"Steady" is apparently the word that best describes the Slovakian insurance market's evolution in the first half of 2013. With an overall GWP of EUR 1.06 billion, 1.3% up y-o-y, the market seems to produce no surprises. Still, at a closer look, there are few things worth being noted.
Slovakia is a step closer to paying reimbursement to the Dutch company
Achmea that owns the health insurance company Union. Last December, the
arbitration court decided that the state has to pay EUR 22 million in
reimbursement and court fees of EUR 3 million to Achmea, for the profit
ban approved during the first tenure of Prime Minister Robert Fico.
The French financial group AXA is winding down its banking business in Slovakia to focus on different financial services. In late May AXA and UniCredit Bank Slovakia signed a cooperation agreement, based on which AXA Group will focus exclusively on insurance, pension savings and mutual fund investing, while UniCredit Bank will take up the banking portfolio.
In the first quarter of 2013, Slovak insurance market totaled almost EUR 573 million, representing an increase of 1.7%, according to the financial figures published by the National Bank of Slovakia (NBS). The positive market trend was determined by the increase of 6% in the volume of life insurance, to EUR 286 million, this type of policies generating 49.97% of the total insurance market. The non-life insurance segment accounted for about EUR 286.5 million (or 50.03%), 2.4% less y-o-y.
The 23 members of the Slovak Insurance Association (SLASPO) reported for the financial year 2012 a total volume of gross written premiums of EUR 2.1 billion. The value is 3.7% higher as compared with audited figures published by The National Bank of Slovakia (NBS) for FY2011.
THE PROFITS of insurance companies operating in Slovakia amounted to EUR
155 million in 2012, which was a 20-percent drop compared to the
previous year. The National Bank of Slovakia (NBS) ascribes this
decrease to particularly high profits earned by the insurers in 2011.
More than 183,000 motor vehicles are not covered by liability car
insurance, which is compulsory in Slovakia. The Slovak Insurers' Bureau
(SKP) registered at the end of 2012 a total of 2.355 million insured
vehicles; however the total number of motor vehicles in Slovakia based
on the statistics of the Interior Ministry is 2.538 million.
The Slovak insurance market continued to slow down in January-September 2012, the total GWP realized by the local insurance companies totaling EUR 1.58 billion, down by 0.67% y-o-y, according to the financial figures published by the Slovak Insurers Association - SLASPO.