Slovakia Insurance Market Intelligence: 2011 Edition

Date: January 22, 2011
Pages: 22
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Slovakia Insurance Market Intelligence: 2011 Edition
The Slovakian insurance industry is one of the smallest insurance industries in Europe and it was also affected quite badly by the global financial crisis. The whole economy contracted by 4.7% in real terms, which also affected the insurance industry as the annual premiums fell by 5.5% in 2009 as compared to the previous year. The impact of global economic recession was more prominent on the life insurance business, as compared to the non-life segment.

With the newly elected progessive center-right government, rising employment rate, increasing savings rate and strong economic growth, the insurance sector of the country is expected to witness higher growth after 2010. In addition to these factors, housing boom in the country, improving living standard, increasing awareness about the relevance of insurance among people are also helping the Slovakian insurance industry’s growth.

The country’s insurance sector is characterized by strong concentration and high competition. It is dominated by the foreign insurers. Allianz Slovenska Poistovna leads the market with highest share in both life and non-life segments. Insurers are launching attractive products in order to further improve their share and this in turn will result in increased insurance density as well penetration rate in the country.

1.1 Industry Structure
  1.1.1 Concentrated, competitive yet smallest insurance market in Europe
  1.1.2 Distribution channels include brokers, agents and bancassurance
  1.1.3 Health insurance and car liability insurance are obligatory
1.2 Market Overview
  1.2.1 Market Size & Growth Decrease in total premiums due to global financial and economic turmoil Life Insurance Business recorded decline Decline in aggregate premiums in Q110 y-o-y
  1.2.2 Market Segments Industry Dominated by life insurance Sharp Decline in Unit Linked Policies Cross selling by diversified services firms Rise in Revenue of health insurance companies
  1.2.3 Market Density & Penetration Better Insurance Density than other CEE countries Non-life insurance penetration higher than the life insurance
  1.2.4 Market Share Insurance sector dominated by foreign-owned companies Allianz- Slovenska Poistovna (ASP) Leads the Overall Insurance Market


2.1 Industry Developments
  Bill on Health Insurers' Merger Agreed
  Insurance Companies to Face New Regulations
  Policy Developed to Protect the Consumers
  Generali Launches New Insurance Product "Testament"
  Health Insurer Union Agrees New Contract with Hospitals
  Members in the Second pension Pillar Declined in 2009
2.2 Market Drivers
  Economic Growth
  Growing Sickness Insurance Sector
  Improving Employment Rate
  Increasing Number of Insured Vehicles
  Rising Household Savings
  Housing Boom in Slovakia


3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections


4.1 Total Insurance premiums expected to remain almost flat in 2010
4.2 Newly elected centre-right government positively effect premium growth in future


Annual Premium – Slovakia Insurance Industry: 2002-2009
Premium – Slovakia Insurance Industry: Q110 Vs. Q109
Premium – Life and Non-life Insurance: Q110 Vs. Q109
Slovakian Insurance Premium Share (%) by Segment – 2009
Slovakia Insurance Premium by Segment – 2002-2009
Slovakia Health Insurance Revenue: 2008-2009
Slovakia Insurance Density (US$): 2002 – 2009
Slovakia Insurance Penetration (%): 2002 – 2009
Slovakia GDP Growth (2002-2009)
Slovakia Sickness Insurance Growth (2003-2009)
Slovakian Employment Rate (%): 2002-2009
Number of Insured Vehicles (2002-2009)
Slovakian Household Savings (2002-2009)
Slovakia Residential Property Prices Growth (2002-2009)
Forecast: Slovakia Insurance Industry: 2009A – 2013E
Forecast: Slovakia Life & Non-Life Insurance Industry: 2009A – 2013E


Market share of top 10 players in life insurance segment, 2009
Market Share of Top 10 Players in Non-life Insurance Segment, 2009
Key Macroeconomic Indicators: (2009A – 2013E)
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