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Slovenia Insurance Report Q4 2011
Business Monitor International, Sep 2011, Pages: 71
Business Monitor International's (BMI) Slovenia 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 Slovenia's insurance industry.
Slovenia’s insurance sector stands out in the context of its peers in Central and Eastern Europe for a number of reasons. It is small in absolute terms, growing at a modest rate and, in terms of the life segment at least, it is underdeveloped by a number of metrics. Predominantly state-owned local champion Triglav remains by far the largest player, but it is not crushingly dominant. Triglav’s board has been empowered to increase its capital. The company has established operations across much of the former Yugoslavia and is the early stages of negotiations with the International Finance Corporation (IFC, the private sector arm of the World Bank). Development of the non-life and the life segments will be driven by ‘wild cards’.
For the life segment, the wild card is that the insurers can persuade Slovenians to use their products. Density of about EUR320 per capita does not look to be wildly out of line with the standards of the rest of Central and Eastern Europe. However, income in Slovenia is at Western European levels. BMI’s impression is that some Slovenians with savings must be focusing on other asset classes, such as bank deposits, direct investments in euro-denominated bonds and equities or real estate. However, BMI also suspect that some people also expect the government to provide benefits that would be derived from the private sector in other countries.
For the non-life segment, the wild card is the government’s plan to abolish ‘top-up’ private sector health insurance. At first glance, this looks like the nationalisation of what is a significant business for the Slovenian insurance sector. However, it is not clear what benefits will be available from a reformed health insurance system in which the government plays an important role and within which health insurance premiums are more closely tied to income levels than they have been in the past. It is not impossible that the changes to health insurance actually provide insurance companies with a new opportunity.
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