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Slovakia Insurance Report Q1 2012
Business Monitor International, Dec 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.
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