STATISTICS: SLOVENIA, 1H2021: balanced market growth on the main business segments

7 October 2021 — Daniela GHETU
Slovenian insurers ended 1H2021 with GWP worth EUR 1.4 billion, 2.84% up y-o-y. Paid claims increased by 3.97%, to EUR 810.4 million. As the growth rates recorded by the life and non-life segments were comparable, their contribution to the market growth, in absolute terms, was also similar.

The market trends were somehow reversed in the second quarter of the year, so that in the end the life insurance segment who reported a negative change in GWP in Q1 of 2%, by the end of June has recovered and ended 1H with a 3.07% y-o-y premiums growth, to EUR 390.12 million. In fact, the main change occurred on the Unit-Linked insurance products class, the negative trend recorded in Q1 changing to a double-digit growth for 1H.

On the non-life insurance side, the 2.75% y-o-y GWP growth, to a total of EUR 1.02 billion, was mostly supported by the property insurance classes, for which GWP increased by 10.75% y-o-y. As stated by market representatives earlier in the year, one of the drivers of this growth was the raising awareness after the dramatic earthquake that hit neighboring Croatia by the end of 2020.

Zavarovalnica Triglav and Zavarovalnica Sava, the parent companies of the Slovene re/insurance groups that some of the most relevant locally owned in the CEE - TRIGLAV and SAVA Re are leading the market, with market shares of 27.7% and 17.7% respectively. The Slovene subsidiary of GENERALI ranks 3rd, with a market share of 16.28%. The Top-3 companies account together for over 60% of the market GWP.

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