SLOVENIA: MTPL puts the brake on market recovery

17 January 2012 — Daniela GHETU
SLOVENIA: MTPL puts the brake on market recovery
xcom_statisticSlovenian insurance market showed a stable evolution in the first nine months of 2011, with an overall premium growth rate of 1.15%, up to EUR 1.62 billion GWP. Still, it is worth mentioning that paid claims registered a significantly higher growing pace, of almost 6%, due to life insurance paid indemnities. According to the Slovenian Insurance Association estimates, by the end of 2011, the Slovenian market will reach EUR 2.16 billion in GWP, 2.8% higher than in 2010.

Non-life insurance market proved to be the most balanced in 3Q2011, with a 1.22% growth in GWP and 2% decrease in paid claims. Best performance in this respect belongs to the "Fire and allied perils" class, which benefitted from a year free of extreme weather conditions.

Motor insurance, which accounts for almost 38% of the non-life business, continued to register a negative trend in underwriting, reporting a 3% lower volume of GWP. In this respect, Slovenia is probably the sole CEE market where Motor Hull business entered on a positive track while the MTPL class continued to report a 6 - 7% fall in underwriting, mostly as a result of the very price sensitive market. Nevertheless, it is worth mentioning that Slovenian motor insurers managed to improve their claims indicators, the volume of paid claims for motor insurance decreasing by 5.4% in 3Q2011.

The Slovenian market ranking remained unchanged, although the market leader, TRIGLAV, lost some 1.5 percentage points in market share. According to the company's statements, in the first 3 quarters of 2011, net profit of Zavarovalnica Triglav totalled EUR 35.0 million or 9.6% more than the year before. MARIBOR and ADRIATIC SLOVENICA rank second and third, with almost unchanged market share.

Access and download the Slovenian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Market shares/Growth rates):
  • Total market ranking
  • Life insurance ranking
  • Non-life insurance ranking