A. Žigman at the Croatian Actuarial Conference: Insurance sector achieved excellent results in 2025
Organised by the Croatian Actuarial Association and under the auspices of Hanfa and the Ministry of Finance, the tenth Croatian Actuarial Conference titled “All faces of modern risks” was held on 11 and 12 December 2025.
Following the host’s welcome address, the opening speech was delivered by Ante Žigman, President of Hanfa Board. Speaking about the broader economic environment, he highlighted Croatia’s improved credit rating and commented on the macroeconomic context and the insurance sector’s excellent performance. In this regard, he emphasised the industry’s record results: in 2025, insurance premiums reached a record level of EUR two billion, with expectations of further growth next year. Žigman also stressed the importance of reviving life insurance, which is currently in decline.
Providing a broader perspective on developments over the past decade, he noted that total insurance premiums have nearly doubled compared to ten years ago. This growth is primarily driven by an increase in non-life insurance premiums, especially motor and comprehensive coverage policies, influenced by inflationary pressures and a higher number of insured vehicles
He also addressed the investment structure of insurance companies. Although lower than before, fixed-income investments remain the most significant, alongside a growing share of corporate bonds and a continuous increase in equity exposure. This indicates healthy dynamics and diversification of investments, as well as efforts by companies to achieve higher returns. Compared to the EU, the domestic insurance market is more exposed to real estate; however, stress tests show that assets remain sufficiently liquid and sector capitalization is still at high levels, Žigman concluded.
The panel discussion on cyber and global risks in insurance featured Mladen Gavrančić, Head of Hanfa’s Information Security Office. It was noted that in 2024, reported cyberattacks caused estimated damages of EUR 17 million, but the actual total costs of cybercrime far exceed this figure, estimated at around EUR 170 million due to numerous unreported incidents.
Boris Mršić, Head of the Specialist Oversight Unit at Hanfa’s Information Security Office, gave a presentation titled “DORA and Digital Resilience”, introducing DORA Regulation to the participants and discussing the importance of managing ICT risk.
Iva Ivanković, Head of Hanfa’s Insurance Supervision Department, spoke about the upcoming Solvency II review. She presented key amendments and an overview of the quantitative impacts currently known at the EU level. She also outlined the guidelines currently under public consultation related to the Solvency II review and associated actuarial issues.
