STATISTICS:

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.

On the non-life insurance side, the overall change in GWP was of 4.5%, to EUR 1.45 billion, maintaining more or less the pace of the preceding year. In absolute terms, the largest contribution to the non-life business growth came from the health insurance, in fact from the supplementary health insurance segment "whose premium became more expensive as of 1 February 2017", according to one the main Slovene providers, TRIGLAV.

Motor insurance lines - especially the MOTOR Hull class -, provided also for a large part of the market growth. While the MTPL line saw a 3.7% increase in GWP, to EUR 234 million, on the Motor Hull segment the GWP growth was of almost 10%, to EUR 257.4 million, owing in part to the average price increase, but also to increasing sales of cars, especially based on leasing agreements.

Property insurance lines recorded a modest increase in GWP, of 3%, entirely fueled by the "damages to property" class. Quoting again the TRIGLAV Annual Report for 2017, one of the main sources of this growth was the crop insurance, due to "higher proportion of the Government's co-financing in fruit- and wine-growing and hop-growing and premium growth in permanent crops insurance."

GWP for the "fire and allied perils" line remained fairly at the same level as in 2016. Yet, for this line of business the notable change was recorded on the paid claims side. Damages of crops and fruits by spring frost and hail storms, as well as the higher claims paid for the property insurance of individuals because of the storms and floods occurred mainly in the second part of the year added to the insurers' bill so that claims paid went up by 12% y-o-y (24.3% for the fire insurance line).

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