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Slovenia Insurance Report Q3 2011
Business Monitor International, June 2011, Pages: 70
The Slovenia Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Slovenia's insurance industry.
Modest growth in line with GDP is expected for the life and non-life sectors. Local companies are establishing themselves in other countries in the region, seeking growth opportunities not available in Slovenia’s mature non-life market. The regulatory framework is a source of concern for many players and may be seen as a serious impediment if reform is not forthcoming.
Slovenia is in a phase of weak economic recovery and this is reflected by the country’s insurance firms, many of which are returning to modest profits after serious losses in 2009. In addition to the global financial crisis, Slovenia also experienced a second season of storms that year, burdening some companies with significant claims for crop losses and leading to capital adequacy issues.
Many companies are experiencing difficulties of one sort or another with the country’s regulatory framework. It has been referred to the European Court of Justice over aspects of Slovenia’s health insurance regulation that the EU considers in conflict with the freedom to provide services across borders. These problems need to be resolved for the local industry to develop and integrate with the European insurance market.
Indigenous Slovenian companies are extending their reach into other countries in the region, seeking growth opportunities that are harder to find in the mature local market. Our projection for the life and non-life markets is for modest, steady growth in line with the country’s GDP.
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