Insurances - Croatia | Statista Market Forecast

The Insurances market in Croatia is projected to reach a market size (gross written premium) of US$2.76bn in 2024.
Non-Life Insurances dominates the market with a projected market volume of US$2.39bn in 2024.
The average spending per capita in the Insurances market amounts to US$691.60 in 2024.
From a global comparison perspective, it is shown that the highest nominal value is reached the United States, with a projected market size of US$3.8tn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of -1.10%, resulting in a market volume of US$2.61bn by 2029.
In global comparison, the United States will generate the most gross written premium, reaching US$3.8tn in 2024.
Croatia's insurance market is experiencing a surge in demand for travel insurance due to the country's popularity as a tourist destination.

Definition:

Insurance is a financial arrangement that provides individuals or businesses with protection against unexpected financial losses. In exchange for regular payments, known as premiums, an insurance policyholder is covered in case of specific events, such as accidents, illnesses, or damage to property. When a covered event occurs, the insurance company compensates the policyholder, helping them recover from the financial impact of the loss or damage. Gross written premium (GWP) is the main indicator of the insurance market. It is the total amount of money that an insurance company collects from policyholders for their insurance coverage before deducting expenses or commissions.

Structure:

The insurance market comprises life and non-life insurances. The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, loss ratio – calculated as gross claim payments divided by gross written premium, for selected European countries the distribution channels of insurance bookings, and the share of insureds in the total population for over 50 countries for live, health, motor vehicle, property, general liability, and legal insurances.

Life insurances
Non-life insurances

Some non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

Over the past few years, the Insurances market in Croatia has been experiencing steady growth and development. Customer preferences in the Insurances market in Croatia are shifting towards more comprehensive and tailored insurance products that provide a wide range of coverage options. Customers are increasingly looking for policies that offer not only basic coverage but also additional benefits such as customizable packages, convenient digital services, and responsive customer support. Trends in the market indicate a rising demand for health and life insurance products in Croatia. With a growing awareness of the importance of financial security and healthcare protection, more individuals and families are investing in insurance policies that offer long-term benefits and peace of mind. Additionally, there is a noticeable trend towards digitalization in the insurance sector, with companies offering online platforms for purchasing policies, managing claims, and accessing customer support. Local special circumstances in Croatia, such as regulatory changes and increasing competition among insurance providers, are influencing the dynamics of the market. The government's initiatives to promote transparency and consumer protection have led to a more regulated insurance sector, which in turn has boosted customer trust and confidence in insurance products. Moreover, the presence of both domestic and international insurance companies in the market has created a competitive environment that drives innovation and product diversification. Underlying macroeconomic factors, such as the country's economic stability and rising disposable incomes, play a significant role in the development of the Insurances market in Croatia. As the economy continues to grow and individuals have more financial resources at their disposal, the demand for insurance products is expected to increase. Additionally, favorable demographic trends, such as an aging population and a growing middle class, are contributing to the expansion of the insurance market as more people seek to protect their assets and secure their future.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.