In May 2022, total GWPs increased by 4.8%. Non-life insurance increased by 6%, while Life insurance increased by 1.6% YoY.

The Slovenian Insurance Association has published a monthly report on the changes recorded by the Slovenian insurance sector in May 2022. During the month, total GWPs increased by 4.8% (or EUR 56.5m) YoY and amounted to EUR 1.24bn. The increase is even more significant on an MoM basis, with a growth of EUR 241.7m (or 24.1%).

The growth was driven by both an increase in Non-life and Life GWPs. Non-life GWPs increased by 6% YoY (or EUR 51.2m), while on an MoM basis, they grew by EUR 172.1m (or 23.4%). This would mean that currently, Non-life insurance GWPs stand at EUR 907.2m, which would also mean that Non-life insurance accounts for 73% of the total GWPs.

Breaking the segment down further, on an MoM basis, significant increases were recorded by Health insurance, which grew by EUR 55.6m (or 24.5%), Land motor vehicles insurance, which increased by EUR 33.2m (or 24.6%), Motor vehicle liability insurance, which increased by EUR 25.2m (or 23.8%), and other damage to property insurance, which increased by EUR 18.8m (or 23.2%). Considering that the pre-summer season already started in May, and Slovenian tourists use cars as a mode of transport (and Croatia is the primary destination they visit), an increase in car-related insurance is expected.

Moving on to the Life insurance segment, it grew by EUR 5.27m (or 1.6%) YoY, while on an MoM basis, it increased by EUR 69.6m (or 26.1%), amounting to EUR 335.8m at the end of May, accounting for the remaining 27% of the total GWPs. Inside the segment, Unit-linked life insurance increased by EUR 12.9m (or 10.9%) YoY and EUR 28.8m (or 28%) MoM. At the same time, Life assurance decreased by EUR 3.25m (or -2.5%) YoY, but on an MoM basis, recorded growth of EUR 28.8m (or 28%).

Changes recorded by the Slovenian insurance sector in 5M2022 (YoY, EUR)