2011 was a year of modest growth for the Slovak insurance market. All in all, the marked reported a 2.04% y-o-y growth, up to EUR 2.11 billion, according Slaspo - the Slovak insurers' association. Given the legal status of five companies, which are Slaspo members but are operating in Slovakia based on the right of establishment principle, the supervising authorities' data are shown a slightly lower GWP value, of EUR 2.04 billion. However, differences between the two sources are insignificant in relation to the total results and are consistent in terms of general trend.

Motor Hull insurance is the sole business line registering a negative change, of about 2%, while on the MTPL segment the market underwritings grew by 3.4%. Overall, the non-life insurance market registered a positive evolution, increasing by 2.5%, to EUR 964.3 million.

On the Life insurance side, Unit-Linked products saw the best evolution, with a 6.7% y-o-y growth rate. The total underwritings on the Life insurance market amounted EUR 1,145 million, with a share of almost 55% of the total GWP.

The following graphs, provided by National Bank of Slovakia, the supervising authority, demonstrate the general trend registered in the Slovak insurance market between 2007 - 2011.


For additional comments regarding the 2011 results of the Slovak insurance market, read the interview with Julia CILLIKOVA, Director of the Regulation and Financial Analyses Department, National Bank of Slovakia.

Access www.xprimm.com and download the FY2011 Slovak insurance market statistics.

Market portfolio according Slaspo (in EUR):

• Gross written premiums
• Growth rates
  

Market rankings according Slaspo (GWP/ Market shares - in EUR):

• Total market ranking
• Life insurance ranking / UL insurance ranking
• Non-life insurance ranking
• Motor Hull insurance ranking
• MTPL insurance ranking