Boston, MA -- (ReleaseWire) -- 06/18/2014 -- The insurance industry and life segment were adversely affected by the 2008 financial crisis and subsequent economic contraction in 2009, with a rise in policy cancellations and delayed premium payments. The gross written premium registered by the life segment, therefore, registered a decline in 2009. The economic recovery started in 2010 and meant that the life segment was once again on the rise. Domestic consumption is still depressed due in part to the high unemployment rate of 13.4% in 2012. This continues to negatively impact the life segment, which grew at a CAGR of only 0.3% between 2008 and 2012.
- The life segment is the largest in the Slovakian insurance industry, accounting for 55.1% of the gross written premium in 2012.
- A combined ratio of 90.8% registered by the life segment in 2012 shows that insurers are registering underwriting profits.
- Fraud is rising in the life segment. According to the Slovak Insurance Association, nearly 20% of all claim payments in the country in 2012 involved some fraudulent representation.
- Agencies are the main distribution channel for life segment policies in Slovakia.
- The life segment is concentrated, with the 10 leading life insurers together accounting for 90.9% of the segment's written premiums in 2012.
- As of 2012, 23 companies were licensed to conduct insurance business in the country
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This report provides a comprehensive analysis of the life insurance segment in Slovakia:
- It provides historical values for the Slovak life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key categories in the Slovak life insurance segment, along with market forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for life insurance products in Slovakia.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Slovakia for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Slovakia and its growth prospects.
- It profiles the top life insurance companies in Slovakia and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in depth historic and forecast market data related to the Slovak life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Slovak life insurance segment
Companies Mentioned in this Report: Allianz-Slovenska Poistov?a, AS, Kooperativa Poistov?a, AS, Amslico Poistov?a-Alico, AS, Komunalna Poistov?a, AS, VIG, Generali Slovensko Poistov?a, AS, ING Zivotna Poistov?a, AS, CSOB Poistov?a, AS, Poistov?a Slovenskej Sporite?ne, AS, VIG, Axa Zivotni Pojistovna A.S., Wustenrot Poistov?a AS
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