STATISTICS: SLOVENIA, 3Q2014: aggressive price competition on the MTPL line pushed market in negative territory

The Slovenian insurance market saw a 2.8% y-o-y decrease in GWP at the end of the first three quarters of 2014, to about EUR 1.5 billion. Although the strongest relative decrease rate was recorded on the life insurance side (-4.99%), in fact both life and non-life insurance sectors have lost about EUR 20 million of their total GWP amounts, as compared with 3Q2013.

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 and download the 3Q2014 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

SLOVENIA: GRAWE recorded a total profit of EUR 0.7 million in 2018

During the General Meeting of Shareholders, GRAWE zavarovalnica d.d. presented the financial results for 2018. A total profit of EUR 0.7 million was recorded, alongside a total GWP level of EUR 43.3 million, above the expected number due to the increasing number of contracts.


SLOVENIA: Government pushes forward sale of NLB Vita

Slovenia's Government decided to lift some restrictions over Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, to further advance its privatisation process. NLB Vita, the insurance subsidiary of the NLB Group, could be sold entirely.


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.


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.


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.



Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.



Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.


See all