In first 8 months of 2020, GWPs recorded an increase of 3.9%. Of that Non-life observed an increase of 4.77% while Life is up by 1.8%.
Yesterday, the Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. In the first 8 months of 2020, the Slovenian insurance market observed an increase in both life and non-life segment, leading to a total GWP growth of 3.91% YoY, amounting to EUR 1.776bn.
Non-life segment, which accounts for 71.75% of the total GWPs, recorded also an increase of 4.77%. Such an increase came on the back of a very strong health insurance performance, which recorded an increase of 10.42% YoY and is the largest non-life item in Slovenia (24.56% of total GWPs). The increase arguably came mostly on the back of increasing prices of health insurance premiums.
It is noteworthy that land motor vehicles insurance observed an increase of 3.79%, amounting to EUR 228.8m. Meanwhile motor vehicle liability insurance witnessed an increase of 1.57%, amounting to EUR 198.1m. Credit insurance on the other hand, observed a sharp decrease of 24.8%. This does not come as a surprise given the expected lower loan issuance activity in Slovenia as a result of Covid-19 outbreak coupled with the restrictions on the consumer loans placed by the Bank of Slovenia in November 2019.
Turning our attention to the life segment, it also recorded a 1.8% YoY increase, amounting to EUR 501.7m. Within the segment, unit-linked life insurance observed a slight decrease of 1.7%.
GWPs by Insurance Segment (Jan – August 2020) (%)
Solely August 2020
When observing solely August, GWPs recorded a solid increase of 3% YoY. Such results further support the fact that Slovenian insurers were so far only slightly grazed by the Covid-19 crisis in terms of GWPs.
The mentioned increase came on the back of a solid non-life performance which observed an increase of 4.3% (or EUR 5.4m). Such an increase could be attributed mostly to a strong performance of Health insurance (+3.3% or EUR 1.7m) and land motor vehicles insurance (+6.3% or EUR 1.29m). On the flip side, a decrease was observed in Motor vehicle liability insurance of 4.1% (or EUR 0.76m) and credit insurance segment, which dropped by 21.1% (or EUR 0.67m).
The solid performance of the non-life segment was further boosted by a slight increase in in life insurance of 0.3% (or EUR 0.2m).
