ZAGREB, 21 Nov, 2021 - The insurance market in Croatia in 2020 with total gross premiums of HRK 10.68 billion (€1.4 billion) written by insurers, slightly increased by HRK 12.9 million (€1.72 million) or 0.1% year on year, the Croatian Competition Agency (AZTN) reported on Friday.
"Compared to 2019 when they amounted to just over HRK 10.66 billion, in 2020 a stagnation in gross premiums was registered. When a precise analysis is conducted, only a symbolic growth of HRK 12.9 million was registered in gross premiums written or by a mere 0.1%" AZTN said following a survey which indicated that 15 insurance companies did business on the domestic market, tweo fewer than the year before.
For the sake of comparison, in 2019 insurance companies registered an increase in gross premiums of 6.5% year-on-year, AZTN noted whose survey is based on publicly released data by the Croatian Insurance Bureau (HUO) and the Croatian Financial Services Supervisory Agency (HANFA).
The largest market share, of 25.1%, was held by Croatia Osiguranje.
It was followed by Euroherc, which along with Adriatic Osiguranje and Agram Life, are part of the Agram conncern. Together they account for 25.6% of the market with a growing trend. In 2019 they accounted for 23% of the market.
Allianz Hrvatska ranked third, accounting for 10.7% of the market. The Wiener Osiguranje VIG with a share of 9% and Generali with 7.3% of the market follow.
In 2020 a total of seven insurance companies registered an increase in written gross premiums on the year, including two companies that do business via their branch offices Sava Osiguranje and Adriatic Slovenica.
That is considerably less compared with 2019 when there were as many as 14 insurance companies on the market.
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