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Personal Accident and Health Insurance in Slovakia, Key Trends and Opportunities to 2020

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

It provides 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, 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 personal accident and health insurance segment in Slovakia:

• It provides historical values for the Slovak personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Slovak personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Slovakia.

• It profiles the top personal accident and health insurance companies in Slovakia, and outlines the key regulations affecting them.

Key Highlights

• Personal accident and health insurance is the smallest segment, accounting for 3.2% of the industry’s gross written premium in 2015.

• Economic growth, increasing public awareness with regards to health products and an aging population supported the segment’s growth during the review period.

• Insurers are focusing on selling customized, affordable and additional value-added products to retain customers and meet the changing needs of the aging population.

• The robust public healthcare system limits the scope for private insurers, as they are only allowed to sell services not included in the public system, such as cosmetic surgery or treatment in overseas facilities.

• The segment is expected to grow over the forecast period, supported by rising disposable income, stable GDP growth, the growing aging population and consumer awareness of the need for, and benefits of, personal accident and health insurance.

Reasons to Buy

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

• Understand the demand-side dynamics, key market trends and growth opportunities in the Slovak personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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.

Key Players

Allianz-Slovenská poisťovňa, AS

Kooperativa poisťovňa, AS

Komunálna Poisťovňa AS VIG

Uniqa Poisťovňa, AS

Generali Poisťovňa, AS

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 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.1.3 Claims

5.1.4 Profitability

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.2.3 Claims

5.2.4 Profitability

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Policies

5.3.3 Claims

5.3.4 Profitability

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Allianz-Slovenská Poisťovňa AS – company overview

7.1.2 Kooperativa Poisťovňa, AS, VIG – company overview

7.1.3 Komunálna Poisťovňa AS, VIG – company overview

7.1.4 Uniqa Poisťovňa, AS – company overview

7.1.5 Generali Poisťovňa, AS – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third party liability insurance

8.4.2 Air carriers and aircraft liability insurance

8.4.3 Social insurance system

8.4.4 Professional indemnity insurance for alternative investment fund managers

8.4.5 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority (EIOPA)

8.5.3 European Insurance and Occupational Pensions Authority (EIOPA)

8.5.4 Federation of European Risk Management Associations

8.5.5 Slovak Insurance Association

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Health Insurance by Product

9.7 Travel Insurance

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

List of Tables

Table 1: Slovak Personal Accident and Health Insurance – Key Facts, 2014

Table 2: Key Insurers in the Slovak Personal Accident and Health Insurance, 2015

Table 3: Slovak Government Credit Ratings

Table 4: Slovak Personal Accident and Health Insurance – Gross Written Premium (EUR Million and US$ Million), 2011–2015

Table 5: Slovak Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 6: Slovak Personal Accident and Health Insurance – Gross Written Premium (EUR Million and US$ Million), 2015–2020

Table 7: Slovak Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 8: Slovak Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2011–2015

Table9: Slovak Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 10: Slovak Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Slovak Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Slovak Personal Accident and Health Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 13: Slovak Personal Accident and Health Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 14: Slovak Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 15: Slovak Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 16: Slovak Personal Accident and Health Insurance – Total Assets (EUR Million and US$ Million), 2011–2015

Table 17: Slovak Personal Accident and Health Insurance – Total Assets (EUR Million and US$ Million), 2015–2020

Table 18: Slovak Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2015

Table 19: Slovak Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2015–2020

Table 20: Slovak Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2015

Table 21: Slovak Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2015–2020

Table 22: Slovak Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 23: Slovak Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2015–2020

Table 24: Slovak Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 25: Slovak Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 26: Slovak Personal Accident Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 27: Slovak Personal Accident Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 28: Slovak Personal Accident Insurance – Loss Ratio (%), 2011–2015

Table 29: Slovak Personal Accident Insurance – Loss Ratio (%), 2015–2020

Table 30: Slovak Health Insurance – Direct Written Premium (EUR Million), 2011–2015

Table 31: Slovak Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 32: Slovak Health Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 33: Slovak Health Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 34: Slovak Health Insurance – Paid Claims (EUR Thousand and US$ Thousand), 2011–2015

Table 35: Slovak Health Insurance – Paid Claims (EUR Thousand and US$ Thousand), 2015–2020

Table 36: Slovak Health Insurance – Loss Ratio (%), 2011–2015

Table 37: Slovak Health Insurance – Loss Ratio (%), 2015–2020

Table 38: Slovak Travel Insurance – Direct Written Premium (EUR Million), 2011–2015

Table 39: Slovak Travel Insurance – Direct Written Premium (EUR Million), 2015–2020

Table 40: Slovak Travel Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 41: Slovak Travel Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 42: Slovak Travel Insurance – Paid Claims (EUR Million and US$ Million), 2011–2015

Table 43: Slovak Travel Insurance – Paid Claims (EUR Million and US$ Million), 2015–2020

Table 44: Slovak Travel Insurance – Loss Ratio (%), 2011–2015

Table 45: Slovak Travel Insurance – Loss Ratio (%), 2015–2020

Table 46: Key Insurers in the Slovak Personal Accident and Health Insurance, 2015

Table 47: Allianz-Slovenská Poisťovňa, AS – Key Facts

Table 48: Kooperativa Poisťovňa, AS VIG – Key Facts

Table 49: Komunálna Poisťovňa AS, VIG – Key Facts

Table 50: Uniqa Poisťovňa, AS – Key Facts

Table 51: Generali Poisťovňa, AS – Key Facts

Table 52: Slovakia – Insurance Regulatory Framework Key Features

Table 53: Slovakia– Life Insurance Regulatory Framework

Table 54: Slovakia – Property Insurance Regulatory Framework

Table 55: Slovakia – Motor Insurance Regulatory Framework

Table 56: Slovakia – Liability Insurance Regulatory Framework

Table 57: Slovakia – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 58: Slovakia – Authorization Fee of Insurance and Reinsurance Companies

Table 59: Slovakia – Corporate Tax Rates for the Financial Year 2016

Table 60: Slovak Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 61: Slovak Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 62: Slovak Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 63: Slovak Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 64: Slovak Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 65: Slovak Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 66: Slovak Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 67: Slovak Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 68: Slovak Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 69: Slovak Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 70: Slovak Personal Accident and Health Insurance – Health by Product, 2011–2015

Table 71: Slovak Personal Accident and Health Insurance – Health by Product, 2015–2020

Table 72: Slovak Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 73: Slovak Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 74: Insurance Industry Definitions

List of 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 Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

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

Figure 8: Slovak Personal Accident and Health Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 9: Slovak Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 10: Slovak Personal Accident and Health Insurance – Premium per Capita (EUR), 2011–2020

Figure 11: Slovak Personal Accident and Health Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 12: Slovak Personal Accident and Health Insurance – Paid Claims (EUR Million), 2011–2020

Figure 13: Slovak Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Slovak Personal Accident and Health Insurance – Total Assets (EUR Million), 2011–2020

Figure 15: Slovak Personal Accident and Health Insurance – Investment Portfolio (EUR Million), 2011–2020

Figure 16: Slovak Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 17: Slovak Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2020

Figure 18: Slovak Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 19: Slovak Personal Accident Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 20: Slovak Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 21: Slovak Personal Accident Insurance – Paid Claims (EUR Million), 2011–2020

Figure 22: Slovak Personal Accident Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 23: Slovak Health Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 24: Slovak Health Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 25: Slovak Health Insurance – Paid Claims (EUR Thousand), 2011–2020

Figure 26: Slovak Health Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 27: Slovak Travel Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 28: Slovak Travel Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 29: Slovak Travel Insurance – Paid Claims (EUR Million), 2011–2020

Figure 30: Slovak Travel Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2011–2020

Figure 31: Slovakia – Insurance Supervision and Control at Various Levels

Figure 32: Slovakia – Insurance Supervision and Control at Various Levels

Figure 33: Slovakia – Insurance Regulatory Frameworks for Company Registration and Operation

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