Slovak insurers have reported GWP worth EUR 1.13 billion in 1H2018, 4.46% up y-o-y. At the same time, claims paid have increased by almost 13% y-o-y, to EUR 649.2 million.

Slovak insurance market saw a slightly positive trend in Q1, with GWP increasing overall by 1.42%, to EUR 577.6 million, an increase fully driven by the non-life insurance segment. The total volume of paid claims didn't change much y-o-y, increasing by less than 1%.

The Slovak Parliament adopted on 20 June the new legislation replacing the current 8% insurance levy with a new tax of the same amount applied to non-life insurance premiums, except for MTPL for which the current levy will be maintained.

The introduction of the new 8% tax on non-life insurance premiums in Slovakia was postponed from October 2018, to January 2019, to allow insurance companies prepare for the change, the country's parliament decided on 7 June.

Last year, the growth rate of the local insurance market (+8.56%) was almost double that of the advance of the economy (+4.69%), thus the calculated indicators as the insurance penetration degree (2.51%) and the insurance density (EUR 393 per capita) significantly evolved as compared to FY2016.

A new indirect taxation system for the insurance premium is in preparation in Slovakia, replacing the current special insurance 8% levy with a rate which will vary from 2 to 18% depending on the type of the policy, local press reads.

In the first three quarters of 2017, the Slovak insurance market totaled EUR 1.61 billion, representing an increase of 7.62% y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).

In 1H2017, the Slovak insurance market totaled EUR 1.06 billion (11.8% more y-o-y), while the value of paid claims was of EUR 575 million, according to the preliminary financial figures provided by the National Bank of Slovakia.

In 1Q2017 the Slovak insurance market totaled EUR 569.5 million, 4.6% up y-o-y, the statistics published by the National Bank of Slovakia (NBS) indicated.

The Slovak insurance market was down by 1.78% y-o-y in 2016 in terms of GWP - to EUR 1.98 billion, according to data published by the Central Bank.

End investors, Insurance-Linked Securities (ILS) funds, and buyers - the three groups active in ILS - have predominantly weathered 2017 loss activity with a view that reinsurance products backed by 'alternative' capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson.

Swiss Re expects the global reinsurance industry to consolidate as the distinction between insurers and reinsurers become increasingly blurred, an executive from the Swiss Group said in Baden Baden, reports Reuters.

Current market conditions are putting increasing pressure on returns with some companies viewing consolidation as a potential solution, James NASH, CEO of International at Guy Carpenter said in his opening remarks at the Baden-Baden 2018 Reinsurance Meeting hosted by the global risk and reinsurance specialist.

E+S Ruckversicherung AG, the Hannover Re Group's unit handling German business, continues to expect a positive premium development in the German market for the January 2019 renewals, albeit at a somewhat more diminished pace than in 2018.

The market volume for cyber insurance is expected to grow up to USD 8-9 billion by 2020, Doris HOEPKE, member of Munich Re's Board of Management stressed in Baden Baden adding that, "The demand for cyber risk cover is growing continuously. We therefore see it as our duty to develop solutions."

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

"You don't have to be big to be beautifully relevant or financially successful, but you do have to be focused," Pina ALBO, Group CEO of Hamilton Insurance Group said, addressing the question of whether bigger is necessarily better at the Reinsurance Symposium in Baden-Baden.

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.