Location map
author: OCHA/ ReliefWeb

- Central Europe;
- Neighbours: Hungary, Austria, Czechia, Poland, Ukraine.

- temperate climate;
- cool summers;
- cold, cloudy, humid winters.

Macro indicators
* 2018 estimates
Pop. density*:110.9people/km2
GDP*:90.2EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2009
- replaced Slovak koruna (SKK)

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:31%




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Slovakia 3Q2022 Market Portfolio N B S

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Slovakia 3Q2022 S L A S P O

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Latest news

Traditional life policies pushed up the Slovak market to EUR 1.56 billion

In the first nine months of 2013, the Slovak insurance market increased by 2.2% y-o-y to EUR 1.56 billion, according to the financial figures published by the National Bank of Slovakia (NBS). The value of claims paid by insurers increased by 5.5% y-o-y, to EUR 910 million.

Vienna Insurance Group's Slovak operations post 8.6% increase in Jan-Sep earnings

Vienna Insurance Group (VIG) said its Slovak business recorded a pre-tax profit of EUR 42.8mn for the first nine months of 2013, up 8.6% y/y. Gross written premiums of VIG's Slovak subsidiaries totalled EUR 548.3mn through September, up 6.6% y/y, with life insurance premiums jumping 11.4% to EUR 297.3mn and non-life insurance premiums rising by 1.4% y/y to EUR 251mn.

SLOVAKIA close to losing arbitration against Achmea

Slovakia is a step closer to paying reimbursement to the Dutch company Achmea that owns the health insurance company Union. Last December, the arbitration court decided that the state has to pay EUR 22 million in reimbursement and court fees of EUR 3 million to Achmea, for the profit ban approved during the first tenure of Prime Minister Robert Fico.

AXA ends banking business in SLOVAKIA

The French financial group AXA is winding down its banking business in Slovakia to focus on different financial services. In late May AXA and UniCredit Bank Slovakia signed a cooperation agreement, based on which AXA Group will focus exclusively on insurance, pension savings and mutual fund investing, while UniCredit Bank will take up the banking portfolio.

SLOVAKIA, 1Q2013: Insurance market increased slightly due a 6% growth on life

In the first quarter of 2013, Slovak insurance market totaled almost EUR 573 million, representing an increase of 1.7%, according to the financial figures published by the National Bank of Slovakia (NBS). The positive market trend was determined by the increase of 6% in the volume of life insurance, to EUR 286 million, this type of policies generating 49.97% of the total insurance market. The non-life insurance segment accounted for about EUR 286.5 million (or 50.03%), 2.4% less y-o-y.

SLOVAK Rep. FY2012: Premiums up 4%, profit down 20%

The 23 members of the Slovak Insurance Association (SLASPO) reported for the financial year 2012 a total volume of gross written premiums of EUR 2.1 billion. The value is 3.7% higher as compared with audited figures published by The National Bank of Slovakia (NBS) for FY2011.

SLOVAKIA: Insurance sector profits down 20%

THE PROFITS of insurance companies operating in Slovakia amounted to EUR 155 million in 2012, which was a 20-percent drop compared to the previous year. The National Bank of Slovakia (NBS) ascribes this decrease to particularly high profits earned by the insurers in 2011.

SLOVAKIA: Over 7% of cars have no insurance

More than 183,000 motor vehicles are not covered by liability car insurance, which is compulsory in Slovakia. The Slovak Insurers' Bureau (SKP) registered at the end of 2012 a total of 2.355 million insured vehicles; however the total number of motor vehicles in Slovakia based on the statistics of the Interior Ministry is 2.538 million.

SLOVAKIA, 3Q2012: Insurance market down by 0.7% to EUR 1.58 billion

The Slovak insurance market continued to slow down in January-September 2012, the total GWP realized by the local insurance companies totaling EUR 1.58 billion, down by 0.67% y-o-y, according to the financial figures published by the Slovak Insurers Association - SLASPO.

ACHMEA undertakes legal steps against SLOVAK Republic

Today Dutch insurer Achmea gave a Notice of Arbitration to the government of the Slovak Republic. The notice opens a new arbitration procedure between Achmea and the Slovak Republic with regard to the plans of the Slovak government to expropriate private health insurers. The notice is given pursuant to art. 3 of the United Nations Commission on International Trade Law Arbitration Rules of 1976 and art. 8 of the Investment Treaty between the Kingdom of The Netherlands and the Slovak Republic.

Court orders SLOVAKIA to pay EUR 22 million to health insurer

Slovakia has lost the drawn out case lodged against it by health insurance company UNION after PM Robert FICO banned private health insurers from making profits under his first government in 2008. The International Court of Arbitration presided over the case and ruled that the Slovak Republic would have to pay the Dutch owner of health insurer UNION, the company ACHMEA, some EUR 22 million in compensation and EUR 3 million in arbitration costs.

SLOVAKIA: ACHMEA won the first battle with Fico's government in the health insurance war

The International Court of Arbitration ruled in favor of the health insurance company UNION, a health insurance subsidiary of the Dutch insurer ACHMEA, following its legal action started against Slovakia. The insurer claimed the violation of the investments protection agreements when PM Robert Fico, during his first mandate, decided to ban private insurers from making profits. The Court decided that the Slovak Republic will have to pay ACHMEA about EUR 22 million in compensation for the loss of profit and another EUR 3 million in arbitration costs.

SLOVAKIA: Private health insurers on the verge of nationalization

The two private health insurance companies currently operating in Slovakia will have to leave the market next year, as the government approved a plan to reinstate a single public health-insurer system starting 2014 in order "to stop the inflow of funds to private provider", Bloomberg reports.

SLASPO: SLOVAK market posts 0.9% growth in 1H2012

The Slovak insurance market grew by 0.9% in the first six months of 2012, according to industries figures published by SLASPO (Slovak Insurance Association). The value of premiums amounted to EUR 1.09 billion in 1H2012, up EUR 9.5 million in absolute value, compared with January-June 2011.