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Slovakia 2008 - 2017 Timeline

Slovakia 3Q2018 Market Portfolio

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Slovak Rep.: Insurers will pay the special levy on business at a double rate, but lower corporate taxes

The Slovak Government and Parliament made several changes to the tax system with effect from 1 January 2017, some of them affecting also the local insurance companies, as well as their foreign shareholders. The recently adopted amendments concern - among others - corporate and personal income tax, value added tax, special levy in regulated industries, as well as social security and health insurance contributions, reads a Kinstellar report published by the Lexology portal.

SLOVAKIA: KBC interested in banking opportunities

Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday.

SLOVAK Rep.: Increasing insurance taxation is raising hauliers' discontent

The Slovak government's decision to extend the 8% tax, previously applied only to the MTPL insurance premiums, to all the facultative non-life insurance lines has raised not only insurers' discontent, but also a negative reaction of CESMAD - the Association of Road Transport Operators of the Slovak Republic. In short, Slovak hauliers blame the recent change in taxation for the sharp increase in the mandatory motor insurance prices.


STATISTICS: SLOVAK Rep., NBS: The insurance market went down by 4% in 2015

Last year, the Slovak insurance market totaled EUR 2 billion, down by 4.1% y-o-y, as the preliminary statistics published by the National Bank of Slovakia (NBS) indicated. The life insurance field decreased by 9.6% y-o-y due to the 18% depreciation of unit-linked subsegment, while the non-life GWP was up by 2.8% to EUR 965 million.

SLOVAKIA: ALLIANZ acquires "Central Shopping Center" in Bratislava

ALLIANZ Real Estate (ARE) has acquired 100% of the shares of Central Shopping Center in Bratislava from IMMOCAP Group, a Slovakian real estate development company, for around EUR 175 million. It is the first real estate investment of ALLIANZ in Slovakia.


STATISTICS: SLOVAK Rep., 1H2015: 16% increase of the market aggregate profit

In 1H2015, the Slovak insurance market totaled EUR 1.06 billion, while the value of paid claims by local insurer was EUR 586.4 million, according to the financial figures published on the NBS's web-site (National Bank of Slovakia). More in detail, the life insurance field generated more than half of total GWP (51.3%), while the non-life classes accounted for 48.7% of the market (EUR 516 million).


SLOVAKIA: KBC acquires Volksbank Leasing

Yesterday, CSOB Leasing and Volksbank Leasing International reached agreement for CSOB Leasing to acquire all the shares of Volksbank Leasing Slovakia and its insurance brokerage subsidiary, Volksbank Sprostredkovatel'ska.


SLOVAKIA: Insurance sector profits rise

The Slovak insurance sector had a profit of EUR 179 million last year, according to the National Bank of Slovakia (NBS). This represented year-on-year growth of 13.3 percent.

SLOVAK insurance market is stable

The outlook for the insurance market in Slovakia remains stable and while car insurance is seeing heightened competition, the launch of payments from the second pension pillar has the potential to alter the market.

STATISTICS: SLOVAKIA FY2014: EUR 181 million, the second highest consolidated net profit in history

The consolidated net profit of the Slovak insurance market amounted, in 2014, to EUR 181.09 million, 13.4% up y-o-y, according to data provided by the National Bank of Slovakia (NBS). "The amount is the second highest in history, while the maximum, EUR 188 million, was reached in 2011," Julia CILLIKOVA, Director of the NBS Regulation and Financial Analysis Department, told XPRIMM.

Slovak Telekom offers insolvency insurance

Slovak Telekom, in cooperation with the insurance company Allianz, introduced Invoice Insurance, which provides coverage in the event a person is unable to pay his monthly invoices, not only to Slovak Telekom, but also to other companies including housing fees. The service is offered in four levels, depending on coverage: 25, 25+, 50 and 50+.

SLOVAKIA: More floods mean more insurance

The impact of torrential rain, thunderstorms, lightning, hail, landslides and floods caused millions of euros in damage in Slovakia this year, and with signs that climate change is creating less predictable global weather patterns, flood insurance is an increasingly necessary investment for many homeowners and businesses.

SLOVAKIA: Insurers keeping up with fraudsters

Fraud has always been a concern for insurance companies, but fraudsters are developing ever more sophisticated schemes; insurance companies, meanwhile, are responding with more effective countermeasures.


STATISTICS: SLOVAKIA, 3Q2014: divergent trend on the life and non-life insurance lines

Gross written premium in 3Q2014 by the Slovak insurers went up y-o-y by 2%, to EUR 1.6 billion, at a fairly equal growth pace for life and non-life insurance segments. According to the National Slovak Bank, the market supervisor, overall the number of insurance policies grew by 4.13%, which compared with the GWP increase indicates a still highly competitive market.