SLOVAKIA, 1Q2013: Insurance market increased slightly due a 6% growth on life

8 August 2013 — Vlad BOLDIJAR
slovakia-statisticsIn the first quarter of 2013, Slovak insurance market totaled almost EUR 573 million, representing an increase of 1.7%, according to the financial figures published by the National Bank of Slovakia (NBS). The positive market trend was determined by the increase of 6% in the volume of life insurance, to EUR 286 million, this type of policies generating 49.97% of the total insurance market. The non-life insurance segment accounted for about EUR 286.5 million (or 50.03%), 2.4% less y-o-y.

In terms of life segment, the largest growth rate was registered in "death insurance class", where premiums were 15% more y-o-y. At the same time, the premiums written according to the "traditional life insurance" contracts increased by 7% to EUR 149 million, while the "U-L life insurance" class totaled EUR 85.6 million (2.9% more) and represented 15% of the total insurance market.

On general insurance segment, the highest decline rate was recorded in the motor insurance line (motor hull and MTPL, added-up), where the value of GWP lowered by 6.1% than in 1Q2012. This was determined by the decline recorded in the volume of MTPL (-7.5%), while the motor hull segment decreased by 4% y-o-y. At the same time, positive growth rates were recorded by the following business lines: accident and health - 5.8%, GTPL - 9.9%, travel - 0.2%, while property insurance remained at the 1Q2012 level.

Access and download the 1Q2013 Slovak insurance market statistics.

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