At the end of 2022, the Slovak insurance market totaled EUR 1.92 billion, 4.7% more y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). The value of paid claims by local insurers increased by 15.5% y-o-y to EUR 1.18 billion, of which EUR 583.9 million related to life indemnities, EUR 176.9 million - Motor TPL, EUR 183.4 million- MoD and EUR 159.7 million - payments related to property claim files.

In terms of premiums, the life insurance segment was up by 1.2% y-o-y to EUR 795.7 million, these types of policies generating 41.3% of the total insurance market, while the non-life classes accounted for EUR 1.13 billion (or 58.7 % of total GWP), or 7.3% more y-o-y.

The net profits of local insurers increased by 24% to EUR 195.79 million vs. EUR 157.79 a year before. Technical result in life insurance entered the positive area (EUR 205.64 million) after a year before it totaled EUR-170.42 million. The same indicator calculated for the non-life insurance segment was up by 6.3% y-o-y to EUR 105.3 million (vs. EUR 99.03 million).

According to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of 2022, total GWP from the members of the association totaled EUR 2.60 billion, up by 4.50% y-o-y.

Access xprimm.com and download the FY2022 Slovak insurance market statistics.