Slovenia Insurance Industry Analysis and Forecasts to 2017 in New Research Report at RnRMarketResearch.com

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RnRMarketResearch.com adds latest report “The Insurance Industry in Slovenia, Key Trends and Opportunities to 2017” to its store.

Despite unfavorable economic conditions in 2011, the Slovenian insurance industry performed relatively well. The success is primarily attributed to discipline in operations, a high awareness of the importance of risk management, stringent regulations and strict supervision. At the end of 2011, all of the companies engaged in the businesses of insurance, pension and reinsurance possessed adequate capital. Apart from one insurer, all companies recorded profit. The Slovenian insurance industry is financially stable and concentrated. Insurance penetration in the country is low in comparison to many countries in the European Union (EU). The Slovenian insurance industry grew at a CAGR of 0.8% during the review period, primarily supported by the non-life insurance segment.

Poor economic conditions continue to restrict insurance industry growth

Poor economic conditions in Slovenia led to rising unemployment, stagnating purchasing power and an increased focus on saving. All of these factors had an adverse impact on the performance of the insurance industry, resulting in very low nominal growth in premiums and a decline in real terms in 2011. There was also a growth in the termination of insurance contracts and number of surrenders.

Get a copy of this report @ http://www.rnrmarketresearch.com/the-insurance-industry-in-slovenia-key-trends-and-opportunities-to-2017-market-report.html

Insurance companies registered higher profits in 2011

Despite a minimum growth in premiums, insurance companies in Slovenia posted higher profits in 2011 compared to 2010, with only one insurer recording loss. Net profit increased from EUR77.9 million (US$103.4 million) in 2010 to EUR99.4 million (US$138.4 million) in 2011, an increase of 27.6%. The increase in profits was noted, despite poor technical results of insurers.

Technical results in the life insurance and general insurance segments (excluding health insurance) declined in 2011. However, the health insurance category recorded a better technical result in 2011 than in 2010.

More insured persons than expected withdrew pension funds in 2011

The voluntary supplementary pension scheme in Slovenia has a lock-in period of 10 years and the introduction of this scheme took place more than 10 years ago. From 2011 onwards, the first insured are entitled to withdraw funds accumulated in their accounts. However, more insured persons than expected opted to withdraw pension funds and the largely attributed reason for this was the poor economic situation. As a result, the funds generated by insurers from supplementary pension insurance received a major setback.
Insurance industry to remain concentrated

The Slovenian insurance industry is highly concentrated and the industry landscape is likely to remain the same over the forecast period. The five leading life insurers represented 80% of the market in terms of written premiums in 2011, while the six leading companies controlled 90% of the non-life segment. Just three insurers occupied the entire health insurance category in 2011.

The insurance industry has not exhibited any significant changes in the market shares of insurers in recent years.

Insurers from other member states in the EU also conduct insurance business in Slovenia, either directly or through branches. Domestic insurers consequently face competition in the Slovenian industry in the form of insurers from other member states of the EU.

Key Highlights

Poor economic conditions in Slovenia led to rising unemployment, stagnating purchasing power and an increased focus on saving.

The Slovenian insurance industry is highly concentrated and the industry landscape is likely to remain the same over the forecast period. The five leading life insurers represented 80% of the market in terms of written premiums in 2011.

Despite positive forecasts made at the beginning of 2011, the Slovenian insurance industry faced the repercussions of the deteriorating economic situation in the country.

Non-life is the largest insurance segment in Slovenia, accounting for 44.4% of the total written premiums generated in 2012, followed by the life and personal accident and health insurance segments.

Browse more reports on Financial Services Market @ http://www.rnrmarketresearch.com/reports/business-financial-services/financial-services. Explore other newly published reports @ http://www.rnrmarketresearch.com/latest_reports.

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Priyank Tiwari
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