Slovenian-based Zavarovalnica TRIGLAV announced its intention to make a takeover bid for all the shares of the local pension insurer Skupna Pokojninska Druzba in an strategy to strengthen its position on this segment of the insurance market.
The Slovenian Finance Ministry has published a proposal for changes to the acts on the financial services tax and the insurance contracts tax, providing for a raise for both taxes from 6.5% to 8.5%, Slovenian Times reports. The higher rates are to enter into force with the start of 2015.
Two days of continuous rains and resulting flash floods have caused heavy damage to properties in central Slovenia, Xinhua reports citing Slovenian Press Agency.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Pozavarovalnica Sava d.d. (Sava
Re) (Slovenia), the operating holding company of the Sava Re group. The
outlook for both ratings is stable. The ratings of Sava Re
reflect its strong consolidated risk-adjusted capitalisation, good
operating performance and strengthened business profile in the Slovenian
insurance market. A partly offsetting rating factor is Sava Re's
exposure to the challenging operating market conditions in Slovenia.
Slovenian insurers ended 1H2014 with an aggregate GWP of EUR 1.05 billion, 3.2 lower y-o-y. "As expected, the decline in gross written premium is still noticeable and we can expect this trend till the end of this year," Mateja LAMOVSEK, Insurance Analyst with Slovenian Insurance Association told XPRIMM.
Slovenian insurers ended the first quarter of 2014 with GWP of EUR 558 million, 2.5% less than in the same period of 2013. Thus, the downward trend established last year continued. Paid claims also decreased by 5.4%, to EUR 330 million.
Life Insurance in Slovenia, Key Trends and Opportunities to 2017 by Timetric states that "the Slovenian life insurance segment declined at a compound annual growth rate (CAGR) of -1.8% during the review period (2008-2012). This was primarily due to the banking crisis which, by the end of 2012, resulted in recession for Slovenia. However, increased investment in fixed capital creation and a recovery in private consumption managed to bring Slovenia out of recession by the end of 2013. Over the forecast period (2012-2017), the life insurance segment is projected to post a CAGR of 4.2% as the demand for traditional life insurance products, such as term life and annuities, is expected to grow. In addition, the new pension law and the amendments made to the prevalent insurance law in 2013 are further expected to support the segment's growth.
At the end of 2013, the value of gross written premiums reported by the Slovenian insurance companies totaled EUR 1.98 billion, a drop of 3.73% on the year before, the figures recently published by the Slovenian Insurance Association show.
The 3Q2013 results of the Slovenian insurance market brought no surprise, once again confirming the downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended the first nine months of 2013 with underwritings of EUR 1.53 billion, 2.2% down as compared with the same period of 2012. The decreasing trend on the life insurance side was once again the main driver of the overall decrease in GWP, while on the non-life segment the business volume decreased by only 0.7% y-o-y.
The biggest Slovenian insurance company planned to increase its stake in
Croatia Osiguranje. Croatia's government rejected Triglav's offer.
The first half of 2013 confirmed the slightly downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended 1H2013 with underwritings of EUR 1.08 billion, 1.16% down as compared with the same period of 2012. In fact, the negative trend was mostly driven by the continuous decreasing underwritings on the life insurance side, while on the non-life segment the overall business volume remained relatively stable, at a comparable level with the one recorded in 1H2012.
A.M. Best Europe - Rating Services Limited has affirmed the financial
strength rating of A- (Excellent) and issuer credit rating of "a-" of
Pozavarovalnica Sava d.d. (Sava Re) (Slovenia), the operating holding
company of the Sava group of companies. The outlook for both ratings is
Slovenian insurance company Triglav has decided to bid for a stake in
Croatia's Croatia Osiguranje (CO), Slovenian media reported on Friday.
The first quarter of 2013 confirmed the slightly downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended the first three months of the current year with underwritings of EUR 567.6 million, 1.12% down as compared with the same period of 2012. In fact, the negative trend was driven by the continuous decreasing underwritings on the life insurance side, while on the non-life segment the overall business volume remained stable, at a comparable level with the one recorded in 1Q2012.
Recently published research from Business Monitor International,
"Slovenia Insurance Report Q3 2013 states that in spite of a probable
improvement in life premiums through H112 and H113, the overall
prospects for growth in Slovenia's insurance sector over the medium term
are fairly uninspiring. Nevertheless, there may be opportunities for
particular players from changes to the competitive landscape as forced
sellers leave the market place.
Standard&Poor's Ratings Services (S&P) said it raised its
long-term counterparty credit and insurer financial strength ratings on
Slovenia's Triglav Insurance and Triglav Reinsurance to A- from BBB+
following a revision of the rating agency's insurance criteria.
Standard&Poor's Ratings Services (S&P) said it affirmed its long-term counterparty credit and insurer financial strength ratings on Slovenian reinsurer Sava Re at BBB+ under the revised insurance criteria and removed it from CreditWatch with negative implications.
Insurer Zavarovalnica Triglav began Tuesday procedures to rescind the
contracts with the International Finance Corporation (IFC) over its
failure to recapitalise Triglav's subsidiary Triglav INT within the
agreed period, the insurer said in a statement published on the website
of the Ljubljana Stock Exchange.
Slovenia's third biggest insurer, generated EUR 7.7m in net profit in
2012, while business plans projected EUR 8.25m in net profit.
Financial holding KD Group aims at becoming the biggest insurance
holding in Slovenia and the Balkans by 2015 through the merger of life
insurer KD Zivljenje and insurer Adriatic Slovenica that is to be
carried out this year, the holding's chairman Matjaz Gantar said Monday,
presenting KD Group's 2012 results.