From Statutory to Liberalized Motor Tariffs. Ms. Ilijana Jeleč, Member of the Board Tirana, 21. September 2018.
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1 From Statutory to Liberalized Motor Tariffs Ms. Ilijana Jeleč, Member of the Board Tirana, 21. September 2018.
2 Insurance market in the Republic of Croatia Insurance companies Number of companies as at 31 December 2016* Number of companies as at 31 December 2017* Number of companies as at 30 June 2018* Life insurance companies Non-life insurance companies Composite companies Reinsurance companies TOTAL * Registered in Republic of Croatia
3 Insurance market in the Republic of Croatia Overview of MTPL insurance market MTPL insurance penetration in GDP 0,53% MTPL insurance density per capita 62 Vehicles per 1000 citizens 493 Bonus malus scheme yes Centralized system for MTPL insurance policies and claims yes Harmonization with min sum insured yes Separate green card premium no Regulated commission fee no On line sale of MTPL policies yes Frequency of claims 4,0% Bonus/malus: insurance companies still have prescribed bonus malus scheme in their acts. However, classes are defined by insurance undertakings and bonuses may be given on different criteria (for example family bonus). Data on
4 Liberalization of MTPL insurance market Basics Started in Croatia became a member of European Union Insurers focused on free pricing and own conditions Results: lower premiums (depending on sex, age, type of insured, number of kilometers ) strong competition among market participants different services and additional cover (legal cover, assistance, repatriation )
5 Insurance market in the Republic of Croatia Premium trend Average increase in Life by 1,5% Average decrease GWP in Non-life by -1,8% Financial crisis started (GWP decrease) MTPL liberalization caused non life GWP decline by 9,8% in (year of liberalization)
6 Insurance market in the Republic of Croatia Share of non life GWP in total premium Decrease of non-life share in total GWP (from 74% to 68%) non-life started to recover later than life (MTPL liberalization)
7 Insurance market in the Republic of Croatia Non-life insurance break down MTPL decreased (42% to 34%) Kasko almost flat (15% to 14%)
8 Insurance market in the Republic of Croatia Share of motor insurance in total non life GWP Decrease of obligatory MTPL share from 42% to 32% -> direct consequence of MTPL liberalization Motor hull share remained almost the same
9 Insurance market in the Republic of Croatia Motor Insurance GWP trend (in mil. EUR) (in mil. EUR) In first year of liberalization steep decline of MTPL GWP Total decline of MTPL gross written premium amounts to 34%
10 Motor insurance Average premium (in EUR) (in EUR)
11 Liberalization of MTPL insurance market Obligatory MTPL premium In EUR Decrease of average obligatory MTPL premium by -38% compared to 2013.
12 Liberalization of MTPL insurance market Results Benefits for consumers Different premium for different policyholder types and risk factors Decrease of insurance prices Discounts on voluntarily insurances and insurance packages Discounts and sales Optimization of business expenses Individualization of premiums and insurance coverage Potential dangers Fierce market competiton - dumping Inadequate prices Increased business expenses Jeopardize capital adequacy Premium as final trigger Solvency ratio Technical provision adequacy Deterioration in consumer protection
13 Motor insurance Claims ratio, expense ratio and combined ratio Negative combined ratio in motor hull insurance MTPL profitability used to compensate losses in motor hull insurance - no longer possible after liberalization
14 Motor insurance Profit & Loss, Technical result Total motor insurance result: technical result shows recovery after decline caused by liberalization
15 Motor insurance in CEE Is it comparable with other countries? Source: Insurance Europe ( Croatia s share of motor premium in total non-life (YE2017): 46%
16 Actions taken Intensified off-site supervision of undertakings which conduct motor insurance Stress test in 2015 impact on MTPL combined ratio and MTPL business result HANFA steered undertakings toward improved effective and reliable system of governance for MTPL Prospective and risk-based supervision Identification of weaknesses for different levels of adverse deviations from planned business conditions
17 Measures taken by undertakings Improve cost ratio and business result decreasing discounts and/or costs optimizing expense ratio premium rates ceased to decline underwriting risks more cautiously changing/stopping some of sales channels education of employees in sales improving technology and business processes
18 Results of MTPL liberalization Conclusions 2013./2017. MTPL average premium decreased by 38% Total MTPL GWP decreased by 32% Share of motor vehicle insurance decrease by 11 bp (from 57% to 46%) Combined ratio for MTPL deteriorated but remained positive (93%) Combined ratio motor hull insurance improved significantly but still negative (from 139% to 107%)
19 Further actions Regular review of ORSA Actuarial function reports Monitoring combined ratio > 90% Further Stress testing, scenario analyses Continuously managing risk of premium sufficiency based on indicators, measures, sensitivity analyses, stress tests Determine acceptable and non acceptable indicator levels for adequate premium risk monitoring
20 Thank you for your attention!
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