2013 was year stability for the Slovak insurance market, with no major changes. The market continued to increase its business volume at a slow pace, recording a 2.7% growth in GWP, to EUR 2.17 billion. However, looking at its two main segments, it is obvious that life insurance performed better, ending the year with a 5.9% growth in premiums, while on the non-life sector almost all the main business lines recorded a slightly negative trend."Neither qualitative nor quantitative changes on the insurance market can be considered major. Compared to the last year, the standard life assurance was growing as well as new production, while the unit-linked insurance has stagnated. The number of repurchases declined, but there was growth in its volume. The non-life insurance business declined by 3.4% despite the growth number or registered vehicles because of the lower cost of insurance per contract. As a result, the combined ratio increased by 5 percentage points, to 85.4 %. On the property insurance side, GWP went up by 1%," Ivan PODSTUPKA, Policy Advisor of Communications & PR of the Slovak Insurance Association - SLASPO told XPRIMM.
All in all, ALLIANZ Slovenska Poistovna is the market leader, with a 26.3% market share and GWP of EUR 572 million, followed by KOOPERATIVA Poistovna VIG (23.45% market share; EUR 509 million in GWP) and GENERALI Poistovna (8% market share; EUR 174 million in GWP).
KOOPERATIVA Poistovna VIG, ALLIANZ Slovenska Poistovna, MetLife AMSLICO Poistovna are the life insurance market leaders, with an aggregated market share of about 50%, while on the non-life segment ALLIANZ Slovenska Poistovna holds the leading position, followed by KOOPERATIVA Poistovna VIG and GENERALI Poistovna (71.7% aggregated market share).
An extended analysis of the Slovak insurance market evolution in 2013 will be available in the forthcoming issue of XPRIMM Insurance Report FY 2013, to be released on May, 27th.
Editor's note: the above results are based on the market data provided by SLASPO; data will be updated as soon as the 2013 market results published by the supervising authority will be available.
CLICK HERE to read the full interview with Ivan PODSTUPKA, Policy Advisor of Communications & PR of the Slovak insurance association - SLASPO.
Access www.xprimm.com and download the FY2013 Slovak insurance market statistics provided by SLASPO.
Market portfolio:
- Gross written premiums
- Claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Unit-linked insurance ranking
- Non-life insurance ranking
- Motor hull insurance ranking
- MTPL insurance ranking
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