New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/31/2014 -- As of mid-2014, the latest newsflow indicates that premiums are rising slowly in both of the main segments. Given the slippage in both life premiums and motor vehicle related premiums in the past, this is significant. Profits appear to be holding up at satisfactory levels for at least most of the insurers. It remains abundantly clear that the domination of both segments by the local subsidiaries of world class multi-nationals is a source of stability and strength. Nevertheless, there are no obvious catalysts for rapid growth in premiums at any stage in the forecast period.
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THE SLOVAK insurance sector has seen no dramatic changes so far this year, while stabilisation in the euro zone has improved consumer confidence there has been little impact on demand for insurance and it looks as though premium growth for the year will be negligible. Neither the qualitative nor the quantitative changes in the insurance market can be marked as fundamental at this stage and on the whole the sector is unexciting compared to other growth markets in eastern Europe i.e. Poland. However it does look like overall growth in 2014 should be small but positive in the region of 1-2%(Y-O-Y). Unfortunately there is still some challenges ahead not least of which include Solvency II and the payment of the first pensions from the so-called second, private, old-age insurance pillar which could have significant effects on the operation of insurance companies in Slovakia in the longer term.
Developments among individual insurance companies were mixed, with two of them reporting losses so far in there interim reports. However the majority have seen some marginal profit and premium growth. There are still some potential road blocks for the insurance sector in the future. Firstly there is obvious issues in the motor industry which need to be addressed, as for the second year running car registrations have increased while motor insurance premium growth is decreasing by almost...
The Slovakia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Slovakia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Slovak insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Slovakia to test other views - a key input for successful budgeting and strategic business planning in Slovakia's insurance market.
- Target business opportunities and risks in Slovakia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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