In Q1 of 2020, GWPs in Slovenia increased by 6.5% YoY. Of that, non-life segment increased by 6.5%, while life increased by 6.55%.
Q1 2020
The Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. In the Q1 of 2020, The Slovenian insurance market observed a solid increase in both life and non-life segment, leading to a total GWP growth of 6.5% YoY, amounting to EUR 716.38m.
Non-life segment, which accounts for 72.2% of the total GWPs, recorded also an increase of 6.5%. Such an increase came on the back of a very strong health insurance performance, which recorded an increase of 13.4% YoY and is the largest non-life item in Slovenia (22.34% of total GWPs). It is noteworthy that land motor vehicles insurance remained relatively flat, amounting to EUR 89.08m, while motor vehicle liability insurance witnessed a slight decrease of 0.8%, amounting to EUR 75.8m.
Turning our attention to the life segment, it also recorded a 6.55% YoY increase, amounting to EUR 199.34m.
GWP Development (Q1 2019 vs Q1 2020) (EUR m)
Solely March 2020
When observing solely March, GWPs recorded a 1.8% increase YoY, which was geared by a strong performance of the life segment (+12.5%). Such a solid life performance was to some extent offset by a decrease in non-life segment by 2.3% YoY. The decrease in non-life could be attributed to the lower motor vehicle liability insurance (-18.7% or EUR 5.2m) and land motor vehicles insurance (-11.7% or EUR 3.6m). Note that this decrease was partially offset by a strong increase in health insurance, which recorded a 10.2% YoY increase (or EUR 5m)
