The subject of this paper is a comparative analysis of the life and non-life insurance markets in the Republic of Croatia and the Republic of Austria for a period of 7 years, more precisely from 2010 to 2016. The work consists of a theoretical and research part. The theoretical part describes the very concept of insurance, insurance history and its most important components such as premium, risk, damage compensation techniques, insurance functions, and insurance division on its sub-categories. Furthermore, life and non-life insurance as well as their division are also explained in separate chapters. The last theoretical chapter deals with the degree of development of the insurance market of the analyzed countries, the legal framework and the supervisory institutions. When it comes to the research part, it begins with the analysis of macroeconomic indicators such as inflation, gross domestic product and population. Thereafter, the analysis of the number of insurance companies and employees continues, while ultimately, as the most important analysis of this paper, follows the analysis of the gross premium charged, total, per capita and the gross premium paid. The paper seeks to prove the hypothesis set up and to notice the great differences that exist with regard to the insurance market in the analyzed countries, namely the Republic of Croatia and the Republic of Austria.