Slovenia is a country with a "healthy" insurance business behavior. In the last 10 years, the life insurance segment kept a firm share of 30% in premiums, with very little and insignificant fluctuations, and 15-30% life indemnities in total market. While the life premiums grew with only 1.65% in all this period, the indemnities almost doubled from 2008 to 2017, but still recording a profit of EUR 176 million. In the graphs that we built we observed that the total market trendline is mimicking with high fidelity the life sector bent.
The MTPL line recorded a progressive decrease in the market portfolio. The premiums dropped from a 16.6% share in total market in 2008 to 10.7% in 2017. In absolute terms, MTPL premiums slightly increased, adding EUR 84.5 million in the end. The same thing can be observed for the weight of paid MTPL indemnities, which went down 5.5%, representing only 9.8% in total indemnities paid for the overall market, bringing a positive return of EUR 87.5 million for the MTPL line. At first sight MTPL in Slovenia is a fruitful class which brings profit to the insurers' table.
The two main motor insurance lines, Motor hull and MTPL, represents the most significant non-life insurance business lines judging by their weight, but without dominating the whole non-life industry the way Motor insurance does in other countries. In 2008 both motor classes held around 40% share in non-life portfolio, slowly decreasing over the next 10 years to the point where in 2017 those classes recorded a bit over 30% share in non-life, signifying in this way a third of non-life insurance business.
Based on our analysis we can say that Slovenia has a mature insurance market, this thing being noticeable in the last 10 years' trend, missing any sharp evolution in a way or the other, with a good third of the market being represented by the life insurance. The so popular MTPL class, essential in other countries, is not so weighty in Slovenian market, representing 10-17% from the total written premiums with a downwards trend over those 10 years that we analyzed. Slovenia has a very diversified and colorful insurance market, where motor and property insurance means only half of the non-life segment and a third in the overall market.