New Market Research Report: Slovakia Insurance Report Q3 2014

As of mid-2014, the latest newsflow indicates that premiums are rising slowly in both of the main segments. Given the slippage in both life premiums and motor vehicle related premiums in the past, this is significant. Profits appear to be holding up at satisfactory levels for at least most of the insurers. It remains abundantly clear that the domination of both segments by the local subsidiaries of world class multi-nationals is a source of stability and strength. Nevertheless, there are no ovious catalysts for rapid growth in premiums at any stage in the forecast period.

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. Given, for instance, the strong growth in life insurance in Poland in 2012, this is a fairly unexciting outcome.

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Nevertheless, the results that were published by Vienna Insurance Group (VIG) and Allianz who, between them, account for about 60% of all premiums written in Slovakia, continue to highlight the clear strengths of the sector. In sharp contrast to most of Central and Eastern Europe, there has not been irrational competition in the markets for motor-related insurance (ie compulsory motorists' third party liability - CMTPL - and voluntary CASCO cover). The fact that life insurance premiums have been able to hold their own, at a time of very low interest rates and well publicised volatility in the eurozone'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. In non-life insurance operations, combined ratios remain fairly low.

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. Collectively, the multi-national insurers who account for almost all of the activity in the insurance sector deliver economies of scale (from their...

The Slovakia Insurance Report has been researched at source and features Business Monitor International (BMI)'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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