Croatian insurance companies posted a record 11.7 billion kuna (€1.56bn) in gross written premiums in 2021, an increase of 12 percent compared with 2020, the Croatian Insurance Bureau (HUO) said on Tuesday, noting that despite the steady rise in the number of policy holders many citizens and businesses remain exposed to uninsured risks.

The non-life insurance premium increased by HRK 992.4 million, or 12.7%, to HRK 8.8 billion, and the life insurance premium rose by HRK 250 million, or 9.4%, to HRK 2.9 billion.

Croatian-based insurance companies generated a total gross insurance premium of HRK 10.8 billion on the Croatian market and HRK 920 million on EU markets, which is an annual increase of 42.0%. The best results were made in Italy, Austria and Slovenia.

By the end of 2021, non-life insurance policies totalled HRK 10.65 million and life insurance policies amounted to HRK 1.35 million. Non-life insurance policies, which accounted for more than 75% of the premium, were dominated by automobile liability insurance, whose share in the total premium was 25.2%.

Although the total number of insurance policies increased by 8.8%, disbursed amounts only slightly covered total damage caused by natural disasters.

“Despite the constant ten-year increase in the number of insurance policies, many citizens and businesses are still exposed to uninsured risks,” HUO said.

Last year saw a considerable increase in interest in earthquake insurance, which jumped by 30.9% in 2020 and by a further 43.4% in 2021.

(€1 = HRK 7.518150)