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The Croatian Insurance Market MTPL and claims

The Croatian Insurance Market MTPL and claims. Financial I nstitutions in the Croatian F inancial Market. S hare of F inancial Institutio n s in the T otal A ssets of the F inancial Sector in 20 11. S upervisory I nstitutions in the F inancial S ector : Croatian National Bank

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The Croatian Insurance Market MTPL and claims

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  1. The Croatian Insurance Market MTPL and claims

  2. Financial Institutions in the Croatian Financial Market Share of Financial Institutions in the Total Assets of the Financial Sector in 2011 • Supervisory Institutions in the Financial Sector: • Croatian National Bank • Croatian Financial Services Supervisory Agency • State Agency for Deposit Insurance and Bank Rehabilitation

  3. Insurance Industry • 27Insurance Companies • 1 ReinsuranceCompany • 35Brokers • 371Agencies • 25 Banksauthorised to conductinsurancerepresentationactivities per 30.01.2013

  4. Insurance Density & Insurance Penetration - Europe Source: Insurance Europe, European Insurance inFigures, 2012

  5. Insurance Density & Insurance Penetration - Croatia Source: HUO

  6. Insurance Companies by Ownership and Insurance Business Written Insurance and Reinsurance Companies as at 31/12/2012 • Croatian Insurance Bureau 20 Members 15 Motor Insurers obligatory membership generate 98,00% of Total GWP

  7. Domestic Majority Ownership ForeignMajorityOwnership 11 56,23 %ofpremium Total 43,77 %ofpremium 26,85 %ofpremium Life 77,15 %ofpremium 68,51%ofpremium Non-Life 31,49 %ofpremium Premium Breakdown by Company Ownership – 31/12/2012 16

  8. 2011 2012 2011 2012 2011 2012 Allianz Croatia 1. 15,4 16,7 1. 30,5 30,0 Croatia 1. 36,5 35,6 Croatia Allianz 2. 14,1 14,8 2. 11,2 12,1 Euroherc 2. 14,9 14,9 Merkur 3. 10,5 10,4 3. 10,9 10,8 Allianz 3. 9,7 10,3 Grawe Jadransko 4. 10,1 10,2 4. 7,0 6,9 Jadransko 4. 9,5 9,5 Triglav Agram životno 5. 4,8 4,2 Kvarner VIG 5. 8,3 8,3 5. 4,9 4,6 75,5 74,6 64,6 64,3 58,3 60,2 Market Concentration Total Non-Life Life Euroherc Top 5 90,7 84,4 83,9 90,1 88,8 89,5 Top 10 Source: HUO

  9. TheCroatian Insurance Marketin 2012 27CroatianinsurancecompaniesgeneratedHRK 9.038mn (€ 1.198mn)inGrossWrittenPremiums. Non-Life market- the GWP amounted to HRK 6.577mn (€ 872mn), accounting for 72,8% ofthe total premiumincomeoftheCroatian Insurance Market. ThelargestclassofNon-Life business is Motor Third PartyLiabilityInsurancewith a grosswrittenpremiumof HRK 2.915mn (€ 386mn) and a Non-Life premiumshareof 44,3% and 32,3% ofthe total CroatianMarket. TheCroatian Insurance Bureauhas 20 Members, ofwhich 15 are activein Motor Insurance. The 15 Motor Insurersissued 1.928.201 MTPL Insurance policies at anaveragepremiumof 200 €.

  10. Gross Premiums Written from 2003 - 2012 In 000 € Source: HUO 1€ = 7,545624 HRK

  11. Premiums - Life and Non-Life % 2000 - 2012 Source: HUO

  12. Portfolio Breakdown - 2012 Source: HUO

  13. Stable MTPL average premium MTPL - GWPand Average Premium HR Average Premium in € HR GWP (in 000 €) Source: HUO

  14. MTPL market Less reported claims Decrease in claims frequency Source: HUO

  15. MTPL – Average PremiumCentral European Bureaux Group of CoB Source: HUO

  16. MTPL – Average ClaimCentral European Bureaux Group of CoB Source: HUO

  17. Consumer ProtectionAlternative Dispute Resolution Mechanisms – Mediation Centre and Ombudsman • ADR mechanisms are becoming more prominent on the Croatian market. • The Mediation Centreat the Croatian Insurance Bureau was founded by decision of the Management Committee of the Croatian Insurance Bureau of 29th March 2007. The Members of the Croatian Insurance Bureau have thereby expressed a common position that reflects their readiness to promote and the need to support the out-of-court settlement of disputes. • Confirmed its status as the Centre with best results compared to other mediation centres in the Republic of Croatia. • Similar to other European countries, the Insurance Ombudsman Servicewas established at the Insurance Association – the Croatian Insurance Bureau as an autonomous and independent dispute resolution body to facilitate the settlement of disputes between consumers and insurance companies with a view to achieving a higher standard of consumer protection. • As a step further towards higher consumer protection standards the Croatian Insurance Bureau launched the Project Financial Literacy in the Republic of Croatia - an initiative of the Croatian Insurance Industry – supported by the Ministry of Finance and approved by the Croatian Government.

  18. Legislative Changes in Croatia • Current system: • Evaluation and the level of compensation is decided by the courts which use criteria established by the Supreme court • New MTPL Law proposed by the Ministry of Finance • contains Medical tables and Tables of indemnity in order to implement a system of evaluation and compensation of personal injury claims

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