According to the new statistical insurance bulletin of the Slovenian Insurance Association (SIA), in 2023 the market had the highest annual rise since 2007. After two years of negative growth (almost stagnation) life insurance increased, while non-life segment grew for the ninth year in a row.

Average per capita spending on property and life insurance in Slovenia last year was a record EUR 1,443, which led to the highest insurance density in both insurance classes to date: an increase of 9.1% to EUR 1,050 in non-life and of 7% to EUR 392 in life insurance, the report said.

The reinsurance activity of SIA members has been growing since 2017, according to the bulletin. The total reinsurance premium increased in value by a record EUR 535.3 million last year. Insurance penetration increased for the third year in a row to reach 0.8% of GDP, the highest figure to date.

However, the SIA noted that the Slovenian insurance market is one of the Europe’s smallest, accounting for a 0.2% share for the seventh year in a row.

The Statistical Insurance Bulletin is based on annual data that the SIA has obtained from its regular members. According to estimates, the data presented account for 97% of the Slovenian insurance market.

Data collection was completed on 3 May 2024. Unless otherwise stated, all data in this publication refer to the overall operations of SIA members (in Slovenia and abroad, where transactions are executed directly or via branch offices).