The Croatia Osiguranje (CO) insurance company is investing over HRK 200 million in digitalisation and the development of new products, its board chairman Davor Tomaskovic told a press conference on Tuesday while presenting LAQO digital insurance.

LAQO is a new digital brand on the Croatian market offering a quick and easy way of concluding compulsory and comprehensive car insurance contracts digitally. Tomaskovic said that it would provide technologically more advanced insurance and increase the level of digitalisation of the market.

The press were presented with the results of a survey conducted by the Hendal market research agency showing that more than half of the citizens of Croatia, or 62 percent, used digital solutions more often than before the coronavirus pandemic, while a third intended to use such service more than before.

The survey also found that citizens used digital solutions in banking five times more often than in insurance, which indicates that there is a great need and a lot of room for digital innovation on the insurance market, the press conference was told.

Data from the Croatian Insurance Office for the first eight months of this year shows that non-life insurance gross premiums increased by 3.7 percent to HRK 5.46 billion. The most frequent type of non-life insurance is motor vehicle liability insurance, with a gross premium of HRK 1.72 billion at the end of August, which is a year-on-year rise of 9.74 percent.

(€1 = HRK 7.555432)