In the first three months of 2021, the Slovak insurance market totaled EUR 601 million, 4.4% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).

The profits of local insurers amounted to EUR 51.59 million, which was a 55% increase as compared to end-March 2020 (EUR 31.3 million), as official statistics show.

Technical result in life insurance entered the negative area (EUR-26.36 million vs. EUR157.08 million in Q1 2020), while the same indicator calculated for the non-life insurance segment increased by 51% y-o-y to EUR 31.17 million (vs. EUR 20.63 million).

In terms of GWP, life insurance LoB was down by 10% y-o-y to EUR 223 million, these types of policies generating ~37% of the total insurance market, while the non-life classes accounted for EUR 379 million (or~ 63% of total GWP), or about 1% less y-o-y.

Access xprimm.com and download the 1Q2021 Slovak insurance market statistics.