Non-Life Insurance in Slovakia, Key Trends and Opportunities to 2020

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Published: February 11, 2016 Report Code: GD-IS1313MR-ST

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GlobalData’s 'Non-Life Insurance in Slovakia Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Slovak non-life insurance segment, and a comparison of the Slovak insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Slovak economy and demographics, explains the various types of natural hazard and their impact on the Slovak insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Slovakia:

• It provides historical values for the Slovak non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Slovak non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Slovak non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Slovakia.

• It analyzes various natural and man-made hazards and their impact on the Slovak insurance industry

• It profiles the top non-life insurance companies in Slovakia, and outlines the key regulations affecting them.

Key Highlights

• The non-life segment accounted for 44.6% of the industry's gross written premium in 2015.

• Slovak non-life insurance penetration decreased from 1.2% in 2011 to 1.1% in 2015.

•The increase in fraudulent claims has limited insurers’ profitability during the review period, and also increased the premium prices for other customers.

•The increasing consumer awareness and the prevalence of a soft phase with stable premium rate supported the liability insurance to grow at a review-period CAGR of 3.6%.

•The decrease in import and export values is expected to have a negative impact on the demand of marine, aviation and transit insurance over the forecast period.

• Mandatory motor third-party insurance, stable economic growth, rising motor vehicle sales and growth in the automobile sector is expected to support the growth of the non-life segment over the forecast period.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Slovak non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Slovak non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Slovak insurance industry, and their impact on companies and the industry's future.

Allianz - Slovenská poisťovňa, AS,Kooperativa poisťovňa, AS,Generali Poisťovňa, AS,Uniqua poisťovňa, AS,Komunálna poisťovňa AS,Union poisťovňa, AS,ČSOB Poisťovňa, AS,Wüstenrot poisťovňa, AS,Poisťovňa Cardif Slovakia, AS,Axa pojišťovna, AS, pobočka poisťovne z iného členského štátu

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Policies sold

4.2.3 Claims

4.2.4 Profitability

4.2.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Policies sold

5.1.4 Claims

5.1.5 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Policies sold

5.2.4 Claims

5.2.5 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Policies sold

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Policies sold

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Brokers

6.1.2 Agencies

6.1.3 Direct marketing

7 Natural Hazards

7.1 Flooding

7.2 Extreme Temperature

7.3 Wildfires

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Allianz-Slovenská Poisťovňa, AS – company overview

8.1.2 Kooperativa Poisťovňa, AS, VIG – company overview

8.1.3 Generali Poisťovňa, AS – company overview

8.1.4 Uniqa Poisťovňa, AS – company overview

8.1.5 Komunálna Poisťovňa AS VIG – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third party liability insurance

9.4.2 Air carriers and aircraft liability insurance

9.4.3 Social insurance system

9.4.4 Professional indemnity insurance for alternative investment fund managers

9.4.5 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority (EIOPA)

9.5.3 European Insurance and Occupational Pensions Authority (EIOPA)

9.5.4 Federation of European Risk Management Associations

9.5.5 Slovak Insurance Association

9.6 Non-Admitted Insurance Regulation

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Property Insurance

10.7 Property Insurance by Product

10.8 Motor Insurance

10.9 Motor Insurance by Product

10.1 Liability Insurance

10.11 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Slovak Non-Life Insurance – Key Facts, 2014

Table 2: Slovak Non-Life Insurance – Segment Shares of the Top Insurers, 2015

Table 3: Slovak Government Credit Ratings

Table 4: Slovak Non-Life Insurance – Gross Written Premium (EUR Million and US$ Billion), 2011–2015

Table 5: Slovak Non-Life Insurance – Penetration (%), 2011–2015

Table 6: Slovak Non-Life Insurance – Gross Written Premium (EUR Million and US$ Billion), 2015–2020

Table 7: Slovak Non-Life Insurance – Penetration (%), 2015–2020

Table 8: Slovak Non-Life Insurance – Premium per Capita (EUR and US$), 2011–2015

Table 9: Slovak Non-Life Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 10: Slovak Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Slovak Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Slovak Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 13: Slovak Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 14: Slovak Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 15: Slovak Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 16: Slovak Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2011–2015

Table 17: Slovak Non-Life Insurance – Total Assets (EUR Billion and US$ Billion), 2015–2020

Table 18: Slovak Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2015

Table 19: Slovak Non-Life Insurance – Investment Portfolio (EUR Billion), 2015–2020

Table 20: Slovak Non-Life Insurance – Direct Written Premium by Category (EUR Million),2011–2015

Table 21: Slovak Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2015–2020

Table 22: Slovakia – Damages Caused by Criminality, (EUR Million) 2011 –2014

Table 23: Slovakia – Number of Fire Event, 2011–2014

Table 24: Slovak Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 25: Slovak Property Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 26: Slovak Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 27: Slovak Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 28: Slovak Property Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 29: Slovak Property Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 30: Slovak Property Insurance – Loss Ratio (%), 2011–2015

Table 31: Slovak Property Insurance – Loss Ratio (%), 2015–2020

Table 32: Slovakia – Number of Traffic Accidents, 2010–2014

Table 33: Slovak Motor Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 34: Slovak Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2015–2020

Table 35: Slovak Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 36: Slovak Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 37: Slovak Motor Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 38: Slovak Motor Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 39: Slovak Motor Insurance – Loss Ratio (%), 2011–2015

Table 40: Slovak Motor Insurance – Loss Ratio (%), 2015–2020

Table 41: Slovak Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 42: Slovak Liability Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 43: Slovak Liability Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 44: Slovak Liability Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 45: Slovak Liability Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 46: Slovak Liability Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 47: Slovak Liability Insurance – Loss Ratio (%), 2011–2015

Table 48: Slovak Liability Insurance – Loss Ratio (%), 2015–2020

Table 49: Slovakia – Registered Vessel, 2011–2014

Table 50: Slovakia – Registered Vessel, 2011–2014

Table 51: Slovakia – Registered Civil Planes, 2011–2014

Table 52: Slovakia – Freight Transportation Statistics, (Thousand Tons) 2011–2014

Table 53: Slovak Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 54: Slovak Marine, Aviation and Transit Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 55: Slovak Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 56: Slovak Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 57: Slovak Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 58: Slovak Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 59: Slovak Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 60: Slovak Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 61: Slovak Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2011–2015

Table 62: Slovak Non-Life Insurance – Direct Written Premium by Distribution Channel (EUR Million), 2015–2020

Table 63: Slovak Non-Life Insurance – Percentage of Direct Written Premium Ceded, by Distribution Channel, 2011–2020

Table 64: Slovakia Average Annual Loss by Hazard

Table 65: Slovak Insurance Industry – Market Shares of Leading Insurers (%), 2015

Table 66: Allianz-Slovenská Poisťovňa, AS – Key Facts

Table 67: Kooperativa Poisťovňa, AS, VIG – Key Facts

Table 68: Generali Poisťovňa, AS – Key Facts

Table 69: Uniqa Poisťovňa, AS – Key Facts

Table 70: Komunálna Poisťovňa AS VIG – Key Facts

Table 71: Slovakia – Insurance Regulatory Framework Key Features

Table 72: Slovakia– Life Insurance Regulatory Framework

Table 73: Slovakia – Property Insurance Regulatory Framework

Table 74: Slovakia – Motor Insurance Regulatory Framework

Table 75: Slovakia – Liability Insurance Regulatory Framework

Table 76: Slovakia – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 77: Slovakia – Authorization Fee of Insurance and Reinsurance Companies

Table 78: Slovakia – Corporate Tax Rates for the Financial Year 2016

Table 79: Slovak Insurance Industry – Policies and Premium, 2011–2015

Table 80: Slovak Insurance Industry – Policies and Premium, 2015–2020

Table 81: Slovak Non-Life Insurance – Claims and Expenses, 2011–2015

Table 82: Slovak Non-Life Insurance – Claims and Expenses, 2015–2020

Table 83: Slovak Non-Life Insurance – Assets and Investments, 2011–2015

Table84: Slovak Non-Life Insurance – Assets and Investments, 2015–2020

Table 85: Slovak Non-Life Insurance – Direct Marketing and E-Commerce, 2011–2015

Table 86: Slovak Non-Life Insurance – Direct Marketing and E-Commerce, 2015–2020

Table 87: Slovak Non-Life Insurance – Insurance Brokers and Agencies, 2011–2015

Table 88: Slovak Non-Life Insurance – Insurance Brokers and Agencies, 2015–2020

Table 89: Slovak Non-Life Insurance – Property Insurance, 2011–2015

Table 90: Slovak Non-Life Insurance – Property Insurance, 2015–2020

Table 91: Slovak Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 92: Slovak Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 93: Slovak Non-Life Insurance – Motor Insurance, 2011–2015

Table 94: Slovak Non-Life Insurance – Motor Insurance, 2015–2020

Table 95: Slovak Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 96: Slovak Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 97: Slovak Non-Life Insurance – Liability Insurance, 2011–2015

Table 98: Slovak Non-Life Insurance – Liability Insurance, 2015–2020

Table 99: Slovak Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 100: Slovak Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 101: Insurance Industry Definitions

Figures

Figure 1: Slovak Real GDP (EUR Billion), 2011–2020

Figure 2: Slovak Consumer Price Inflation (%), 2011–2020

Figure 3: EUR – US$ Exchange Rate, 2011–2020

Figure 4: Slovak Unemployment Rate, 2011–2020

Figure 5: Slovak Population by Age Group, 1990–2025

Figure 6: Slovak Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Slovak Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 8: Slovak Non-Life Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 9: Slovak Non-Life Insurance – Penetration (%), 2011–2020

Figure 10: Slovak Non-Life Insurance – Premium per Capita (EUR), 2011–2020

Figure 11: Slovak Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 12: Slovak Non-Life Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 13: Slovak Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Slovak Non-Life Insurance – Total Assets (EUR Billion), 2011–2020

Figure 15: Slovak Non-Life Insurance – Investment Portfolio (EUR Billion), 2011–2020

Figure 16: Slovak Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 17: Slovak Non-Life Insurance – Direct Written Premium by Category (EUR Million), 2011–2020

Figure 18: Slovak Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 19: Slovak Property Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 20: Slovak Property Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 21: Slovak Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 22: Slovak Property Insurance – Paid Claims (EUR Billion), 2011–2020

Figure 23: Slovak Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 24: Slovak Motor Insurance – Direct Written Premium by Sub-Category (EUR Billion), 2011–2020

Figure 25: Slovak Motor Insurance – Direct Written Premium Dynamics by Sub-Category, 2011–2020

Figure 26: Slovak Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 27: Slovak Motor Insurance – Paid Claims (EUR Million), 2011–2020

Figure 28: Slovak Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 29: Slovak Liability Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 30: Slovak Liability Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 31: Slovak Liability Insurance – Paid Claims (EUR Million), 2011–2020

Figure 32: Slovak Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 33: Slovak Marine, Aviation and Transit Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 34: Slovak Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 35: Slovak Marine, Aviation and Transit Insurance – Paid Claims (EUR Million), 2011–2020

Figure 36: Slovak Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Billion and %), 2011–2020

Figure 37: Slovak Non-Life Insurance – Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 38: Slovak – Frequency of Hazards by Type, 1990–2014

Figure 39: Slovak Mortality by Hazards Type, 1990–2014

Figure 40: Slovak Economic Loss by Hazards Type, 1990–2014

Figure 41: Slovak Insurance Industry – Market Shares of Leading Insurers (%), 2015

Figure 42: Slovakia – Insurance Supervision and Control at Various Levels

Figure 43: Slovakia – Insurance Supervision and Control at Various Levels

Figure 44: Slovakia – Insurance Regulatory Frameworks for Company Registration and Operation

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