STATISTICS: SLOVENIA, 1H2017: Severe weather events have pushed property claims already double digit up
Yet, in relative terms, life insurance saw a higher dynamic, GWP increasing by 11.7%, to EUR 329.5 million. As a result, its share in the market portfolio increased by about 1.2pp, to 28.3%.
Non-life insurance has also seen a positive evolution in GWP terms, although at a lower pace, of 5%, to EUR 836.3 million. Within the non-life sector there were no significant changes in the sub-classes weight in the portfolio.
Property insurance lines account for 13% of the total market GWP. Written premiums for property insurance went up by 3.5, to EUR 151 million. As far as the paid claims are concerned, the only significant increase was recorded, as expected, on the property insurance lines, in particular for the "fire and allied perils" class which saw claims expenses going up by 59%. It may be expected that the further quarters' figures will also reflect the effects of the severe weather events that have hit Slovenia this year.
Motor insurance remained a fairly competitive market. Yet, according to the main player's statements it seems that the 8.22% increase in GWP seen on this business segment was largely due to the increasing prices of insurance.
In addition to the direct insurance activity, the Slovenian market also hosts two local reinsurers, SAVA Re and TRIGLAV Re. In 1H2017, the SAVA Re Group recorded reinsurance GWP of EUR 56,8 million, 3% up y-o-y and posted profit before tax of EUR 4.1 million. TRIGLAV Re booked reinsurance premiums worth EUR 72.2 million, 4% up y-o-y.
Find detailed 1H2017 market data in the forthcoming edition of the XPRIMM Insurance Report CEE, SEE & CIS - 1H2017, to be launched on 22 October.