During the entire 2021, GWPs had an increase of 1.8% YoY, Non-life insurance grew by 2.8% YoY, while Life insurance decreased by -0.6% YoY.
The Slovenian Insurance Association published its monthly report on the movements in the Slovenian insurance sector. During the entire 2021, GWPs increased by 1.8% YoY, reaching EUR 2.62bn by the end of the year. Non-life insurance grew by 2.8% YoY, amounting to EUR 1.87bn, while Life insurance decreased by -0.6% YoY, amounting to EUR 746.9m.
Non-life insurance, which equals 71.45% of total GWPs, had a strong performance in Other damage to property insurance, which grew by EUR 28.12m (or 18.56%) YoY, and Land motor vehicles insurance, which increased by EUR 18.4m (or 5.75%) YoY. On the flip side, Health insurance decreased by EUR 9.89m (or -1.51%) YoY, while Motor vehicle liability insurance also declined by EUR 6.11m (or -2.24%) YoY. Considering all these insurances account for 9.6%, 18.07%, 34.54% and 14.28% of Non-life GWPs (combined 76.5%), these changes are significant. It should also be noted that the 5th largest insurance type in the Non-life insurance (Fire and natural forces insurance) increased by EUR 6.34m (or 4.77%) YoY.
On the other hand, the Life insurance sector, which equals the remaining 28.55% of the total GWPs, experienced a decrease of -0.55%. Inside the segment, Life assurance decreased by EUR 14.49m (or -4.72%) YoY, while at the same time, Unit-linked life insurance grew by EUR 26.39m (or 16.25%) YoY. Supplementary pension insurance according to the pension and disability insurance act decreased by 11.69%, while Marriage assurance, birth assurance decreased by 15.69%.
On an MoM basis, total GWPs increased by EUR 192.6m (or 7.9%), Non-life insurance grew by EUR 120.7m (or 6.9%), while Life insurance grew by EUR 71.9m (or 10.6%).
Performance of the Slovenian Insurance Sector in 2021 ( YoY, EUR)