STATISTICS:

STATISTICS: SLOVENIA 1H2014: harsh competition pushed down motor insurance GWP despite de increasing car sales

Slovenian insurers ended 1H2014 with an aggregate GWP of EUR 1.05 billion, 3.2 lower y-o-y. "As expected, the decline in gross written premium is still noticeable and we can expect this trend till the end of this year," Mateja LAMOVSEK, Insurance Analyst with Slovenian Insurance Association told XPRIMM.

Life insurance saw again a 7.6% decrease in premiums, to EUR 270.4 million. Unit-linked products recorded the largest decrease in GWP, loosing over EUR 28 million as compared with 1H2013 (17.6% fall y-o-y), only partially offset by the 5.3% growth in premiums recorded for the "life assurance" class.

On the non-life side, GWP amounted to EUR 785 million, "only" 1.6% less as compared with 1H2013. Motor insurance lines continued to record a negative trend in GWP, despite the slight improvement in the car sales market (3% more new cars registrations in the fist half of 2014 as compared with the same period of 2013) mostly as a result of the aggressive price competition among insurance companies, leading to lower tariffs as well as a large array of additional discounts.

Property insurance lines went up by about 2%, to a total GWP volume of almost EUR 143 million. On the other hand, claims paid for the property lines went up almost 5%, at least in part driven by the snow and glaze storm which affected the entire territory of Slovenia by the beginning of 2014, resulting in claims worth over EUR 10 million, and by the stormy wind which also caused claims worth EUR 1.5 million in mid-May.

TRIGLAV, ADRIATIC SLOVENICA (since October 2013 also including the former KD Life company) and MARIBOR are the Top 3 market leaders, accounting together for almost 60% of the GWP volume. TRIGLAV holds the leading position on the life insurance market, with an almost 32% market share, followed by MARIBOR and NLB VITA - the largest bankassurance company in Slovenia -, with 13.90% and 11.8% respectively. On the non-life side, TRIGLAV is the absolute leader (31.7% market share), followed by VZAJEMNA (17.4%) and ADRIATIC SLOVENICA (16%).

An extended analysis of the Slovenian insurance market evolution in 1H2014 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2014, to be released on October, 19th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours - register here).

Access www.xprimm.com and download the 1H2014 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

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

Share |

Related articles

STATISTICS: SLOVENIA timeline 2008 - 2017: steady and smooth transition year over year

The Slovenian insurance market maintained steady between 2008-2017, the difference from the first year to the last one being summed up in a small growth, in both written premiums and paid indemnities. In this period, the Slovenian insurance sector kept a smooth transition year over year, with no sudden changes in any of the main business lines, reflecting a good stability and steadiness.

2019-01-09

Adriatic Slovenica's takeover by Generali greenlighted by the EC

The European Commission has greenlighted the takeover of insurer Adriatic Slovenia by Generali CEE, an affiliate of Italy's Generali Group, the world's third largest insurer, STA reports. According to the Commission, the deal does not affect the competition on the relevant markets.

2018-12-13

TRIGLAV to become the sole owner of Skupna pokojninska druzba's

Zavarovalnica TRIGLAV, the parent company of the TRIGLAV Group announced it signed an agreement with Nova Ljubljanska banka - NLB - to purchase the remaining 28.1% equity stake of pension insurer Skupna pokojninska druzba, thereby becoming its 100% owner.

2018-09-18

ON THE MOVE

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all