In Q1 of 2021, GWPs recorded an increase of 1.2% YoY. Of that Non-life observed an increase of 2.6%, while Life is down by 2.4%.
The Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. As of end March, the Slovenian insurance market showed solid resilience with regards to the pandemic, as gross written premiums continue to increase. To be specific, total GWPs in Q1 increased by 1.2% YoY to EUR 724.7m. Of that non-life segment stood at EUR 530.3bn (+2.6%).
The mentioned segment, which accounts for 73.2% of the total GWPs, showed a relatively solid performance on the back of a very strong motor vehicles insurance, which noted an increase of 9.15% YoY. Meanwhile, health insurance as the largest non-life segment remained relatively flat YoY (at EUR 167.6m). Among non-life segment, one can also note a positive performance of the other damage to property insurance (+5%) and motor vehicle liability insurance (+2.2%). On the flip side, credit insurance continued its negative trend, decreasing by 18.6% YoY.
Turning our attention to the life segment, it recorded a 2.6% YoY decrease, reaching EUR 194.5m. Such a decrease could be almost entirely attributed to a poor performing life assurance segment of -11.3% YoY. This was somewhat offset by a pickup in unit-linked life insurance (+10.1% YoY), which has seen a sharp decrease in 2020.