The Property Insurance market in Croatia has been experiencing steady growth and development in recent years. Customer preferences in the Croatian Property Insurance market are shifting towards policies that offer comprehensive coverage for various risks such as natural disasters, theft, and liability. Customers are increasingly looking for customized insurance solutions that cater to their specific needs and provide peace of mind in an uncertain environment. Trends in the market indicate a rise in demand for digital insurance services, with more customers opting to purchase and manage their policies online. This shift towards digitalization has led to increased competition among insurance providers, prompting them to innovate and improve their online platforms for customer convenience. Local special circumstances in Croatia, such as the country's geographical location and exposure to natural disasters like earthquakes and floods, have contributed to the growing importance of Property Insurance. As a result, insurance companies are focusing on developing products that offer comprehensive coverage for these specific risks, thus meeting the needs of the local market. Underlying macroeconomic factors, including economic stability and increasing disposable income levels, have also played a significant role in driving the growth of the Property Insurance market in Croatia. As the economy continues to improve, more individuals and businesses are investing in real estate properties, creating a greater demand for insurance protection against potential risks. In conclusion, the Property Insurance market in Croatia is evolving to meet the changing needs and preferences of customers, driven by digitalization, local special circumstances, and underlying macroeconomic factors.
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.
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