Slovakian insurance market

The Slovakian insurance market is dominated by two players that represent around 60% of total premium volume. Taken together, the top 5 insurance groups generated around 80% of market premiums in the 1st–3rd quarters of 2014.

The Slovakian insurance market recorded a year-on-year increase of 1.7% in the first nine months of 2014. Life insurance grew by around 1.2% during this period. The sizeable increase recorded for single-premium products was a key factor in this growth. The Slovakian central bank reduced the guaranteed minimum interest rate from 2.5% to 1.9% at the beginning of 2014.

Motor vehicle insurance represents more than half of the Slovakian non-life insurance market. Due to continued strong competition premiums showed no growth in the motor vehicle sector, while non-life products outside the motor vehicle lines of business continued to grow at a rate of 5.2%. As a result, the overall increase in non-life premiums was 2.3%.

Average per capita expenditures for insurance in Slovakia were EUR 399 in 2013. EUR 172 of this amount was for non-life insurance and EUR 227 for life insurance.

Market growth in the 1st to 3rd quarters of 2014
compared to the previous year

Market growth in the 1st to 3rd quarters of 2014 compared to the previous year – Slovakia (bar chart)

Source: Slovak Insurance Association

Market shares of the major insurance groups
 

Market shares of the major insurance groups – Slovakia (ring chart)

Source: Slovak Insurance Association; as of 9M 2014

VIG companies in Slovakia

Vienna Insurance Group operates three insurance companies in the Slovakian market: Kooperativa, Komunálna and PSLSP.

VIG’s market share of 33.6% makes it the largest insurance group in the country. It also holds first place in the area of life and motor vehicle insurance.