STATISTICS: SLOVAK Rep., 1H2015: 16% increase of the market aggregate profit

In 1H2015, the Slovak insurance market totaled EUR 1.06 billion, while the value of paid claims by local insurer was EUR 586.4 million, according to the financial figures published on the NBS's web-site (National Bank of Slovakia). More in detail, the life insurance field generated more than half of total GWP (51.3%), while the non-life classes accounted for 48.7% of the market (EUR 516 million).

The life insurance portfolio was dominated by traditional policies (about 50.6% of total life GWP), while the share of unit-linked products was 28%. In terms of life indemnities, even if traditional policies' paid indemnities value dropped significantly, the line still generates more than three quarters of total (~76%).

The non-life portfolio was dominated by three sub-classes which generated together 78% of total non-life insurers' business and about 89% of claims: Motor TPL (28% of non-life GWP and 35% of claims), property (25.2% and 15.6%) and motor hull (24.9% and 38.7%).

"In MTPL insurance, the loss ratio decreased to 53.7%. Therefore the combined ratio also decreased, to 83.6%. If the combined ratio is calculated with transfer of a part of premiums to the account of the Slovak Interior Ministry, the contribution to the Slovak Insurers' Bureau (SKP) and the change in the technical provision for the liability to the SKP, the ratio would decrease to 92.6%", Julia CILLIKOVA, Director of the NBS Regulation and Financial Analysis Department, told XPRIMM.

In the analyzed period, the aggregate profit of insurance companies increased by 18% y-o-y to EUR 71 million.

Access www.xprimm.com and download the preliminary 1H2015 Slovak insurance market figures.

More about the Slovak insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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