In first 10 months of 2020, GWPs recorded an increase of 3.23%. Of that Non-life observed an increase of 4.15%, while Life is up by 1%.
The Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. In the first 10 months of 2020, the Slovenian insurance market observed an increase in both life and non-life segment, leading to a total GWP growth of 3.23% YoY, amounting to EUR 2.173bn.
Non-life segment, which accounts for 71.5% of the total GWPs, recorded also an increase of 4.15%. Such an increase came on the back of a very strong health insurance performance, which recorded an increase of 8.48% 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 3.7%, amounting to EUR 277.5m. Meanwhile motor vehicle liability insurance witnessed a slight increase of 0.31%, amounting to EUR 238.5m. Credit insurance on the other hand, observed a sharp decrease of 21.24%. 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% YoY increase, amounting to EUR 619.7m. Within the segment, unit-linked life insurance observed a slight decrease of 2.87%.
GWPs by Insurance Segment (Jan – October 2020) (%)
Solely October 2020
When observing solely October, GWPs recorded a decrease of 2.1% YoY or EUR 4.26m.
The mentioned decrease came mostly on the back of a lower performance of life insurance, which observed a decrease of 5.5% or EUR 3.36m. Meanwhile, non-life observed a slight decrease of 0.6%, which can mostly be attributed to a 9.6% decrease (or EUR 2.1m) in motor vehicle liability insurance. Such a decrease was partially offset by a 16.6% (or EUR 0.76m) increase in general liability insurance.
