SLOVENIA, FY 2011: First negative result after 16 years

23 March 2012 — Vlad BOLDIJAR
SLOVENIA, FY 2011: First negative result after 16 years
slovenia-statisticsEconomic crisis, still lasting in Slovenia, affected last year the insurance industry: the 19 insurers member of Insurance Association (SIA) generated EUR 2.092 billion in gross written premiums, 0.12% less compared to 2010, primarily due to the decrease in life insurance. "The crisis is the main reason for the result in 2011, as the increasing unemployment rate and poverty left less money to spend for insurance. The market has shrinked for the first time in 2011 since the systematic monitoring began in 1995", stated for XPRIMM News Tomaz MANCINI, B.Sc., Head of the Statistical Analysis and Information Technology Service, Slovenian Insurance Association.

The market leaders were three companies with Slovenian ownership: TRIGLAV, with a 33.2% market share, followed by ADRIATIC SLOVENICA with 12.7% and MARIBOR (12.6%). Top 3 accounted 58.5% of the total market.

tomaz_manciniBy insurance classes, the non-life GWP amounted to EUR 1.45 billion, a slow increase of 1.1% compared to 2010, and represented 69.5% of the total premium of the Slovenian insurance market. The largest non-life business line remains health insurance (EUR 428.5 million), MTPL (EUR 283.4 million), motor hull (EUR 254.5 million) and the property line (fire, allied perils and other damages to property insurance, added-up) - with a GWP of EUR 241.6 million, down 16.7% compared to 2010 and 11.6% total market share.

Life insurance GWP decreased by 2.71% to a total of EUR 638.2 million, with a share in the total market premium of 30.5%.

According to SIA, another important reason of the life insurance decline was a "statistical" one, following a change in the Association membership: "One company, Kapitalska dru?ba (KAD), which is not a classic insurer, has established last year a life insurance subsidiary, MODRA Zavarovalnica, to which it has transferred a part of its portfolio. After that, KAD left the Association, so that only MODRA is now a SIA member and its business, smaller than of the KAD before, is the part of the market aggregate we monitor and reveal. So, the number of the member companies has not changed, but the life premium aggregate has become smaller", explained Tomaz MANCINI .

Access and download the FY2011 Slovenian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Market shares/Growth rates):
  • Total market ranking
  • Life insurance ranking
  • Non-life insurance ranking