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CROATIAN INSURANCE MARKET OVERVIEW AFTER EU ACCESSION

The aim of this paper is to examine Croatian insurance market after The Republic of Croatia EU accession in July of 2013. Insurance has evolved as a process of safeguarding the interest of people from uncertainty and can be described as a social device to reduce or eliminate risk of loss to life and property. Insurance industry contributes to the general economic growth of the society, provides safety and security that reduces uncertainties in business and human life, generates financial resources, encourages savings, etc. Thus far, it is safe to say that the insurance industry is vital to any economy. In the past, the insurance market in The Republic of Croatia was characterized with state -owned monopoly that only slightly changed during the last decades and after the EU accession and the market liberalization, market conditions are changing rapidly every day. The aim of this paper is to give an overview of the main key indicators on the Croatian insurance market, including the amount of premiums, the scale of investment and the essential social and economic role the insurance market operators play on personal and business risk coverage on the Croatian market ; but more importantly to give an overview of the market liberalization effects in the past year and a half after The Republic of Croatia EU accession and a perspective for the future.

liberalization, insurance market, Croatia, effects, EU accession

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