By the end of October 2023, the Slovenian insurance sector noted total GWPs of EUR 2.6bn, which is an increase of 10% YoY. In terms of Non-life insurance, it grew by 11.5%, while the Life insurance segment increased by 6.2% YoY.

Recently, the Slovenian Insurance Association published the latest reports on the developments recorded by the Slovenian insurance market, showing us the cumulative yearly development by the end of October 2023. According to the report, the total GWPs amounted to EUR 2.6bn by the end of October, representing an increase of 10% (or EUR 237m) YoY, and 10.5% (or EUR 246m) MoM. In terms of the segments, Non-life insurance recorded GWPs of EUR 1.92bn, which is an increase of 11.5% (or EUR 197m) YoY, and 10.3% (or EUR 178.6m) MoM. On the flip side, the Life insurance recorded GWPs of EUR 682.6m, growing by 6.2% (or EUR 39.7m) YoY, and 11% (or EUR 67.7m) MoM.

As such, growth in the Slovenian insurance market continues across both the Non-life and Life insurance segments. Looking at the segments more closely, in the Non-life insurance segment, on a YoY basis, the largest absolute increase was recorded by Land motor vehicles insurance, which grew by EUR 67.5m, or 21% YoY. Following it, there is Motor vehicle liability insurance, which increased by EUR 57m, or 22.9% YoY, and Fire and natural forces insurance, which increased by EUR 18m, or 15%. 3 other categories recorded YoY GWP growth of over EUR 10m, that is ship insurance, at EUR 15.9m, or 114% YoY, Assistance insurance, at EUR 14.9m, or 33.8%, and Health insurance, at EUR 13.4m, or 2.4% YoY.

Moving on to the MoM data, the largest increase here was recorded by Health insurance, which grew by EUR 57.3m, or 11.1%. Following it there is Land motor vehicles insurance, at EUR 36.8m, or 10.5%, Motor vehicle liability insurance, at EUR 29.6m, or 11.7%, as well as Other damage to property insurance and Fire and natural forces insurance, which grew by EUR 16.1m and EUR 11.3m, or 6.8% and 5.3%, respectively.

In both of these time period comparisons, we can see that insurance policies related to vehicles still remain the main focus of Slovenians. However, the effects of the natural disasters and flooding that Slovenia experienced during July and August also caused an uptick in property as well as fire and natural forces insurance, meaning that the effects of these events can finally be seen. Turning our attention to the Life insurance segment, on a YoY basis, Life assurance recorded the largest increase, growing by EUR 39.7m, or 6.2%, followed by Unit-linked life insurance at EUR 15.6m, or 6.4%. Meanwhile, on a MoM basis,  the largest increase was recorded by Unit-linked life insurance, which grew by EUR 26.5m, or 11.2%, closely followed by Life assurance, which grew by EUR 25.3m, or 10.7% MoM.

Changes recorded by the Slovenian insurance sector in October 2023 (absolute amount, EUR ‘000, YoY)

Source: Slovenian Insurance Association, InterCapital Research