At the end of 2023, the Slovak insurance market totaled EUR 1.95 billion, 1% more y-o-y, according to the Q4 2023 Data of the Financial Sector published by the National Bank of Slovakia (NBS).

The life insurance segment decreased by over 5% y-o-y to EUR 755 million, these types of policies generating 38.8% of the total insurance market, while the non-life classes accounted for EUR 1.2 billion, 5.5% more y-o-y.

The value of paid claims by local insurers decreased by 7.8% y-o-y to EUR 1.1 billion, of which EUR 553 million related to life indemnities, EUR 391 million - Motor insurance and EUR 74 million - payments related to property claim files.

The FY2023 net income of local insurers according IFRS 17 standards totaled EUR 191.76 million, insurance service result totaled EUR 218.82 million, while finance result was EUR 66.76 million.

According to the year-end market data published by SLASPO (Slovak Insurance Association), at the end of 2023, total GWP from the members of the association (domestic insurers and EU branches) totaled EUR 2.72 billion, up by 4.73% y-o-y. Premiums written in life insurance increased by 2.44% y-o-y to EUR 1.07 billion, while the non-life segment was up by 6.26% y-o-y to EUR 1.65 billion.

Access xprimm.com and download the FY2023 Slovak insurance market statistics.