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

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

STATISTICS: SLOVENIA, FY2017: life insurance and Motor Hull, the market drivers

Slovenian insurers ended 2017 with GWP of EUR 2.18 billion, 5.5% up y-o-y, mostly capitalizing from the life insurance segment's revitalization. Thus, after a weak 2016, when the life insurance business followed a descending path, in 2017 the almost 10% growth of the Unit-Linked insurance products line gave the segment the needed stimulus to re-enter on a positive trend.

2018-05-03

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

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