The Slovenian insurance market totaled EUR 1.97 billion at the end of December 2015, 2% more y-o-y, statistics of the country's Insurance Association indicated. In terms o claims paid by local insurers, the aggregate value increased by 1.9% to EUR 1.35 billion.
According to data published by the Slovenian Insurance Association, the local market ended 2015 with GWP of EUR 1.9 billion, 1.95% higher y-o-y. Life insurance a saw a higher than average growth rate, of 5.7%, thus increasing its share in the market portfolio by 1pp, to 28.65%.
On 9 February 2016, Zavarovalnica Triglav d.d. received the Securities Market Agency Decision, establishing that with the issue of the Securities Market Agency Decision of 2 December 2015 the prohibition of exercising its voting rights stated in the Securities Market Agency Decision of 4 March 2013 expired.
Capital ratios for Slovenian insurance companies could be lower under Solvency II than they were under the Solvency I regime, according to Fitch Ratings. The ratings agency said the sector reported strong aggregated coverage under the old regime, at 273% at the end of 2014, but a high proportion of non-investment grade and unrated instruments would lead to lower capital ratios under Solvency II.
Slovenian insurer Zavarovalnica Triglav said on Friday it has
completed the sale of its 97.31% stake in bus transport unit Avrigo to
Adventura Prevozi. Following the fulfilment of regulative and
other conditions arising from the agreement on the sale of a 97.31%
stake in Avrigo to Adventure Prevozi, Zavarovalnica Triglav has
completed the transaction, the insurer said in a filling with the
Slovenian reinsurer Sava Re said on Thursday it has acquired from lender
Nova Kreditna Banka Maribor (NKBM) a 45% stake in pension company Moja
Nalozba Pokojninska Druzba. The deal is conditional on getting
relevant approvals from the Insurance Supervision Agency and the
Competition Protection Agency, Sava Re said in a filing to the Ljubljana
Insurance premiums in Slovenia totaled EUR 1.51 billion in 3Q2015, 1.21% more compared with the January-September 2014 period, according to the figures published on SIA's (Slovenian Insurance Association) website. On the claims side, the aggregate value increased by 2.63% to EUR 986.36 million, of which EUR 295.86 million were life indemnities and EUR 690.51 million - paid claims related to non-life sub-classes.
Fitch Ratings said on Tuesday it has affirmed the Insurer Financial
Strength (IFS) rating of Slovenian insurer Adriatic Slovenica at BBB-
and the Issuer Default Rating (IDR) rating of Adriatic Slovenica's
holding company, KD Group, at BB-.
Slovenian financial services group KD said on Tuesday its unit KD
Kapital has signed a deal for the sale of 50.04% of ski slope operator
Zicnice Vogel. The move is part of a strategy for the divestiture
of non-strategic investments, a KD spokesperson said in an emailed
response to a SeeNews inquiry.
After several years of sluggish decline, in 1H2015 the Slovenian insurance market seemed to show some recovery signs, with a 3.8% increase in the life GWP and lower negative change rate, of 0.8%, on the non-life side, overall resulting in a 0,4% y-o-y growth of the total GWP volume, to EUR 1.06 billion.
On 22 September 2015, Sava Reinsurance Company, as the purchaser, and
Merkur zavarovalnica d.d. Ljubljana, as the seller, signed a purchase
contract for 1,510 shares of the pension company Moja nalozba
pokojninska druzba d.d., which represents 10 percent of the pension
company's issued shares.
Head of the Insurance Supervision Agency Sergej Simoniti has told the STA that the EU's Solvency II directive will make Slovenian insurers even safer, since it introduces higher risk management standards. Simoniti, who does not expect any insurance companies to need extra capital, highlighted good oversight as a key reason for this.
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