2013 was year stability for the Slovak insurance market, with no major changes. The market continued to increase its business volume at a slow pace, recording a 2.7% growth in GWP, to EUR 2.17 billion. However, looking at its two main segments, it is obvious that life insurance performed better, ending the year with a 5.9% growth in premiums, while on the non-life sector almost all the main business lines recorded a slightly negative trend.
The excellent development of Vienna Insurance Group in Slovakia
continues. The Group expanded its market share to 34.5 per cent, sharply
increasing its edge over competitors, according to Vienna Insurance
Slovakia's government on Wednesday suspended its plan to create a single state-owned health insurer and potentially nationalize the EU member's two private insurers, informs digitaljournal.com. According to an official release, the idea on creating a single state-owned health insurer will be put on hold until the finance ministry will be able to cover the operation's costs. At all events, the 2014 deadline can not be met.
In the first nine months of 2013, the Slovak insurance market increased by 2.2% y-o-y to EUR 1.56 billion, according to the financial figures published by the National Bank of Slovakia (NBS). The value of claims paid by insurers increased by 5.5% y-o-y, to EUR 910 million.
Vienna Insurance Group (VIG) said its Slovak business recorded a pre-tax profit of EUR 42.8mn for the first nine months of 2013, up 8.6% y/y. Gross written premiums of VIG's Slovak subsidiaries totalled EUR 548.3mn through September, up 6.6% y/y, with life insurance premiums jumping 11.4% to EUR 297.3mn and non-life insurance premiums rising by 1.4% y/y to EUR 251mn.
"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.
The Slovak government extends special taxes for companies operating
regulated sectors. The bank tax will be abolished in the course of the
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.
Slovak insurance companies rely increasingly on the services of private detectives to uncover fraudulent claims, the saily Pravda reported on Monday..
Roman JURAS (42) will become new Chief Executive Officer and Chairman of
the Board of Directors of GENERALI Slovensko poistovna, Bratislava, as
of 1st June, 2013.
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.
Insurers in Slovakia say that fraudulent activities are on the rise, The Slovak Spectator reported.
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.
Fire, flood or IT failure may bring down, or at least cause significant problems to, an otherwise financially healthy company.
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.
Today Dutch insurer Achmea gave a Notice of Arbitration to the
government of the Slovak Republic. The notice opens a new arbitration
procedure between Achmea and the Slovak Republic with regard to the
plans of the Slovak government to expropriate private health insurers.
The notice is given pursuant to art. 3 of the United Nations Commission
on International Trade Law Arbitration Rules of 1976 and art. 8 of the
Investment Treaty between the Kingdom of The Netherlands and the Slovak
Slovakia has lost the drawn out case lodged against it by health
insurance company UNION after PM Robert FICO banned private health
insurers from making profits under his first government in 2008. The
International Court of Arbitration presided over the case and ruled that
the Slovak Republic would have to pay the Dutch owner of health insurer
UNION, the company ACHMEA, some EUR 22 million in compensation and EUR 3
million in arbitration costs.