New Financial Services market report from Business Monitor International: "Slovakia Insurance Report Q2 2014"
Boston, MA -- (SBWIRE) -- 05/05/2014 -- As of early 2014, 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.
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BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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, for instance, the strong growth in life insurance in Poland in 2012, this is a fairly unexciting outcome.
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.
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