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Slovakia Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 23
Slovakia is ranked among one of the top EU countries to register fastest economic growth rate, as result of which, its insurance market has witnessed an impressive growth over the years. The insurance market is dominated by non-life segment that mainly consists of motor third party liability insurance, insurance of damages or loss to land vehicles, property insurance, general liability insurance and others. Throughout the year 2008, the life insurance segment grew at a rate faster than that of the non-life segment. The decline in premiums of non-life was as a result of shrinking third party car insurance market. The structure of Slovakia’s insurance market is slowly converging to the EU structure.
Death and endowment assurance held the dominant share of the life insurance segment followed by the investment life insurance. Car insurance market held the largest share of the non-life sector. The penetration rate in Slovakia is much less than that of other EU nations, which presents good prospects for further growth. The non-life insurance segment in Slovakia is more concentrated than the life insurance segment. The top three players in non-life collectively accounted for more than one-third of the segment’s market share, whereas in life the top three had a collective market share of about 50%. Strong economic growth, increasing working class population, rising per capita income, growing export oriented motor vehicle sales, introduction of new product classes, such as insurance in case of unemployment, covering payments of bank loans, will be driving the insurance market of Slovakia in future years.
The present report gives an overview of Slovakia’s insurance market along with an analysis of the country’s political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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