STATISTICS: SLOVENIA, FY2023: despite the strong impact of June floods, the market fared well

25 April 2024 — Daniela GHETU
STATISTICS:  SLOVENIA, FY2023: despite the strong impact of June floods, the market fared well

The Slovene insurance market grew by 9% in 2023, consolidated GWP reaching EUR 3.05 billion, which is 9% more y-o-y. At the same time, paid claims went up by almost 23%, to EUR 2.22 billion, driven by the compensations pai after the floods in June 2023.

Life insurance GWP increased by 7.47%, to EUR 830.6 million, while indemnities and benefits paid reached EUR 543 million, up by 6% y-o-y. Most of the increase in GWP came from the Unit-Liked line.

Non-life insurance grew by 9.6%, to EUR 2.22 billion, while paid claims increased by almost 30%, to EUR 1.68 billion.

In property insurance, while GWP increased by 7.8%, to EUR 370.5 million, paid claims almost doubled as compared with 2022, reaching EUR 289 million. In absolute terms, Slovene insurers paid for property insurance a sum which is by about EUR 140 million higher than in the previous year.

Motor insurance lines had, in absolute terms, the highest contribution to the overall increase in GWP, most of it coming from the MTPL line. Overall, motor insurance GWP reached EUR 810 million. Paid claims for motor insurance increased by about 22.24%, to EUR 505.5 million. Inflation was one of the main reason behind this significant increase, other than the amounts paid in addition as a result of the damages caused to cars by the floods.

Zavarovalnica Triglav, the mother company of the Triglav Group, leads the market ranking with a 28.8% market share. Zavarovalnica Sava, the mother company of the Sava Re Group, ranks second, with a 17.6% market share, followed by Generali, with a 17.14% market share.

Access xprimm.com and download FY2023 Slovenian insurance market statistics.

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