STATISTICS: SLOVENIA 1H2014: harsh competition pushed down motor insurance GWP despite de increasing car sales
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.
- Gross written premiums
- Paid claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking