The Slovak market finished the first semester of 2019 with a GWP volume of EUR 1,166 million (+2.6%), paid claims and benefits amounting to EUR 697 million (+7.1%) and a net profit at market level of EUR 68 million (-21.5%). Life sector held a share of 43.2% in total GWP, while the rest of 56.2% of GWP was brought by non-life business lines.
In the first three months of 2019, the Slovak insurance market totaled EUR 610.7 million, 3.6% more y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
GENERALI CEE Holding announces some changes in the managements of its subsidiaries CESKA pojistovna (Czech Republic), Generali Poistovna (Slovakia), and Generali osiguranje (Croatia), to become effective in the upcoming weeks and months once the necessary approvals have been received.
At the end of 2018 the Slovak insurance market totaled EUR 2.20 billion vs. EUR 2.16 billion a year before, according to the preliminary figures provided by the National Bank of Slovakia (NBS).
Dutch insurance group ACHMEA announced is expanding its presence in Slovak insurance market by acquiring AEGON's property & casualty portfolio in the country. The portfolio consists of more than 18,000 home insurance policies. The acquisition is being made by ACHMEA's subsidiary, UNION.
Italian insurer GENERALI announced signing an agreement to take over the entire life, non-life and composite insurance portfolios of three entities of ERGO International AG in Hungary and Slovakia. The sale is subject to certain regulatory and anti-trust approvals, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price and other terms.
Youplus, a new life insurance company, will launch in the Czech and Slovak insurance markets in May 2019. Youplus will begin operation in the Czech Republic the first half of 2019 and enter the Slovak market in the second half.
Between 2008-2017, the Slovak insurance market maintained a stable evolution, reflected in an almost horizontal graphical trendline, with no major spikes or drops in GWP. Overall market GWP fluctuated between EUR 1,967-2,135 million, almost equally divided between Life and Non-Life premiums.
Starting with March 2019, AXA Group will have a new Chief Risk Officer and a new Chief Technical Insurance Officer operating inside Czech Republic and Slovakia. The changes are waiting for regulator's approvals.
According to the Slovak Insurers Bureau (SKP) and Statistical Office of the Slovak Republic, there were around 241,000 motor vehicles without a valid MTPL policy on road in 2018. Through the Guarantee Fund, SKP paid for 2,706 claims as a result of accidents caused by uninsured vehicles.
The new 8% Insurance Premium Tax (IPT) has come into force since January 1st, 2019 in Slovakia, thus putting an end to amore than one year long debate.
In the first three quarters of 2018, the Slovak insurance market totaled EUR 1.67 billion, thus increasing by 3.82% y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
NN Group announced that it has completed the acquisition of AEGON's Life Insurance business in the Czech Republic and AEGON's Life Insurance and Pension businesses in Slovakia.
Slovak insurers have reported GWP worth EUR 1.13 billion in 1H2018, 4.46% up y-o-y. At the same time, claims paid have increased by almost 13% y-o-y, to EUR 649.2 million.
Slovak insurance market saw a slightly positive trend in Q1, with GWP increasing overall by 1.42%, to EUR 577.6 million, an increase fully driven by the non-life insurance segment. The total volume of paid claims didn't change much y-o-y, increasing by less than 1%.
The Slovak Parliament adopted on 20 June the new legislation replacing the current 8% insurance levy with a new tax of the same amount applied to non-life insurance premiums, except for MTPL for which the current levy will be maintained.
The introduction of the new 8% tax on non-life insurance premiums in Slovakia was postponed from October 2018, to January 2019, to allow insurance companies prepare for the change, the country's parliament decided on 7 June.