"According to the first results Slovenian insurance market grew in 2015 for nearly 2 % up to EUR 1.97 bln. For comparison, GWP in Slovenia was EUR 2.09 billion in 2010, after that it was constantly falling because of the influence of the economic crisis. Last year the results in the Slovenian economy were better (growth of GDP, export, domestic consumption) and also the growth trend in insurance reversed. The best results were on life insurance market (most affected insurance by economic crisis) which grew for 5.3%. Falling of non-life insurance premium stopped," Mateja LAMOVSEK, Insurance Analyst, Slovenian Insurance Association commented for XPRIMM.
Still, although the general trend in non-life insurance was slightly positive, in general, the motor insurance lines recorded a negative change in GWP, both Motor Hull and MTPL insurance premiums going down by over 2%.
"Solvency II didn't influence much on Slovenian insurance companies because they are all well capitalised. The problem was late implementation of Solvency II in Slovenian legislation (new Insurance Act published in Official Gazette in December 2015, most of the regulation based on the Act adopted in the beginning of this year)," said LAMOVSEK. However, there some other legal and fiscal issued which may be characterized as challenging for the insurance market: "With January 1st 2015 higher premium tax was introduced, of 8.5%. On January 2nd 2016 fiscal cash registers have been initiated - they must also be used in insurance companies. The latter faced many problems with this new rule," she said.
Access www.xprimm.com and download the FY2015 Slovenian insurance market statistics.
- Gross written premiums
- Paid claims
- Growth rates