Market Report, "Croatia Insurance Report Q2 2016", published

Croatia's insurance market remains underdeveloped, with low rates of penetration and density in both the life and larger non-life segments. Growth has been hampered by low average household income levels as well as a lack of uptake of formal banking services among a large share of the population. Moving forward, we are forecasting slow but steady growth in the life sector, bolstered by supporting demographic trends as well as falling unemployment and rising household income rates. Growth will be slower in the non-life sector, largely due to a flat autos market which is dampening demand for motor insurance - the largest share of the non-life market.

Key Updates And Forecasts

Following an extensive restructuring process and HRK840mn recapitalisation, Adris, owner of largest domestic firm CROATIA Osiguranje, has announced plans to invest some HRK2bn in its insurance business between 2016 and 2018 as it attempts to strengthen its ailing position in the non-life market and to expand in the region.

Full Report Details at
- http://www.fastmr.com/prod/1123435_croatia_insurance_report_q2.aspx?afid=301

The non-life product offering continues to expand. In January 2016, Croatian mobile phone company Vipnet announced it had partnered with insurance firm BNP Paribas Cardif Insurance to provide mobile phone insurance cover for both individuals and businesses which customers can access via their Vip subscriber account at a monthly cost of around HRK15.

We are currently forecasting average annual growth of 4.3% in the life sector and 2.9% in the non-life sector (in local currency terms) between 2016 and 2020 as the stagnant motor sector continues to weigh upon growth in the larger non-life sector.

The Croatia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Croatia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Croatian insurance industry.

Key Benefits
Benchmark BMI's independent insurance industry forecasts for Croatia to test other views - a key input for successful budgeting and strategic business planning in Croatia's insurance market.
Target business opportunities and risks in Croatia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

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