 2020.

• It analyzes the various distribution channels for life insurance products in Croatia.

• It profiles the top life insurance companies in Croatia and outlines the key regulations affecting them.

Key Highlights

• According to the Croatian Insurance Bureau, the Croatian insurance industry accounted for 0.03% of the global insurance premium, and ranked 67th in the world in 2015.

• On October 10, 2016, Allianz Zagreb d.d. launched the modified version of Allianz prospectus, a unit linked product with multiple payment options, such as monthly, quarterly and annually.

• Solvency II was implemented on January 1, 2016, following which insurance companies need to maintain a minimum reserve to operate in Croatia.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Croatian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Croatian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Croatian insurance industry, and their impact on companies and the industry's future.

Allianz Zagreb d.d.
Croatia osiguranje d.d.
Uniqa osiguranje d.d.
Wiener osiguranje Vienna Insurance Group d.d.
Grawe Hrvatska d.d.
Merkur osiguranje d.d.
Generali osiguranje d.d.
Agram Life osiguranje d.d.
Erste osiguranje Vienna Insurance Group d.d.
Triglav osiguranje d.d.

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Assets and investments

5 OUTLOOK BY SUB-SEGMENT

5.1 Individual Life Insurance

5.1.1 Policies sold

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Allianz Zagreb d.d. – company overview

7.1.2 Croatia Osiguranje d.d. – company overview

7.1.3 UNIQA Osiguranje d.d. – company overview

7.1.4 Wiener Osiguranje Vienna Insurance Group d.d. – company overview

7.1.5 Grawe Hrvatska d.d. – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Personal accident insurance for passengers on public transport

8.4.2 Motor third-party liability insurance

8.4.3 Third-party liability insurance for boats and yachts

8.4.4 Health insurance

8.4.5 Unemployment insurance

8.4.6 Air carriers and aircraft operators insurance

8.4.7 Professional indemnity insurance for alternative investment fund managers

8.4.8 Professional indemnity insurance for insurance brokers and agencies

8.4.9 Clinical trials liability insurance

8.4.10 Liability insurance for oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Croatian Financial Services Supervisory Agency

8.5.4 Federation of European Risk Management Associations

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Direct Marketing and E-Commerce

9.5 Insurance Brokers and Agencies

9.6 Bancassurance and Other Distribution Channels

9.7 Individual Life Insurance

9.8 Individual Life Insurance by Product

9.9 Individual Life – Single vs Non-Single Premium

9.1 Linked vs Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Croatian Life Insurance – Key Facts, 2015

Table 2: Croatian Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Croatian Government Credit Ratings

Table 4: Croatian Life Insurance – Gross Written Premium (HRK Billion and US$ Million), 2011–2015

Table 5: Croatian Life Insurance – Gross Written Premium (HRK Billion and US$ Million), 2015–2020

Table 6: Croatian Life Insurance – Penetration (%), 2011–2015

Table 7: Croatian Life Insurance – Penetration (%), 2015–2020

Table 8: Croatian Life Insurance – New Business Direct Written Premium (HRK Billion and US$ Million), 2011–2015

Table 9: Croatian Life Insurance – New Business Direct Written Premium (HRK Billion and US$ Million), 2015–2020

Table 10: Croatian Life Insurance – Premium per Capita (HRK and US$), 2011–2015

Table 11: Croatian Life Insurance – Premium per Capita (HRK and US$), 2015–2020

Table 12: Croatian Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 13: Croatian Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 14: Croatian Life Insurance – Paid Claims (HRK Billion and US$ Million), 2011–2015

Table 15: Croatian Life Insurance – Paid Claims (HRK Billion and US$ Million), 2015–2020

Table 16: Croatian Life Insurance – Total Assets (HRK Billion and US$ Billion), 2011–2015

Table 17: Croatian Life Insurance – Total Assets (HRK Billion and US$ Billion), 2015–2020

Table 18: Croatian Life Insurance – Investment Portfolio (HRK Billion), 2011–2015

Table 19: Croatian Life Insurance – Investment Portfolio (HRK Billion), 2015–2020

Table 20: Croatian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 21: Croatian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2015–2020

Table 22: Croatian Life Insurance – Direct Written Premium by Distribution Channel (HRK Million), 2011–2015

Table 23: Croatian Life Insurance – Direct Written Premium by Distribution Channel (HRK Million), 2015–2020

Table 24: Croatian Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 25: Croatian Life Segment – Market Shares of Leading Insurers (%), 2015

Table 26: Allianz Zagreb dd – Key Facts

Table 27: Allianz Zagreb dd – Key Financials (HRK Million), 2011–2015

Table 28: Croatia Osiguranje dd – Key Facts

Table 29: Croatia Osiguranje dd – Key Financials (HRK Million), 2011–2015

Table 30: UNIQA Osiguranje dd – Key Facts

Table 31: UNIQA Osiguranje dd – Key Financials (HRK Million), 2011–2015

Table 32: Wiener Osiguranje Vienna Insurance Group dd – Key Facts

Table 33: Wiener Osiguranje Vienna Insurance Group dd – Key Financials (HRK Million), 2011–2015

Table 34: Grawe Hrvatska dd – Key Facts

Table 35: Grawe Hrvatska dd – Key Financials (HRK Million), 2011–2015

Table 36: Croatia – Insurance Regulatory Framework Key Features

Table 37: Croatia – Life Insurance Regulatory Framework

Table 38: Croatia – Property Insurance Regulatory Framework

Table 39: Croatia – Motor Insurance Regulatory Framework

Table 40: Croatia – Liability Insurance Regulatory Framework

Table 41: Croatia – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 42: Croatia – Parafiscal Taxes on Insurance Premium

Table 43: Croatia ¬ Corporate Tax Rates for Financial Year 2017

Table 44: Croatian Life Insurance – Policies and Premium, 2011–2015

Table 45: Croatian Life Insurance – Policies and Premium, 2015–2020

Table 46: Croatian Life Insurance – Claims and Expenses, 2011–2015

Table 47: Croatian Life Insurance – Claims and Expenses, 2015–2020

Table 48: Croatian Life Insurance – Assets and Investments, 2011–2015

Table 49: Croatian Life Insurance – Assets and Investments, 2015–2020

Table 50: Croatian Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 51: Croatian Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 52: Croatian Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 53: Croatian Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 54: Croatian Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 55: Croatian Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 56: Croatian Life Insurance – Individual Life Insurance, 2011–2015

Table 57: Croatian Life Insurance – Individual Life Insurance, 2015–2020

Table 58: Croatian Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 59: Croatian Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 60: Croatian Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 61: Croatian Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 62: Croatian Life Insurance – Linked vs Non-Linked Policies, 2011–2015

Table 63: Croatian Life Insurance – Linked vs Non-Linked Policies, 2015–2020

Table 64: Insurance Industry Definitions

Figures

Figure 1: Croatian Real GDP (HRK Billion), 2011–2020

Figure 2: Croatian GDP Components by Sector (%), 2016

Figure 3: Croatian Consumer Price Inflation (%), 2011–2020

Figure 4: Croatian Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 5: Croatian Unemployment Rate, 2011–2020

Figure 6: Croatian Population by Age Group, 1990–2025

Figure 7: Croatian Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Croatian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Croatian Life Insurance – Gross Written Premium (HRK Billion), 2011–2020

Figure 10: Croatian Life Insurance – Penetration (%), 2011–2020

Figure 11: Croatian Life Insurance – New Business Direct Written Premium (HRK Billion), 2011–2020

Figure 12: Croatian Life Insurance – Premium per Capita (HRK), 2011–2020

Figure 13: Croatian Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 14: Croatian Life Insurance – Paid Claims (HRK Billion), 2011–2020

Figure 15: Croatian Life Insurance – Total Assets (HRK Billion), 2011–2020

Figure 16: Croatian Life Insurance – Investment Portfolio (HRK Billion), 2011–2020

Figure 17: Croatian Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Croatian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2020

Figure 19: Croatian Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 20: Croatian Life Segment – Market Shares of Leading Insurers (%), 2015

Figure 21: Croatia – The Three Pillars of Solvency II

Figure 22: Croatia – Insurance Supervision and Control at Various Levels

Figure 23: Croatia – Insurance Regulatory Frameworks for Company Registration and Operation

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