The Slovene insurance market fell by 10.37% in the first half of 2024, consolidated GWP reaching EUR 1.45 billion. Life insurance GWP increased by 8.2%, to EUR 444.27 million, most of the increase coming from the traditional life insurance lines (EUR 60.65 million), while the Unit-Linked line contributed with about EUR 18 million.

Non-life insurance decreased by 16.7%, to EUR 1.006 billion, as a result of the convulsion cause by the governmental decision to abolish, starting with January 1st 2024 the voluntary supplementary health insurance and replace it by a mandatory health contribution managed by the public Health insurance institute of Slovenia. All the policies issued by the insurance companies that provide supplementary health insurance have automatically expired at 31 Decembre. Last year, the government accused insurance companies Vzajemna, Triglav, and Generali of greed for attempting to raise premiums for supplementary health insurance. Now, according to a decision adopted in July, the state will compensate them with EUR 33.5 million after banning the premium increase. These funds will be transferred to the three insurance companies to cover lost revenue due to the government’s cap on supplementary health insurance premiums.

After the abolition of supplementary health insurance, Slovenian insurance companies faced a challenge of how to design new health insurance products and reorganize an entire business sector. For example, Triglav has begun the process of merging its subsidiary health insurance company with the parent company. "Although recently we have primarily discussed supplemental health insurance, the fact is that additional health insurance has also been developing for several years. Today, 450,000 health insurance policies have been signed in Slovenia," a Triglav representative stressed out at a market event celebrating the 30th anniversary of the Slovenian Insurers Association.

However, while this legislative change created numerous challenges for specialized insurers, it also brought a temporary benefit. The removal of a significant volume of claim expenses, due to the cancellation of numerous health insurance policies, led to a temporary improvement in profitability.

In property insurance, GWP increased by 15.6%, to EUR 235.6 million. Motor insurance lines had, in absolute terms, the highest positive contribution to the overall GWP. Overall, motor insurance GWP reached EUR 515.9 million.

Zavarovalnica Triglav, the mother company of the Triglav Group, leads the market ranking with a 28.8% market share according to Q1 market results provided by the Slovenian Insurance Association. Zavarovalnica Sava, the mother company of the Sava Re Group, ranks second, with a 17.6% market share, followed by Generali, with a 17.14% market share.

Access xprimm.com and download H12024 Slovenian insurance market statistics.