From January to July 2022, total GWPs in Slovenia grew by 4.9% YoY. Non-life insurance increased by 6.38%, while Life insurance increased by 0.92% YoY.
The Slovenian Insurance Association has published the latest monthly report on the changes recorded by the Slovenian insurance sector, for July 2022. In the first 7M 2022, total GWPs cumulatively increased by 4.9% (or EUR 79.2m) YoY and amounted to EUR 1.71bn. On a monthly basis, total GWPs increased by EUR 229.5m, which represents a 6% higher value YoY. Compared to last month, however, the total GWPs amount is 4% lower, meaning that despite the continual growth, the GWPs did start slowing down.
Looking at the growth by segments, both Non-life and Life GWPs increased in the first 7M of 2022. Non-life insurance GWPs increased by 6.4% (or EUR 75m) and amounted to EUR 1.25bn. This would mean that Non-life GWPs accounted for 73% of the total GWPs. Looking at the data for July 2022 by itself, however, Non-life insurance decreased by EUR 12.5m (or 7%) MoM, while it increased by EUR 10.8m (or 7%) YoY. On the other hand, Life insurance GWPs increased by 0.92% YoY (or EUR 3.65m) in the first 7M 2022 and amounted to EUR 461.2m, while in July 2022 alone, it increased by 5% (or EUR 3.1m) MoM, and 3% (or EUR 1.65m) YoY.
Breaking down the Non-life insurance segment by components, in the first 7M 2022, in absolute terms, the largest increase was recorded by Land motor vehicles insurance, which increased by EUR 18.6m (or 8.6%) YoY, followed by Other damage to property insurance, which increased by EUR 14.8m (or 12.4%), and Motor vehicle liability insurance, which increased by EUR 10.1m (or 5.9%). On the other hand, the largest absolute decrease was recorded by Fire and natural forces insurance, which decreased by EUR 708.9k (or 0.75%) YoY.
On the flip side, in the Life insurance segment, in the 7M 2022, Unit-linked life insurance increased the most, by EUR 13.3m (or 8%) YoY, while Marriage assurance, birth assurance decreased by EUR 1.87m (or 1%). For July 2022, the story is quite similar, with Unit-linked life insurance increasing by EUR 2.8m (or 12%) YoY, and EUR 2.35m (or 10%) MoM, while Marriage assurance, birth assurance decreased only slightly MoM, but increased by 2% (or EUR 521.4k) YoY.
All of this data can show us that despite the continued growth of the Slovenian insurance sector, Non-life increase is the main driver of the growth, while Life insurance while increasing, is increasing at a slower pace. The decreases on the monthly basis can show us, however, that the growth is slowing down, especially compared to the same period in 2021.
Changes recorded by the Slovenian insurance sector by the end of July 2022 (YoY, EUR)
