Personal Accident and Health Insurance in Croatia, Key Trends and Opportunities to 2020

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Published: September 26, 2017 Report Code: GD-IS1579MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Croatia, Key Trends and Opportunities to 2020' report provides detailed analysis of the trends, drivers, challenges in the Croatian personal accident and health insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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 personal accident and health insurance segment in Croatia:

• It provides historical values for the Croatian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It profiles the top personal accident and health insurance companies in Croatia, and outlines the key regulations affecting them.

Key Highlights

• In June 2017, Croatia Osiguranje d.d. received approval from Hrvatska Agencija Za Nadzor Financijskih Usluga (HANFA) to merge with Croatia Zdravstveno d.d., the private health insurance unit of Croatia Osiguranje.

• On February 26, 2016, Uniqa Osiguranje d.d. issued a primary health insurance card by signing a contract with the Croatian Institute for Health Insurance.

• In May 2016, Croatia Osiguranje obtained the regulatory approval to acquire more than a 10% stake in VELEBIT Osiguranje and VELEBIT Zivotno Osiguranje.

Reasons to Buy

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

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

• Assess the competitive dynamics in the personal accident and health 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.

Croatia Osiguranje d.d.
Euroherc Osiguranje d.d.
Allianz Zagreb d.d.
Jadransko Osiguranje d.d.
Triglav Osiguranje d.d.
Grawe Hrvatska 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 Profitability

4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Personal Accident Insurance

5.1.1 Policies

5.1.2 Claims

5.1.3 Profitability

5.2 Health Insurance

5.2.1 Policies

5.2.2 Claims

5.2.3 Profitability

5.3 Travel Insurance

5.3.1 Policies

5.3.2 Claims

5.3.3 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Croatia Osiguranje d.d. – company overview

7.1.2 Euroherc Osiguranje d.d. – company overview

7.1.3 Allianz Zagreb d.d. – company overview

7.1.4 Jadransko Osiguranje d.d. – company overview

7.1.5 Triglav Osiguranje 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

9.1.1 Claims and expenses

9.1.2 Assets and investments

9.1.3 Direct marketing and e-commerce

9.1.4 Insurance brokers and agencies

9.1.5 Bancassurance and other distribution channels

9.1.6 Personal accident insurance

9.1.7 Health insurance

9.1.8 Health insurance by product

9.1.9 Travel insurance

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 Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Croatian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Croatian Government Credit Ratings

Table 4: Croatian Personal Accident and Health Insurance – Gross Written Premium (HRK Million and US$ Million), 2011–2015

Table 5: Croatian Personal Accident and Health Insurance – Gross Written Premium (HRK Million and US$ Million), 2015–2020

Table 6: Croatian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 7: Croatian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Croatian Personal Accident and Health Insurance – Premium per Capita (HRK and US$), 2011–2015

Table 9: Croatian Personal Accident and Health Insurance – Premium per Capita (HRK and US$), 2015–2020

Table 10: Croatian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2015

Table 11: Croatian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2015–2020

Table 12: Croatian Personal Accident and Health Insurance – Paid Claims (HRK Million and US$ Million), 2011–2015

Table 13: Croatian Personal Accident and Health Insurance – Paid Claims (HRK Million and US$ Million), 2015–2020

Table 14: Croatian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 15: Croatian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

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

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

Table 18: Croatian Personal Accident and Health Insurance – Investment Portfolio (HRK Million), 2011–2015

Table 19: Croatian Personal Accident and Health Insurance – Investment Portfolio (HRK Million), 2015–2020

Table 20: Croatian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2015

Table 21: Croatian Personal Accident Insurance – Number of Policies Sold (Million), 2015–2020

Table 22: Croatian Personal Accident Insurance – Paid Claims (HRK Million and US$ Million), 2011–2015

Table 23: Croatian Personal Accident Insurance – Paid Claims (HRK Million and US$ Million), 2015–2020

Table 24: Croatian Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 25: Croatian Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 26: Croatian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 27: Croatian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 28: Croatian Health Insurance – Paid Claims (HRK Million and US$ Million), 2011–2015

Table 29: Croatian Health Insurance – Paid Claims (HRK Million and US$ Million), 2015–2020

Table 30: Croatian Health Insurance – Loss Ratio (%), 2011–2015

Table 31: Croatian Health Insurance – Loss Ratio (%), 2015–2020

Table 32: Croatian Travel Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 33: Croatian Travel Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 34: Croatian Travel Insurance – Paid Claims (HRK Million and US$ Million), 2011–2015

Table 35: Croatian Travel Insurance – Paid Claims (HRK Million and US$ Million), 2015–2020

Table 36: Croatian Travel Insurance – Loss Ratio (%), 2011–2015

Table 37: Croatian Travel Insurance – Loss Ratio (%), 2015–2020

Table 38: Croatian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (HRK Million), 2011–2015

Table 39: Croatian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (HRK Million), 2015–2020

Table 40: Croatian Personal Accident and Health Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 41: Croatian Personal Accident and Health Insurance – Leading Insurers, 2015

Table 42: Croatia Osiguranje d.d. – Key Facts

Table 43: Euroherc Osiguranje d.d. – Key Facts

Table 44: Allianz Zagreb d.d. – Key Facts

Table 45: Jadransko Osiguranje d.d. – Key Facts

Table 46: Triglav Osiguranje d.d. – Key Facts

Table 47: Croatia – Insurance Regulatory Framework Key Features

Table 48: Croatia – Life Insurance Regulatory Framework

Table 49: Croatia – Property Insurance Regulatory Framework

Table 50: Croatia – Motor Insurance Regulatory Framework

Table 51: Croatia – Liability Insurance Regulatory Framework

Table 52: Croatia – Minimum Coverage for Aircraft Third-Party Liability Per Accident and Aircraft

Table 53: Croatia – Parafiscal Taxes on Insurance Premium

Table 54: Croatia ¬ Corporate Tax Rates for Financial Year 2017

Table 55: Croatian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 56: Croatian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 57: Croatian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 58: Croatian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 59: Croatian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 60: Croatian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 61: Croatian Personal Accident and Health Insurance – Direct Marketing and E- Commerce, 2011–2015

Table 62: Croatian Personal Accident and Health Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 63: Croatian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2011–2015

Table 64: Croatian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2015–2020

Table 65: Croatian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2011–2015

Table 66: Croatian Personal Accident and Health Insurance – Bancassurance and Other Distribution Channels, 2015–2020

Table 67: Croatian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 68: Croatian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 69: Croatian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 70: Croatian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 71: Croatian Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 72: Croatian Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 73: Croatian Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 74: Croatian Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 75: 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 9: Croatian Personal Accident and Health Insurance – Gross Written Premium (HRK Million), 2011–2020

Figure 10: Croatian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 11: Croatian Personal Accident and Health Insurance – Premium per Capita (HRK), 2011–2020

Figure 12: Croatian Personal Accident and Health Insurance – Number of Policies Sold (Million), 2011–2020

Figure 13: Croatian Personal Accident and Health Insurance – Paid Claims (HRK Million), 2011–2020

Figure 14: Croatian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Croatian Personal Accident and Health Insurance – Total Assets (HRK Billion), 2011–2020

Figure 16: Croatian Personal Accident and Health Insurance – Investment Portfolio (HRK Million), 2011–2020

Figure 17: Croatian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 18: Croatian Personal Accident Insurance – Number of Policies Sold (Million), 2011–2020

Figure 19: Croatian Personal Accident Insurance – Paid Claims (HRK Million), 2011–2020

Figure 20: Croatian Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (HRK Million and %), 2011–2020

Figure 21: Croatian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 22: Croatian Health Insurance – Paid Claims (HRK Million), 2011–2020

Figure 23: Croatian Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (HRK Million and %), 2011–2020

Figure 24: Croatian Travel Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 25: Croatian Travel Insurance – Paid Claims (HRK Million), 2011–2020

Figure 26: Croatian Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (HRK Million and %), 2011–2020

Figure 27: Croatian Personal Accident and Health Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 28: Croatia – The Three Pillars of Solvency II

Figure 29: Croatia – Insurance Supervision and Control at Various Levels

Figure 30: Croatia – Insurance Regulatory Frameworks for Company Registration and Operation

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