GWP by the Slovak insurers amounted, according to the official statistics of the Slovak National Bank, to EUR 537.22 million in Q1 2024, which is by 7.25% less y-o-y.

Reducing the scope of the statistics to the insurance companies, members of the Slovak Insurers Association (SLASPO), one should note a solid discrepancy between the two sources. According to SLASPO, the market totaled EUR 772.14 million in 1Q2024, 8.7% up y-o-y. Life insurance accounts for 34.5% of this amount. The reason of the significant difference is the composition of the target group, the NBS statistics reflecting only the business results reported by the insurance companies licensed in Slovakia, disregarding the foreign branches operating on FOD/FOE.

According to NBS statistics, claims paid by Slovak insurers amounted to EUR 280 million, 27% more y-o-y. The most spectacular y-o-y change, although the absolute values are modest, is the one regarding paid claims for property insurance. The loss ratio changed from 0.7% in Q1 2023, to 25% in Q1 2024.

The total net income of Slovak insurers reached EUR 50.7 million.

Access xprimm.com and download the1Q2024 Slovak insurance market statistics released by SLASPO.