Slovakia Insurance Report Q1 2012
Business Monitor International, December 2011, Pages: 74
By the standards of its peers in Central and Eastern Europe, Slovakia’s insurance sector is a relatively small market opportunity that is not growing quickly. As of November 2011, we are looking for a marginal fall in life premiums for calendar 2011 as a whole, and single-digit growth in non-life premiums. Given the strong growth in life insurance in the Czech Republic through 2011, and of non-life premiums (for some lines) in Poland, this is a fairly unexciting outcome.
Nevertheless, Slovakia’s insurance sector has clear strengths that are worthy of mention. In sharp contrast to most of Central and Eastern Europe, there has not been brutal competition in the markets for motorrelated insurance (ie: both compulsory motorists’ third party liability – CMTPL – and voluntary CASCO cover). That life insurance premiums have been able to hold their own at a time of very low interest rates, well publicised volatility in the Euro area’s financial markets suggests that the country’s life insurers are providing attractive products to customers who remain convinced of the utility of life insurance. Although it is a cyclical and temporary development, profitability in the non-life segment has improved massively thanks to the absence of catastrophe claims that blighted H110.
What sets Slovakia apart from the other countries in the region is that both the non-life and the life segments are a lot less fragmented. VIG (which is now the largest insurance company overall in terms of premiums written, if by a small margin) and Allianz between them account for about 70% of all business undertaken in the non-life segment and over 50% in the life segment. In the non-life segment, Generali’s subsidiary has a double digit market share: in the non-life segment, the same is true of MetLife Alico.
Collectively, the multi-national insurers who account for almost all of the activity in the insurance sector deliver economies of scale (from their regional or global operations), innovative products, an understanding of distribution and – perhaps most importantly – pricing discipline. The structure and performance of Slovakia’s insurance sector through 2011 is a reminder that a wave of consolidation may yet take place in many of the other markets in Central and Eastern Europe.
Business Monitor International's Slovakia Insurance Report 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.
Executive Summary
Table: Slovakia’s Total Premiums, 2008-2016
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 European Life Premiums, 2009-2016 (US$mn)
Slovakia Life Sector Update
Table: Breakdown Of Gross Written Life Premiums, 9M10
Life Industry Forecast Scenario
Table: Life Premiums, 2008-2016
Growth Drivers And Risk Management Projections
Population
Table: Slovakia’s Insurance Sector Key Drivers – Demographics, 2008-2015
Non-Life Sector
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern Europe Non-Life Premiums, 2008-2016 (US$mn)
Slovakia Non-Life Sector Update
Table: Breakdown Of Gross Written Non-Life Premiums, 9M10
Non-Life Industry Forecast Scenario
Table: Slovakia’s Non-Life Premiums, 2008-2016
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
Epidemiology
Table: Slovakia’s Insurance Key Drivers, Disability-Adjusted Life Years 2008-2016
Motor
Table: Insurance Key Drivers, Autos 2008-2015
Insurance Risk/Reward Ratings
Table: Slovakia’s Insurance Risk/Reward Rating
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
Slovakia Insurance Report Q1 2
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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 Risk/Reward 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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