Life insurance GWP reached EUR 374 million (+5.2% change y-o-y). The growth in life insurance GWP was influenced by the adhesion of pension funds to the life sector starting this year, amounting EUR 131 million. Otherwise, the two weightiest life insurance business lines, Life assurance and Unit-Linked, which dropped by 18.7% and 34.8% in 1H2019, would have dragged down the whole life insurance sector by 31.6% y-o-y.
Non-life insurance GWP grew by 7.1% on a y-o-y basis, reaching EUR 943 million. The non-life paid claims remained stable at the sector level, totaling EUR 535 million, up 0.5%.
Health insurance was the weightiest class compared to any other life or non-life business line in terms of GWP or paid benefits. Health GWP increased by 8.4% y-o-y, to EUR 294 million. The GWP market share of health insurance in overall market was 22.3%, and 31.2% in non-life sector only. Health insurance paid claims totaled EUR 258 million, 6.2% y-o-y and more than the claims of property lines and motor lines all combined together.
Property insurance business lines GWP rose by 3.1%, to EUR 161 million. Their market share slightly decreased from 12.7% to 12.3% due to their slower pace of growth compared to other lines. Property claims ratio was one of the lowest among non-life lines of business, 26.4% for "Fire and natural forces insurance" and 27.9% for "Other damage to property insurance".
The total GWP of Motor insurance, represented by Motor Hull and MTPL business lines, went up by 9.3%, to EUR 328 million. Motor Hull overtook MTPL in terms of GWP, with EUR 175 million GWP (+8.9%) versus MTPL's GWP of EUR 154 million (+9.7%). Motor business lines weighted 24.9% in market share, almost the same as first half of 2018. Motor paid claims amounted to EUR 182 million.
Insurers who were leading the overall insurance market at June 30th, 2019, were TRIGLAV, SAVA, ADRIATIC Slovenica, VZAJEMNA and MODRA.
Slovenia continued to be a core insurance market from the CEE region in 1H2019, with the highest insurance penetration degree and insurance density from this region, far ahead of all other markets. The two main players of the Slovene market, TRIGLAV and SAVA, have a strong presence in all markets of the Western Balkans.
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