STATISTICS: NBS: Slovak insurance market contracted to EUR 508 million in Q1 2022

7 July 2022 — Andrei Victor
At the end of March 2022, the Slovak insurance market totaled EUR 508 million, 15.5% less y-o-y, according to the Q1 2022 figures published by the National Bank of Slovakia (NBS).

The life insurance segment was down by 12.9% y-o-y to EUR 194 million, these types of policies generating 38% of the total insurance market, while the non-life classes accounted for EUR 318 million (or ~62 % of total GWP), or 17% less y-o-y. Total paid claims decreased by more than 10% to ~EUR 255 million.

One of the main reasons of this descending path reported by the Slovak insurance market is represented by organizational changes that occurred during last year, the best example being the finalization of the merger of Slovak insurer Generali with Generali Ceska Pojistovna from the Czech Republic, after the merger, Generali in Slovakia operating as a branch of Generali Ceska pojistovna, under the name Generali Poistovna, a branch of an insurance company from another Member State.

As comparison, according to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of March 2022, total GWP from the members of the association totaled EUR 679.52 million, up by 4.18% y-o-y (more details here).

Access and download the Q1 2022 Slovak insurance market statistics.

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