On the life insurance side, according to a TRIGLAV analysis, "the main reasons for this decrease can be found in the persistent adverse financial and economic conditions, as clients are more prudent when purchasing long-term life insurance policies, in larger number of surrenders and withdrawals and in the ageing of the life insurance portfolio (an increased number of maturities)". As the market data published by the Slovenian Insurance Association show, the underwritings for unit-linked products decreased in absolute terms by about EUR 32 million, a decrease only partially offset by the EUR 11 million increase in the tradition life insurance GWP.
Property, GTPL and travel insurance lines are the only non-life business segments which recorded a slightly positive evolution. However, they didn't manage to compensate the GWP volume decrease on the other insurance classes, especially on the MTPL insurance line (EUR 15 million less GWP than in 3Q2013). Among the main reasons of the significant decrease of the motor insurance business, the market leaser mentioned: "the aggressive price competition among insurance companies, lower premiums due to several sales promotion activities, the introduction of discounts (a bonus programme) and the economic crisis. The effects of the economic crisis are widespread and manifested in lower insurance density of natural persons and legal entities, failure to renew comprehensive car insurance for older vehicles, for vehicles after the expiration of leasing contracts or after loan repayment, stricter borrowing terms and conditions, corporate bankruptcies and in lower sales of motor vehicles in most of the countries where the Triglav Group operates."
On claims side, most of the business lines recorded a decreasing volume of paid claims. The most notable exceptions were property insurance, which saw a 10.4% increase in claims following the extreme weather events of 2014. However, the aggregated market figures show an overall decrease in the claims expenses of about EUR 45 million, mostly due to the significant lowering of the claims paid for motor insurance.
Zavarovalnica TRIGLAV remains the undisputed market leader, with an almost 31% market share, followed by ADRIATIC SLOVENICA and VZAJEMNA, with shares of the overall market GWP of 15% and 13.7% respectively.
Access www.xprimm.com and download the 3Q2014 Slovenian insurance market statistics.
- Gross written premiums
- Paid claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking