New Market Research Report: Slovakia Insurance Report Q3 2015

As one of the wealthier countries in the Central and Eastern Europe (CEE) region and strong growth in the forthcoming years, insurance penetration is relatively high compared with those of many neighbouring states, with the majority of Europe's major multinational insurers already present in the market. The counterpoint to this is that competition is high, meaning companies are struggling to achieve premiums growth as they succumb to pressure to keep prices low. To counteract this, both life and non-life insurance providers are focussing their strategies on improving distribution as well as increasing their range of products to reach new customers.

Slovakia's economic outlook is forecasted to see Slovakia as one of the strongest performing economies in the eurozone over 2015. The country has a solid growth outlook, external account surplus, relatively low public debt load, and benefits from eurozone membership. Economic activity in Slovakia will face headwinds in the coming quarters from weaker external demand, but domestic demand will remain strong enough to avert a significant slowdown. Stronger domestic demand supported by rising levels of consumer spending should support growth in life and non-life premiums. Following real GDP growth of 2.7% in 2015, BMI expects to see growth of between 2-3% thereafter.

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Slovakia's insurance sector is fairly described as a medium-sized commercial opportunity that is not rapidly growing. The population is relatively small and expected to remain at around 5.5mn and as noted above economic growth is expected to remain limited. As such there is little scope for a substantial expansion of either life or non life insurance. Total gross premiums are expected to increase by 3.6% in 2015 in local currency terms, roughly keeping pace with GDP growth. By the end of the forecast period we expect total gross premiums to reach EUR2.7bn up from EUR2.2bn in 2015. In terms of gross written premiums, the life segment is slightly...

The Slovakia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Slovakia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Slovak insurance industry.

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