engleski

Insurance market in pandemic circumstances

Insurance market products help individuals and companies to face everyday risks without worries regarding financial compensation in case that damage occurs. Insurance products are usually divided by criteria of the nature of the object/subject of insurance and the voluntary nature of consumption: 1. life and non-life insurance and 2. mandatory and voluntary insurance. The subject of insurance trade, simplified, is the sense of security that a person who buys an insurance policy acquires by handing over risk to the insurance company. Development of insurance in terms of diversity of offer and performances of products was always following real needs of persons exposed to risks. True time risks are changing and also the perception and the value of insurance coverage. If we were to analyse this changes true 17th century until today, we would find out that each time people have been faced with new challenges like natural disasters or other threats to life and property, the insurance market in terms of offer would evolve. Since 2020 humanity is faced with one of the biggest challenges - corona virus pandemic. This circumstances have changed intensity and occurrence of many risks and created some new ones that are affecting not only health and life of people, but indirectly are affecting all aspects of human beans lives. In the focus of this paper is Croatian insurance market. Changes on the market will be analysed and presented within conclusion.

insurance market, corona virus pandemic, new risks

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