STATISTICS: Slovakia, FY2021 updated data: the insurance market contracted to EUR 1.8 bn, while insurers' profits decreased to EUR 133 m

13 April 2022 —
At the end of the year 2021, the Slovak insurance market totaled EUR 1.84 billion, 16.9% less y-o-y, according to the Q4 2022 Analytical Data of the Financial Sector published by the National Bank of Slovakia (NBS). As compared with previous YE2021 published statistics (GWP worth EUR 2.15 billion), the updated data are EUR 301.5 million less.

At the same time, the life insurance segment was down by 15.3% y-o-y to EUR 792.5 million, these types of policies generating 42.9% of the total insurance market, while the non-life classes accounted for EUR 1.05 billion (or 57.1 % of total GWP), or 18.1% less y-o-y.

"Significant year-on-year changes in the data are caused by several structural changes on the market in 2021", as the NBS representatives pointed out in the report.

The main organizational change that occurred on the Slovak insurance market is represented by the merger of the Slovak insurer Generali with Generali Ceska Pojistovna from the Czech Republic. After the merger, Generali in Slovakia operates as a branch of Generali Ceska pojistovna, under the name Generali Poistovna, a branch of an insurance company from another Member State.

Thus, as compared with previous figures, the difference of EUR 301.5 million (EUR 119.2 million on life GWP, and of EUR 182.3 million in non-life) - represents the FY2021 GWP production of Generali Poistovna - the Slovak branch of Generali Ceska pojistovna, according to the year-end preliminary statistics published by SLASPO (Slovak Insurance Association).

The net profits of local insurers amounted to EUR 133.26 million, which was a 28% decrease as compared to 31 December 2020 (EUR 185.26 million).

Technical result in life insurance was in the negative area (EUR-100.60 million vs. EUR 45.62 million in 2020), while the same indicator calculated for the non-life insurance segment was down by more than 10% y-o-y to EUR 77.37 million (vs. EUR 86.47 million).

Overall, the value of paid claims by local insurers decreased by 19% y-o-y to EUR 1.02 billion, of which EUR 565.4 million related to life indemnities, EUR 185.3 million - Motor TPL claims, EUR 156.7 million- MoD payments.

Access and download the updated 2021 Slovak insurance market statistics.