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Slovakia Insurance Report Q3 2011
Business Monitor International, June 2011, Pages: 69
Slovakia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Poland's insurance industry.
- With a population of just 5.4 million, the Slovakian insurance market is relatively small.
- The life segment was actually larger in revenue terms than the non-life segment in 2010.
- The non-life segment is dominated by motor insurance through compulsory third-party (CTP) and fully comprehensive insurance. Pricing power is poor and discounting is a feature of the market. Revenues for the non-life segment in 2010 were broadly similar to the levels in 2005. The market has shown little change in revenues throughout the period.
- The life segment was enjoying strong growth in revenue prior to the global financial crisis. Since 2008, revenues in the segment have been tracking sideways.
The Slovakian economy is very export dependant and as such has been enjoying a good recovery in industrial production since early 2010 in response to economic recoveries taking place in its main trading partners in Europe, including Germany. As such an economic recovery is under way in Slovakia, which should assist revenues in the insurance sector. However unemployment in Slovakia remains relatively high at 12.5% and, with a more cautious consumer after the global financial crisis, the outlook for household spending is muted.
The corporate results available show that there was some recovery in the life segment in 2010, though overall revenues were only up by 2.2%. BMI expects pricing will stabilise in the non-life segment.
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