STATISTICS: SLOVENIA FY2014: Falling MTPL prices affect the market size and raise the market authority's concern
On the life insurance side, unit-linked performed worst, recording an almost 11% decrease in GWP. "The main trend in life insurance is given by the policyholders in search for more protection; they are in general moving from unit-linked products to more traditional products," recently stated Sergej SIMONITI, Director, Insurance Supervision Agency, Slovenia for XPRIMM. All in all life GWP fell by 3.2%, to EUR 535.4 million. Indemnities paid for the life insurance lines amounted to EUR 383 million, decreasing by 2.5% y-o-y.
Non-life lines saw an aggregate decrease in GWP of 1.6%, to EUR 1.4 billion. The largest contribution to the negative trend once again belonged to the motor insurance lines, especially to the MTPL insurance class for which premiums went down by 6.7% y-o-y, to EUR 225.9 million. The strong competition continued to be the main reason of the continuous softening process on the motor insurance lines.
On the claims side, although the total volume went down by 2.6%, a significant increase was seen on the property lines for which the paid sums augmented by almost 15%, mostly as a result of the catastrophic floods recorded in the first half of 2014.
However, despite the decreasing volumes of GWP, the Slovenian insurers are preserving a high profitability, are solid and therefore consumer interests are well protected, as SIMONITI told us. However, as the supervising agency's representative emphasized, the falling MTPL prices represent a matter of concern for the market watchdog and a further possible driver for decreasing profitability in the market.
Zavarovalnica TRIGLAV remains the undisputed market leader, with a 30.5% market share, followed by ADRIATIC SLOVENICA and VZAJEMNA, with shares of the overall market GWP of 15.35% and 13.32% respectively.
Access www.xprimm.com and download the FY2014 Slovenian insurance market statistics.
- Gross written premiums
- Paid claims
- Growth rates
- Total market ranking
- Life insurance ranking
- Non-life insurance ranking