In the 11 months of 2021, GWPs had an increase of 2.34% YoY. Of this increase, Non-life insurance experienced a growth of 3.62%, while Life insurance had a slight decrease of 0.82%.
The Slovenian insurance Association published its monthly update on the GWP movements in Slovenia. In the 11 months of 2021, GWPs increase by 2.34% YoY to EUR 2.42bn. Non-life increased by 3.62% to EUR 1.75bn, while Life insurance decreased by 0.82% to EUR 674.98m.
Non-life insurance, which equates to 72% of the total GWPs, had a strong performance in the Other damage to property segment (+18.6%), as well as the Land motor vehicles insurance (+5.64%). Both of these segments account for 6.98% and 13.03% of Non-life insurance GWPs, respectively. On the other hand, Motor vehicle liability insurance had a decrease of 2.74%, making it the worst performer (in absolute terms) in the Non-life segment.
At the same time, Health insurance, which has the biggest stake in Non-Life insurance with 24.9% in total GWPs, had a slight increase of 1% YoY. Fire and natural forces insurance also experienced a YoY increase, growing by 4.78%.
Looking over to the Life insurance segment, we can see that it experienced a slight decrease of 0.82% YoY. Within the segment itself, Unit-linked life insurance grew by 16.7%, while at the same time, Life assurance decreased by 5.96%, Supplementary pension insurance according to the pension and disability insurance act decreased by 11.4%, and Marriage assurance, birth assurance decreased by 15.7%.
When looking at the MoM basis, total GWPs increased by 10.4%, mostly due to a 75% increase in the Life insurance segment (which accounts for 28% of total GWPs), while at the same time, Non-life insurance (which accounts for the rest), decreased by -5.3%).
Performance of the Slovenian Insurance Sector in November (Change YoY, EUR)