A new indirect taxation system for the insurance premium is in preparation in Slovakia, replacing the current special insurance 8% levy with a rate which will vary from 2 to 18% depending on the type of the policy, local press reads.
In the first three quarters of 2017, the Slovak insurance market totaled EUR 1.61 billion, representing an increase of 7.62% y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
In 1H2017, the Slovak insurance market totaled EUR 1.06 billion (11.8% more y-o-y), while the value of paid claims was of EUR 575 million, according to the preliminary financial figures provided by the National Bank of Slovakia.
In 1Q2017 the Slovak insurance market totaled EUR 569.5 million, 4.6% up y-o-y, the statistics published by the National Bank of Slovakia (NBS) indicated.
The Slovak insurance market was down by 1.78% y-o-y in 2016 in terms of GWP - to EUR 1.98 billion, according to data published by the Central Bank.
According to the Slovak Insurance Association data, the Slovak insurers ended 2016 with GWP of EUR 1,987 million, a result which is more or less in line with the previous year's premium production.
Rates may rise only marginally for some types of insurance, but others could increase by 15 percent or more, experts say. As
of the beginning of 2017, prices of some non-life insurance products,
mainly vehicle and travel insurance, have started to increase in
Slovakia. Insurance companies are responding in this way to a new
8-percent levy that the state now applies to every new premium.
The 8% levy on insurance premiums extension from the MTPL class to a;; the facultative non-life insurance lines in Slovakia started to produce effects on the insurance premiums, reports The Slovak Spectator, mentioning especially the vehicle and travel insurance premiums.
The Slovak Government and Parliament made several changes to the tax system with effect from 1 January 2017, some of them affecting also the local insurance companies, as well as their foreign shareholders. The recently adopted amendments concern - among others - corporate and personal income tax, value added tax, special levy in regulated industries, as well as social security and health insurance contributions, reads a Kinstellar report published by the Lexology portal.
Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday.
The Slovak government's decision to extend the 8% tax, previously applied only to the MTPL insurance premiums, to all the facultative non-life insurance lines has raised not only insurers' discontent, but also a negative reaction of CESMAD - the Association of Road Transport Operators of the Slovak Republic. In short, Slovak hauliers blame the recent change in taxation for the sharp increase in the mandatory motor insurance prices.
Slovak insurers have ended 1H2016 with an overall GWP volume inferior to the previous year's results for the same period. According to the market representatives, given the Slovak market's stability during the recent years, the end year market results should be more or less in line with the 2015 results.
Last year, the Slovak insurance market totaled EUR 2 billion, down by 4.1% y-o-y, as the preliminary statistics published by the National Bank of Slovakia (NBS) indicated. The life insurance field decreased by 9.6% y-o-y due to the 18% depreciation of unit-linked subsegment, while the non-life GWP was up by 2.8% to EUR 965 million.
ALLIANZ Real Estate (ARE) has acquired 100% of the shares of Central Shopping Center in Bratislava from IMMOCAP Group, a Slovakian real estate development company, for around EUR 175 million. It is the first real estate investment of ALLIANZ in Slovakia.
The Slovak insurance decreased 3.6% y-o-y during January-September 2015 to EUR 1.53 billion, according to the financial figures published by the National Bank (NBS). In the analyzed period, life insurance decreased by 8.4%, to EUR 798 million, while the non-life insurance segment was up by 2.3%, to EUR 740 million.
In 1H2015, the Slovak insurance market totaled EUR 1.06 billion, while the value of paid claims by local insurer was EUR 586.4 million, according to the financial figures published on the NBS's web-site (National Bank of Slovakia). More in detail, the life insurance field generated more than half of total GWP (51.3%), while the non-life classes accounted for 48.7% of the market (EUR 516 million).
In 1Q2015 the Slovak insurance market totaled EUR 614.20 million, 4.43% up y-o-y, the statistics published by the National Bank of Slovakia (NBS) indicated. The value of paid claims increased by 4.67% y-o-y to EUR 313.88 million.
Yesterday, CSOB Leasing and Volksbank Leasing International reached
agreement for CSOB Leasing to acquire all the shares of Volksbank
Leasing Slovakia and its insurance brokerage subsidiary, Volksbank
The value of aggregate gross written premiums of insurer members of Slovak Insurance Association - SLASPO has risen by an annual of 3.62% to EUR 632.29 million in the first three months of 2015, as the preliminary SLASPO statistics indicated.
The Slovak insurance sector had a profit of EUR 179 million last year, according to the National Bank of Slovakia (NBS). This represented year-on-year growth of 13.3 percent.