The 23 members of the Slovak Insurance Association (SLASPO) reported for the financial year 2012 a total volume of gross written premiums of EUR 2.1 billion. The value is 3.7% higher as compared with audited figures published by The National Bank of Slovakia (NBS) for FY2011.

In terms of profitability, the after tax financial result of insurers amounted to EUR 155 million, representing a 20% drop as compared to FY2011. The National Bank of Slovakia (NBS) ascribes this decrease to particularly high profits earned by the insurers in 2011 (EUR 193 million). According NBS figures, the 2012 profit recorded by insurers is second highest since 2008.

At the same time, the market growth was fuelled mainly by the life insurance segment, which was up by 6.6% to more than EUR 1.1 billion. Here, a large increase was registered in U-L life insurance class, where premiums were 20% more than a year before.

The value of GWP recorded by the non-life insurers grew by only 0.3% to EUR 949 million, equivalent to 45% of total market. At the same time, both motor insurance lines reported negative change. In case of motor hull insurances, the value of GWP lowered by 3.4% than in 2011. Regarding MTPL, the decline was only 0.04% compared with 2011 and more than 10% compared with the 2008 figure, due the increasing level of the non-insured vehicles. According local media, in Slovak Republic, more than 183 thousand motor vehicles are not covered by MTPL. The Slovak Insurers' Bureau (SKP) registered at the end of 2012 a total of 2.36 million insured vehicles. "Thus the number of uninsured vehicles accounted for 7.2% of all registered vehicles. In the previous year, 171 thousand vehicles were without liability insurance," The Slovak Spectator wrote.

Access www.xprimm.com and download the FY2012 Slovak insurance market statistics.

Market portfolio:

• Gross written premiums
• Growth rates
  

Market rankings (GWP/Market shares/Growth rates):

• Total market ranking
• Life insurance ranking
• Unit-linked insurance ranking
• Non-life insurance ranking
• Motor hull insurance ranking
• MTPL insurance ranking