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Developing Strategic Initiatives with the TOWS Matrix - Croatia Insurance Company SWOT Analysis

The growth of Croatian insurance market, observed through a growth of the share of total premiums in GDP, indicates an increasing importance of insurance market in national economy. When comparing Croatian insurance market to transitional countries like Poland, the Czech Republic and the Slovak Republic, there are evident similar trends of market growth. Croatian insurance market was dominated by one company, Croatia Insurance Company, till 1990. Market growth and development and its opening towards investors bring the growth in the number of insurers, both those in domestic ownership and subsidiaries of strong European insurers. Nevertheless, the integration processes that struck transitional countries, and Croatia among them, are stopping the trend of growth in the number of insurance companies. There were 20 insurance companies and 2 reinsurance companies in Croatia at the beginning of 2007. The biggest company and leader in Croatian insurance market is Croatia Insurance Company. Although it still is a market leader, its domination and market share are decreasing. Besides insurance companies there are also companies for intermediation in insurance, companies for representation in insurance and crafts for representation in insurance on Croatian market. The subject-matter of the research is the SWOT analysis and the TOWS matrix and their role in setting strategic initiatives for Croatia Insurance Company. The purpose of the research is to explore the adequacy of applying the characteristics of the SWOT analysis and the TOWS matrix, their relatedness and interdependency on the Croatia Insurance Company. The main hypothesis is that the TOWS matrix is an appropriate tool for setting strategic initiatives. The objectives are to: 1. Create a SWOT analysis for Croatia Insurance Company. 2. Create a TOWS matrix for Croatia Insurance Company. 3. Establish relatedness between them. 4. Define possible strategic initiatives on the basis of a TOWS matrix. 5. Derive adequate conclusions.

SWOT analysis; TOWS matrix; strategic initiatives; environmental models; Croatia Insurance Company

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