The Slovakian insurance market is dominated by two major players that together hold a market share of around 60% in terms of total premiums.
Premiums written in Slovakia rose by 2.7% year-on-year in 2013. The increase was due to good performance in the life insurance segment, where premiums rose by 5.8%. Single-premium business (+19.7%) was unambiguously the growth driver in the life segment, while regular premiums declined by 1.1%. The non-life insurance segment recorded a drop of 1.2% in Slovakia in 2013. This was due to motor vehicle insurance, where premiums fell by 3.9%, while the non-life lines of business without motor vehicle insurance performed well, recording an increase of 2.4%. The average premiums received for motor vehicle insurance fell due to massive price pressure from strong competition.
Average per capita expenditures for insurance in Slovakia were EUR 389 in 2012. EUR 174 of this amount was for non-life insurance and EUR 215 for life insurance.
Market growth in 2013 compared to the previous year
Source: Slovak Insurance Association |
Market shares of the major insurance groups
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VIG companies in Slovakia
The Slovakian Vienna Insurance Group companies include Kooperativa, Komunálna and PSLSP.
The Vienna Insurance Group market share of 34.5% makes it the largest insurance group in Slovakia. It also holds first place in the life insurance and motor vehicle segments.