The Slovak market continued in 1Q2014 its slow paced but stable growth, recording once again a growth of about 2.7% in GWP, to EUR 588 million. The positive trend was visible both on the life and non-life segmentsGerman group ALLIANZ consolidated its leading position, ranking first on both segments. On the life insurance segment it had the best dynamic among the Top 5 companies.
Life insurance had the largest contribution to the overall EUR 15.5 million extra premium production of the market. Thus, GWP for life insurance grew by 3.4% y-o-y, to almost EUR 296 million, mostly driven by the supplementary non-life insurance and the Unit-Linked lines.
The non-life insurance sector totaled GWP of EUR 292 million, 2% up y-o-y. The MTPL insurance lines recorded the worst performance, the GWP volume for this class decreasing by about EUR 2.6 million, to EUR 88.3 million. Based on the data from the National Bank of Slovakia, the number of MTPL policies increased in 1Q2014 by about 2%, so the decrease in premium shows either a further decrease in tariffs or a larger share of the half year policies in the portfolio.
ALLIANZ - Slovenska poistovna leads the market with a 28.2% share, followed by KOOPERATIVA poistovna VIG (24.9%) and GENERALI Slovensko poistovna (8%). On the life segment, ALLIANZ managed to get the first place in the market ranking, following a 7.8% growth in its business volume which allowed it to increase its market share by about 1pp, to 21.1%. The VIG subsidiary KOOPERATIVA poistovna and the American MetLife Amslico lost each almost 1pp of its market weight, currently ranking second and third. The non-life Top 3 remained unchanged compared to 1Q2013, replicating the total market ranking.
It should be noted that the first quarter of 2014 provided a breath of fresh air for the private health insurers. Thus, although the Dutch company ACHMEA, the owner of the health insurer UNION, lost the arbitration proceedings against the Slovak government, with regard to the government's plan to merge the three existing health insurers and introduce a single state administered system for health insurance, according to an official release, the idea was put on hold by the state itself as being too costly for the current financial possibilities of Slovakia. At all costs, the 2014 deadline cannot be met.
Access www.xprimm.com and download the 1Q2014 Slovak insurance market statistics.
Market portfolio (according NBS):
- 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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