During the two-day program, participants discussed challenges from climate and geopolitical risks to the impact of inflation and the increasingly intensive application of artificial intelligence and digitalization in the daily operations of the sector, as well as the emergence of new risks that are difficult to fully recognize today.
The President of the Board of Directors of the Croatian Insurance Bureau and a member of the Board of Directors of Croatia osiguranje, Vesna Sanjković, emphasized the need to continuously strengthen the industry's resilience in an increasingly uncertain socio-economic environment. "Climate events are becoming more frequent and intense, the costs of claims are rising, and the Croatian market still records a relatively low insurance penetration in relation to the level of risk. This means that households and businesses are often underinsured, especially when it comes to property and catastrophic risks. In 2025, insurers in Croatia paid out more than EUR 1.2 billion, which clearly shows the role of insurance in protecting citizens and the economy”, Vesna Sanjković said.
The sector is facing a "new risk map" in which geopolitics, financial market volatility and growing demands for the stability of the financial system are intertwined, with an emphasis on the need to further strengthen its resilience – that was stated in the introductory speech by Dr. Sc. Ante Žigman, President of the Management Board of the Croatian Financial Services Supervisory Agency. “The Croatian insurance market, with around EUR 2.1 billion in premiums, is structurally stable and relatively predictable, with a dominant share of non-life, primarily motor insurance. In such circumstances, current geopolitical risks affect insurers primarily through inflation, rising energy prices and volatility in financial markets, which puts pressure on investment value and capital position in the short term. However, the key change in risk is deeper – risk is no longer just financial, but increasingly operational and digital”, he said.
The central discussion brought together leading industry representatives who raised key issues of the future development of the sector, particularly emphasizing the impact of macroeconomic trends and inflation on the Croatian market, as well as the increasingly pronounced challenges associated with climate change and growing damage caused by natural disasters. "Croatia needs a unique strategy of development of the insurance market that will, in accordance with European guidelines and the strategic framework led by EIOPA and national regulators, further stimulate its development as an important segment of the economy and society. In this process, digitalization plays a significant role as the foundation of resilience, security and competitiveness of the financial system, as well as artificial intelligence, which opens up significant transformative potential for the Croatian economy, but at the same time requires thoughtful strategies, adaptation and continuous investment in knowledge and competence development", Tomislav Radoš, Deputy President of the Croatian Chamber of Commerce, emphasized.
The discussions on the first day of the conference clearly demonstrated that the insurance sector is entering a new phase of development, marked by accelerated digitalization, regulatory challenges and growing user expectations. In such circumstances, striking a balance between a stable and predictable regulatory framework and the need for business agility and innovation will be crucial, as conventional models are no longer sufficient to respond to the complexity of modern risks. For these reasons, the industry is increasingly turning towards predictive and proactive risk management, digitalization of products and processes, as well as personalized solutions that are tailored to new user needs.
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