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.
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. INDUSTRY SNAPSHOT
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
1.2.1.1 Decrease in total premiums due to global financial and economic turmoil
1.2.1.2 Life Insurance Business recorded decline
1.2.1.3 Decline in aggregate premiums in Q110 y-o-y
1.2.2 Market Segments
1.2.2.1 Industry Dominated by life insurance
1.2.2.2 Sharp Decline in Unit Linked Policies
1.2.2.3 Cross selling by diversified services firms
1.2.2.4 Rise in Revenue of health insurance companies
1.2.3 Market Density & Penetration
1.2.3.1 Better Insurance Density than other CEE countries
1.2.3.2 Non-life insurance penetration higher than the life insurance
1.2.4 Market Share
1.2.4.1 Insurance sector dominated by foreign-owned companies
1.2.4.2 Allianz- Slovenska Poistovna (ASP) Leads the Overall Insurance Market
2. INDUSTRY ANALYSIS
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. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST 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
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
1.2.1.1 Decrease in total premiums due to global financial and economic turmoil
1.2.1.2 Life Insurance Business recorded decline
1.2.1.3 Decline in aggregate premiums in Q110 y-o-y
1.2.2 Market Segments
1.2.2.1 Industry Dominated by life insurance
1.2.2.2 Sharp Decline in Unit Linked Policies
1.2.2.3 Cross selling by diversified services firms
1.2.2.4 Rise in Revenue of health insurance companies
1.2.3 Market Density & Penetration
1.2.3.1 Better Insurance Density than other CEE countries
1.2.3.2 Non-life insurance penetration higher than the life insurance
1.2.4 Market Share
1.2.4.1 Insurance sector dominated by foreign-owned companies
1.2.4.2 Allianz- Slovenska Poistovna (ASP) Leads the Overall Insurance Market
2. INDUSTRY ANALYSIS
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. COUNTRY ANALYSIS: RISK ASSESSMENT
3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections
4. INDUSTRY OUTLOOK: FORECAST 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
LIST OF GRAPHS:
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$): 2002 – 2009
Slovakia Insurance Penetration (%): 2002 – 2009
Slovakia GDP Growth (2002-2009)
Slovakia Sickness Insurance Growth (2003-2009)
Slovakian Employment Rate (%): 2002-2009
Number of Insured Vehicles (2002-2009)
Slovakian Household Savings (2002-2009)
Slovakia Residential Property Prices Growth (2002-2009)
Forecast: Slovakia Insurance Industry: 2009A – 2013E
Forecast: Slovakia Life & Non-Life Insurance Industry: 2009A – 2013E
Annual Premium – Slovakia Insurance Industry: 2002-2009
Premium – Slovakia Insurance Industry: Q110 Vs. Q109
Premium – Life and Non-life Insurance: Q110 Vs. Q109
Slovakian Insurance Premium Share (%) by Segment – 2009
Slovakia Insurance Premium by Segment – 2002-2009
Slovakia Health Insurance Revenue: 2008-2009
Slovakia Insurance Density (US$): 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
LIST OF TABLES:
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)
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)