In first 11 months of 2020, GWPs recorded an increase of 2.34% YoY. Of that Non-life observed an increase of 3.36%, while Life is down for the fist time this year by 0.1%.

The Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. In the first 11 months of 2020, the Slovenian insurance market observed an increase in both life and non-life segment, leading to a total GWP growth of 2.34% YoY, amounting to EUR 2.367bn.

Non-life segment, which accounts for 71.3% of the total GWPs, recorded also an increase of 3.36%. Such an increase came on the back of a very strong health insurance performance, which recorded an increase of 7.72% YoY and is the largest non-life item in Slovenia (25% 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 3.53%, amounting to EUR 298.99m. Meanwhile motor vehicle liability insurance witnessed a slight decrease of 0.03%, amounting to EUR 256.3m. Of all insurance segments, Credit insurance observed the highest decrease of 21.3%. 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 recorded a YoY decrease for the first time in 2020 and is down by 0.1 YoY. To be specific, the entire life insurance segment amounted to EUR 680.6m. Within the segment, unit-linked life insurance observed decrease of 5.15%.

GWPs by Insurance Segment (Jan – November 2020) (%)

Solely November 2020

When observing solely November, GWPs stood at EUR 194m, which notes a solid decrease of 6.7% YoY or EUR 14m. The mentioned decrease came equally on the back of a lower performance of life (-10.3% or EUR 7m) and non-life insurance segment (-5% or EUR 7m). In the non-life segment, other damage to property insurance witnessed a plunge by 35% or EUR 5.4m On the other hand, health insurance remained in the positive territory (+0.6% MoM).

In the life segment, we can observe a sharp decrease in unit linked insurance of 23.8% MoM or EUR 5.94m.