Macroeconomic and financial analysis of the insurance market in the Republic of Croatia

Djelatnost osiguranja igra važnu ulogu u stvaranju potrebite sigurnosti za pojedinca i ostale pravne entitete. Premija koju osiguranici plaćaju društvima za osiguranje ključan je čimbenik spomenute djelatnosti i glavni izvor prihoda, a sama struktura iznosa premije u sebi sadrži i naknadu za preuzeti rizik. Stoga, ako se u obzir uzme i činjenica da su osiguravatelji i bitni sudionici na financijskim tržištima (jer upravljaju velikim premijskim sredstvima) izuzetno je bitno imati „zdrave“ financije, što regulator (HANFA) nastoji postići svojim strogim solventnim zahtjevima. Međutim, kao što je rizik nemoguće potpuno ukrotiti isto tako je nemoguće regulatornim zahtjevima onemogućiti loše poslovanje poduzeća. Na temelju toga u ovom radu se nastoji putem makroekonomske analize uvidjeti cikličnost poslovanja sudionika hrvatskog tržišta osiguranja. Putem horizontalne i vertikalne analize pruža se analitički pogled na imovinsku strukturu većeg (Allianz Hrvatska d.d.) i manjeg (Groupama osiguranje d.d.) sudionika tržišta. Također, uvidom u strukturu prihoda i rashoda uočavaju se glavni kanali poslovanja, a putem financijskih pokazatelja i kolika je uspješnost samog poslovanja.Insurance activity plays an important role in creating the necessary security for individuals and other legal entities. The premium that policyholders pay to insurance companies is a key factor in the mentioned activity and the main source of income. The structure of the premium amount also includes compensation for the assumed risk. Therefore, if we take into account the fact that insurers are also important participants in the financial markets (because they manage large premium assets), it is extremely important to have "healthy" finances, which the regulator (HANFA) tries to achieve with its strict solvency requirements. However, just as it is impossible to completely remove risk, it is also impossible to prevent bad business operations by regulatory requirements. Based on this, paper tries to understand the cyclical nature of the operations of participants in the Croatian insurance market through a macroeconomic analysis. Horizontal and vertical analysis provides an analytical view of the asset structure of larger and smaller market participants. Also, by looking at the structure of income and expenses, the main channels of business can be seen, and through financial indicators. They provide analysis how successful the business is