Boston, MA -- (ReleaseWire) -- 04/29/2014 -- As was indicated by the stagnation in both non-life and life premiums through 2013, the overall prospects for growth in Slovenia's insurance sector over the medium term are fairly uninspiring. Nevertheless, there may be opportunities for particular players from changes to the competitive landscape as forced sellers leave the market place.
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.
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In recent years, life premiums have suffered as a result of volatility in euro area financial markets, which has had a serious impact on sales of unit linked products. The stabilisation in markets, thanks to the clear commitment of the European Central Bank (ECB) and other central banks to very accommodative monetary policies should be helpful.
Another recent key development is Nova KBM's sale of its 51% stake in Zavarovalnica Maribor to Sava Re and SOD. After Triglav, the (still majority) state-owned former monopoly, Maribor is the secondlargest (composite) local insurer. Nova KBM was looking to sell mainly because it is keen to boost its overall capital, in line with the recommendations of the European Banking Authority. In 2011, Maribor accounted for just over one-eighth of the premiums written in each of the life and the non-life segments. KD Group has announced a major reorganisation, and it clearly looking to expand the footprint of its insurance operations Adriatic Slovenica and KD Life outside Slovenia. Meanwhile, Triglav's management has been taking a number of steps to boost profitability.
Premiums and profits in the non-life segment appear to have remained fairly resilient in the non-life segment, in spite of a difficult economic environment and, for some players, storm-related losses.
Key BMI Forecasts
- In 2014, total premiums should slip by 2.6% to US$2.5bn.
- Life premiums should fall by 1.9% to US$0.7bn.
- Non-Life premiums should drop by 2.8% to US$1.9bn.
- Within this sub-total, motor vehicle insurance premiums should contract by 2.4% to US$650mn.
- Health insurance premiums should fall by 3.9% to US$574mn.
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