Fitch Ratings has affirmed Slovenian composite insurer Adriatic Slovenica Zavarovalna druzba d.d.'s (Adriatic Slovenica) 'BBB-' Insurer Financial Strength (IFS) Rating and its holding company, KD Group financna druzba, d.d.'s (KD Group) 'BB' Issuer Default Rating (IDR). The Outlooks on both ratings are Stable.
The introduction of Solvency II, starting January 2016, represents the biggest shift in the insurance regulation in several decades. the challenges arising from this shift ranging from financial, organisational, legal, operational, to systemic risks. The "Solvency II Lessons Learned" conference, organized by the Slovenian Insurance Supervision Agency, aims to exchange views on the first lessons learned in this respect.
According to data published by the Slovenian Insurance Association, in Q1 2016 the local market totaled EUR 554 million, 1.3% more y-o-y. Non-life insurance saw a growth rate of 2.7%, while the life segment reported a negative dynamic: -2.8%.
Slovenian insurance group SAVA Re has already taken steps to simplify
its organisational structure by merging its two domestic subsidiaries -
Zavarovalnica Maribor and Zavarovalnica Tilia - and the two Croatian
units - Velebit osiguranje and Velebit zivotno osiguranje - into one
Modra zavarovalnica, Slovenia's largest provider of supplementary pension insurance, posted a net profit of EUR 4.7m for 2015, down from EUR 17.4m in the year before. Assets under management rose to EUR 1.3bn from EUR 1.2bn, the company said on Friday.
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.
6 June 2018 Saint Petersburg, Russian Federation Organizer: All-Russian Insurance Association Co-organizer: Informational Group "Insurance Today" Media Partner: XPRIMM Publications For details:www.insuranceconference.ru