Life Insurance in Slovakia, Key Trends and Opportunities to 2017

Published: May, 2014 | Pages: 233 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Slovak life insurance segment, including:
The Slovak life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Slovak life insurance segment
The detailed competitive landscape in the life insurance segment in Slovakia
Detailed regulatory policies of the Slovak insurance industry
A description of the life reinsurance segment in Slovakia
Porter's Five Forces analysis of the life insurance segment
A benchmarking section on the Slovak life insurance segment in comparison with other countries in the Central and Eastern European region 

Summary
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. 
Scope
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. 
Reason To Buy
 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
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Slovak insurance industry and its impact on companies and the market's future 
Key Highlights
 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

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Life Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total gross written premium
4.1.2 Premium per capita
4.1.3 Life insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 Insurance brokers
4.4.3 Bancassurance
4.4.4 Agencies
5 Slovak Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
5.3 Challenges
5.4 Recent Market Developments
6 Life Insurance Outlook
6.1 Consumer Segmentation and Buying Behavior
6.2 Product and Marketing Strategies
6.3 Life Insurance Growth Prospects by Category
6.3.1 Individual life insurance
6.3.2 Individual pension insurance
6.3.3 Individual endowment insurance
6.3.4 Individual unit-linked insurance
6.3.5 Individual supplementary insurance
6.4 Life Insurance Growth Prospects by Product Type
6.4.1 Individual single-premium policies
6.4.2 Individual non-single-premium policies
7 Alysis by Distribution Channel
7.1 Direct Marketing
7.2 Agencies
7.3 E-Commerce
7.4 Brokers
8 Porter's Five Forces Alysis - Slovak Life Insurance
8.1 Bargaining Power of Suppliers: Low
8.2 Bargaining Power of Buyers: Low
8.3 Barriers to Entry: Low
8.4 Intensity of Rivalry: Medium to High
8.5 Threat of Substitutes: Medium
9 Reinsurance Segment Outlook
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Legislation and Market Practice by Type of Insurance
10.2.1 Life insurance
10.2.2 Property insurance
10.2.3 Motor insurance
10.2.4 Marine, aviation and transit insurance
10.2.5 Persol accident and health insurance
10.3 Compulsory Insurance
10.3.1 Motor vehicle third-party liability insurance
10.3.2 Air carriers and aircraft liability insurance
10.3.3 Social insurance system
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors (IAIS)
10.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
10.4.3 tiol Bank of Slovakia
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Leading Companies in the Slovak Life Insurance Segment
11.3 Comparison of the Top Five Insurers
11.3.1 Gross written premium
11.3.2 Net earned premium
11.3.3 Gross claims
11.4 Allianz-Slovenska Pois?ov?a, AS - Company Overview
11.4.1 Allianz-Slovenska Pois?ov?a, AS - key facts
11.4.2 Allianz-Slovenska Pois?ov?a, AS - key fincials
11.5 Kooperativa Pois?ov?a, AS, VIG - Company Overview
11.5.1 Kooperativa Pois?ov?a, AS, VIG - key facts
11.5.2 Kooperativa Pois?ov?a, AS, VIG - key fincials
11.6 Amslico Pois?ov?a-Alico, AS - Company Overview
11.6.1 Amslico Pois?ov?a-Alico, AS - key facts
11.6.2 Amslico Pois?ov?a-Alico, AS - key fincials
11.7 Komunal Pois?ov?a, AS, VIG - Company Overview
11.7.1 Komunal Pois?ov?a, AS, VIG - key facts
11.7.2 Komunal Pois?ov?a, AS, VIG - key fincials
11.8 Generali Slovensko Pois?ov?a, AS - Company Overview
11.8.1 Generali Slovensko Pois?ov?a, AS - key facts
11.8.2 Generali Slovensko Pois?ov?a, AS - key fincials
11.9 ING zivotna Pois?ov?a, AS - Company Overview
11.9.1 ING zivotna Pois?ov?a, AS - key facts
11.9.2 ING zivotna Pois?ov?a, AS - key fincials
11.1 ?SOB Pois?ov?a, AS - Company Overview
11.10.1 ?SOB Pois?ov?a, AS - key facts
11.10.2 ?SOB Pois?ov?a, AS - key fincials
11.11 Pois?ov?a Slovenskej Sporite?ne, AS, VIG - Company Overview
11.11.1 Pois?ov?a Slovenskej Sporite?ne, AS, VIG - key facts
11.11.2 Pois?ov?a Slovenskej Sporite?ne, AS, VIG - key fincials
11.12 AXA zivotni PojiS?ov A.S. - Company Overview
11.12.1 AXA zivotni PojiS?ov A.S. - key facts
11.12.2 AXA zivotni PojiS?ov A.S. - key fincials
11.13 Wustenrot Pois?ov?a, AS - Company Overview
11.13.1 Wustenrot Pois?ov?a, AS - key facts
11.13.2 Wustenrot Pois?ov?a, AS - key fincials
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Bratislava Stock Exchange
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
12.2.7 Agriculture, hunting, forestry and fishing net output at current prices, as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices, as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as a percentage of GDP
12.2.12 Construction net output at current prices (US$)
12.2.13 Construction net output at current prices, as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate EUR-US$
12.3 Infrastructure
12.3.1 Commercial vehicle exports - total value
12.3.2 Commercial vehicle imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Household consumption expenditure (US$)
12.5.3 Total population
12.5.4 Urban and rural populations
12.5.5 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Slovak Insurance - Overall Written Premium by Segment (EUR Million), 2008-2012
Table 3: Slovak Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Slovak Insurance - Overall Written Premium by Segment (EUR Million), 2012-2017
Table 5: Slovak Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Slovak Insurance - Segmentation (Percentage Share), 2008-2017
Table 7: Slovak Life Insurance - Written Premium by Category (EUR Million), 2008-2012
Table 8: Slovak Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Slovak Life Insurance - Written Premium by Category (EUR Million), 2012-2017
Table 10: Slovak Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Slovak Life Insurance - Earned Premium (EUR Billion), 2008-2012
Table 12: Slovak Life Insurance - Earned Premium (EUR Billion), 2012-2017
Table 13: Slovak Life Insurance - Sum Assured (EUR Billion), 2008-2012
Table 14: Slovak Life Insurance - Sum Assured (EUR Billion), 2012-2017
Table 15: Slovak Life Insurance - Paid Claims (EUR Million), 2008-2012
Table 16: Slovak Life Insurance - Paid Claims (EUR Million), 2012-2017
Table 17: Slovak Life Insurance - Incurred Loss (EUR Million), 2008-2012
Table 18: Slovak Life Insurance - Incurred Loss (EUR Million), 2012-2017
Table 19: Slovak Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Slovak Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Slovak Life Insurance - Commissions and Expenses (EUR Million), 2008-2012
Table 22: Slovak Life Insurance - Commissions and Expenses (EUR Million), 2012-2017
Table 23: Slovak Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Slovak Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Slovak Life Insurance - Frauds and Crimes (EUR Million), 2008-2012
Table 26: Slovak Life Insurance - Frauds and Crimes (EUR Million), 2012-2017
Table 27: Slovak Life Insurance - Total Assets (EUR Billion), 2008-2012
Table 28: Slovak Life Insurance - Total Assets (EUR Billion), 2012-2017
Table 29: Slovak Life Insurance - Total Investment Income (EUR Million), 2008-2012
Table 30: Slovak Life Insurance - Total Investment Income (EUR Million), 2012-2017
Table 31: Slovak Life Insurance - Retentions (EUR Billion), 2008-2012
Table 32: Slovak Life Insurance - Retentions (EUR Billion), 2012-2017
Table 33: Slovak Individual Life Insurance - Number of Active Policies (Million), 2008-2012
Table 34: Slovak Individual Life Insurance - Number of Active Policies (Million), 2012-2017
Table 35: Slovak Individual Life Insurance - Written Premium (EUR Million), 2008-2012
Table 36: Slovak Individual Life Insurance - Written Premium (EUR Million), 2012-2017
Table 37: Slovak Individual Pension Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: Slovak Individual Pension Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39: Slovak Individual Pension Insurance - Written Premium (EUR Million), 2008-2012
Table 40: Slovak Individual Pension Insurance - Written Premium (EUR Million), 2012-2017
Table 41: Slovak Individual Endowment Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Slovak Individual Endowment Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Slovak Individual Endowment Insurance - Written Premium (EUR Million), 2008-2012
Table 44: Slovak Individual Endowment Insurance - Written Premium (EUR Million), 2012-2017
Table 45: Slovak Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: Slovak Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Slovak Individual Unit-Linked Insurance - Written Premium (EUR Million), 2008-2012
Table 48: Slovak Individual Unit-Linked Insurance - Written Premium (EUR Million), 2012-2017
Table 49: Slovak Individual Supplementary Insurance - Number of Active Policies (Million), 2008-2012
Table 50: Slovak Individual Supplementary Insurance - Number of Active Policies (Million), 2012-2017
Table 51: Slovak Individual Supplementary Insurance - Written Premium (EUR Million), 2008-2012
Table 52: Slovak Individual Supplementary Insurance - Written Premium (EUR Million), 2012-2017
Table 53: Slovak Individual Single-Premium Insurance - Number of Active Policies (Million), 2008-2012
Table 54: Slovak Individual Single-Premium Insurance - Number of Active Policies (Million), 2012-2017
Table 55: Slovak Individual Single-Premium Insurance - Written Premium (EUR Million), 2008-2012
Table 56: Slovak Individual Single-Premium Insurance - Written Premium (EUR Million), 2012-2017
Table 57: Slovak Individual Non-Single-Premium Insurance - Number of Active Policies (Million), 2008-2012
Table 58: Slovak Individual Non-Single-Premium Insurance - Number of Active Policies (Million), 2012-2017
Table 59: Slovak Individual Non-Single-Premium Insurance - Written Premium (EUR Million), 2008-2012
Table 60: Slovak Individual Non-Single-Premium Insurance - Written Premium  (EUR Million), 2012-2017
Table 61: Slovak Life Insurance - Direct Marketing Commission Paid (EUR Million), 2008-2012
Table 62: Slovak Life Insurance - Direct Marketing Commission Paid (EUR Million), 2012-2017
Table 63: Slovak Life Insurance - New Business Written Premium Through Direct Marketing (EUR Million), 2008-2012
Table 64: Slovak Life Insurance - New Business Written Premium Through Direct Marketing (EUR Million), 2012-2017
Table 65: Slovak Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 66: Slovak Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 67: Slovak Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 68: Slovak Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 69: Slovak Life Insurance - Commission Paid to Agencies (EUR Million), 2008-2012
Table 70: Slovak Life Insurance - Commission Paid to Agencies (EUR Million), 2012-2017
Table 71: Slovak Life Insurance - New Business Written Premium Generated Through Agencies (EUR Million), 2008-2012
Table 72: Slovak Life Insurance - New Business Written Premium Through Agencies (EUR Million), 2012-2017
Table 73: Slovak Life Insurance - New Policies Sold Through Agencies (Million), 2008-2012
Table 74: Slovak Life Insurance - New Policies Sold Through Agencies (Million), 2012-2017
Table 75: Slovak Life Insurance - Number of Agencies, 2008-2012
Table 76: Slovak Life Insurance - Number of Agencies, 2012-2017
Table 77: Slovak Life Insurance - E-Commerce Commission Paid (EUR Million), 2008-2012
Table 78: Slovak Life Insurance - E-Commerce Commission Paid (EUR Million), 2012-2017
Table 79: Slovak Life Insurance - New Business Written Premium Through E-Commerce (EUR Million), 2008-2012
Table 80: Slovak Life Insurance - New Business Written Premium Through E-Commerce (EUR Million), 2012-2017
Table 81: Slovak Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 82: Slovak Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 83: Slovak Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 84: Slovak Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 85: Slovak Life Insurance - Commission Paid to Brokers (EUR Million), 2008-2012
Table 86: Slovak Life Insurance - Commission Paid to Brokers (EUR Million), 2012-2017
Table 87: Slovak Life Insurance - New Business Written Premium Through Brokers (EUR Million), 2008-2012
Table 88: Slovak Life Insurance - New Business Written Premium Through Brokers (EUR Million), 2012-2017
Table 89: Slovak Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 90: Slovak Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 91: Slovak Life Insurance - Number of Brokers, 2008-2012
Table 92: Slovak Life Insurance - Number of Brokers, 2012-2017
Table 93: Reinsurance in Slovakia by Category (EUR Million), 2008-2012
Table 94: Reinsurance in Slovakia by Category (US$ Million), 2008-2012
Table 95: Reinsurance in Slovakia by Category (EUR Million), 2012-2017
Table 96: Reinsurance in Slovakia by Category (US$ Million), 2012-2017
Table 97: Slovak Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2008-2012
Table 98: Slovak Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 99: Slovak Premium Ceded to Reinsurance by Type of Insurance (EUR Million), 2012-2017
Table 100: Slovak Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 101: Slovak Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 102: Slovakia - Life Insurance Regulatory Framework
Table 103: Slovakia - Property Insurance Regulatory Framework
Table 104: Slovakia - Motor Insurance Regulatory Framework
Table 105: Slovakia - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 106: Slovakia - Authorization Fee of Insurance and Reinsurance Companies
Table 107: Slovakia - Corporate Tax Rates for the Financial Year 2013
Table 108: Shares of Key Insurers in the Slovak Life Insurance Segment (%), 2012
Table 109: Allianz-Slovensk� Pois?ov?a, AS, Key Facts
Table 110: Allianz-Slovensk� Pois?ov?a, AS, Key Financials (EUR Million), 2008-2012
Table 111: Kooperativa Pois?ov?a, AS, VIG, Key Facts
Table 112: Kooperativa Pois?ov?a, AS, VIG, Key Financials (EUR Million), 2008-2012
Table 113: Amslico Pois?ov?a-Alico, AS, Key Facts
Table 114: Amslico Pois?ov?a-Alico, AS, Key Financials (EUR Million), 2008-2012
Table 115: Komun�lna Pois?ov?a, AS, VIG, Key Facts
Table 116: Komun�lna Pois?ov?a, AS, VIG, Key Financials (EUR Million), 2008-2012
Table 117: Generali Slovensko Pois?ov?a, AS, Key Facts
Table 118: Generali Slovensko Pois?ov?a, AS, Key Financials (EUR Million), 2008-2012
Table 119: ING �ivotn� Pois?ov?a, AS, Key Facts
Table 120: ING �ivotn� Pois?ov?a, AS, Key Financials (EUR Million), 2008-2012
Table 121: ?SOB Pois?ov?a, AS, Key Facts
Table 122: ?SOB Pois?ov?a, AS, Key Financials (EUR Million), 2008-2012
Table 123: Pois?ov?a Slovenskej Sporite?ne, AS, VIG, Key Facts
Table 124: Pois?ov?a Slovenskej Sporite?ne, AS, VIG, Key Financials (EUR Million), 2008-2012
Table 125: AXA �ivotn� Poji�?ovna A.S., Key Facts
Table 126: AXA �ivotn� Poji�?ovna A.S., Key Financials (EUR Million), 2009-2012
Table 127: W�stenrot Pois?ov?a, AS, Key Facts
Table 128: W�stenrot Pois?ov?a, AS, Key Financials (EUR Million), 2008-2012