The concentration of market participants is comparable to the Czech Republic. The five largest individual insurance companies also hold a high market share of approximately 80% here and more than half of premium volume is generated by the two largest insurance companies, Kooperativa and Allianz.
High demand for non-life products other than motor vehicle insurance was the main engine of growth in the Slovakian insurance market in 2011. The public’s increased risk awareness could be a result of the catastrophic flooding that occurred in 2010. Overall growth in the non-life sector of the market was 2.6% in 2011. Life insurance premium volume grew somewhat more slowly at 1.6%.
Slovakians paid an average of EUR 380.6 per person for insurance services in 2010, of which EUR 207.5 was for life insurance and EUR 173.1 for non-life insurance.
Market growth in 2011 compared to the previous year |
Market shares of the major insurance groups
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