Slovakia

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Location map
author: OCHA/ ReliefWeb


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

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

Macro indicators
* 2018 estimates
Surface:49,035km2
Population*:5.4million
Pop. density*:110.9people/km2
GDP*:90.2EUR billion
GDP/capita*:16,574.2EUR

European Union:
EU member, since 2004

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


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:12%
Overall Motor*:31%


Sources:






 









STATISTICS: Slovakia, FY 2022 NBS data: insurers' profits increased by 24% to EUR 195.79 million

At the end of 2022, the Slovak insurance market totaled EUR 1.92 billion, 4.7% more y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). The value of paid claims by local insurers increased by 15.5% y-o-y to EUR 1.18 billion, of which EUR 583.9 million related to life indemnities, EUR 176.9 million - Motor TPL, EUR 183.4 million- MoD and EUR 159.7 million - payments related to property claim files.




STATISTICS: SLASPO members Jan-Sep business increased to almost EUR 2 billion

According to the January-September 2022 aggregate figures published by SLASPO (Slovak Insurance Association), at the end of Q3, total GWP from the members of the association totaled EUR 1.95 billion, up by 4.42% y-o-y. Premiums written in life insurance decreased by 0.5% y-o-y to EUR 772 million, while non-life segment was up by 7.9% y-o-y to EUR 1.18 billion.




STATISTICS: Slovak Rep. 1Q202.: SLASPO members GWP increased by 4.18% y-o-y to EUR 680 million

According to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of March 2022, total GWP from the members of the association totaled EUR 679.52 million, up by 4.18% y-o-y. Premiums written in life insurance increased by 3.46% y-o-y to EUR 259.81 million, while non-life segment was up by 4.63% y-o-y to EUR 419.71 million.

Slovakia: Former NBS Director sentenced to prison for taking bribes

The Supreme Court of Slovakia sentenced Ivan BARRI, a former Director of the Securities Market, Insurance and Pension Savings Department of the National Bank of Slovakia, to five years in prison in case of the bankruptcy of former life insurer Rapid Life, local media announced.


STATISTICS: Slovak FY2021 insurers' business decreased to EUR 2.15 bn, NBS figures reveal

At the end of December 2021, the Slovak insurance market totaled EUR 2.15 billion, 3.34% less y-o-y, according to the FY2021 statistics published by the National Bank of Slovakia (NBS).

In GWP terms, the life insurance segment was down by 2.56% y-o-y to EUR 911.73 million, these types of policies generating 42.42% of the total insurance market, while the non-life classes accounted for EUR 1.23 billion (or 57.58% of total GWP), down by 3.92% y-o-y.

Overall, the value of paid claims by local insurers decreased by 7.80% y-o-y to EUR 1.16 billion, of which EUR 627.48 million related to life indemnities, EUR 214.57 million - Motor TPL claims, EUR 188.89 million- MoD payments, EUR 84.21 million - payments on Fire and other damages to property policies.