According to data from the Croatian Chamber of Economy, GDP in Croatia increased by 0.3%. In 2012 the World Bank predicts a drop in Croatian GDP by 1.0%, which is consistent with the assessment by the International Monetary Fund, anticipating global economic decrease, a drop in GDP, increased unemployment and decreased purchasing power. These estimates are in agreement with the predictions of a double dip recession and warnings that GDP growth of 0.3% does not represent an exit from the recession. If the country credit rating of Slovenia is reduced, 2012 may be expected to be the most difficult year since the beginning of the global crisis in 2008. Public debt, which is expected to rise from 45.1% to 51.8% of the GDP, is a cause of particular concern.

The number of unemployed persons in Croatia at the end of 2011 was 315,438, which represents an average unemployment rate of 17.9%. The fastest rise in unemployment was registered among university degree holders. The anticipated unemployment rate for 2012 is 18.7%. The inflation rate in 2011 was 2.3% compared to 1.1% in 2010. The prices of industrial products rose by 7%. Industrial production achieved negative growth of -1.2% and its recovery is not expected before 2013.

2011 Main Macroeconomic Indicators


4.4 million

2011 Growth of GDP (estimate)


2011 GDP (estimate)

USD 64.2 billion

2011 GDP per capita (estimate)

USD 14,529

2011 Inflation rate (retail prices) (estimate)


Source: IMF, World Economic Outlook, September 2011, Croatian Chamber of Economy

Insurance market

In the reporting year 26 insurance companies (one more than in 2010) operated in Croatia, of which there were 10 composite insurance companies, 10 non-life insurance companies and 6 life insurance companies. They recorded a total of HRK 9.14 billion in premium or 1% less than in 2010. Of total premium 73% was from non-life insurance and the remaining from life insurance. Non-life insurance premium decreased by 1% and life insurance premium rose by slightly less than 1% over 2010.

Triglav Osiguranje booked a total of HRK 396.0 million in premium and remained in seventh place with a 4.33% market share. Concentration in the insurance market was rather high. The first five insurers held a combined 64.6% market share. The biggest insurance company, Croatia Osiguranje, with 30.5% was the market leader in non-life insurance, whilst in life insurance it was Allianz, with a 15.4% market share.

Premium structure in the Croatian insurance market


Shares in the Croatian insurance market


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