STATISTICS: SLOVENIA, FY 2015: The market gets back on a positive trend in GWP terms

According to data published by the Slovenian Insurance Association, the local market ended 2015 with GWP of EUR 1.9 billion, 1.95% higher y-o-y. Life insurance a saw a higher than average growth rate, of 5.7%, thus increasing its share in the market portfolio by 1pp, to 28.65%.

"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.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates

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