STATISTICS: SLOVAKIA, 1H2019: despite increasing claims expenses, the market remained profitable

17 October 2019 — Cosmin CONCEATU
The Slovak market finished the first semester of 2019 with a GWP volume of EUR 1,166 million (+2.6%), paid claims and benefits amounting to EUR 697 million (+7.1%) and a net profit at market level of EUR 68 million (-21.5%). Life sector held a share of 43.2% in total GWP, while the rest of 56.2% of GWP was brought by non-life business lines.

Life sector at the end of first half of 2019 reached a GWP volume of EUR 504 million (+1.5%). Ranked by their GWP volume, the largest life segment, "Insurance with profit participation", amounted to EUR 254 million (+2.7%), while the second largest line of life insurance GWP, "Index-linked and unit-linked", was of EUR 126 million (+1.2% - an exception considering the Unit-linked landscape in CEE, which decreased substantially in volume in 1H2019). The paid claims and benefits volume was EUR 383 million (+4.0%), with a considerable increase of 30.7% in unit-linked paid benefits.

The non-life sector GWP reached EUR 663 million (+3.4%) at the end of June 2019. MTPL (15.8% market share, both in life and non-life), Motor Hull (15.1%) and Property (14.4%) were the most voluminous non-life lines of business. MTPL GWP was EUR 184 million (+4.4%), Motor Hull's GWP was EUR 176 million (+3.1%), while Property GWP was EUR 168 million (+7.9%).

The non-life portfolio structure remained almost unchanged year-on-year, regarding the market weights of main business lines, with an exception on GTPL, who shrunk by 9.5%, down to EUR 44 million (1H2019: EUR 49 million).

Non-life paid claims amounted EUR 315 million (+11.1%), most of the claims coming from the two main Motor lines, which paid EUR 227 million combined together. Non-life technical result was EUR 18 million (+6.2%) at June 30th, 2019. Non-life net loss ratio was 52.8% (+2.7 pp.).

Access and download the 1H2019 Slovak insurance market statistics.

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