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Market conditions

The insurance business in Croatia has a strong impact on the total economic development inthe country and it substantially contributes to the stability of the financial system. The

dynamism of this sector ranks the insurance business among the sectors with the highestdevelopment potential. Total insurance premiums increase twice as fast as the averageeconomic growth in the country, with life insurance growing almost four times faster (CCE,2005). The insurance share of the Croatian financial sectors total assets is 5.4%, which isthe third-largest share, after banks (79.3%) and leasing companies (6,3%). The insuranceindustrys s hare of gross domestic product is 3% (Banka, 2006).

Currently, there are 26 licensed insurance and two re-insurance companies operating inCroatia.

Table 4: Number of insurance and re-insurance companies in Croatia

Year

1995 15

1997 20

1999 26

2000 28

2001 25

2002 24

2003 24

2004 272005 26

Source: Insurance Companies Supervisory Authority: Insurance market in Republic of Croatia,IX./2005

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