STATISTICS: SLOVENIA 1H2015: Timid signs of recovery in GWP
Unit-linked products were the life insurance sector's driver, with a 9.8% increase in premium which exceeded the 2.5% drop in the traditional life insurance GWP.
The positive changes in GWP were few and only of a very modest size on the non-life insurance side, the best performance being achieved by the fire insurance class which saw a 2.3% increase in GWP, to EUR 70.5 million.
Motor insurance lines benefited from the passenger cars sales increase of 12.7%, but didn't find any support on the commercial vehicles segment for which sales of new units decreased by about 3%. As the market remained strongly competitive, GWP recorded a 2.4% decline for the Motor Hull line and a 1.4% decrease for the MTPL class. "Maintaining a leading position remains challenging, as the price competition has become even more aggressive. In a market characterised by a high concentration, the competition targets the existing policyholders," the TRIGLAV's interim report noted.
In fact, the Slovenian insurance market demonstrates a a high degree of concentration. The four major insurers controlled 72.7% of the traditional insurance market, a stable share as compared with 1H2014. Zavarovalnica TRIGLAV remains the market leader holding a 31.5% market share, only 0.3 pp lower as compared with 1H2014. The main challenger of the market leader is ADRIATIC SLOVENICA, a company 2.2 times smaller in terms of written premium (14.36% market share), followed by MARIBOR (13.65%).
Access www.xprimm.com and download the 1H2015 Slovenian insurance market statistics.
|More about the Slovene insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).|