Slovakia Insurance Report Q2 2015 - New Report Available

Both life and non-life insurance in Slovakia are expected to show growth throughout the forecast period to 2018, though gains will be marginally more positive in the life sector. The market is highly competitive and generally dominated by local subsidiaries of multinational insurance firms. As such there is little scope for substantial expansion of the market at present.

Slovakia's economic outlook is more positive than many of its peers, despite its vulnerability to a decline in the wider eurozone as the potential decrease in export demand should be offset by increased domestic consumer demand driven by higher wages and rising private financial consumption. It is this economic growth which is expected to lend weight to growth forecasts of around 5% per year for gross life insurance premiums (in euro terms) with most growth centred on investment products such as later in life savings. Smaller growth has also been seen in whole life products.

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Growth is expected to be slower in the non-life sector. As exports contract we will see only limited growth in transport insurance and motor vehicle insurance premiums are expected to show the lowest growth of all. This is due primarily to intense competition in the market driving down premiums as auto sales are increasing. Health insurance, which is compulsory, is expected to show growth throughout the forecast period however uncertainty remains surrounding government plans to nationalise existing private health insurers in order to create a unitary health insurance provider. The biggest gains in non-life will be seen in credit and financial guarantee insurance - while still small premiums are expected to grow by around 8% per year throughout the forecast period.

Overall Slovakia's insurance sector is unlikely to see any dramatic expansion in the near future. Competition in many sectors of the market is intense, keeping premiums low, and the dominance of many multinational insurers mean there is little...

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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