Slovakia Insurance Report Q4 2011
Business Monitor International, September 2011, Pages: 69
Business Monitor International's (BMI) Slovakia Insurance Report (Q4 2011) provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Slovakia's insurance industry.
At the time of writing, in August 2011, what is not being said about Slovakia’s insurance sector is probably as important as what is being said. Unlike Hungary and Romania, for example, non-life premiums do not appear to be suffering as a result of downwards pressure on prices in auto-related lines. However, non-life premiums are not clearly growing in the way that they are in Russia or that they were in Poland in Q111. Similarly, life premiums are holding their own but are not growing as rapidly as they are in nearby Czech Republic.
In the non-life segment, one of the key changes in the last year or so is that non-life penetration appears to have stopped falling. There may have been intense competition in the past – particularly in the auto related lines that still dominate the non-life segment – but there is little evidence of this at the moment. The other key development is that profitability has improved, mainly as a result of a sharp fall in catastrophe claims in H111.
BMI forecasts life density to increase slowly and steadily through to the end of the forecast period. In this respect, the life segment’s expansion will be quite different to what it was prior to global financial crisis in late 2008 when density was raising quickly. Nevertheless, the strong growth of life insurance in the Czech Republic shows what can happen if it becomes central to households’ organised savings. For the life segment, the upside risks are significantly greater in Slovakia than the downside risks.
The Slovakian economy is very export-dependent 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 revenue 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 revenue was only up by 2.2%. BMI expects pricing will stabilise in the non-life segment.
Executive Summary
Table: Total Premiums, 2008-2015
Key Insights And Key Risks
SWOT Analysis
Slovakia Insurance Industry SWOT
Slovakia Political SWOT
Slovakia Economic SWOT
Slovakia Business Environment SWOT
Life Sector
Central And Eastern Europe Life Sector Overview
Table: Central And Eastern Europe Life Premiums, 2008-2015 (US$mn)
Slovakia Life Sector Update
Table: Breakdown Of Gross Written Life Premiums, 9M10
Life Industry Forecast Scenario
Table: Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Population
Table: Insurance Sector Key Drivers – Demographics, 2008-2015
Non-Life Sector
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern Europe Non-Life Premiums, 2008-2015 (US$mn)
Slovakia Non-Life Sector Update
Table: Breakdown Of Gross Written Non-Life Premiums, 9M10
Non-Life Industry Forecast Scenario
Table: Non-Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Slovakia Economic Activity, 2008-2015
Political Stability Outlook
Table: Europe Security Risk Ratings
Healthcare
Health Insurance
Private Health Insurance
Epidemiology
Table: Insurance Sector Key Drivers – Disability-Adjusted Life Years, 2008-2015
Motor
Table: Insurance Sector Key Drivers – Vehicle Sales, 2008-2015
Insurance Risk/Reward Ratings
Table: Slovakia’s Insurance Risk/Reward Ratings
Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Slovakia’s Insurance Sector
Table: Ranking Of Non-Life Companies By Premiums, 9M10
Table: Ranking Of Life Companies By Premiums, 9M10
Company Profiles
Regional Company Profiles
AEGON
Allianz
Aviva
AXA
BNP Paribas Cardif
ERGO
Eureko
Generali
GRAWE
Groupama
HDI-Gerling/Talanx
ING
KBC Group
MetLife ALICO
Prudential Financial
QBE
RSA
Uniqa
Vienna Insurance Group
Zurich
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- Uniqa
- Vienna Insurance Group
- Zurich
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