Slovakia

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Location map
author: OCHA/ ReliefWeb


Location:
- Central Europe;
- Neighbours: Hungary, Austria, Czechia, Poland, Ukraine.

Climate:
- temperate climate;
- cool summers;
- cold, cloudy, humid winters.

Macro indicators
* 2018 estimates
Surface:49,035km2
Population*:5.4million
Pop. density*:110.9people/km2
GDP*:90.2EUR billion
GDP/capita*:16,574.2EUR

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2009
- replaced Slovak koruna (SKK)


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:12%
Overall Motor*:31%


Sources:






 


Statistics

Slovakia 1H2019 Market Portfolio

Slovakia 1Q2019 Market Portfolio


See all statistics

Latest news

SLOVAKIA FY2013: Moderate growth in GWP, with no significant changes

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.

VIG expands market leadership in SLOVAKIA

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 Group.

SLOVAKIA: Private health insurers nationalization due to lack of financial resources

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.

Traditional life policies pushed up the Slovak market to EUR 1.56 billion

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's Slovak operations post 8.6% increase in Jan-Sep earnings

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.



SLOVAKIA close to losing arbitration against Achmea

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.

AXA ends banking business in SLOVAKIA

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.

SLOVAKIA, 1Q2013: Insurance market increased slightly due a 6% growth on life

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 Rep. FY2012: Premiums up 4%, profit down 20%

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.


SLOVAKIA: Insurance sector profits down 20%

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.

SLOVAKIA: Over 7% of cars have no insurance

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.


SLOVAKIA, 3Q2012: Insurance market down by 0.7% to EUR 1.58 billion

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.

ACHMEA undertakes legal steps against SLOVAK Republic

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 Republic.

Court orders SLOVAKIA to pay EUR 22 million to health insurer

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.