The Insurance and Reinsurance Distributors Association of the Croatian Chamber of Commerce (HGK) has become a member of BIPAR (European Federation of Insurance and Financial Intermediaries), osiguranje.hr informed.

While car sales in the EU fell in May, Croatia again recorded double-digit growth, according to data from the ACEA manufacturer association, osiguranje.hr writes.

According to the “Overview of supervised entities’ activities in the financial services sector for March 2024” published by the Croatian Financial Services Supervisory Agency (HANFA), the total gross written premium collected by the 14 insurance companies operating on the market in the first three months of 2024 amounted to EUR 451.9 million, of which EUR 77.7 million (17.2%) related to life insurance premium and EUR 374.2 million (82.8%) to non-life insurance premium.

The largest independent comparator of insurance and telecom services in Croatia, kompare.hr recently set new standards in the industry by creating a tech platform for digital distribution of motor insurance.

Ante Žigman, President of the Board, Croatian Financial Services Supervisory Agency (Hanfa), stated that to achieve the declared goals of the green transition, investments in the European Union in that segment should on average be at the level of about 4.5% of GDP, which for Croatia is about EUR 3.4 billion per year.

Digital financial services are inherently borderless, which raises the question of when a notification obligation is required on “cross-border provision of services” and, if so, how to classify these services - under FOE or FOS, Ante Žigman, President of the Croatian market authority, Hanfa said.

The gross profit of Allianz Hrvatska (the Croatian unit of German insurer Allianz) reached a record-high EUR 24.2 million last year, which means an increase of EUR 5.6 million compared to 2022, thanks to growing profitability of its non-life and life insurance operations, SeeNews reports.

The largest and most important annual meeting of insurers will again take place in Opatija this year, on May 8-10, at the Amadria Park Grand Hotel 4, Opatija, Cvideta, the Croatian Insurance Bureau announced.

In the first two months of 2024, 14 insurance companies, operating in Croatia, collected EUR 287.0 million, of which EUR 48.7 million (17%) came from life insurance, and EUR 238.3 million (83%) – from non-life insurance, HANFA – the Croatian FSA, said.

Consolidated insurance revenues of Croatia osiguranje, including regional branches, amounted to EUR 476 million in 2023, which is 11% more y-o-y. The company, part of the Adris Group, achieved a consolidated net profit before minority interests in the amount of EUR 58.5 million.

Ante Žigman will continue to serve as President of the Croatian Financial Services Supervisory Agency (HANFA) for a new mandate of six years, flanked by four members of the Administrative Council: Jurica Jednačak, Antun Palarić, Tomislav Ridzak and Anamarija Staničić, who will replace the previous member Ilijana Jeleč, HANFA announced on 7 February.

According to the Overview of the financial services sector – December 2023 published by The Croatian Financial Services Supervisory Agency (Hanfa - total premium collected by insurance companies in 2023 amounted to EUR 1.7 billion, of which EUR 0.3 billion (18.4%) related to life insurance premium and EUR 1.4 billion (81.6%) to non-life insurance premium.

The Croatian Financial Services Supervisory Agency (Hanfa) suffered a cyber-attack on its computer system on January 23, 2024. Both the causes and consequences of the attack are still under investigation, HANFA cooperating with all competent authorities to this end and to determine the total damage.

The total premium collected by insurance companies in 2023 was EUR 1.7 billion, 7.1% up y-o-y. Out of this total, 18.4% (EUR 0.3 billion) refers to life insurance premiums, while non-life insurance premiums account for 81.6%, or EUR 1.4 billion. Paid claims increased by +13.6% y-o-y, amounting to EUR 1.2 billion, HANFA – the Croatian FSA, said.

Croatia’s top insurance company Croatia Osiguranje last week informed that its management and supervisory boards will propose to the shareholders to distribute EUR 65 million in dividend on preferred and ordinary shares (EUR 151.27 per share) from retained earnings from previous years, SeeNews wrote.

In mid-December, the Croatian Parliament approved a decision that will stop the monopoly of insurance companies. Parliament after 15 years harmonized the law on mandatory motor insurance with EU legal norms, osiguranje.hr reports.

Total collected GWP of 14 insurance companies, operating in the market, for the first ten months of 2023 amounted to EUR 1.4 billion, of which EUR 243.8 million (17.0%) were life premiums, and EUR 1.2 billion (83.0%) - non-life, the Croatian Financial Services Supervisory Agency (HANFA) reports.

According to the September 2023 Monthly Report published by HANFA – Croatian Financial Services Supervisory Agency, at the end of September 2023 the total premium collected by the 15 local insurers amounted to EUR 1.3 billion, of which EUR 0.2 billion (17.15%) related to life insurance premium and EUR 1.1 billion (82.85%) to non-life insurance premium.

Consolidated income from insurance sales of Croatia Osiguranje Group of companies amounted to EUR 348 million, 11% more y-o-y. The consolidated net profit for the same period was EUR 31.2 million, the Group said. Yet, adjusting 9M2022 results according IFRS 17, for comparability, 9M2023 net profit fell by 27% y-o-y.

From January to August 2023, 15 insurance companies operating in Croatia collected total GWP worth EUR 1.2 billion, of which EUR 196.2 million (17.0%) related to life insurance and EUR 980.1 million (83.0%) to non-life insurance, the Croatian Financial Services Supervisory Agency reports.