Insurance market

The Croatian insurance market and the scope of activities and competence of Hanfa relating thereto are regulated by the Insurance Act, Act on Compulsory Insurance within the Transport Sector and relating subordinate legislation.

Hanfa exercises supervision of the insurance market and compliance with the law of business operations of entities operating on the insurance market, for the purpose of ensuring an efficient, fair and stable market and with a view to protecting the interests of insured persons and beneficiaries and to strengthening the overall stability of the financial system. In addition to insurance and reinsurance companies, Hanfa also supervises legal and natural persons conducting insurance representation business or insurance and reinsurance brokerage business, as well as activities of the Croatian Insurance Bureau. Supervised entities are subject to a licensing procedure in the course of which Hanfa, prior to granting an authorisation, verifies their compliance with legally stipulated requirements. Furthermore, Hanfa organises examinations of professional knowledge required to obtain authorisation to conduct insurance representation business or insurance and reinsurance brokerage business, and is authorised to grant those authorisations. Hanfa also grants authorisations to conduct activities of a certified actuary, subject to fulfilment of the requirements prescribed by legislation and subordinate legislation.

 The Insurance Act regulates the following areas:

  • business operations and operating principles of insurance and reinsurance companies
  • terms and conditions for the establishment, supervision and dissolution of insurance and reinsurance companies
  • appointment and activities of the certified actuary
  • internal audit and audit of insurance and reinsurance undertakings
  • reporting obligation
  • insurance representation business and insurance and reinsurance brokerage business
  • establishment of the insurance and reinsurance pools
  • activities of the Croatian Insurance Bureau.

 The Act on on Compulsory Insurance within the Transport Sector regulates the following segments of compulsory traffic insurance:

  • passenger insurance
  • third party motor vehicle liability insurance
  • third party aircraft liability insurance
  • third party liability for ships insurance.

The following are insurance market participants in the Republic of Croatia:

  • insurance companies and reinsurance companies 
  • legal and natural persons conducting insurance representation business or insurance and reinsurance  brokerage business
  • the Croatian Nuclear POOL Economic Interest Grouping
  • the Croatian Insurance Bureau.

This web page contains links to:

  • a list of insurance companies and reinsurance companies
  • a list of banks and housing savings banks authorised to conduct insurance representation business
  • a list of insurance representation crafts
  • a list of insurance and reinsurance brokerage companies
  • a list of insurance agencies
  • a list of companies and crafts conducting insurance representation business at vehicle roadworthiness test garages
  • a list of authorised insurance agents and insurance and reinsurance brokers
  • a list of certified actuaries.

There is also a link to a list of entities providing insurance services, insurance representation services or insurance and reinsurance brokerage services having their registered offices in EU Member States or in signatory countries to the Agreement on the European Economic Area authorised to provide their services directly or through a branch in the territory of the Republic of Croatia, subject to prior approval of the competent authority and in accordance with the requirements laid down in the Insurance Act.