The outlook for the insurance market in Slovakia remains stable and while car insurance is seeing heightened competition, the launch of payments from the second pension pillar has the potential to alter the market.

The consolidated net profit of the Slovak insurance market amounted, in 2014, to EUR 181.09 million, 13.4% up y-o-y, according to data provided by the National Bank of Slovakia (NBS). "The amount is the second highest in history, while the maximum, EUR 188 million, was reached in 2011," Julia CILLIKOVA, Director of the NBS Regulation and Financial Analysis Department, told XPRIMM.

Slovak Telekom, in cooperation with the insurance company Allianz, introduced Invoice Insurance, which provides coverage in the event a person is unable to pay his monthly invoices, not only to Slovak Telekom, but also to other companies including housing fees. The service is offered in four levels, depending on coverage: 25, 25+, 50 and 50+.

The impact of torrential rain, thunderstorms, lightning, hail, landslides and floods caused millions of euros in damage in Slovakia this year, and with signs that climate change is creating less predictable global weather patterns, flood insurance is an increasingly necessary investment for many homeowners and businesses.

Fraud has always been a concern for insurance companies, but fraudsters are developing ever more sophisticated schemes; insurance companies, meanwhile, are responding with more effective countermeasures.

Slovakia has won a lawsuit with commercial health insurance company Dovera, according to a recent ruling of the European Commission, the Trend weekly website reported on December 8.

Gross written premium in 3Q2014 by the Slovak insurers went up y-o-y by 2%, to EUR 1.6 billion, at a fairly equal growth pace for life and non-life insurance segments. According to the National Slovak Bank, the market supervisor, overall the number of insurance policies grew by 4.13%, which compared with the GWP increase indicates a still highly competitive market.

The Slovak market recorded once again a growth rate of about 2% in GWP, to EUR 1.13 billion. The positive trend was visible both on the life and non-life segments.

A Slovak man who was being sought by police over alleged insurance fraud has been apprehended in Cuba, the TASR newswire learned from Martin Waldl of the Police Corps Presidium's communications and crime prevention department on October 9. "Following close cooperation with the Cuban Embassy in Slovakia and the Slovak Embassy in Cuba, the first extradition of a person from Cuba to Slovakia took place today," said Waldl, as quoted by TASR.

The Slovak market continued in 1Q2014 its slow paced but stable growth, recording once again a growth of about 2.7% in GWP, to EUR 588 million. The positive trend was visible both on the life and non-life segments

The severe thunderstorm that swept across Bratislava on August 3 caused damage to property worth hundreds of thousands of euros, insurance companies active in Slovakia informed.

Orange Slovakia is offering travel insurence for the whole family from MetLife Amslico with its roaming packages for free. The promotion applies until 30 September for the roaming offers My Europe/My Europe+, My World/My World+ or Roaming+. The insurance coverage is up to EUR 40,000 in the EU and EUR 100,000 elsewhere. Moreover, the package My Europe, with which customers can call, send SMS and use data anywhere in the EU for domestic prices, that is, EUR 0.12, is free for two months.

An Austrian investor in Slovakia's health insurance market has seen the remainder of its treaty claim against the state thrown out at the jurisdictional stage.

THE SLOVAK insurance sector saw no dramatic changes last year, while stabilisation in the eurozone was reflected in developments in Slovakia, too, which mirrored those in other countries in the region. Expectations with respect to positive developments in macro-economic indicators are optimistic. In addition, the insurance sector is preparing for Solvency II and the payment of the first pensions from the so-called second, private, old-age insurance pillar.

NEW technologies are impacting the insurance industry and several companies in Slovakia now sell insurance policies via the internet or mobiles - along with reporting an increased interest from clients in these channels.

THE NATIONAL criminal agency has uncovered a group of seven people who filed fraudulent claims worth EUR 775,000 with an insurance company over fictitious car accidents.

THE ARBITRATION proceedings initiated by Dutch company Achmea, the owner of the health insurer Union, against the Slovak government, which plans to merge the three existing health insurers and introduce a unitary state system of health insurance, ended with a victory for Slovakia.

2013 was year stability for the Slovak insurance market, with no major changes. The market continued to increase its business volume at a slow pace, recording a 2.7% growth in GWP, to EUR 2.17 billion. However, looking at its two main segments, it is obvious that life insurance performed better, ending the year with a 5.9% growth in premiums, while on the non-life sector almost all the main business lines recorded a slightly negative trend.

The excellent development of Vienna Insurance Group in Slovakia continues. The Group expanded its market share to 34.5 per cent, sharply increasing its edge over competitors, according to Vienna Insurance Group.

Slovakia's government on Wednesday suspended its plan to create a single state-owned health insurer and potentially nationalize the EU member's two private insurers, informs digitaljournal.com. According to an official release, the idea on creating a single state-owned health insurer will be put on hold until the finance ministry will be able to cover the operation's costs. At all events, the 2014 deadline can not be met.