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Slovakia Insurance Report Q1 2008
Business Monitor International, Feb 2008, Pages: 32
The Slovakia Insurance Report provides independent forecasts and competitive intelligence on Slovakias insurance industry.
This report differs from its predecessors in that it includes BMI’s Insurance Business Environment Rating (IBER). The rating brings together a number of pieces of relevant quantitative data, together with BMI’s Country Risk Rating (CRR). It is now much easier to consider the business environment for the insurance sector in any one country relative to the business environment for other industries in that country that are surveyed by BMI, and the business environment for the insurance sector in other countries. Slovakia’s IBER is 61.3. While the market is attractive in most structural senses, it is critically limited by the small population of just 5.4mn and the consequently limited potential economic size. The economy and the insurance sector are both growing solidly and the political environment is stable. However, the IBER is held back by the limit of potential returns from a small market that is already fairly well developed.
Over the forecast period, we anticipate that non-life premiums will grow by 17% annually in local currency terms and by 18% in US dollar terms. Life premiums are expected to increase by 13% annually in local currency terms and by 15% in US dollar terms. The key drivers of growth in the non-life segment in 2007-2012 are the anticipated rise in nominal GDP from around US$72 to US$114and an expected increase in non-life penetration from 1.9%GDP to 2.8%. The key driver of growth in the life segment is the envisaged rise in life density from US$199 per capita in 2007 to US$400 per capita in 2012. Slovakia has zero population growth.
Slovakia has 14 cross-border firms competing in its non-life sector. On this measure it is ranked 7th of the 62 countries for which BMI has collected data. There are 15 cross-border firms competing in the smaller life segment. On this measure Slovakia is ranked 5th among the 62 countries for which BMI has collected data. These are remarkably high rankings for such a small market, especially so when you consider that there are also a number of local firms competing in that market. Some form of rationalisation would seem to be necessary and inevitable.
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