STATISTICS: SLOVAKIA, 1Q2018: non-life insurance has set the market trend, both in GWP and claims terms

Slovak insurance market saw a slightly positive trend in Q1, with GWP increasing overall by 1.42%, to EUR 577.6 million, an increase fully driven by the non-life insurance segment. The total volume of paid claims didn't change much y-o-y, increasing by less than 1%.

Life insurance GWP amounted to EUR 243.7 million, 3.8% less y-o-y, paid indemnities also decreasing by about 6%, to EUR 165 million. Traditional savings life insurance products, the main segment of the life insurance business, saw a negative trend, while index-linked and unit-linked insurance policies seem to benefit from an increasing popularity, thus recording a 6.7% increase in GWP.

Non-life insurance reported GWP of EUR 334 million, 5.6% up y-o-y, the positive trend being supported mainly by the motor insurance lines and the outstanding growth recorded on the income protection insurance line (+133%). The fire insurance class saw a 12% decrease in GWP, also losing some 2pp of its portfolio share.

Claims paid for non-life insurance increased by 10%, to EUR 133.5 million, most of this coming from the motor insurance lines and, again, from the income protection insurance line, for which paid claims went up in line with the written premiums, increasing by 130%.

Access www.xprimm.com and download the 1Q2018 Slovak insurance market statistics

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

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