In the first nine months of 2013, the Slovak insurance market increased by 2.2% y-o-y to EUR 1.56 billion, according to the financial figures published by the National Bank of Slovakia (NBS). The value of claims paid by insurers increased by 5.5% y-o-y, to EUR 910 million.

The positive GWP development was attributable to the life insurance segment, where premiums increased year-on-year by 5.7% to EUR 855 million (or 55% of the total insurance market), with the growth concentrated in traditional policies (+5.8%) and supplementary insurance (+12.4%).

In non-life insurance, the value of GWP continued its downward trend, falling year-on-year by 1.6% to EUR 709 million. The decrease was caused mainly by declining premiums in motor insurance: MTPL by 4.2% y-o-y to EUR 202 million, while the motor hull segment decreased by 3.7% y-o-y, to almost EUR 184 million.

Access www.xprimm.com and download the 3Q2013 Slovak insurance market statistics.