In January of 2021, GWPs recorded an increase of 0.5% YoY. Of that Non-life observed an increase of 1.7%, while Life is down by 2.9%.

The Slovenian Insurance Association published their monthly update on the GWP development in Slovenia. The first month of 2021 showed a relatively solid result, as GWPs increased by 0.5% YoY to EUR 245.23m. Of that non-life segment stood at EUR 182.85m (+1.7% YoY).  

The mentioned segment, which accounts for roughly three fourths of the total GWPs, showed a relatively solid performance on the back of an increase in fire and natural forces insurance (+10.2%), coupled with other damage to property insurance (+17.2%). Meanwhile, health insurance, as the largest segment within non-life witnessed a slight decrease of 0.1% YoY.

Land motor vehicle insurance, which accounts for 13.2% of all GPWs noted a slight increase of 0.7%, while motor vehicle liability insurance noted a decrease of as much as 7%.

Top and Bottom Performing Segment January 2021 (YoY change) (EUR )

Turning our attention to the life segment, it recorded a 2.9% YoY decrease in 2020. To be specific, the entire life insurance segment amounted to EUR 62.4m. Within the segment, unit-linked life insurance observed a relatively surprising increase of 12.1%. Such a result shows a YoY growth of the unit-linked segment for the first time since the outbreak of the Covid-19 pandemic.

When observing MoM performance, total GWPs grew by 21.9%, which could be expected as many insurance policies are contracted (renewed) during January. Given the importance of January to the sector, we could argue that Slovenian insurers started the year on a relatively positive note.

We also remind that Triglav Group published their FY 2020 results, which we commented through our Company note.