Life Insurance in Slovakia:
The insurance industry and life segment were adversely affected by the 2008 financial crisis and subsequent economic contraction in 2009, with a rise in policy cancellations and delayed premium payments. The gross written premium registered by the life segment, therefore, registered a decline in 2009. The economic recovery started in 2010 and meant that the life segment was once again on the rise. Domestic consumption is still depressed due in part to the high unemployment rate of 13.4% in 2012. This continues to negatively impact the life segment, which grew at a CAGR of only 0.3% between 2008 and 2012. View Full Report with TOC at: http://www.researchmoz.us/life-insurance-in-slovakia-key-trends-and-opportunities-to-2017-report.html
- The life segment is the largest in the Slovakian insurance industry, accounting for 55.1% of the gross written premium in 2012.
- A combined ratio of 90.8% registered by the life segment in 2012 shows that insurers are registering underwriting profits.
- Fraud is rising in the life segment. According to the Slovak Insurance Association, nearly 20% of all claim payments in the country in 2012 involved some fraudulent representation.
- Agencies are the main distribution channel for life segment policies in Slovakia.
- The life segment is concentrated, with the 10 leading life insurers together accounting for 90.9% of the segment’s written premiums in 2012.
- As of 2012, 23 companies were licensed to conduct insurance business in the country
Non-Life Insurance in Slovakia:-
This resulted in a decline in premium rates and consequently, the gross written premium registered by the category declined during the review period. The adverse impact on the category was accentuated by a decline in the number of new vehicle registrations. The number declined from 102,378 units in 2008 to 78,259 units in 2012 – the number increased from 73,856 in 2010 to 78,259 units in 2012. Premium rates are expected to remain pressured for the first two quarters of 2014. The motor insurance category will be helped by an increase in the number of new vehicle registrations over the forecast period. View Full Report with TOC at: http://www.researchmoz.us/non-life-insurance-in-slovakia-key-trends-and-opportunities-to-2017-report.html
- Non-life insurance is the second-largest segment in the industry, accounting for 42% of the total gross written premium in 2012.
- The car manufacturing industry is the key to Slovakia’s economy. In 2012, Slovakia registered the highest car output per capita globally.
- There has been a rise in the amount of fraud registered by the non-life segment. Around 20% of all claim payments in the country in 2012 were estimated to involve some fraudulent representation.
- The motor insurance category is the largest in the segment. The category, particularly the motor hull sub-category, was adversely affected by intense competition during the review period.
- The non-life segment is highly concentrated, with the 10 leading life insurers accounting for 97.5% of the segment’s written premiums in 2012.
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Reasons to buy:-
- Make strategic business decisions using in depth historic and forecast market data related to the Slovak life and non-life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Slovak life and non-life insurance segment
- Assess the competitive dynamics in the life and non-life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Slovak insurance industry and its impact on companies and the market's future
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