Fast Market Research recommends "Slovakia Insurance Report Q2 2016" from Business Monitor International, now available
[ClickPress, Sun Feb 28 2016] Slovakia's insurance sector looks to be well positioned for growth over the next few years as the economy is likely to be among the best performing in the EU. Growth in household wealth and disposable incomes should drive demand for life insurance products in particular, as consumers have money to spend on pension and retirement income products. From a relatively low base, life underwriting should grow by around 6% a year through the forecast period, making it one of the better performing markets in the Central and Eastern European region. The sector's growth prospects will attract the attention of foreign investors and new entrants who may be looking to take advantage of a relatively fragmented competitive landscape. Growth in the non-life segment will be more modest, due in large part to slower growth in the core property and motor vehicle lines. However, high levels of consumer spending will aid the development of smaller, non-core lines.
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Key Updates and Forecasts
We have adjusted our life insurance forecasts for this quarter and now expect premiums to grow by 4.7% in EUR terms in 2016 to EUR1.3bn. Premiums will grow by an average of 5.9% a year over the medium term through to 2020.
In the non-life sector we forecast premiums to grow at a more moderate pace of around 1.6% a year over 2016-2020. This reflects stagnation within the property insurance sector, as well as the continued contraction of the health insurance market.
We believe that the implementation of the Solvency II capitalisation requirements across the wider EU insurance market in early 2016 will result in Slovakia's smaller, local insurers becoming more receptive to potential partnership and acquisition enquiries from overseas companies. The life insurance sector, in particular, is relatively fragmented and may represent an attractive option for multinationals looking to grow their footprint in the Central and Eastern European market.
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.
Benchmark BMI's independent insurance industry forecasts for Slovakia to test other views - a key input for successful budgeting and strategic business planning in Slovakia's insurance market.
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