2013-09-16 09:10:05 - New Financial Services research report from Business Monitor International is now available from Fast Market Research
As of mid-2013 it is clear that stability and resilience is being provided to the insurance sector of Slovakia by the local subsidiaries of regional/global multi-nationals which account for almost all of the activity. In spite of volatility in financial markets and a challenging economic environment, premiums have held up quite well in both the non-life and the life segments. To a greater extent than in most regional markets, there is pricing discipline. Particular companies are developing new products to which customers are responding well. However, both segments will remain small in absolute terms through the forecast period.
Key Insights And Key Risks
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 the strong growth in life insurance in Poland in 2012, this is a fairly unexciting outcome.
Full Report Details at
- www.fastmr.com/prod/684698_slovakia_insurance_report_q4_2013.asp ..
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 brutal 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 regional or global operations), innovative products, an understanding of distribution and, perhaps most importantly, pricing discipline. The structure and performance of Slovakia's insurance sector at the beginning of 2013 is a reminder that a wave of consolidation may yet take place in many of the other markets in Central and Eastern Europe.
Over recent years, non-life penetration has fallen, while life density has stagnated. We consider that there are good reasons to look for both of these key metrics to begin to rise once more in coming years.
Report Table of Contents:
BMI Industry View
- Table: Slovakia Total Premiums, 2010-2017
- Business Environment
- Table: Slovakia Life Premiums, 2010-2017
- Non Life
- Table: Slovakia Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
- Central and Eastern European Risk/Reward Ratings
- Table: Europe Risk/Reward Ratings
- Slovakia Insurance Risk Reward Ratings
- Table: Slovakia's Insurance Risk/Reward Rating
- Life Sector Update
- Non Life Sector Update
Industry Trends And Developments
- Life Growth Drivers And Risk Management Projections
- Table: Insurance Key Drivers, Demographics, 2010-2017
- Non Life Growth Drivers And Risk Management Projections
- Macroeconomic Outlook
- Table: Slovakia - Economic Activity
- Political Stability Outlook
- Table: Europe Regional Security Ratings (scores out of 100, with 100 the best)
- Healthcare Sector
- Table: Insurance Key Drivers, Disease Adjusted Life Years, 2010-2017
- Table: Insurance Key Drivers, Autos, 2010-2017
- Slovakia Competitive Landscape
- Central And Eastern Europe Competitive Landscape
- UNIQA Group
- Vienna Insurance Group
- Central And Eastern Europe Life Sector Overview
- Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn)
- Central And Eastern Europe Non Life Sector Overview
- Table: Central And Eastern European Non-Life Premiums, 2010-2017 (US$mn)
- Demographic Outlook
- Table: Slovakia's Population By Age Group, 1990-2020 ('000)
- Table: Slovakia's Population By Age Group, 1990-2020 (% of total)
- Table: Slovakia's Key Population Ratios, 1990-2020
- Table: Slovakia's Rural And Urban Population, 1990-2020
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Ratings Indicators And Rationale
- Table: Weighting Of Indicators
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