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Croatia's insurance market growth to slow to 2.8% in '22 – Allianz

Author Annie Tsoneva
Croatia's insurance market growth to slow to 2.8% in '22 – Allianz Author: Allianz Zagreb. License: All rights reserved.

ZAGREB (Croatia), May 25 (SeeNews) - Croatia's insurance market is expected to grow 2.8% this year, after surging 11.9% in 2021, its strongest growth rate in the past 20 years, insurer Allianz said on Wednesday.

The situation on both segments of Croatia's insurance market should normalise in 2022, with the non-life insurance segment expected to grow 3.2% and life insurance segment to expand 1.7% compared with last year, Allianz said in its Global Insurance Report 2022.

Last year, Croatia's non-life insurance segment expanded 12.8% to almost 1.08 billion euro ($1.15 billion), while the life insurance segment rebounded 9.4% to 385 million euro, after an almost 14% contraction in pandemic year 2020, Allianz said.

Allianz forecasts a compound annual growth rate of 3.7% for Croatia in the next decade, compared to 1.9% in the previous decade. The main growth driver will be the non-life segment (+4.1%), while life insurance will expand more moderately (+2.5%).

($ =0.938 euro)

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