The limitations of competition in the insurance markets of Slovenia, Croatia and Serbia

Figures & data

Figure 1. Lorenz curve. Source: Schmittlein, Cooper, & Morrison, 1993.

Table 1. Reference Values of the HH index.

HH index value	Supply concentration level
HHI < 1.000	Non-concentrated (low concentrated) supply
1.000 ≤ HHI < 1.800	Moderately concentrated supply
1.800 ≤ HHI < 2.600	Highly concentrated supply
2.600 ≤ HHI < 10.000	Very high concentration of supply
HHI = 10.000	Monopoly

Source: Begović et al., 2002 p. 35.

Table 2. Number of active insurance companies in Slovenia, Croatia, and Serbia.

Year	Slovenia	Croatia	Serbia
2004	13	24	20
2005	14(2*)	23	17
2006	13	20	14
2007	14	22	18(2*)
2008	15(1*)	25	21(1*)
2009	15	27	22(1*)
2010	15	25	22
2011	16	26	23

*Number of active insurance companies which had no premium income in the analysed year.

Source: Annual Reports 2004–2011.

Table 3. The supply concentration indicator’s value movement in selected insurance markets in the period 2004–2011.

Year	Slovenia		Croatia		Serbia
	CR4	HHI	CR4	HHI	CR4	HHI
2004	83,60	2490,54	67,65	2052,52	89,91	2831,92
2005	85,81	2488,81	67,54	1882,98	79,02	2270,29
2006	82,18	2291,90	65,49	1721,32	81,15	2236,47
2007	78,99	2128,22	63,96	1601,23	81,15	2050,62
2008	78,30	2118,98	63,34	1551,44	77,98	1820,38
2009	78,09	2054,77	60,81	1447,31	74,20	1640,99
2010	76,10	1953,80	59,80	1397,19	71,61	1520,66
2011	75,29	1869,16	59,70	1356,93	72,10	1551,26

Source: Research results.

Table 4. The movement of the inequality indicator’s values in the distribution of supply in selected insurance markets in the period 2004–2011.

Year	Slovenia			Croatia			Serbia
	G	E	RE	G	E	RE	G	E	RE
2004	0,6171	1,7403	0,6785	0,6746	2,1688	0,6824	0,7225	1,7240	0,5755
2005	0,5820	1,7402	0,7003	0,6593	2,2017	0,7022	0,6449	1,9067	0,6730
2006	0,5668	1,8537	0,7227	0,5925	2,2532	0,7522	0,5949	1,8712	0,7091
2007	0,5620	1,9476	0,7380	0,6086	2,3152	0,7490	0,6261	1,9281	0,6954
2008	0,5623	1,9536	0,7403	0,6358	2,3711	0,7366	0,6770	2,0282	0,6770
2009	0,5879	1,9669	0,7263	0,6374	2,4490	0,7430	0,6610	2,1413	0,7033
2010	0,5696	2,0194	0,7457	0,6065	2,4539	0,7623	0,6309	2,2181	0,7176
2011	0,5846	2,0549	0,7411	0,6134	2,4809	0,7615	0,6515	2,2054	0,7034

Source: Research results.

Figure 2. Lorenz curves for selected markets in the period 2004–2011. Source: Research results.

Figure 3. Diagram of concentration indicator’s value movement. Source: Authors’ calculations in programme MiniTab 15.

Table 5. Analysis of concentration indicator’s value movement.

	Slovenia		Croatia		Serbia
	CR4	HHI	CR4	HHI	CR4	HHI
β1	-1,425	-92,21	-1,298	-97,26	-2,211	-175,35
p	0,000	0,000	0,000	0,000	0,002	0,000

Source: Research results.

Figure 4. Diagram of inequality indicator’s value movement. Source: Authors’ calculations in programme MiniTab 15.

Table 6. Analysis of inequality indicator’s value movement.

	Slovenia		Croatia		Serbia
	G	RE	G	RE	G	RE
β1	-0,0027	0,00808	-0,0063	0,00969	-0,0038	0,0129
P	0,385	0,009	0,161	0,012	0,560	0,057

Source: Research results.

Table 7. Correlation value in the movement of selected indicators of concentration and inequality in the insurance market of Serbia, Croatia, and Slovenia in the period 2004–2011.

		CR4			HH			G			RE
		SRB	CRO	SLO	SRB	CRO	SLO	SRB	CRO	SLO	SRB	CRO	SLO
SRB	Pearson Correlation	1,000	,866^**	,728^*	1,000	,978^**	,920^**	1,000	,842^**	,747^*	1,000	,896^**	,843^**
	Sig. (2-tailed)		,005	,041		,000	,001		,009	,033		,003	,009
CRO	Pearson Correlation	,866^**	1,000	,956^**	,978^**	1,000	,974^**	,842^**	1,000	,741^*	,896^**	1,000	,933^**
	Sig. (2-tailed)	,005		,000	,000		,000	,009		,035	,003		,001
SLO	Pearson Correlation	,728^*	,956^**	1,000	,920^**	,974^**	1,000	,747^*	,741^*	1,000	,843^**	,933^**	1,000
	Sig. (2-tailed)	,041	,000		,001	,000		,033	,035		,009	,001

**Correlation is significant at the 0.01 level (2-tailed).

*Correlation is significant at the 0.05 level (2-tailed).

Source: Research results.

Table

Company	Total premium	MS (%)
2004
Croatia	2,734,152,351	41.26
euroherc	728,078,561	10.99
Allianz	553,827,165	8.36
Jadransko	466,883,668	7.05
Zagreb	380,827,973	5.75
Grawe	345,150,941	5.21
Triglav	244,547,317	3.69
Merkur	218,694,926	3.30
Kvarner Wiener St.	211,088,057	3.19
Sunce	151,855,134	2.29
Helios	122,442,645	1.85
Aurum	96,383,572	1.45
Agram životno	84,406,427	1.27
Uniqa	70,499,928	1.06
Veritas	55,711,003	0.84
Libertas	41,663,341	0.63
Cosmopolitan	35,148,648	0.53
Addenda	27,003,553	0.41
Croatia zdr.	16,762,889	0.25
Basler	16,217,215	0.24
Generali životno	8,175,038	0.12
Basler životno	7,968,028	0.12
Generali než.	6,193,461	0.09
Hok	3,185,531	0.05
∑	6,626,867,372	100.00
2005
Croatia	2,825,083,041	38.44
Euroherc	841,349,146	11.45
Allianz	751,529,141	10.22
Jadransko	546,181,641	7.43
Zagreb	436,207,932	5.93
Grawe	376,470,849	5.12
Kvarner Wiener St.	292,974,559	3.99
Triglav	273,912,176	3.73
Merkur	233,685,220	3.18
Sunce	167,901,438	2.28
Agram životno	114,760,639	1.56
Helios	109,426,813	1.49
Uniqa	91,383,766	1.24
Libertas	57,411,740	0.78
Generali životno	56,186,556	0.76
Cosmopolitan	41,471,423	0.56
Addenda	29,796,698	0.41
Croatia zdr.	27,662,821	0.38
Generali	24,779,952	0.34
Basler než.	22,198,663	0.30
Basler životno	14,738,494	0.20
Erste osiguranje	10,289,109	0.15
Hok	4,671,688	0.06
∑	7,350,073,505	100.00
2006
Croatia	2,951,386,338	36.08
Euroherc	920,601,130	11.25
Allianz	873,534,058	10.68
Jadransko	612,059,413	7.48
Zagreb	442,632,822	5.41
Kvarner Wiener St.	400,840,206	4.90
Grawe	395,128,360	4.83
Triglav	318,382,222	3.89
Merkur	259,250,716	3.17
Generali	216,179,697	2.64
Agram životno	201,490,960	2.46
Helios	124,132,501	1.52
Sunce	122,293,199	1.49
Uniqa	109,656,947	1.34
Croatia zdr.	59,144,795	0.72
Cosmopolitan	53,822,480	0.67
Erste osiguranje	51,488,658	0.63
Basler životno	42,071,579	0.51
Basler než.	21,094,458	0.26
Hok	4,965,006	0.07
∑	8,180,155,545	100.00
2007
Croatia	3,095,917,322	34.15
Allianz	1,063,499,445	11.73
Euroherc	1,001,295,727	11.05
Jadransko	637,539,068	7.03
Kvarner Wiener St.	478,390,861	5.28
Zagreb	435,488,714	4.80
Grawe	422,972,379	4.67
Triglav	376,579,236	4.15
Merkur	297,606,531	3.28
Generali	276,822,641	3.05
Agram životno	214,579,108	2.37
Sunce	155,232,541	1.71
Uniqa	138,625,170	1.53
Helios	135,649,061	1.50
Croatia zdr.	78,213,427	0.86
Cosmopolitan	72,111,942	0.81
Erste osiguranje	65,549,730	0.72
Basler životno	61,117,305	0.67
Hok	30,032,766	0.33
Basler než.	24,014,719	0.27
Velibit život. os.	2,850,950	0.03
Cardif osiguranje	843,588	0.01
∑	9,064,932,231	100.00
2008
Croatia	3,243,961,360	33.51
Allianz	1,121,069,823	11.58
Euroherc	1,086,568,152	11.22
Jadransko	680,209,240	7.03
Kvarner Wiener St.	540,479,304	5.58
Grawe	432,857,269	4.47
Zagreb	396,875,284	4.10
Triglav	377,860,251	3.90
Merkur	296,705,953	3.07
Generali	266,443,411	2.75
Agram životno	235,856,335	2.44
Sunce	186,307,489	1.92
Uniqa	183,566,696	1.90
Helios	114,823,328	1.19
Hok	105,057,571	1.09
Croatia zdr.	88,600,149	0.92
Cosmopolitan	82,190,086	0.85
Erste osiguranje	75,267,425	0.78
Basler životno	64,702,361	0.67
Velebit osiguranje	38,468,335	0.40
Basler než.	27,326,399	0.28
Cardif osiguranje	25,204,675	0.26
Velibit život. os.	7,948,046	0.07
Viktoria životno	979,319	0.01
KD život os.	812,433	0.01
∑	9,680,140,694	100.00
2009
Croatia	3,029,486	32.21
Euroherc	1,043,612	11.10
Allianz	985,777	10.48
Jadransko	661,051	7.03
Kvarner Wiener St.	540,536	5.75
Grawe	416,428	4.43
Triglav	400,089	4.25
Zagreb–Basler	370,895	3.94
Merkur	295,938	3.15
Generali	272,054	2.89
Uniqa	234,370	2.49
Agram životno	227,755	2.42
Sunce	180,803	1.92
Hok	145,128	1.54
Helios	99,796	1.06
Croatia zdr.	97,007	1.03
Erste osiguranje	88,820	0.94
Cosmopolitan	87,443	0.93
Velebit osiguranje	51,818	0.55
Basler životno	49,818	0.53
Cardif osiguranje	35,502	0.38
Viktoria životno	31,158	0.33
Basler než.	28,190	0.30
Societe generale os.	17,701	0.19
Velibit život. os.	9,913	0.11
KD osiguranje	4,246	0.05
Viktoria osiguranje	131	0.00
∑	9,405,465	100.00
2010
Croatia	2,895,417	31.35
Euroherc	1,002,519	10.86
Allianz	983,968	10.65
Jadransko	641,345	6.94
Kvarner Wiener St.	511,420	5.54
Zagreb-Basler	409,012	4.43
Triglav	405,504	4.39
Grawe	398,384	4.31
Generali	301,209	3.26
Merkur	290,398	3.14
Uniqa	239,958	2.60
Agram životno	206,703	2.24
Sunce	176,695	1.91
Helios	174,822	1.89
Hok	165,469	1.79
Erste osiguranje	106,756	1.16
Croatia zdr.	97,208	1.05
Cardif osiguranje	65,239	0.71
Velebit osiguranje	62,327	0.67
Viktoria životno	51,559	0.56
Societe generale os.	29,414	0.32
Velibit život os.	9,468	0.11
KD osiguranje	8,248	0.09
Hrvatsko kreditno os.	1,551	0.02
Viktoria osiguranje	852	0.01
∑	9,235,445	100.00
2011
Croatia	2,788,861	30.53
Allianz	1,025,552	11.23
Euroherc	1,000,198	10.96
Jadransko	640,079	7.01
Kvarner Wiener St.	448,096	4.90
Zagreb -basler	411,543	4.50
Triglav	395,952	4.33
Grawe	392,680	4.30
Generali	324,182	3.55
Merkur	284,799	3.12
Uniqa	233,660	2.56
Agram životno	200,740	2.20
Hok	176,673	1.93
Helios	176,072	1.93
Sunce	172,441	1.89
Erste osiguranje	104,333	1.14
Croatia zdr.	97,276	1.06
Cardif osiguranje	68,245	0.75
Velebit osiguranje	67,107	0.73
Viktoria životno	43,289	0.47
Societe generale os.	37,793	0.41
Izvor osiguranje	18,640	0.20
KD osiguranje	12,268	0.13
Velibit život os.	8,009	0.09
Hrvatsko kreditno os.	6,687	0.07
Viktoria osiguranje	1,346	0.01
∑	9,136,521	100.00

Table

Company	Total premium	MS (%)
2004
Dunav osiguranje	8,775,576	38.77
DDOR Novi Sad	8,031,131	35.48
Delta Osiguranje	1,166,862	5.15
Zepter	794,404	3.51
Wiener	698,638	3.09
AMS Osiguranje	602,690	2.66
Sim Osiguranje	438,862	1.94
Kopaonik	429,700	1.90
Takovo Osiguranje	400,505	1.77
Grawe	283,849	1.25
Sava	252,064	1.11
Dunav TBI	127,728	0.56
Prizma	120,015	0.53
Jugins	100,800	0.45
Globus	85,767	0.38
Plus	83,074	0.37
Energoprojekt	73,928	0.33
Dijamant	63,348	0.28
Milenijum	54,790	0.24
Morava	52,402	0.23
∑	22,636,133	100.00
2005
Dunav osiguranje	11,627,474	33.52
DDOR Novi Sad	10,877,683	31.36
Delta Osiguranje	3,311,729	9.55
Wiener	1,594,331	4.60
Zepter	1,410,356	4.07
Takovo	1,141,662	3.29
Kopaonik	949,600	2.74
AMS Osiguranje	776,800	2.24
Sim Osiguranje	649,349	1.87
Polis	577,318	1.66
Grawe	562,329	1.62
Milenijum	364,739	1.05
Dunav TBI	242,614	0.70
Globus	231,108	0.67
Prizma	199,698	0.58
Energoprojekt	117,764	0.33
Morava	55,233	0.15
∑	34,689,787	100.00
2006
Dunav	13,121,607	34.23
DDOR	11,163,392	29.13
Delta	4,380,804	11.43
Wiener	2,439,803	6.37
Takovo	1,445,753	3.77
Zepter	1,082,171	2.82
Kopaonik	908,460	2.37
Grawe	907,196	2.37
AMS	846,317	2.21
Sava	685,951	1.79
Milenijum	512,627	1.34
Dunav-TBI	401,131	1.05
Globus	233,558	0.61
Energoprojekt	199,844	0.51
∑	38,328,614	100.00
2007
Dunav	13,810,751	30.84
DDOR	12,627,149	28.20
Delta Generali	6,278,656	14.02
Wiener	3,623,989	8.09
Takovo	1,347,132	3.01
Grawe	1,296,544	2.90
Triglav	1,146,435	2.56
AMS	1,048,579	2.34
Uniqa a.d.o. život.	846,027	1.89
Sava	810,305	1.81
Uniqa neživot	772,284	1.72
Milenijum	685,787	1.53
Globus	286,415	0.64
Energoprojekt	181,176	0.40
Credit Agricole Life	13,155	0.04
Merkur osiguranja	5,634	0.01
Basler neživot.	0	0.00
Basler život.	0	0.00
∑	44,780,018	100.00
2008
Dunav	14,694,704	28.16
DDOR	13,100,954	25.10
Delta Generali	8,508,722	16.30
Wiener	4,390,925	8.41
Uniqa nezivotno	2,072,733	3.97
Takovo	1,769,587	3.39
Triglav Kopaonik	1,705,348	3.27
Grawe	1,517,442	2.91
AMS Osiguranje	1,291,129	2.47
Sava	1,085,475	2.08
Milenijum	813,945	1.56
Uniqa a.d.o.	426,469	0.82
Globus	349,645	0.67
Energoprojekt	222,511	0.43
Merkur osiguranje	123,360	0.24
Credit Agricole Life	72,360	0.14
AS Osiguranje	29,834	0.06
Basler nezivotno	6,222	0.01
Basler zivotno	3,259	0.01
AIG	2007	0.00
Sava zivotno os.	0	0.00
∑	52,186,631	100.00
2009
Dunav	14,678,007	27.42
DDOR	11,169,736	20.86
Delta Generali	9,380,260	17.52
Wiener	4,497,171	8.40
Uniqa nezivotno	2,319,315	4.33
Takovo	2,108,826	3.94
Triglav Kopaonik	1,773,982	3.31
Grawe	1,727,795	3.23
AMS Osiguranje	1,537,259	2.87
Sava	1,345,458	2.51
Milenijum	982,601	1.84
Uniqa a.d.o.	579,100	1.08
AS Osiguranje	485,726	0.91
Globus	310,228	0.58
Merkur osiguranje	255,118	0.48
Energoprojekt	181,726	0.34
Credit Agricole Life	128,980	0.24
Basler nezivotno	41,234	0.08
Alico a.d.o.	17,189	0.03
Basler zivotno	11,601	0.02
Sava zivotno os.	3,334	0.01
Societe Generale	0	0.00
∑	53,534,646	100.00
2010
Dunav	14,655,672	25.93
Delta Generali	10,464,141	18.51
DDOR	10,456,370	18.50
Wiener	4,898,073	8.67
Uniqa nezivotno	2,766,878	4.90
Takovo	2,262,352	4.00
Grawe	2,019,893	3.57
Triglav	1,989,291	3.52
Sava Nez	1,580,681	2.80
AMS	1,510,103	2.67
Milenijum	932,660	1.65
AS Osiguranje	921,848	1.63
Uniqa zivotno	701,190	1.24
Merkur osiguranje	392,196	0.69
Globus	321,805	0.57
Energoprojekt	290,094	0.51
Axa Zivot	162,421	0.29
Basler nezivotno	81,822	0.14
Alico a.d.o.	40,740	0.08
Sava zivotno os.	34,374	0.06
Basler zivotno	32,992	0.06
Societe Generale	5,336	0.01
∑	56,520,932	100.00
2011
Dunav	15,435,121	26.93
Delta Generali	10,886,842	19.00
DDOR	9,864,495	17.21
Wiener	5,134,142	8.96
Uniqa nezivot.	3,018,850	5.27
Takovo	2,305,158	4.02
Triglav	2,119,446	3.70
Grawe	1,994,710	3.48
AMS	1,436,343	2.51
Sava Nez	1,229,163	2.14
Milenijum	1,210,672	2.11
Uniqa zivotno	802,992	1.40
Merkur	477,515	0.83
Globus	365,843	0.64
AS osiguranje	332,942	0.58
Energoprojekt	164,941	0.29
Basler nezivot.	146,930	0.26
Axa Zivot	128,835	0.22
Societe Generale	104,021	0.18
Sava zivotno	57,624	0.10
Met life	53,194	0.09
Basler Zivot	42,703	0.08
Axa nezivot	1,516	0.00
∑	57,313,998	100.00

Table

Company	Total premium	MS (%)
2004
Triglav	137.2	43.10
Mutual Health	55.9	17.56
Maribor	42.1	13.23
Adriatic	30.9	9.71
Slovenica	17.3	5.44
Tilia	10.3	3.24
Merkur	7.6	2.39
Generali	6	1.89
Grawe Insurance	5.9	1.85
NLB Vita	4.8	1.50
Arag Legal Insurance	0.1	0.03
Krekova	0.1	0.03
Triglav Health	0.1	0.03
∑	318.3	100.00
2005
Triglav	148	42.85
Mutual Health	55.2	15.98
Adriatic	48	13.90
Maribor	45.2	13.09
Tilia	11.7	3.39
Merkur	8.7	2.52
Generali	8	2.32
Grawe	6.9	2.00
NLB Vita	6.3	1.81
Slovenica	5	1.44
Prva kreditna	2.2	0.64
Triglav Healt	0.2	0.06
Arag Legal Insurance	0	0.00
Krekova	0	0.00
∑	345.4	100.00
2006
Triglav	158.4	41.03
Adriatic	56	14.50
Mutual Health	52.4	13.57
Maribor	50.5	13.08
Tilia	12.4	3.21
Generali	10.6	2.75
Triglav Health	9.5	2.46
Slovenica	9.2	2.38
Merkur	9	2.33
Grawe	7.8	2.02
NLB Vita	7.3	1.89
Prva kreditna	2.7	0.70
Arag Legal Insurance	0.3	0.08
∑	386.1	100.00
2007
Triglav	708.3	39.36
Adriatic	251.5	13.98
Maribor	234.6	13.04
Mutual Health	226.9	12.61
Tilia	58.1	3.23
KD Življenje	57.6	3.20
Generali	54.9	3.05
Triglav Health	51.6	2.87
Merkur	41.3	2.30
NLB Vita	36.4	2.02
Grawe	36.1	2.01
Prva Personal	26.8	1.49
SID Prva kreditna	14.1	0.78
Arag Legal Insurance	1.2	0.06
∑	1799.4	100.00
2008
Triglav	753.9	39.42
Adriatic	256.9	13.43
Maribor	251.9	13.17
Mutual Health	234.9	12.28
KD Življenje	69.8	3.66
Tilia	68.2	3.57
Generali	62.2	3.25
Triglav Health	59.3	3.10
Merkur	43.7	2.28
Grawe	36.4	1.90
NLB Vita	31.6	1.65
Prva Personal	28.2	1.47
SID Prva kreditna	14.0	0.74
Arag Legal Insurance	1.6	0.08
ERGO	0.0	0.00
∑	1912.6	100.00
2009
Triglav	744.5	38.21
Maribor	266.3	13.67
Adriatic	260.9	13.39
Mutual Health	249.8	12.82
Tilia	72.2	3.71
Generali	70.1	3.60
KD Življenje	69.3	3.56
Triglav Health	67.3	3.45
Merkur Insurance	45.2	2.32
Grawe Insurance	35.4	1.82
Prva Personal	28.8	1.48
NLB Vita	24.2	1.24
SID Prva kreditna	11.1	0.57
Arag Legal Insurance	1.8	0.09
ERGO	1.4	0.07
∑	1948.3	100.00
2010
Triglav	721.3	37.02
Adriatic	261.4	13.42
Maribor	259.9	13.34
Mutual Health	240.3	12.33
Generali	80.7	4.14
Tilia	73.8	3.79
Triglav Health	72.7	3.73
KD Življenje	70.3	3.61
Merkur Insurance	47.4	2.43
Grawe Insurance	34.9	1.79
NLB Vita	32.2	1.65
Prva Personal	28.2	1.45
SID Prva kreditna	19.9	1.02
ERGO	3.5	0.18
Arag Legal Insurance	2.0	0.10
∑	1948.5	100.00
2011
Triglav	696.7	35.56
Adriatic	265.7	13.56
Maribor	263.6	13.46
Mutual Health	249.1	12.72
Generali Insuranc	86.2	4.40
Triglav Health	80.2	4.09
Tilia	79.2	4.04
KD Življenje	62.6	3.20
Merkur	47.5	2.42
Grawe	34.3	1.75
NLB Vita	31.8	1.62
Prva Personal	29.7	1.52
Modra	5.7	0.29
SID Prva kreditna	21.1	1.08
ERGO	3.5	0.18
Arag Legal Insurance	2.2	0.11
∑	1959.1	100.00

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