STATISTICAL INSURANCE BULLETIN 2014

Transcription

Ljubljana, July 2014
SLOVENIAN INSURANCE ASSOCIATION
Železna cesta 14, PO Box 2512
SI-1000 LJUBLJANA
SLOVENIA
Telephone:
(+386) 1 47 35 699
Telefax: (+386) 1 47 35 692
Website: www.zav-zdruzenje.si
E-mail:
[email protected]
Published by:
Responsible person: Drago Cotar, Director
Statistical Insurance Bulletin
SIA, Ljubljana 2014
Text, tables and graphs prepared by:
Mateja Lamovšek
Tanja Trampuž
Danilo Antončič, Nuclear Insurance and Reinsurance Pool (Chapter 5.3.)
Production:
Design: Photographs: Printed by: Print run: Pegaz International d. o. o. Ljubljana
Luka Mancini, MSc and Matic Leban
123 RF USA
Tiskarna Littera picta d. o. o.
200 copies
All rights reserved.
The information contained herein may be used in full or in part only with an
appropriate indication of the source.
This publication is also available in Slovene.
ISSN 1318-7295
CONTENTS
Methodological note ........................................................................................................... 4
Development of the insurance market ................................................................................... 6
Foreword ........................................................................................................................... 9
1. Slovenian economy in 2013 ............................................................................................... 11
2. Slovenian Insurance Association in 2013 ........................................................................... 14
3. Members of the SIA (as at 6 June 2014) ............................................................................ 17
Adriatic Slovenica, Zavarovalna družba d. d. ........................................................................ 22
Allianz zavarovalnica, Ljubljana branch ............................................................................... 23
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia ................................................... 24
ERGO zavarovalnica, podružnica v Sloveniji .......................................................................... 25
ERGO Življenjska zavarovalnica d. d. ................................................................................... 26
GENERALI zavarovalnica, d. d. ........................................................................................... 27
GRAWE Zavarovalnica, d. d. ............................................................................................... 28
Merkur zavarovalnica, d. d. ............................................................................................... 29
Modra zavarovalnica, d. d. ................................................................................................ 30
NLB Vita življenjska zavarovalnica d. d. ............................................................................... 31
Pozavarovalnica Sava, d. d. ................................................................................................ 32
Pozavarovalnica Triglav Re, d. d. ........................................................................................ 33
SID – First Credit Insurance Company Inc. ........................................................................... 34
Sklad obrtnikov in podjetnikov ........................................................................................... 35
Triglav, Zdravstvena zavarovalnica, d. d. ............................................................................. 36
Vzajemna, d. v. z. ............................................................................................................. 37
Wiener Städtische zavarovalnica, Branch Office in Ljubljana ................................................... 38
Zavarovalnica Maribor, d. d. .............................................................................................. 39
Zavarovalnica Tilia, d. d. .................................................................................................. 40
Zavarovalnica Triglav, d. d. ................................................................................................ 41
4.Employees in 2013 .......................................................................................................... 43
5. Insurance and reinsurance activities in 2013 ..................................................................... 47
5.1. Insurance activities ..................................................................................................... 48
5.1.1. Types of insurance by class ........................................................................................ 53
5.1.2. Life insurance .......................................................................................................... 57
5.1.2.1. Pension insurance .................................................................................................. 59
5.1.3. Non-life insurance ................................................................................................... 60
5.1.3.1. Accident insurance ................................................................................................ 64
5.1.3.2. Health insurance ................................................................................................... 65
5.1.3.3. Land motor vehicle insurance ................................................................................ 66
5.1.3.4. Railway rolling stock insurance ............................................................................... 67
5.1.3.5. Aircraft insurance .................................................................................................. 68
5.1.3.6. Ship insurance ..................................................................................................... 69
5.1.3.7. Goods in transit insurance ..................................................................................... 70
5.1.3.8. Fire and natural forces insurance ............................................................................. 71
5.1.3.9. Other damage to property insurance ........................................................................ 72
5.1.3.10. Motor vehicle liability insurance ............................................................................. 73
5.1.3.11. Aircraft liability insurance ...................................................................................... 74
5.1.3.12. Liability for ship insurance ..................................................................................... 75
5.1.3.13. General liability insurance ..................................................................................... 76
5.1.3.14. Credit insurance .................................................................................................. 77
5.1.3.15. Suretyship insurance ............................................................................................. 78
5.1.3.16. Miscellaneous financial loss insurance .................................................................... 79
5.1.3.17. Legal expenses insurance ..................................................................................... 80
5.1.3.18. Assistance insurance ............................................................................................ 81
5.1.4. Distribution channels ............................................................................................... 82
5.2. Reinsurance activities ................................................................................................. 84
5.3. Nuclear Insurance and Reinsurance Pool ....................................................................... 87
6. International position of the Slovenian insurance industry ................................................. 89
7. Chronological overview of insurance activities in Slovenian ethnic territory ......................... 95
Methodological note
The Statistical Insurance Bulletin is based on annual data that the SIA has obtained
from its members. According to estimates, the aforementioned data accounts for
99% of the Slovenian insurance market.
The chapter regarding pension insurance also takes into account data obtained from
other companies involved in the pension insurance segment. The Slovenian pension
insurance market is thus presented in full.
If other data sources are used, this is stated separately in the text, tables and graphs.
Data collection was completed on 13 June 2014.
Unless otherwise stated, all data in this publication refer to Slovenia.
The unit of currency used in this publication is the euro. The exchange rate 239,64 SIT
= 1 EUR was used to convert the domestic currency to euros for the period prior to the
introduction of the euro. The conversion is in accordance with the practice of SORS.
Growth rates are calculated as the ratio of data for the selected year to data for the
previous year, without taking into account inflation.
Statistical indicators, units of measure, abbreviations
...
not available
–
no occurrence of event
*comment
%percentage
m
million
bnbillion
c.century
MTPL
motor third party liability insurance
GDP
Gross domestic product
EUReuro
VSPI
voluntary supplementary pension insurance
NLI
Non-life insurance
USD
US dollar
ZPIZ-1
Pension and Disability Insurance Act
BS
ESS
EIOPA
EU
Eurostat
HIIS
IE
ISA
SIA
SORS
4
Bank of Slovenia
Employment Service of Slovenia
European Insurance and Occupational Pensions Authority
European Union
Statistical Office of the European Communities
Health Insurance Institute of Slovenia
Insurance Europe
Insurance Supervision Agency
Slovenian Insurance Association
Statistical Office of the Republic of Slovenia
Methodological note
Development of the insurance market
Insurance
Year
PREMIUMS (in EUR)
TOTAL
Life
2003
1,244,376,773
2004
1,453,765,619
2005
2006
BENEFITS AND CLAIMS PAID (in EUR)
Non-life
TOTAL
Life
Non-life
297,653,614
946,723,160
771,808,968
111,356,426
660,452,541
428,093,732
1,025,671,887
929,940,886
188,598,335
741,342,551
1,549,167,096
464,833,571
1,084,333,525
874,789,651
136,243,782
738,545,869
1,725,303,964
540,654,519
1,184,649,445
949,341,016
149,353,126
799,987,890
2007
1,893,979,650
609,265,438
1,284,714,212
1,023,300,031
161,827,691
861,472,340
2008
2,018,959,895
642,652,700
1,376,307,195
1,204,208,190
177,589,378
1,026,618,812
2009
2,072,923,129
630,089,177
1,442,833,952
1,240,000,802
188,495,547
1,051,505,255
2010
2,094,342,801
656,013,340
1,438,329,461
1,242,833,061
245,624,195
997,208,866
2011
2,053,443,380
599,359,672
1,454,083,708
1,288,695,975
344,742,146
943,953,829
2012
2,053,996,610
596,964,885
1,457,031,725
1,388,221,416
433,363,866
954,857,550
2013
1,977,531,882
552,961,135
1,424,570,747
1,360,391,007
391,721,661
968,669,346
Reinsurance
Year
PREMIUMS (in EUR)
BENEFITS AND CLAIMS PAID (in EUR)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2003
137,498,252
982,253
136,515,999
71,689,384
553,388
71,135,996
2004
148,585,357
950,547
147,634,811
81,629,866
240,782
81,389,084
2005
161,360,758
1,006,635
160,354,123
78,670,656
221,516
78,449,140
2006
180,619,058
641,738
179,977,320
101,766,784
252,153
101,514,630
2007
206,165,229
704,532
205,460,697
115,181,537
302,353
114,879,184
2008
241,737,838
724,041
241,013,797
200,375,022
162,440
200,212,582
2009
261,109,458
643,289
260,466,169
171,828,133
137,275
171,690,858
2010
263,029,025
793,774
262,235,251
139,930,258
179,043
139,751,215
2011
262,282,208
861,553
261,420,655
126,258,125
365,430
125,892,695
2012
269,180,708
1,693,484
267,487,224
131,808,884
276,044
131,532,840
2013
239,147,140
2,603,206
236,543,934
141,702,764
600,854
141,101,910
* In premium growth index the inflation
is excluded. Including the inflation of 0.7%
(December 2013/December 2012) the total
insurance premiums would be
1,963,785,384 EUR and the premium growth
index would be 95.61.
Source: SIA, SORS
6
Development of the insurance market
CLAIMS RATIO (in %)
PREMIUM GROWTH INDEX*
TOTAL
Life
Non-life
TOTAL
Life
Non-life
62.0
37.4
69.8
111.7
117.8
109.9
64.0
44.1
72.3
116.8
143.8
108.3
56.5
29.3
68.1
106.6
108.6
105.7
55.0
27.6
67.5
111.4
116.3
109.3
54.0
26.6
67.1
109.8
112.7
108.4
59.6
27.6
74.6
106.6
105.5
107.1
59.8
29.9
72.9
102.7
98.0
104.8
59.3
37.4
69.3
101.0
104.1
99.7
62.8
57.5
64.9
98.0
91.4
101.1
67.6
72.6
65.5
100.0
99.6
100.2
68.8
70.8
68.0
96.3
92.6
97.8
CLAIMS RATIO (in %)
PREMIUM GROWTH INDEX*
TOTAL
Life
Non-life
TOTAL
Life
Non-life
52.1
56.3
52.1
115.1
99.3
115.2
54.9
25.3
55.1
108.1
96.8
108.1
48.8
22.0
48.9
108.6
105.9
108.6
56.3
39.3
56.4
111.9
63.8
112.2
55.9
42.9
55.9
114.1
109.8
114.2
82.9
22.4
83.1
117.3
102.8
117.3
65.8
21.3
65.9
108.0
88.8
108.1
53.2
22.6
53.3
100.7
123.4
100.7
48.1
42.4
48.2
99.7
108.5
99.7
49.0
16.3
49.2
102.6
196.6
102.3
59.3
23.1
59.7
88.8
153.7
88.4
Statistical Insurance Bulletin 2014
7
Foreword
From the beginning of the 1990s until 2008, the Slovenian insurance sector recorded
high growth, which exceeded general economic growth. Insurance companies disclosed
deteriorating operating results with the outbreak of the financial crisis. Collected
premiums, however, continued to rise due to the relatively small proportion of premiums
accounted for by life insurance. The adverse economic conditions continued in 2013 and
also affected the Slovenian insurance market. Increasing illiquidity, numerous corporate
bankruptcies and rising unemployment have led to lower demand for several years.
Insurance is a service that consumers forgo relatively quickly. Initially, this was only seen
in the life insurance sector. Last year, however, that trend was more evident in the nonlife insurance sector. Total premiums collected by insurance companies were down 3.7%
on the previous year.
Nevertheless, members of the SIA have not reported any major problems in their
operations. Competition continues to tighten across the entire insurance market.
In the context of efforts to increase their market shares, primarily smaller insurance
companies have recorded positive growth, although they continue to contribute little to
reducing market concentration. The five largest insurance companies account for 77.5%
of the market. Since Slovenia joined the EU and following the introduction of the euro,
there has been a notable increase in interest on the part of EU insurance companies
to establish business in Slovenia. After ten years as an EU Member State, the presence
of EU insurance companies in Slovenia is not yet worthy of note, nor have the latter
had a significant impact on domestic insurance companies. In recent years, insurance
companies that provide services directly have only collected around 1% of the gross
written premiums of the entire market, similar to the branches of foreign insurance
companies. The Slovenian insurance market falls somewhere in the middle in terms of
development relative to other European countries. However, this is not true for the life
insurance sector, as this insurance class achieves a smaller proportion of total premiums
in only a few EU countries. Contributing to this fact are both a decline in household
disposable income and a low propensity for and lack of confidence in these forms of
insurance on the part of the population. Nevertheless, it is in this segment where the
greatest potential for the development of the Slovenian insurance market lies.
Membership in the EU brings considerable obligations in all financial spheres, including
the insurance sector. The Solvency II Directive is becoming an important link in the
operations of insurance companies. Last year the EIOPA issued preparatory guidelines,
which in the interim period until 2016 are meant to ensure that individual insurance
companies and supervisory bodies are as well-prepared as possible for new rules
governing the management, measurement and control of risks. This transition is a major
task and requires a great deal of preliminary preparations and costs.
The Slovenian insurance sector accounts for 5.6% of GDP and directly employs more
than 6,000 workers. If we also take into account at least that many insurance agents
and brokers, the role of the insurance sector and its social responsibility are that much
greater. The insurance sector must therefore be perceived as an important link in society
in the search for appropriate solutions for a welfare state that are tailored to its citizens
and in line with European policies.
Ljubljana, 13 June 2014
Drago Cotar, Director
9
1. Slovenian economy in 2013
The recession continued in Slovenia in 2013. GDP
contracted by 1.1%, while unemployment and the
poverty rate were up and the standard of living was
down. Nevertheless, domestic demand is gradually
stabilising. Companies have been forced to channel
their sales abroad due to the domestic economic
crisis, which is reflected in growth in merchandise
exports. Once again last year numerous companies
encountered liquidity problems, which had an
adverse impact on banks as their largest creditors.
The new government, which began functioning at the
beginning of 2013, drew up a plan to strengthen the
economy. However, the objectives of the plan were
not met. The general government deficit rose sharply,
as did general government debt.
GDP continued to contract to stand at EUR 35bn
expressed in current prices, down 1.1% on the
previous year. GDP per capita measured in current
prices was well below the average for EU Member
States. It was down slightly to stand at EUR 17,128 or
USD 22,748.
The general government deficit had risen by a
factor of 3.7 by the end of 2013 to stand at EUR
5.2bn or 14.7% of GDP, the highest since Slovenia’s
independence. General government debt in the
amount of EUR 25.3bn reached 71.7% of GDP. The
sharp growth was primarily the result of measures to
stabilise the banking system.
Industrial production was down 0.7% on average in
2013 relative to the previous year. The first half of the
year was characterised by a drop in production, while
that trend came to a halt during the second half of
the year. Sales revenue was down 1.5% relative to
2012, while inventories were down 3.5%.
Merchandise exports and imports were up during
the year. Exports in the amount of EUR 21.6bn
reached their highest level in the last five years, while
imports in the amount of EUR 22.2bn were up 0.6%.
The merchandise trade deficit stood at EUR 541.1m
for the period, while the coverage of imports by
exports was 97.4%, up 2 percentage points on 2012.
Three quarters of exports and imports were with EU
Member States.
Inflation was down 2 percentage points on the same
period in 2012 to stand at 0.7% in December 2013,
below the euro area average.
The average gross wage was down EUR 2.3 last year
to stand at EUR 1,523. The average net wage was up
0.6% to stand at EUR 997 or 65% of the gross wage.
Despite a reduction in wages in recent years, the
public sector continues to record a higher average
gross wage (EUR 1,741 in 2013) than the private sector
(EUR 1,404).
The unemployment rate has risen constantly
over the last five years to stand at 13.1% last
year, translating to 119,827 unemployed persons.
Despite an increase in the number of new hires,
the registered unemployment rate was up 8.8%
on the previous year. One half of job seekers are
younger than 30 years of age. The majority of those
unemployed have been out of work for more than
one year, while 40% have a primary or secondary
school education. Their education level is highly
incompatible with the types of job vacancies.
Under pressure from the continuing recession, the
banking sector reduced its lending activity in 2013,
when an increase was seen in income and interestrate risks. The process of rehabilitating certain
banks and the transfer of non-performing claims to
the Bank Asset Management Company in December
resulted in a notable improvement in the situation
in the banking sector. Year-on-year growth in total
assets was negative for the fourth consecutive year
(−12.3%), while total assets declined by EUR 5.7bn
to stand at EUR 40.4bn.
The Ljubljana Stock Exchange recorded moderate
growth in 2013. The Slovenian SBI TOP rose for the
second consecutive year, by 3.17%. Turnover on
the stock exchange was up 8.7% to stand at EUR
392m, with trading in shares accounting for 76% of
turnover. The market capitalisation of all shares on
the Ljubljana Stock Exchange was up in 2013 to stand
at EUR 5.2bn.
Source: BS, Eurostat, Ljubljana Stock Exchange, SORS
11
Selected macroeconomic indicators
Population*
2009
2010
2011
2012
2013
2,032,362
2,046,976
2,050,189
2,055,496
2,058,821
Men
1,003,945
1,014,107
1,014,563
1,016,731
1,019,061
Women
1,028,417
1,032,869
1,035,626
1,038,765
1,039,760
1,961,639
1,964,660
1,967,443
1,969,941
1,967,436
Foreign citizens
Citizens of the Republic of Slovenia
70,723
82,316
82,746
85,555
91,385
Labour force**
944,525
935,543
934,659
920,184
913,424
Employed persons**
858,171
835,039
823,967
810,001
793,597
86,354
100,504
110,692
110,183
119,827
9.1
10.7
11.8
12.0
13.1
35,420.2
35,484.6
36,150.0
35,318.6
35,274.9
–7.9
1.3
0.7
–2.5
–1.1
Registered unemployed persons**
Registered unemployment rate (in %)
GDP (in EURm)
GDP annual growth index (in %)
GDP per capita (in EUR)
17,348.7
17,319.5
17,609.7
17,171.9
17,128.0
GDP per capita (in USD)
24,198.0
22,960.5
24,512.8
22,062.5
22,747.6
Annual inflation*** (in %)
1.8
1.9
2.0
2.7
0.7
Average monthly inflation (in %)
0.9
1.8
1.8
2.6
1.8
1,438.96
1,494.88
1,524.65
1,525.47
1,523.18
Average monthly net earnings (in EUR)
Average monthly gross earnings (in EUR)
930.00
966.62
987.39
991.44
997.01
State budget deficit (in EURm)
–2,247
–2,082
–2,306
–1,414
–5,188
–6.3
–5.9
–6.4
–4.0
–14.7
12,470
13,742
17,016
19,204
25,307
35.2
38.7
47.1
54.4
71.7
State budget deficit share in GDP (in %)
Public debt (in EURm)
Public debt share in GDP (in %)
Exports of goods (in EURm)
16,269.3
18,639.3
20,999.3
21,060.7
21,627.6
Imports of goods (in EURm)
17,275.9
20,100.6
22,555.1
22,077.7
22,196.7
Exports as % of imports
94.2
92.7
93.1
95.4
97.4
Industrial production index
82.6
107.2
101.3
99.1
99.3
* as at 1 January
** average of all months
*** according to consumer price indice in December
Source: SORS
12
Slovenian economy in 2013
2. Slovenian Insurance Association in 2013
With 14 employees, the SIA had a challenging 2013 financial year. In addition to
standard tasks, changing legislation and newly launched projects also affected the
work of employees. As in several previous years, the introduction of pension legislation
and healthcare reform were again at the forefront. The SIA worked with the competent
ministries in both areas. The effort to preserve supplementary health insurance
continues.
The deadline for introducing the Solvency II Directive has been extended, but the
EIOPA issued preparatory guidelines last year with which insurance companies and
reinsurance companies will have to comply. Based on the ISA’s framework principles
regarding the transposition of the aforementioned regulations into Slovenian
law, the SIA focused on the introduction of key functions in the operations of
insurance companies. New requirements and activities have also been imposed by a
transnational agreement on the implementation of the provisions of the US’s Foreign
Account Tax Compliance Act (FATCA).
The deteriorating economic conditions also affected the attitude of users to insurance
services. In particular, attention was brought to problems with the transparency of
life insurance products and insufficient advice provided by insurance agents in the
sales process. For this reason, the SIA launched a new website last year aimed at
informing the general public about the importance of the insurance sector. In addition
to statistical data and publications, the electronic periodical journal Zavarovalniški
horizonti (Insurance Horizons) is now available to the professional public. Moreover,
the SIA continues to educate insurance agents and brokers, and organise various
seminars for its members.
The SIA actively worked with international institutions such as Insurance Europe, the
Council of Bureaux and with the insurance associations of other European countries
with the aim of improving cooperation to the benefit of its members.
14
Slovenian Insurance Association in 2013
Organisational chart – graphic presentation of the SIA (situation as at 6 June 2014)
ASSEMBLY
COUNCIL
DIRECTOR
General and
Organisational Affairs
and Accounting Service
Arbitration Court*
Insurance Ombudsman*
Mediation Centre*
Green Card Bureau
Guarantee Fund
Compensation Body
Information Centre
Expert Committee
of the GCB
Guarantee Fund
Commission
Compliance Function
Committee
Legal Section
Motor Insurance
Personal Insurance
Property Insurance, Statistics and Analysis
Education
Motor Insurance
Committee
Life & Accident
Insurance Committee
Property Insurance
Committee
Risk Management
Committee
Education Committee
Transport and Credit
Insurance Committee
Health Insurance
Committee
Magazine Editorial
Committee
IT Committee
Pension Insurance
Committee
Slovenian Insurance
Days Organising
Committee
Liability Insurance
Commission
Statistical Bulletin
Editorial Committee
Property Claims
Commission on Accounts
and Tax Affairs
Accounting and Tax
Affairs Commission
Prevention of Insurance
Fraud Commission
Burglary & Fire
Insurance
Commission
Money Laundering
Prevention Commission
Insurance Legal affairs
Commission
Natural Disasters
Commission Affairs
Actuarial Section
Supervision of SIA’s
information system
Commission
Agricultural
Insurance Section
Internal Audit
Section
Exam Committee
Public Relations and
Consumer Awareness
Committee
Financial Section
* SIA provides only material basis
15
3. Members of the SIA (as at 6 June 2014)
The SIA has 20 members: 17 insurance companies, two reinsurance companies and one
other company that sells insurance. There was one member less than in 2012 due to
the merger of the insurance companies Adriatic Slovenica, Zavarovalna družba d. d.
and KD Življenje, zavarovalnica, d. d.
A total of 14 insurance companies and two reinsurance companies with registered
offices in Slovenia operate on the Slovenian insurance market, as well as six branches
of foreign insurance companies and other entities that underwrite insurance and are
under the supervision of the ISA. In addition to members of the SIA, the following
insurance companies are also present on the market: Prva osebna zavarovalnica,
d. d. and the Slovenian branches of Agro Zavarovalnica and Porsche Versicherung
AG. Insurance services may also be provided directly by 684 insurance companies
with registered offices abroad. Data from the aforementioned companies and other
companies that are not members of the SIA are not included in this publication.
Number of insurance companies with regard to various criteria
Year
2009
2010
2011
2012
2013
16
16
16
15
14
2
2
2
2
2
ACTIVE COMPANIES IN THE INSURANCE MARKET
Insurance companies with their head office in Slovenia
Reinsurance companies with their head office in Slovenia
Pension companies with their head office in Slovenia
3
3
3
3
3
Other companies with their head office in Slovenia
2
2
2
2
2
Branches of foreign insurance companies
TOTAL
Of which SIA members
F oreign insurance companies, authorised to directly perform
operations
Of which the active insurance companies
3
3
3
5
5
26
26
26
27
26
20
21
21
21
20
368
547
610
632
…
…
…
110
117
…
SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA
By legislation
Operate under insurance act
Do not operate under insurance act
16
17
18
18
17
2
2
1
1
1
9
9
9
9
9
By portfolio
Composite
Life
4
5
5
5
4
Non-life
5
5
5
5
5
16
17
17
17
16
By organisational form
Joint-stock companies
8
9
9
9
9
Mutual companies
Of which with the majority share of foreign capital
1
1
1
1
1
Other
1
1
1
1
1
Source: ISA, SIA
17
SIA members with regard to type of company and written premiums in 2013 (in EUR)
TOTAL
Life
Non-life
306,161,171
56,836,386
249,324,785
8,142,651
2,116,334
6,026,317
COMPOSITE INSURANCE COMPANIES:
Adriatic Slovenica, Zavarovalna družba d. d.*
ERGO zavarovalnica, podružnica v Sloveniji
GENERALI zavarovalnica, d. d.
85,176,250
22,717,349
62,458,901
GRAWE Zavarovalnica, d. d.
32,530,946
19,157,477
13,373,469
Merkur zavarovalnica, d. d.
46,379,892
38,956,035
7,423,857
Wiener Städtische zavarovalnica, Branch Office Ljubljana
24,436,974
15,865,017
8,571,957
252,001,041
75,500,697
176,500,344
86,154,423
9,286,982
76,867,441
603,779,233
179,199,515
424,579,718
Zavarovalnica Maribor, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Triglav, d. d.
LIFE INSURANCE COMPANIES:
5,387,601
5,387,601
0
Modra zavarovalnica, d. d.
82,810,932
82,804,910
6,022
NLB Vita življenjska zavarovalnica d. d.
44,098,581
42,589,036
1,509,545
ERGO Življenjska zavarovalnica d. d.
NON-LIFE INSURANCE COMPANIES:
Allianz zavarovalnica, Ljubljana branch
5,713,591
0
5,713,591
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
1,778,966
0
1,778,966
19,403,755
0
19,403,755
Triglav, Zdravstvena zavarovalnica, d. d.
104,046,846
0
104,046,846
Vzajemna, d. v. z.
266,985,233
0
266,985,233
2,543,796
2,543,796
0
Pozavarovalnica Sava, d. d.
134,131,528
2,207,226
131,924,302
Pozavarovalnica Trigav Re, d. d.
105,015,612
395,980
104,619,632
SID – First Credit Insurance Company Inc.
OTHER COMPANIES:
Sklad obrtnikov in podjetnikov
REINSURANCE COMPANIES:
* insurance company KD Življenje merged with insurance company Adriatic Slovenica on 1 October 2013
Source: SIA
Market share of SIA members with regard to collected premiums in 2013 (in %)
INSURANCE – TOTAL
TOTAL
Life
Non-life
100
100
100
30.53
32.41
29.80
15.48
10.28
17.50
Vzajemna, d. v. z.
13.50
–
18.74
12.74
13.65
12.39
5.26
–
7.30
4.36
1.68
5.40
4.31
4.11
4.38
4.19
14.97
0.00
2.35
7.04
0.52
2.23
7.70
0.11
1.65
3.46
0.94
1.24
2.87
0.60
0.98
–
1.36
0.41
0.38
0.42
0.29
–
0.40
0.27
0.97
–
0.13
0.46
–
0.09
–
0.12
100
100
100
REINSURANCE – TOTAL
56.09
84.79
55.77
43.91
15.21
44.23
Source: SIA
Premium growth index of SIA members in 2013
INSURANCE – TOTAL
TOTAL
Life
Non-life
96.3
92.6
97.8
93.5
93.4
93.6
113.9
460.3
97.2
Vzajemna, d. v. z.
98.6
–
98.6
95.5
98.1
94.4
113.8
–
113.8
104.4
93.1
105.9
96.6
102.9
94.5
73.7
73.7
558.6
98.3
97.5
102.8
118.8
119.6
101.4
96.5
93.8
100.8
105.1
101.6
112.4
95.1
–
95.1
178.2
85.5
287.9
115.1
–
115.1
168.4
168.4
–
91.5
91.5
–
102.4
–
102.4
88.8
153.7
88.4
87.8
173.8
87.0
90.3
93.5
90.2
Source: SIA
SIA members with regard to life premiums (excluding VSPI) in 2013
VSPI
(in EUR)
Life premiums
without VSPI
(in EUR)
Life premiums
without VSPI
market share
(in %)
Life premiums
without VSPI
growth index
(2013/2012)
TOTAL
84,579,994
468,381,141
100
98.4
14,700,068
164,499,447
35.12
96.6
0
75,500,697
16.12
98.1
652,933
56,183,453
12.00
481.8
0
42,589,036
9.09
119.6
0
38,956,035
8.32
97.5
3,009,052
19,708,297
4.21
108.7
0
19,157,477
4.09
93.8
66,217,941
16,586,969
3.54
94.2
0
15,865,017
3.39
101.6
0
9,286,982
1.98
93.1
0
5,387,601
1.15
168.4
0
2,543,796
0.54
91.5
0
2,116,334
0.45
85.5
Source: SIA
20
Members of the SIA (as at 6 June 2014)
Operating eﬃciency of SIA members in 2013
Number of
employees*
Premiums per
employee
(in EUR)
Premiums
per employee
growth index
(2013/2012)
6,079
325,305
97.4
55
1,505,653
75.0
81
1,284,529
108.2
INSURANCE – TOTAL
40
1,102,465
112.9
295
905,035
92.2
Wiener Städtische zavarovalnica, Branch Oﬃce Ljubljana
29
842,654
97.9
12
476,133
76.7
Vzajemna, d. v. z.
Adriatic Slovenica, Zavarovalna družba d. d.**
18
299,311
112.3
158
293,544
86.5
1,050
291,582
109.5
866
290,994
97.1
68
285,349
88.1
2,373
254,437
94.8
377
225,932
97.6
382
225,535
101.6
177
183,791
103.6
10
177,897
112.7
58
140,391
135.2
30
84,793
97.6
116
2,061,613
90.4
42
2,500,372
88.1
74
1,812,588
91.3
* employees as at 31 December 2013
** insurance company KD Življenje merged with insurance company Adriatic Slovenica on 1 October 2013
Source: SIA
21
Adriatic Slovenica, Zavarovalna družba d. d.
Address: Ljubljanska cesta 3a, SI–6503 Koper
Website: www.as.si
E-mail: [email protected]
Telephone: (+386) 5 66 43 100
Telefax: (+386) 5 66 43 109
Tax number: 63658011
Identification form: 5063361
Chairman of the supervisory board
Number of full-time employees (31 December 2013)
Matjaž GANTAR
1,050
Chairman of the board of management
Number of all-level business units
Gabrijel ŠKOF
185
Members of the board of management
Number of top-level business units
Willem Jacob WESTERLAKEN,
Varja DOLENC, Matija ŠENK
9 branch offices
Share of foreign capital
0%
Type of company
composite insurance company
Biggest shareholders and their shares
KD Group, d. d., Ljubljana 100%
Organisational form
joint-stock company
Gross written premiums 2013
EUR 306,161,171
Date of registration
20 November 1990
Breakdown of total insurance premiums in 2013 (in %)
Other 5.23
Accident 5.44
Life 18.56
Health 36.78
Motor vehicle liability 13.66
Other damage to property 3.79
Fire and natural forces 4.99
22
Land motor vehicle 11.54
Address: Dunajska cesta 167, SI–1000 Ljubljana
Website: www.allianz.si
Telephone: (+386) 1 58 09 480
Telefax: (+386) 1 58 09 481
Director of the branch
Iztok CIMPERMAN
1
Type of company
non-life insurance company
1 head office
Organisational form
branch of EU insurance company
100%
22 November 2007
Allianz Hungária Biztósitó Zártkörüen Müködő
Részvénytársaság, Budapest 100%
12
EUR 5,713,591
Miscellaneous financial loss 3.64
Other 1.48
General liability 45.15
23
Address: Železna cesta 14, SI–1000 Ljubljana
Website: www.arag.si
Telephone: (+386) 1 23 64 181
Telefax: (+386) 1 43 64 391
Marko VONČINA
1
Type of company
legal protection insurance company
1 head office
Organisational form
100%
4 July 2012
ARAG SE, Düsseldorf 100%
10
EUR 1,778,966
Legal expenses 100.00
24
Address: Šlandrova ulica 4, SI–1231 Ljubljana-Črnuče
Website: www.ergo.si
Telephone: (+386) 1 60 05 800
Telefax: (+386) 1 60 05 806
Andrej KOCIČ, MSc
1
Type of company
1 head office
Organisational form
100%
25 May 2005
ERGO Austria International AG, Vienna 100%
58
EUR 8,142,651
Other 5.40
Accident 8.94
Life 25.99
25
Address: Šlandrova ulica 4, SI–1231 Ljubljana-Črnuče
Website: www.ergo.si
Telephone: (+386) 1 60 05 040
Telefax: (+386) 1 60 05 039
Harald LONDER
18
Andrej KOCIČ, MSc
1
Member of the board of management
Andreja KOVAČIČ
1 head office
Type of company
life insurance company
100%
Organisational form
joint-stock company
ERGO Austria International AG, Vienna 100%
1 July 2008
EUR 5,387,601
Life 100.00
26
Address: Kržičeva ulica 3, SI–1000 Ljubljana
Website: www.generali.si
Telephone: (+386) 1 47 57 100
Telefax: (+386) 1 47 57 103
Gregor PILGRAM
377
Lorenzo KRAVINA
9
Vanja HROVAT
1 head office
Type of company
100%
Organisational form
joint-stock company
Generali PPF Holding B.V., Prague 100%
18 March 1997
EUR 85,176,250
Other 2.16
Life 26.67
Accident 7.61
27
Address: Gregorčičeva ulica 39, SI–2000 Maribor
Website: www.grawe.si
Telephone: (+386) 2 22 85 500
Telefax: (+386) 2 22 85 526
Othmar EDERER, PhD
177
Božo EMERŠIČ, MSc, MBA
15
Marko MIKIĆ, Helga RUDORFER, MSc,
Simon HUSAR
1 branch office
100%
Type of company
Grazer Wechselseitige Versicherung AG, Graz 100%
Organisational form
joint-stock company
EUR 32,530,946
23 January 1991
Other 2.29
Accident 10.02
Life 58.89
28
Website: www.merkur-zav.si
Telephone: (+386) 1 30 05 450
Telefax: (+386) 1 43 61 092
Christian KLADIVA
158
Denis STROLIGO
2
Terence J. TAYLOR, MSc
1 branch office
Type of company
100%
Organisational form
joint-stock company
Merkur International Holding AG, Graz 100%
18 November 1992
EUR 46,379,892
Other 0.97
Accident 11.36
Life 83.99
29
Website: www.modra-zavarovalnica.si
Telephone: (+386) 1 47 46 800
Telefax: (+386) 1 47 46 754
Aleš GROZNIK
55
Borut JAMNIK
1
Matija DEBELAK, MSc
1 head office
Type of company
pension insurance company
0%
Organisational form
joint-stock company
Kapitalska družba pokojninskega in invalidskega
zavarovanja, d. d., Ljubljana 100%
3 October 2011
EUR 82,810,932
Accident 0.01
Life 99.99
30
Address: Trg republike 3, SI–1520 Ljubljana
Website: www.nlbvita.si
Telephone: (+386) 1 47 65 800
Telefax: (+386) 1 47 65 818
Johan B. P. DAEMEN
40
Barbara SMOLNIKAR, MSc
1
Irena PRELOG, MSc
1 head office
Type of company
life insurance company
50%
Organisational form
joint-stock company
KBC Insurance NV, Leuven 50%
Nova Ljubljanska banka, d. d., Ljubljana 50%
4 June 2003
EUR 44,098,581
Accident 3.42
Life 96.58
31
Website: www.sava-re.si
Telephone: (+386) 1 47 50 200
Telefax: (+386) 1 47 50 264
Branko TOMAŽIČ
1
Zvonko IVANUŠIČ, MSc
1 head office
Srečko ČEBRON, Jošt DOLNIČAR,
Mateja TREVEN, MSc
27.9%
Slovenska odškodninska družba, d. d., Ljubljana 25.0%
Societe Generale – Splitska banka, d. d., Split 9.8%
European Bank for Reconstruction and Development,
London 6.2%
Raiffeisen Bank Austria, d. d., Vienna 4.4%
Modra zavarovalnica, d. d., Ljubljana 4.1%
Type of company
reinsurance company
Organisational form
joint-stock company
28 December 1990
EUR 134,131,528
74
Other 3.47
Accident 6.07
Ship 3.30
Goods and transit 1.91
32
Pozavarovalnica Triglav Re, d. d.
Address: Miklošičeva cesta 19, SI–1000 Ljubljana
Website: www.triglavre.si
Telephone: (+386) 1 47 47 900
Telefax: (+386) 1 43 31 419
Andrej SLAPAR
42
Gregor STRAŽAR, MSc
1
Tomaž ROTAR
1 head office
Type of company
reinsurance company
0%
Organisational form
joint-stock company
Zavarovalnica Triglav, d. d., Ljubljana 100%
31 December 1998
EUR 105,015,612
Other 6.64
Credit 2.55
Goods and transit 2.84
33
Address: Davčna ulica 1, SI–1000 Ljubljana
Website: www.sid-pkz.si
Telephone: (+386) 1 20 05 800, 20 05 810
Telefax: (+386) 1 42 58 445
Jožef BRADEŠKO
68
Ladislav ARTNIK
1
Barbara KUNC, Igor PIRNAT, MSc
1 head office
Type of company
credit insurance company
0%
Organisational form
joint-stock company
SID – Slovenska izvozna in razvojna banka, d. d.,
Ljubljana (SID banka) 100%
31 December 2004
EUR 19,403,755
Credit 100.00
34
Address: Vošnjakova ulica 6, SI–1000 Ljubljana
Website: www.sop.si
Telephone: (+386) 1 30 03 611
Telefax: (+386) 1 43 18 303
Jaka VADNJAL, PhD
30
Bojan JEAN, MSc
1
Božidar MAROT, MSc
1 head office
Type of company
pension company
0%
Organisational form
fund
not a joint-stock company
23 August 1956
EUR 2,543,796
Life 100.00
35
Address: Pristaniška ulica 10, SI–6000 Koper
Website: www.zdravstvena.net
Telephone: (+386) 5 66 22 000
Telefax: (+386) 5 66 22 002
Tadej ČOROLI
81
Meta BERK SKOK, MSc
14
Simon VIDMAR, MSc
2 branch offices
(central office in Koper, central office in Ljubljana)
Type of company
health insurance company
0%
Organisational form
joint-stock company
Zavarovalnica Triglav, d. d., Ljubljana 100%
18 November 2002
EUR 104,046,846
Accident 0.23
Health 99.77
36
Vzajemna, d. v. z.
Address: Vošnjakova ulica 2, SI–1000 Ljubljana
Website: www.vzajemna.si
Telephone: (+386) 1 47 18 700
Telefax: (+386) 1 47 18 850
Aleksandra PODGORNIK, MSc
295
Aleš MIKELN, MBA
52
Neven CVITANOVIĆ, MSc, Katja JELERČIČ, MSc
1 head office + 9 branch offices
Type of company
health insurance company
0%
Organisational form
mutual company
not a joint-stock company
1 November 1999
EUR 266,985,233
Accident 0.66
Health 99.34
37
Address: Masarykova cesta 14, SI–1000 Ljubljana
Website: www.wienerstaedtische.si
Telephone: (+386) 1 30 01 700
Telefax: (+386) 1 30 01 709
Directors of the branch
Tomo MRĐEN, MSc, Thomas SCHMIDTMEIER, MSc
2
Type of company
1 head office
Organisational form
100%
24 August 2004
Wiener Städtische Versicherung AG Vienna Insurance
Group, Vienna 100%
29
EUR 24,436,974
Other 2.23
Life 64.92
38
Address: Cankarjeva ulica 3, SI–2507 Maribor
Website: www.zavarovalnicamaribor.si
Telephone: (+386) 2 23 32 100
Telefax: (+386) 2 23 32 530
Jošt DOLNIČAR
866
David KASTELIC, MSc
343
Borut CELCER, MSc, Rok MOLJK
10 branch offices
Type of company
0%
Organisational form
joint-stock company
Pozavarovalnica Sava, d. d., Ljubljana 100%
26 December 1990
EUR 252,001,041
Other 4.36
Accident 7.60
Life 29.96
39
Address: Seidlova cesta 5, SI–8000 Novo mesto
Website: www.zav-tilia.si
Telephone: (+386) 7 39 17 200
Telefax: (+386) 7 39 17 310
Zvonko IVANUŠIČ, MSc
382
Andrej KAVŠEK
38
Tadej AVSEC, MSc, Jaka DOLENC
13 representative offices
Type of company
0%
Organisational form
joint-stock company
Pozavarovalnica Sava, d. d., Ljubljana 100%
27 December 1990
EUR 86,154,423
Other 3.19
Accident 10.31
Life 10.78
40
Address: Miklošičeva cesta 19, SI–1000 Ljubljana
Website: www.triglav.eu
Telephone: (+386) 1 47 47 200
Telefax: (+386) 1 43 26 302
Matej RUNJAK
140
Andrej SLAPAR
12 regional offices
Stanislav VRTUNSKI, Benjamin JOŠAR,
Marica MAKOTER
16.60%
28 December 1990
Zavod za pokojninsko in invalidsko zavarovanje
Slovenije, Ljubljana 34.47%
Slovenska odškodninska družba, d. d.,
Ljubljana 28.06%
Hypo Alpe-Adria-Bank, d. d., Zagreb 5%
Skandinaviska Enskilda Banken S.A.,
Luxembourg 1.53%
Hrvatska poštanska banka, d. d., Zagreb 1.53%
2,373
EUR 603,779,233
Type of company
Organisational form
joint-stock company
Other 3.44
Accident 5.26
Life 29.68
Credit 3.51
41
4. Employees in 2013
Employment has fallen gradually in the insurance sector in recent years in the context
of the general recession. Insurance companies that are members of the SIA employed
6,079 people in 2013, a decrease of 73 or 1.2% on the previous year and 4% less than
in 2008, when the highest number of employees (6,331) was recorded. Reinsurance
companies had 116 employees last year, a decrease of 1.7% relative to the previous
year. We therefore assess that around 15,000 people work in the insurance sector,
including the 6,888 insurance agents and 1,929 insurance brokers who have passed
the SIA test to date.
Women have accounted for the majority of employees at insurance companies since
2005, when this statistic was first monitored. At the end of 2013, there were 3,529
women (58%) and 2,550 men (42%). The educational structure of employees is
improving, as the number of employees with at least a post-secondary education rises
each year. The latter accounted for more than one half (53%) of employees during the
financial year, the majority of them (2,103 or 35% of all employees) having achieved a
higher education or university degree. Evidence of the improving educational structure
is the constant rise in the number of employees holding a master’s degree relative to
other formal levels of education, the number of such employees having risen by 16%
in the last year. At 72%, the proportion of employees with at least a post-secondary
education was even higher at reinsurance companies. However, that number is
gradually declining.
In 2013 a total of 3,218 or 53% of all employees were involved in selling insurance, the
highest number in absolute terms to date, although the aforementioned proportion
has fallen steadily in recent years, with the exception of 2012. Counter sales and sales
via telephone and the internet are mostly made by women, while men account for the
majority of insurance agents. The number of sales staff exceeded the number of other
employees last year for the first time since such data has been monitored. However,
that number fell for the second consecutive year to stand at 2,861.
The majority of staff at insurance and reinsurance companies are employed on
permanent contracts, and are loyal to their employers. Insurance companies released
560 workers or 9.3% of total employees in 2013, a decrease of 22.8% on the number of
departures the previous year. There were 625 new hires, while the ratio of new hires to
the average number of employees was 10.4%.
The total number of hours worked by employees at insurance companies is declining in
conjunction with the declining number of employees. Taking into account total hours
lost due to illness and injury, the number of effective hours is even lower. A total of
437,000 hours were lost last year due to illness and injury, representing 3.62% of total
hours worked. That proportion has fallen over the last two years, while the situation
is exactly the opposite at reinsurance companies, where the total number of hours
worked has risen.
43
Employees in 2012 and 2013 – insurance
2012
2013
TOTAL
Men
Women
Number of employees
6,152
2,588
Average number of employees
6,167
…
297
Growth index
2013/2012
TOTAL
Men
Women
3,564
6,079
2,550
3,529
98.8
…
6,014
…
…
97.5
198
99
311
203
108
104.7
Number of employees by level of formal education
Primary or lower (I–IV)
2,722
1,131
1,591
2,566
1,064
1,502
94.3
Further (VI)
812
346
466
863
359
504
106.3
Higher (VII)
Secondary (V)
2,115
806
1,309
2,103
809
1,294
99.4
Master's (VIII)
193
99
94
224
106
118
116.1
Doctorate (IX)
13
8
5
12
9
3
92.3
2,757
1,411
1,346
3,218
1,520
1,698
116.7
284
31
253
303
35
268
106.7
Number of employees by business function
Sales employees
– Employees on counter sales
– Employees on telephone, internet sales
– Internal agents
41
8
33
54
5
49
131.7
1,716
1,092
624
1,640
1,046
594
95.6
716
280
436
1,221
434
787
170.5
3,395
1,177
2,218
2,861
1,030
1,831
84.3
Full working time
5,903
2,533
3,370
5,792
2,484
3,308
98.1
Part working time
249
55
194
287
66
221
115.3
Permanent
5,462
2,304
3,158
5,574
2,340
3,234
102.1
Fixed-term
690
284
406
505
210
295
73.2
Number of new employees
792
…
…
625
…
…
78.9
Number of employees who left a company
725
…
…
560
…
…
77.2
– Other sales employees
Other employees
Number of employees in terms of working time
Number of employees by type of employment contract
Fluctuation
Absenteeism
12,405,987
…
…
12,078,951
…
…
97.4
Share of lost hours owing to sickness, injury … in accordance
with the laws (in %)
3.98
…
…
3.62
…
…
90.8
with the laws of the burden of company (in %)
2.15
…
…
2.17
…
…
101.0
with the laws of the burden of HIIS (in %)
1.83
…
…
1.44
…
…
78.7
Total number of working hours of all employees
Source: SIA
44
Employees in 2013
Employees in 2012 and 2013 – reinsurance
2012
2013
TOTAL
Men
Women
Number of employees
118
42
Average number of employees
111
…
0
Growth index
2013/2012
TOTAL
Men
Women
76
116
42
74
98.3
…
116
…
…
104.5
0
0
0
0
0
–
Number of employees by level of formal education
Primary or lower (I–IV)
22
1
21
27
3
24
122.7
Further (VI)
5
4
1
4
3
1
80.0
Higher (VII)
69
26
43
64
24
40
92.8
Master's (VIII)
21
11
10
20
11
9
95.2
Doctorate (IX)
1
0
1
1
1
0
100.0
Full working time
106
38
68
103
37
66
97.2
Part working time
12
4
8
13
5
8
108.3
Permanent
112
40
72
112
40
72
100.0
Fixed-term
6
2
4
4
2
2
66.7
13
…
…
7
…
…
53.8
2
…
…
6
…
…
300.0
215,942
…
…
224,416
…
…
103.9
with the laws (in %)
3.02
…
…
3.23
…
…
107.0
with the laws of the burden of company (in %)
1.80
…
…
1.97
…
…
109.3
with the laws of the burden of HIIS (in %)
1.22
…
…
1.27
…
…
103.7
Secondary (V)
Number of employees in terms of working time
Number of employees by type of employment contract
Fluctuation
Number of new employees
Number of employees who left a company
Absenteeism
Total number of working hours of all employees
Source: SIA
45
5. Insurance and reinsurance activities in 2013
The insurance and reinsurance activities of SIA members have contracted in recent
years as a reflection of the general economic crisis in Slovenia. Social pressures
increasingly result in a contraction first in life insurance and then non-life insurance
classes. The decline in gross premiums collected over the last several years was
followed by a drop in claims last year. The impact of the unfavourable economic
environment is reflected indirectly in the reinsurance activity. Due to the contraction
in insurance transactions, insurance companies have allocated fewer funds for the
reinsurance of their own risks. As a result, the proportion of the insurance activity
accounted for by reinsurance transactions fell to 10.8% in 2013, the level recorded in
2008.
The presentation of the insurance and reinsurance activities of SIA members is based
on the annual data provided by the latter. The data presented below may differ from
cumulative data collected on a monthly and quarterly basis, but are the most complete
and reliable because they were processed last. Data from insurance companies that
are not members of the SIA are not included.
Share of insurance and reinsurance premiums in 2013 (in %)
Reinsurance 10.79
Source: SIA
Insurance 89.21
47
5.1. Insurance activities
The unfavourable economic conditions have had a delayed impact on the insurance
activity. Given the declining number of active and solvent companies and diminishing
consumer purchasing power, a gradual decline in gross premiums collected is
expected. The latter totalled EUR 1,978m in 2013, down 3.7% on the previous year and
below EUR 2bn for the first time since 2007. This result is primarily due to several years
of negative growth in life insurance transactions. Life insurance premiums totalled
EUR 553m in the context of a 7.4% decline. On the other hand, non-life insurance
has recorded positive growth with the exception of 2010, while a decline of 2.2%
was recorded last year. Gross non-life insurance premiums totalled EUR 1,425m. Life
insurance accounted for 28% of total gross insurance premiums collected.
Gross insurance premiums as a proportion of GDP totalled 5.6% last year, the lowest
figure in the last five years. Slovenia spent an average of EUR 960 per capita on
insurance last year or EUR 39 less than the previous year. Insurance density thus fell to
the level recorded in 2007 and 2008.
After rising for several years, claims paid were also down last year, by 2%, to stand at
EUR 1,360m. The aforementioned decline was primarily the result of negative growth in
life insurance benefits of 9.6%, while non-life insurance claims were up 1.6% to stand
at EUR 970m. The claims ratio for the insurance activity deteriorated again in 2013, by
1.2 percentage points to stand at 68.8%, with the life insurance claims ratio falling to
70.8% and the non-life insurance claims ratio rising to 68%.
The proportion of gross premiums accounted for by specific insurance class have
remained virtually unchanged in recent years. Life insurance has placed first for
several years. At 24% last year, health insurance ranked second in terms of insurance
premiums collected, followed by two types of motor vehicle insurance, which ranked
third and fourth (liability and casco at 12% and 11% respectively). The latter are then
followed by fire, and other damage and accident insurance, while other insurance
classes account for only a small proportion. Life insurance, including pension
insurance, is prevalent among personal insurance classes, while health insurance
accounts for one quarter less gross premiums collected.
Nine insurance companies are under majority foreign ownership. The latter generated
12.8% of insurance premiums written and are strongest in the life insurance segment
where they hold a 26.5% market share. Zavarovalnica Triglav, d. d., continues to hold
the highest market share at 30.5% of total insurance premiums written, followed by
Adriatic Slovenica, Zavarovalna družba d. d., and Vzajemna, d. v. z.
48
Insurance and reinsurance activities in 2013
Insurance premiums, benefits and claims paid
TOTAL
Year
Premiums
(in EUR)
Premium
growth
index
Share in GDP
(in %)
Benefits and
claims paid*
(in EUR)
Benefits and
claims paid
growth index
2009
2,072,923,129
102.7
5.85
1,240,000,802
103.0
2010
2,094,342,801
101.0
5.90
1,242,833,061
100.2
2011
2,053,443,380
98.0
5.68
1,288,695,975
103.7
2012
2,053,996,610
100.0
5.82
1,388,221,416
107.7
2013
1,977,531,882
96.3
5.61
1,360,391,007
98.0
Year
Premiums
(in EUR)
Premium
growth index
Share in GDP
(in %)
Benefits paid*
(in EUR)
Benefits paid
growth index
2009
630,089,177
98.0
1.78
188,495,547
106.1
2010
656,013,340
104.1
1.85
245,624,195
130.3
2011
599,359,672
91.4
1.66
344,742,146
140.4
LIFE
2012
596,964,885
99.6
1.69
433,363,866
125.7
2013
552,961,135
92.6
1.57
391,721,661
90.4
Premiums
(in EUR)
Premium
growth
index
Share in GDP
(in %)
Claims paid*
(in EUR)
Claims paid
growth index
2009
1,442,833,952
104.8
4.07
1,051,505,255
102.4
2010
1,438,329,461
99.7
4.05
997,208,866
94.8
NON-LIFE
Year
2011
1,454,083,708
101.1
4.02
943,953,829
94.7
2012
1,457,031,725
100.2
4.13
954,857,550
101.2
2013
1,424,570,747
97.8
4.04
968,669,346
101.4
* assessment costs excluded
Source: SIA, SORS
Share of life and non-life insurance (in %)
Year
SHARE IN TOTAL INSURANCE PREMIUMS
TOTAL
Life
Non-life
2009
100
30.40
69.60
2010
100
31.32
68.68
2011
100
29.19
70.81
2012
100
29.06
70.94
2013
100
27.96
72.04
Source: SIA
49
Insurance premiums, benefits and claims paid by insurance class in 2013
Insurance class
PREMIUMS
Amount
(in EUR)
BENEFITS AND CLAIMS PAID*
Share
in total
premiums
(in %)
Growth
index
(2013/2012)
Amount
(in EUR)
Share in total
benefits and
claims paid
(in %)
Growth
index
(2013/2012)
Claims
ratio
(in %)
TOTAL
1,977,531,882
100
96.3
1,360,391,007
100
98.0
68.8
NON-LIFE INSURANCE
1,424,570,747
72.04
97.8
968,669,346
71.21
101.4
68.0
Accident insurance
96,217,717
4.87
94.8
34,274,087
2.52
97.5
35.6
Health insurance
481,950,474
24.37
102.9
415,506,493
30.54
103.8
86.2
Land motor vehicle insurance
226,409,530
11.45
94.6
177,081,013
13.02
101.2
78.2
2,416,667
0.12
90.1
2,839,468
0.21
91.7
117.5
Railway rolling stock insurance
Aircraft insurance
Ship insurance
Goods in transit insurance
839,875
0.04
123.7
403,616
0.03
345.9
48.1
1,227,512
0.06
88.2
1,307,671
0.10
97.2
106.5
7,908,961
0.40
90.0
1,519,112
0.11
61.1
19.2
Fire and natural forces insurance
111,932,518
5.66
100.8
54,561,636
4.01
117.0
48.7
Other damage to property insurance
117,787,869
5.96
93.9
65,010,809
4.78
86.0
55.2
Motor vehicle liability insurance
242,254,948
12.25
91.6
144,069,797
10.59
100.2
59.5
Aircraft liability insurance
920,006
0.05
82.1
418,418
0.03
63.4
45.5
Liability for ship insurance
1,155,016
0.06
94.1
200,327
0.01
96.3
17.3
General liability insurance
58,766,339
2.97
101.7
28,274,039
2.08
108.7
48.1
Credit insurance
43,092,724
2.18
100.8
29,784,621
2.19
93.9
69.1
Suretyship insurance
1,703,055
0.09
123.6
195,645
0.01
31.0
11.5
Miscellaneous financial loss insurance
6,199,316
0.31
104.9
2,563,164
0.19
105.0
41.3
Legal expenses insurance
3,581,235
0.18
96.6
405,645
0.03
114.7
11.3
20,206,985
1.02
104.7
10,253,785
0.75
110.7
50.7
LIFE INSURANCE
552,961,135
27.96
92.6
391,721,661
28.79
90.4
70.8
Life assurance
248,583,579
12.57
104.1
208,167,500
15.30
107.5
83.7
Assistance insurance
Marriage assurance, birth assurance
Unit-linked life insurance
Tontine
Capital redemption insurance
Insurance of income loss due to accident
or illness
398,973
0.02
86.8
705,821
0.05
87.8
176.9
288,625,582
14.60
86.0
161,117,273
11.84
76.9
55.8
0
0.00
–
0
0.00
–
–
15,353,001
0.78
69.3
21,731,067
1.60
73.6
141.5
0
0.00
–
0
0.00
–
–
Pension insurance under ZPIZ-1**
84,579,994
4.28
70.0
72,094,738
5.30
47.6
85.2
Copayment health insurance***
474,336,646
23.99
102.9
413,513,329
30.40
103.7
87.2
51,425,456
2.60
100.1
18,927,068
1.39
97.9
36.8
Supplementary insurance****
** included in life insurance group
*** included in health insurance class
**** included in life insurance class
Source: SIA
50
Insurance premiums by insurance class in 2013
in EURm
Aircraft
Aircraft liability
Liability for ship
Ship
Suretyship
Railway rolling stock
Legal expenses
Miscellaneous financial loss
Goods and transit
Assistance
Credit
General liability
Accident
Fire and natural forces
Other damage to property
Land motor vehicle
Motor vehicle liability
Health
Life
0
100
200
300
400
500
600
Source: SIA
Personal insurance*
Year
Premiums
(in EUR)
Premium
growth index
Benefits and claims
paid**
(in EUR)
Benefits and
claims paid
growth index
Claims
ratio
(in %)
2009
1,155,048,190
101.0
572,080,137
105.2
49.5
2010
1,172,690,495
101.5
651,247,248
113.8
55.5
2011
1,131,489,734
96.5
757,868,132
116.4
67.0
2012
1,166,830,487
103.1
868,930,098
114.7
74.5
2013
1,131,129,326
96.9
841,502,241
96.8
74.4
* life, health and accident insurance included
** assessment costs excluded
Source: SIA
51
Net insurance premiums, benefits and claims paid (in EUR)
Year
NET PREMIUMS
TOTAL
NET BENEFITS AND CLAIMS PAID*
Life
Non-life
TOTAL
Life
Non-life
2009
1,853,478,707
612,239,514
1,241,239,193
1,089,249,242
184,740,445
904,508,797
2010
1,884,951,271
646,469,384
1,238,481,887
1,117,517,969
246,014,475
871,503,494
2011
1,842,043,700
588,572,004
1,253,471,696
1,189,869,357
340,142,270
849,727,087
2012
1,810,661,375
583,715,974
1,226,945,401
1,295,643,731
428,053,472
867,590,259
2013
1,753,396,301
539,954,614
1,213,441,687
1,252,258,670
385,277,490
866,981,180
Source: SIA
Insurance premiums per capita (insurance density)
Year
Population
(as at 1 January)
2003
1,995,033
INSURANCE DENSITY (in EUR)
INSURANCE DENSITY GROWTH INDEX
TOTAL
Life
Non-life
TOTAL
Life
Non-life
623.7
149.2
474.5
111.6
117.7
109.9
2004
1,996,433
728.2
214.4
513.8
116.7
143.7
108.3
2005
1,997,590
775.5
232.7
542.8
106.5
108.5
105.7
2006
2,003,358
861.2
269.9
591.3
111.0
116.0
108.9
2007
2,010,377
942.1
303.1
639.0
109.4
112.3
108.1
2008
2,025,866
996.6
317.2
679.4
105.8
104.7
106.3
2009
2,032,362
1,020.0
310.0
709.9
102.3
97.7
104.5
2010
2,046,976
1,023.1
320.5
702.7
100.3
103.4
99.0
2011
2,050,189
1,001.6
292.3
709.2
97.9
91.2
100.9
2012
2,055,496
999.3
290.4
708.8
99.8
99.3
99.9
2013
2,058,821
960.5
268.6
691.9
96.1
92.5
97.6
Source: SIA, SORS
52
5.1.1. Types of insurance by class
Presented below are the insurance classes and types set out in the Regulation on the submission of insurance
statistical data (Official Gazette of the Republic of Slovenia, Nos. 125/2006, 118/2007, 120/2008, 8/2009,
37/2009, 104/2009, 4/2010 and 62/2013). Active insurance classes and types are shown for each member
insurance company. These are those for which gross premiums written and/or claims have been presented
for 2013.
Vzajemna, d. v. z.
Insurance types by class
Adriatic Slovenica, Zavarovalna družba d. d
Types of insurance by class and by SIA members in 2013
ACCIDENT INSURANCE (INCLUDING INDUSTRIAL INJURY AND OCCUPATIONAL DISEASES)
Personal accident insurance against accidents at and outside regular work
Personal accident insurance against risks to passengers in motor vehicles and in performing special activities
Children and schoolchildren accident insurance and other accident insurance of the youth
Guests, visitors and tourist group accident insurance
Consumer and customer group accident insurance
Other special accident insurance
Compulsory accident insurance of passengers in public transport
Car owner and driver accident insurance
All other accident insurance
HEALTH INSURANCE
Copayment health insurance
Substitutional health insurance
Supplementary health insurance on travel outside of Slovenia
Other supplementary and parallel health insurance
All other health insurance
LAND MOTOR VEHICLE INSURANCE
Self-propelled land motor vehicle casco, other then railway rolling stock
Other land vehicle casco (non-self-propelled land vehicle)
All other insurance of land motor vehicle
RAILWAY ROLLING STOCK INSURANCE
Railway rolling stock casco
All other railway rolling stock insurance
AIRCRAFT INSURANCE
Aircraft casco
All other aircraft insurance
SHIP INSURANCE
Sea vessels casco
Lake and river vessels casco
All other ship insurance
53
GOODS IN TRANSIT INSURANCE
Goods insurance in international transport
Goods insurance in domestic transport
All other cargo insurance
FIRE AND NATURAL FORCES INSURANCE
Fire and certain other risks insurance outside industry and craft
Fire and certain other risks insurance in industry and craft
Electricity supply enterprises' property fire insurance
All other fire insurance
Nuclear risks insurance
OTHER DAMAGE TO PROPERTY INSURANCE
Machinery breakdown insurance
Machinery breakdown insurance for electricity supply enterprises' equipment
Civil construction projects insurance
Civil installation projects insurance
Film production insurance
Computer insurance
Food-in-freezer insurance
Household insurance
Ore and coal mines insurance
Telecom and post office risks insurance
Burglary and theft insurance
Glass insurance
Crops and fruit insurance
Livestock insurance
Home assistance insurance
Equipment leasing insurance
Combined property insurance
Insurance of goods against mechanical damages
Satellite and cable television distribution and reception equipment insurance
Travel insurance
All other property insurance
MOTOR VEHICLE LIABILITY INSURANCE
Road motor vehicle liability insurance for damage to third parties (MTPL)
Carrier liability-for-freight insurance in land transport
Railway third party liability insurance
All other land motor vehicle liability insurance
AIRCRAFT LIABILITY INSURANCE
Aircraft owners' liability insurance for damage to third parties
Carrier liability-for-freight insurance in air transport
All other aircraft liability insurance
LIABILITY FOR SHIP INSURANCE
Maritime transport liability insurance
Inland waterways transport liability insurance
Ship-repairer liability insurance
54
Vzajemna, d. v. z.
Vzajemna, d. v. z.
Marina liability insurance
Carrier liability-for-freight insurance in maritime and inland waterways transport
All other liability for ship insurance
GENERAL LIABILITY INSURANCE
Manufacturer liability-for-product insurance
Building contractor contractual liability insurance
Installation contractor contractual liability insurance
Manufacturer, dealer and contractor guarantee insurance
Forwarding agent liability in international transport
Forwarding agent liability in domestic transport
Management board and supervisory board liability insurance
Real estate agent liability insurance
Film producer liability insurance
Compulsory professional liability insurance for accounting and audit companies
Designer compulsory liability insurance
Advocate compulsory liability insurance
Physician compulsory liability insurance
Notary compulsory liability insurance
Medical products and devices manufacturers' compulsory liability insurance
Insurance brokerage companies compulsory liability insurance
Judicial enforcement officers compulsory liability insurance
Verifiers of qualified certificates of electronic signature compulsory liability insurance
Alpine guides compulsory liability insurance
Geodesic companies compulsory liability insurance
Certifying authorities for compliance of construction products verifications compulsory liability insurance
Firing range managers compulsory liability insurance
Guards liability insurance
All other general liability insurance
CREDIT INSURANCE
International trade credit insurance
Domestic trade credit insurance
Consumers credit insurance
Housing credit insurance
Loan insurance (sole traders)
Loan insurance (legal entities)
Overdraft insurance (sole traders)
Overdraft insurance (personal accounts)
Lease agreement insurance
Insurance of receivables from credit/debit cards
All other credit insurance
SURETYSHIP INSURANCE
Customs debt insurance
Tour operators' insolvency insurance
Tender guarantee insurance
55
Performance insurance
Advance repayment insurance
Repair in warranty period insurance
Guarantee for credit cards insurance
Carnet insurance
All other suretyship insurance
MISCELLANEOUS FINANCIAL LOSS INSURANCE
Business continuity insurance – fire
Business continuity insurance – machinery breakdown
Show and event insurance
Insurance against purchasing counterfeit currency
Insurance against risk of cancellation of tourist trips
Business continuity insurance – services
All other business continuity insurance
LEGAL EXPENSES INSURANCE
Legal expenses and costs of litigation insurance
All other legal expenses insurance
ASSISTANCE INSURANCE
Car assistance insurance
Medical assistance insurance
All other assistance insurance
LIFE ASSURANCE
Death insurance
Endowment insurance
Mixed insurance
Annuity insurance (other than payments under pension schemes referred to ZPIZ-1)
Annuity insurance (payments under pension schemes referred to ZPIZ-1)
Insurance with premium refund
All other life insurance
Additional insurance
MARRIAGE ASSURANCE, BIRTH ASSURANCE
Marriage assurance
Birth assurance
UNIT-LINKED LIFE INSURANCE
Life assurance linked to units of investment funds with guarantee
Life assurance linked to units of investment funds without guarantee
Life assurance linked to the unit of internal fund with guarantee
Life assurance linked to the unit of internal fund without guarantee
TONTINE
CAPITAL REDEMPTION INSURANCE
Voluntary supplementary pension insurance in accordance with the ZPIZ-1
All other capital redemption insurance
INSURANCE OF INCOME LOSS DUE TO ACCIDENT OR ILLNESS
Source: SIA
56
Vzajemna, d. v. z.
5.1.2. Life insurance
Life insurance is marketed by 13 members of the SIA. From their own data, it is
evident that there has been a significant drop in life insurance in recent years,
which is particularly noteworthy following high previous growth that even reached
double digits. Life insurance types were the first to suffer a decline within the overall
insurance sector. At EUR 553m, insurance premiums collected were down again on the
previous year in 2013, by EUR 44m, and were comparable with the premiums collected
in 2006.
Life insurance accounted for 28% of total insurance premiums collected last year,
down 1 percentage point on the previous year. Slovenia spent an average of EUR 269
per capita on this type of insurance or EUR 40 less than in 2012 and the lowest amount
of the last five years. Life insurance as a proportion of GDP totalled 1.6%.
More than one half of premiums, or EUR 258m, were generated by unit-linked life
insurance, while slightly less was generated by standard life insurance. Other types
of insurance account for only a small proportion of the total or less than 3% of life
insurance premiums. Negative growth can been seen in all insurance types, with
the exception of traditional forms of life insurance. There has been no occurrence of
tontine insurance types or loss of income insurance due to accident or illness since
the definition of the aforementioned insurance types under the Insurance Act of 2000
and 2004.
Despite the decline in premium, gross benefits paid rose until 2013, when a decline
(of 9.6%) was recorded for the first time. Insurance companies paid out EUR 392m in
benefits to policyholders during the aforementioned year, the majority from traditional
types of life insurance, where the amount paid out was actually up due to the
expiration of long-term contracts. Other benefits paid were down. The overall claims
ratio for life insurance stood at 70.8% in 2013, an improvement of 1.9 percentage
points on the previous year.
Life premiums and benefits paid (in EUR)
in EURm
700
600
500
400
300
200
100
Premiums
0
Benefits paid
2009
2010
2011
2012
2013
Source: SIA
57
Breakdown of life premiums in 2013 (in %)
Capital redemption 2.78
Life 44.95
Unit-linked 52.20
Marriage, birth assurance 0.07
Source: SIA
Life insurance in 2013*
Insurance class, insurance type
INSURANCE CONTRACTS
Number of
policies
Number of
insured
BENEFITS
Premiums
(in EUR)
Number of
benefits paid
Benefits
paid**
(in EUR)
TOTAL
142,340
210,029
552,961,135
294,841
391,721,661
Life assurance**
101,252
168,165
257,836,012
226,738
207,666,584
Death insurance
59,086
123,051
40,006,034
5,113
9,748,541
Endowment insurance
Mixed insurance
1,463
1,550
2,319,665
1,447
1,886,719
28,793
31,653
137,503,990
41,329
147,215,697
Annuity insurance (other than payments under pension schemes referred to ZPIZ-1)
1,993
1,993
12,703,178
104,180
14,708,082
Annuity insurance (payments under pension schemes referred to ZPIZ-1)
2,352
2,352
17,886,908
36,179
7,281,220
0
0
0
0
0
All other life insurance
Insurance with premium refund
7,565
7,566
2,928,452
8,849
9,952,937
Additional insurance***
58,497
78,295
44,487,785
29,641
16,873,388
0
0
398,973
146
705,821
Marriage assurance
0
0
398,973
146
705,821
Birth assurance
0
0
0
0
0
39,500
40,165
279,373,149
63,103
161,614,050
8,497
8,500
35,857,002
7,804
15,403,813
Life assurance linked to units of investment funds with guarantee
25,318
25,965
163,835,063
53,710
97,852,953
Life assurance linked to the unit of internal fund with guarantee
Life assurance linked to units of investment funds without guarantee
4,533
4,533
69,226,993
264
45,639,981
Life assurance linked to the unit of internal fund without guarantee
1,152
1,167
10,454,091
1,325
2,717,303
0
0
0
0
0
1,588
1,699
15,353,001
4,854
21,735,206
Voluntary supplementary pension insurance in accordance with the ZPIZ-1
1,588
1,699
15,353,001
4,854
21,735,206
Tontine
All other capital redemption insurance
0
0
0
0
0
Insurance of income loss due to accident or illness
0
0
0
0
0
* premiums and benefits paid of each insurance class are different from those on page 50, but total amounts match, because of the differences between actuarial
and accounting records one of the SIA members
*** number of policies and number of insured of additional insurance are not included in life insurance class
Source: SIA
58
5.1.2.1. Pension insurance
result, the average annual amount earmarked by a
policyholder for the premium payments was down
EUR 59 to stand at EUR 471.
According to the law, pension insurance is divided
into three pillars. Our statistical presentation
includes the second and third pillars, i.e.
supplementary pension insurance and voluntary
pension insurance. The data have been obtained
directly from all providers (including those that
are not members of the SIA), and include both
compulsory and voluntary supplementary pension
insurance.
Similar to the majority of other insurance types,
the volume of pension insurance premiums has
declined gradually in the context of the recession.
Awareness about the falling amount of pensions from
compulsory insurance and about the importance of
supplementary pension insurance has increased.
However, fewer people are prepared or able to pay
supplementary premiums due to social pressures.
The number of policyholders included in the second
pillar was down by 4.4% in 2013 relative to the
previous year, while premium was down 15%. As a
The market share of SIA members that provide
supplementary pension insurance fell by 5
percentage points to stand at 43.7%, while the
market share of banks and pension companies rose
by the corresponding amount. Worthy of note is the
significant, 39.4% decline in benefits paid to stand at
EUR 214m, which is likely in part linked to the decline
of one half in the number of cancelled insurance
contracts relative to the previous year.
The volume of third-pillar voluntary pension
insurance is significantly lower than second-pillar,
but it also recorded negative growth in 2013.
The number of policyholders fell by 9%. Collected
premiums totalled EUR 8m, down 22.9% on 2012.
At 9.4%, the decline in claims paid (totalling EUR
13,200m) was less severe.
Pension insurance in 2013
Insurance companies
and other contractors
of pension insurance
VOLUNTARY SUPPLEMENTARY PENSION INSURANCE IN
ACCORDANCE WITH THE ZPIZ-1, 2. PILLAR
Number
of pension
fund
members
Premiums
(in EUR)
TOTAL
528,855
249,145,461
100
SIA members (TOTAL)
276,736
96,531,491
234,926
78,169,437
PENSION INSURANCE,
3. PILLAR
Premium Benefits paid,
market
surrenders
share
(in EUR)
(in %)
Number
of pension
fund
members
Premiums
(in EUR)
Premium
market
share
(in %)
Benefits
paid
(in EUR)
213,583,561
35,159
8,140,782
100
13,200,220
38.75
67,423,196
35,159
8,140,782
100.00
13,200,220
31.38
44,156,483
27,961
4,635,473
56.94
10,707,497
35,087
14,700,068
5.90
21,042,197
4,388
2,338,675
28.73
568,793
4,432
3,009,053
1.21
1,531,508
–
–
–
–
Adriatic Slovenica, Zavarovalna družba
d. d.*
2,291
652,933
0.26
693,008
2,033
731,958
8.99
1,699,514
–
–
–
–
777
434,676
5.34
224,416
Other contractors (TOTAL)
252,119
152,613,970
61.25
146,160,365
–
–
–
–
Insurance, pension and other
companies**
241,071
145,751,251
58.50
134,412,645
–
–
–
–
11,048
6,862,719
2.75
11,747,720
–
–
–
–
Banks***
** Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., Moja naložba pokojninska družba d. d., Pokojninska družba A, d. d., Prva osebna
zavarovalnica, d. d., and Skupna pokojninska družba, d. d
*** Abanka Vipa, d. d., Banka Koper, d. d., and Probanka, d. d.
Source: SIA
59
5.1.3. Non-life insurance
In the context of a decline in life insurance in recent years, growth in non-life insurance
has contributed to the relatively stable operations of the insurance activity. Premiums
of EUR 1,425m were collected for 18 types of insurance, representing 72% of total
insurance premiums. Non-life insurance as a proportion of GDP totalled 4%. Slovenia
spent an average of EUR 692 per capita on this type of insurance last year or EUR 17
less than the previous year.
Non-life insurance recorded negative growth (of 2.2%) again in 2013 after several
years, which had a significant impact on total insurance premiums collected. Only
eight insurance types from this group recorded growth in the latter. The strongest type
in terms of collected premiums is health insurance, which generated one third of total
non-life insurance premiums. Following in second and third place were motor third
party liability insurance which, despite a decline, accounted for 17%, and land motor
vehicle casco insurance, which accounted for 16% of this insurance group. At 24%,
aircraft and suretyship insurance recorded the highest growth, while aircraft liability
insurance recorded the sharpest decline, of 18%.
Gross claims paid in the amount of EUR 969m were up 1.4% on the previous year.
Growth was by far the highest (245.9%) in the aircraft insurance segment due to
certain major loss events. The largest decline was recorded in suretyship insurance,
where loss events were down 69%. Due to their small scope, however, they had no
impact on total non-life insurance claims. Because premiums recorded negative
growth and claims recorded positive growth, the claims ratio for this particular type of
insurance deteriorated by 3 percentage points relative to the previous year to stand at
68%.
Numerous types of compulsory insurance are included in the non-life insurance
segment. The scope of such transactions varies, with very few insurance policies
concluded over the entire period for the majority of compulsory insurance types. Total
premiums were down 8.2% in 2013 to stand at EUR 244m. Compulsory insurance in
traffic accounted for 98% of the aforementioned amount, as well as the majority of
claims paid.
Of particular importance in the non-life insurance segment is natural disaster
insurance. Natural disasters are typically large in scope. Claims are thus high and
impact several types of insurance. Because natural disasters affect a larger portion of
the population and the corporate sector, such data are particularly interesting. Claims
statistics vary from year to year and are largely dependent on major loss events. The
majority of claims are always handled in the scope of fire and housing insurance, land
motor vehicle casco insurance, and crops and fruit insurance.
60
Non-life premiums and claims paid
in EUR
1,600
1,400
1,200
1,000
800
600
400
200
Premiums
0
Claims paid
2009
2010
2011
2012
2013
Source: SIA
Non-life insurance in 2013
Insurance class
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number*
Premiums
(in EUR)
Number
Claims
paid**
(in EUR)
968,669,346
11,910,211
1,424,570,747
28,899,457
Accident insurance
2,307,765
96,217,717
50,288
34,274,087
Health insurance
1,333,673
481,950,474
28,287,928
415,506,493
2,506,292
226,409,530
265,952
177,081,013
161
2,416,667
160
2,839,468
Aircraft insurance
Ship insurance
264
839,875
16
403,616
4,625
1,227,512
367
1,307,671
13,597
7,908,961
4,758
1,519,112
1,140,882
111,932,518
44,547
54,561,636
1,228,406
117,787,869
109,195
65,010,809
1,768,869
242,254,948
55,193
144,069,797
1,007
920,006
3
418,418
11,665
1,155,016
136
200,327
257,171
58,766,339
10,039
28,274,039
41,838
43,092,724
6,781
29,784,621
4,799
1,703,055
89
195,645
38,406
6,199,316
1,928
2,563,164
Credit insurance
324,838
3,581,235
3,243
405,645
925,953
20,206,985
58,834
10,253,785
* accident and health insurance include number of policies
Source: SIA
61
Breakdown of non-life premiums in 2013 (in %)
Other 3.24
Credit 3.02
Accident 6.75
Health 33.83
Source: SIA
Compulsory insurance in 2013*
Insurance type
PREMIUMS
Claims
paid**
(in EUR)
Claims
ratio
(in %)
Claim
frequency***
(in %)
91.8
143,144,509
58.7
3.3
99,925
118.3
455,430
455.8
2.0
28,775
88.1
752
2.6
1.3
Medical products and devices manufacturers' compulsory
liability insurance
3,163
608.3
0
0.0
–
Compulsory professional liability insurance for accounting
and audit companies
348,903
100.6
9,440
2.7
0.3
Amount
(in EUR)
Growth index
(2013/2012)
243,930,843
Notary compulsory liability insurance
Geodesic companies compulsory liability insurance
TOTAL
Judicial enforcement officers compulsory liability insurance
Insurance brokerage companies compulsory liability insurance
Advocate compulsory liability insurance
Compulsory accident insurance of passengers in public transport
8,551
152.6
42
0.5
5.1
440,710
134.9
0
0.0
–
1,306,639
117.4
399,298
30.6
11.4
424,770
105.1
3,717
0.9
0.5
Designer compulsory liability insurance
1,154,518
113.5
236,461
20.5
0.6
Physician compulsory liability insurance
1,204,422
113.7
286,812
23.8
5.7
236,911,443
91.5
141,184,348
59.6
3.3
920,006
82.1
418,418
45.5
0.3
1,079,018
93.9
149,791
13.9
1.1
Road motor vehicle liability insurance for damage to
third parties (MTPL)
Aircraft owners' liability insurance for damage
to third parties
Maritime transport liability insurance
* included are only types of compulsory insurance for which premiums were written and/or claims were paid in 2013
*** calculation of claim frequency by accident insurance is made with number of policies
Source: SIA
62
Claims paid from natural disasters in 2012 and 2013
Insured peril
TOTAL
2012
2013
Number
of claims
Claims paid
(in EUR)
Number
of claims
Claims paid
(in EUR)
55,720
64,342,342
53,299
60,606,887
3,031
18,876,311
3,223
23,942,077
Storm
21,602
12,912,400
25,123
14,137,230
Hail
Fire
15,506
12,043,295
11,879
9,269,352
Flood
8,012
12,673,846
5,606
8,801,914
Lightning
7,100
3,391,336
7,254
3,403,694
69
200,467
177
974,470
Spring frost
386
4,227,794
19
71,612
Earthquake
14
16,893
18
6,538
0
0
0
0
Landslide, avalanche
High or low air temperature
Source: SIA
5.1.3.1. Accident insurance
The 13 SIA members that sell accident insurance
wrote total premiums of EUR 96m in 2013, a decrease
of 5% relative to the previous year. After declining
for several years, the aforementioned amount is
comparable with the figure from 2005. Accident
insurance ranks seventh in the overall insurance
portfolio, if the total value of the life insurance class
is taken into account. Personal insurance against
accidents at and outside regular work generates
half of total accident insurance premiums, while
insurance against bodily injury for vehicle owners
and drivers also accounts for a significant proportion
(32%). Similar to premiums, the value of claims paid
was down EUR 1m on the previous year to stand at
EUR 34m. The claims ratio for accident insurance
deteriorated to 35.6%.
Accident insurance
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
110,280,637
7.64
98.8
42,109,869
4.00
95.5
38.2
2010
107,012,303
7.44
97.0
39,963,230
4.01
94.9
37.3
2011
103,608,161
7.13
96.8
37,690,284
3.99
94.3
36.4
2012
101,499,462
6.97
98.0
35,158,964
3.68
93.3
34.6
2013
96,217,717
6.75
94.8
34,274,087
3.54
97.5
35.6
Source: SIA
Breakdown of accident premiums in 2013 (in %)
Consumer and customer group 2.45
Other 4.19
Children and schoolchildren 3.94
Personal – risks to passengers 8.17
Personal – accident at and outside
regular work 49.06
Driver and car owner 32.20
Source: SIA
64
5.1.3.2. Health insurance
At 24%, health insurance accounts for the second
highest proportion of the entire insurance market.
In the context of a 2.9% increase, five insurance
companies generated premiums of EUR 482m in
2013, the highest total to date. This insurance class
has recorded continuous positive growth, except in
2010 when a slight decline was recorded. Copayment
health insurance plays a vital role, accounting for
98.4% of this insurance class. The importance of
this insurance continues to rise in the context of a
contraction in the coverage of healthcare costs by
the state-owned insurance company. There was also
a 3.8% rise in the value of benefits paid, which stood
at EUR 415m last year. The claims ratio for health
insurance deteriorated to 86.21% due to a more
significant rise in benefits than in premiums.
Health insurance
Year
PREMIUMS
BENEFITS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
414,678,376
28.74
106.4
341,488,836
32.48
105.9
82.4
2010
409,664,852
28.48
98.8
365,659,823
36.67
107.1
89.3
2011
428,521,902
29.47
104.6
375,435,702
39.77
102.7
87.6
2012
468,366,140
32.15
109.3
400,407,268
41.93
106.7
85.5
2013
481,950,474
33.83
102.9
415,506,493
42.89
103.8
86.2
Source: SIA
Breakdown of health premiums in 2013 (in %)
Other 1.58
Copayment 98.42
Source: SIA
65
5.1.3.3. Land motor vehicle insurance
Motor vehicle insurance is one of the most
important classes in the insurance sector. Land
motor vehicle insurance ranks fourth in terms
of insurance premium (market share of 11.4%).
Seven members of the SIA underwrote this type of
insurance in 2013, collecting total premiums of EUR
226m. Given the growth in the number of insurance
policies underwritten over the last several years,
it can be concluded that falling sales of new cars
has had no impact on demand for casco insurance.
Nevertheless, premiums were down for the second
year in a row, by 5.4% in 2013. The average premium,
which totalled EUR 90 last year, has also been in
decline for several years. On the other hand, gross
claims paid were up 1.2% in the context of an
unchanged number of loss events. The claims ratio
deteriorated as a result to stand at 78.2%.
Year
PREMIUMS
BENEFITS PAID*
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
242,419,202
16.80
110.9
215,476,317
20.49
113.9
88.9
2010
254,215,483
17.67
104.9
195,454,108
19.60
90.7
76.9
2011
254,494,781
17.50
100.1
167,728,998
17.77
85.8
65.9
2012
239,352,324
16.43
94.0
174,946,026
18.32
104.3
73.1
2013
226,409,530
15.89
94.6
177,081,013
18.28
101.2
78.2
Source: SIA
Breakdown of land motor vehicle premiums in 2013 (in %)
Other 0.10
Land motor vehicle casco 99.90
Source: SIA
66
Claims
ratio
(in %)
Amount
(in EUR)
5.1.3.4. Railway rolling stock insurance
Only two insurance companies sold railway
rolling stock insurance in 2013. This is one of the
smaller insurance classes, with a small number
of underwritten policies, which has generated
insurance premiums of around EUR 2m for several
years (except in 2010). Very few insurance policies
are underwritten. Thus, the average insurance
premium totalled EUR 15,010 last year. There are
also very few loss events, which could otherwise be
extremely large. The average claim paid last year was
EUR 17,747. Total claims paid have totalled around
EUR 1m for several years, while 2012 and 2013 (EUR
2.8m) stand out due to major railway accidents. The
claims ratio (which last year deteriorated slightly to
stand at 117.5%) and the claims frequency (99.4%
last year) fluctuate significantly from year to year.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
2,369,098
0.16
109.5
971,646
0.09
85.7
41.0
2010
262,428
0.02
11.1
872,107
0.09
89.8
332.3
2011
2,050,269
0.14
781.3
1,166,016
0.12
133.7
56.9
2012
2,681,636
0.18
130.8
3,095,373
0.32
265.5
115.4
2013
2,416,667
0.17
90.1
2,839,468
0.29
91.7
117.5
Source: SIA
Breakdown of railway rolling stock premiums in 2013 (in %)
Railway rolling stock casco 100.00
Source: SIA
67
5.1.3.5. Aircraft insurance
Aircraft insurance represented the smallest
insurance class in the non-life insurance segment
in 2013. Six insurance companies provide such
insurance, and together generated insurance
premiums of EUR 0.8m last year. That figure has
fallen by one half in recent years, while the number
of insurance policies underwritten has fallen by one
third. The number of loss events has been very low
over the years, while loss events resulting in high
gross paid claims do occur on occasion. The latter
totalled EUR 0.4m in 2013 and did not exceed the
average of the last ten years by much. Due to the
small amounts, a single loss event can contribute to
a sharp increase in claims paid. That increase was
245.9% last year. In terms of the claims ratio, aircraft
insurance has ranked as one of the best insurance
types across all years (usually below 20%).
Individual years stand out due to certain major loss
events. Last year, the claims ratio deteriorated to
48%.
Aircraft insurance
Year
PREMIUMS
CLAIMS PAID*
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
2009
1,657,332
0.11
2010
1,615,418
0.11
2011
1,272,799
2012
679,081
2013
839,875
Growth
index
Share in NLI
claims paid
(in %)
96.3
301,685
0.03
80.1
18.2
97.5
1,170,400
0.12
388.0
72.5
0.09
78.8
102,608
0.01
8.8
8.1
0.05
53.4
116,681
0.01
113.7
17.2
0.06
123.7
403,616
0.04
345.9
48.1
Source: SIA
Breakdown of aircraft premiums in 2013 (in %)
Aircraft casco 100.00
Source: SIA
68
Claims
ratio
(in %)
Amount
(in EUR)
5.1.3.6. Ship insurance
Five insurance companies collected EUR 1.2m in ship
insurance premiums in 2013, ranking this insurance
class 16th on the entire insurance market. Despite its
small size, this class is affected significantly by the
economic situation. It recorded growth until 2009,
when nearly EUR 2m in premiums were collected, but
has been in decline ever since (last year by 11.8%).
Claims are closely correlated with loss events, which
also affect the claims ratio due to the frequently high
amount of claims paid. The average premium was
merely EUR 265 in 2013 compared with an average
claim paid of EUR 3,563. There was a slight decline
of 2.8% in the value of claims paid, while the claims
ratio deteriorated to 106.5%.
Ship insurance
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
1,959,777
0.14
111.1
2,315,912
0.22
118.9
118.2
2010
1,733,397
0.12
88.4
1,425,263
0.14
61.5
82.2
2011
1,480,828
0.10
85.4
986,771
0.10
69.2
66.6
2012
1,391,256
0.10
94.0
1,345,314
0.14
136.3
96.7
2013
1,227,512
0.09
88.2
1,307,671
0.13
97.2
106.5
Source: SIA
Breakdown of ship premiums in 2013 (in %)
Other 1.51
Source: SIA
Sea vessels casco 98.49
69
5.1.3.7. Goods in transit insurance
Goods in transit insurance is sold by seven insurance
companies, which through this type of insurance
collected EUR 7.9m in 2013 in insurance premiums.
This ranks this insurance class eleventh in the overall
insurance portfolio. There have been occasional
declines in insurance premiums collected in recent
years, with sharp declines recorded in 2009 and
again in 2013 (by 10%). The decline in 2009 was
primarily the result of a contraction in the transport
sector, while growth was recorded in goods transport
last year in Slovenia. Thus, the reasons for the most
recent decline must be sought elsewhere. Claims
paid were down sharply last year (38.9%). This
resulted in an improvement in the claims ratio, which
at 19.2% was the fourth best result on the overall
insurance market in 2013. However, goods in transit
insurance records one of the worst claim frequencies
in the non-life insurance segment. That indicator has
improved considerably over the last two years, and
stood at only 35% last year, one half of the figure
recorded in 2009.
Year
PREMIUMS
Amount
(in EUR)
Share in NLI
premiums
(in %)
2009
7,015,849
2010
7,559,405
2011
2012
2013
CLAIMS PAID*
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
0.49
86.0
3,395,608
0.32
131.1
48.4
0.53
107.7
1,987,519
0.20
58.5
26.3
8,229,602
0.57
108.9
2,554,395
0.27
128.5
31.0
8,783,242
0.60
106.7
2,485,548
0.26
97.3
28.3
7,908,961
0.56
90.0
1,519,112
0.16
61.1
19.2
Source: SIA
Breakdown of goods in transit premiums in 2013 (in %)
Other 6.51
Domestic transport 38.98
Source: SIA
70
Claims
ratio
(in %)
Growth
index
International transport 54.51
5.1.3.8. Fire and natural forces insurance
As the sixth largest insurance type (5.7% market
share), fire insurance ranks as one of the most
important insurance types, generating more
than EUR 100m every year. This insurance type is
underwritten by nine insurance companies that
generated EUR 112 in insurance premiums in 2013,
fire insurance outside industry and crafts accounting
for 66% of that amount. Positive growth has been
recorded for several years, but was minimal last
year at merely 0.8%. The number of loss events was
up last year, while claims paid totalled EUR 54.6m
in the context of a 17% increase. Because growth
in claims exceeded growth in premiums, the claims
ratio deteriorated by 6.8 percentage points to stand
at 48.8%. When comparing the average premium
of EUR 98 with the average claim paid of EUR 1,225,
the benefit that this insurance type brings to the
policyholder in the case of a loss event is obvious.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
89,514,770
6.20
107.6
61,777,912
5.88
64.3
69.0
2010
94,700,663
6.58
105.8
51,971,056
5.21
84.1
54.9
2011
98,803,799
6.79
104.3
40,136,769
4.25
77.2
40.6
2012
111,094,345
7.62
112.4
46,619,406
4.88
116.2
42.0
2013
111,932,518
7.86
100.8
54,561,636
5.63
117.0
48.7
Source: SIA
Breakdown of fire and natural forces premiums in 2013 (in %)
Other 11.15
Electricity supply enterprises' property 4.08
Outside industry and craft 20.31
Outside industry and craft 64.46
Source: SIA
71
5.1.3.9. Other damage to property insurance
With a large number of insurance types that generate
a 6% share of the entire insurance market, other
damage to property insurance represents the fifth
largest insurance class, which collected insurance
premiums of EUR 118m, a decrease of 6.1% on the
previous year. A negative growth trend was seen
for the fourth consecutive year. With a share of
45%, household insurance is predominant in this
insurance class and, in contrast to the majority of
other insurance types, maintained premiums at the
level recorded in 2012. The nine insurance companies
that sell these types of insurance paid a total of EUR
65m in claims last year, a decrease of 14% relative
to the previous year. The overall claims ratio for
this insurance class improved to 55.2%, while home
assistance insurance recorded the best claims ratio
among all insurance types, at 4.9%.
Year
PREMIUMS
CLAIMS PAID*
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
139,520,725
9.67
121.7
119,586,243
11.37
100.7
85.7
2010
136,788,960
9.51
98.0
83,246,624
8.35
69.6
60.9
2011
142,776,407
9.82
104.4
72,644,965
7.70
87.3
50.9
2012
125,463,573
8.61
87.9
75,593,813
7.92
104.1
60.3
2013
117,787,869
8.27
93.9
65,010,809
6.71
86.0
55.2
Source: SIA
Breakdown of other damage to property premiums in 2013 (in %)
Travel 0.44
Combined property 8.16
Equipment leasing 0.66
Other 2.32
Home assistance 0.86
Machinery breakdown 24.35
Livestock 3.30
Crops and fruit 5.70
Glass 4.01
Civil construction 3.29
Civil installation 1.66
Burglary and theft 6.39
Computers 3.79
Source: SIA
72
Claims
ratio
(in %)
Amount
(in EUR)
Household 35.08
5.1.3.10. Motor vehicle liability insurance
At EUR 242m or 12% of total collected premiums,
motor vehicle liability insurance represents
the third largest insurance class and is sold by
seven insurance companies. Nearly all of the
aforementioned amount, or EUR 237m, was
generated by compulsory motor third party liability
insurance, which represents the most important
compulsory insurance type on the Slovenian
insurance market, with insurance companies
generating the equivalent of 0.7% of GDP. This
insurance type has been characterised by a negative
growth trend since 2008. Written premium was
down 8.4% last year, while the average premium
has fallen from EUR 198 in 2008 to EUR 137. Claims
paid remained at the level recorded in 2012, while
the average claim paid was down slightly to stand
at EUR 2,610. After stagnating for several years, the
claims ratio deteriorated by 5 percentage points to
stand at 59.5%. Despite growth in the number of
insurance policies, the number of loss events has
fallen over the last five years, resulting in a notable
improvement in the claims frequency, which last year
stood at 3.12%.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
322,983,304
22.39
96.1
184,559,160
17.55
100.1
57.1
2010
302,868,100
21.06
93.8
169,048,385
16.95
91.6
55.8
2011
283,413,868
19.49
93.6
155,164,427
16.44
91.8
54.7
2012
264,528,097
18.16
93.3
143,814,503
15.06
92.7
54.4
2013
242,254,948
17.01
91.6
144,069,797
14.87
100.2
59.5
Source: SIA
Breakdown of motor vehicle liability premiums in 2013 (in %)
Carrier 1.94
Other 0.26
MTPL 97.79
Source: SIA
73
5.1.3.11. Aircraft liability insurance
With EUR 0.9m in collected premiums, aircraft
liability insurance represents the second smallest
insurance class and is sold by six insurance
companies. All of the aforementioned premiums
were collected from compulsory aircraft liability
insurance in accordance with the Compulsory Motor
Third Party Liability Insurance Act, as there were no
carrier liability for freight insurance in air transport
transactions recorded in 2013. There has been a
notable drop in the premiums generated by these
insurance types, including in 2013 when a 19.9% drop
was recorded. Due to the small number of insurance
policies, any loss event can have a significant impact
on claims paid. The average claim amounted to EUR
139,473 last year, the highest amount in the last six
years and five times the 2011 average. Total claims
paid were down 36%, while the claims ratio improved
by 12 percentage points to stand at 45.5%.
Year
PREMIUMS
CLAIMS PAID*
Growth
index
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
2009
1,511,128
0.10
97.4
302,819
0.03
60.6
20.0
2010
1,197,993
0.08
79.3
637,398
0.06
210.5
53.2
2011
1,174,311
0.08
98.0
271,030
0.03
42.5
23.1
2012
1,120,585
0.08
95.4
659,540
0.07
243.3
58.9
2013
920,006
0.06
82.1
418,418
0.04
63.4
45.5
Source: SIA
Breakdown of aircraft liability premiums in 2013 (in %)
Aircraft owners 100.00
Source: SIA
74
Claims
ratio
(in %)
Amount
(in EUR)
5.1.3.12. Liability for ship insurance
The third smallest insurance class is marine liability
insurance. Five insurance companies collected a
total of EUR 1.1m in premiums in 2013, a decrease
of 5.9% on the previous year. After several years
of growth, this insurance class recorded its first
decline last year. EUR 1m or 93% of total premiums
was generated by compulsory third-party liability
insurance for boat owners, while the majority of
claims paid was also generated by this insurance
type. There was a 3.7% drop in claims paid in 2013
relative to the previous year, while the average claim
paid was down sharply on previous years, to stand
at EUR 1,473 or four times less than the previous
year, with a claim frequency of 1.2%. The claims ratio
deteriorated slightly to stand at 17.3%, but it was
nonetheless the third best ratio on the insurance
market last year.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
1,150,864
0.08
105.2
238,145
0.02
230.5
20.7
2010
1,181,786
0.08
102.7
281,996
0.03
118.4
23.9
2011
1,218,185
0.08
103.1
165,325
0.02
58.6
13.6
2012
1,227,418
0.08
100.8
208,095
0.02
125.9
17.0
2013
1,155,016
0.08
94.1
200,327
0.02
96.3
17.3
Source: SIA
Breakdown of liability for ship premiums in 2013 (in %)
Marina 5.93
Ship-repairer 0.09
Inland waterways transport 0.56
Source: SIA
Maritime transport 93.42
75
5.1.3.13. General liability insurance
Given the classification set out in the relevant
implementing acts, general liability insurance is the
class with the highest number of insurance types. At
3% of the premiums generated by entire insurance
portfolio, this class ranks eighth and is sold by nine
insurance companies. General liability insurance
accounted for EUR 42m or 73% of the EUR 59m in
insurance premiums collected in 2013 in this class,
which has recorded slow growth for several years.
Last year total collected premiums were up 1.7%. On
the other hand, the average premium has declined
to stand at EUR 229. There was a more notable rise
in claims paid of 8.7%. Here it should be noted that
claims paid fluctuate sharply from year to year, while
the average claim paid has remained at nearly the
same level over the entire period. Because growth
in claims paid exceeded growth in premiums, the
claims ratio deteriorated to stand at 48.1%.
Year
PREMIUMS
CLAIMS PAID*
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
49,628,138
3.44
103.2
32,495,565
3.09
90.5
65.5
2010
50,044,066
3.48
100.8
26,624,420
2.67
81.9
53.2
2011
52,744,816
3.63
105.4
27,922,888
2.96
104.9
52.9
2012
57,783,544
3.97
109.6
26,015,088
2.72
93.2
45.0
2013
58,766,339
4.13
101.7
28,274,039
2.92
108.7
48.1
Source: SIA
Breakdown of general liability premiums in 2013 (in %)
Other 2.93
Guards 0.26
Geodesic companies 0.05
Brokerage companies 0.75
Notary 0.17
Physician 2.05
Advocate 2.22
Designer 1.96
Accounting and audit companies 0.59
Real estate agent 0.33
Management and supervisory board 2.57
Forwarding agent 0.30
Manufacturer, dealer and contractor guarantee 1.17
Installation contractor 0.14
Building contractor 0.20
Manufacturer (for product) 11.61
Source: SIA
76
Claims
ratio
(in %)
Amount
(in EUR)
General 72.68
5.1.3.14. Credit insurance
Five insurance companies generated credit insurance
premiums of EUR 43m in 2013, similar to the level
recorded the previous year, bringing an end to
two years of negative growth. Consumer credit
insurance accounts for the largest number of policies
underwritten by far, and at EUR 15m, ranks just
behind the international trade credit insurance (EUR
16m) in terms of written premiums. A similar trend
can be seen in claims paid which, with the exception
of 2010, are declining (by 6.1% last year). The
average paid claim has also fallen since that time,
by EUR 1,700, to stand at EUR 4,392. As a result, the
claims ratio has improved to stand at 69.1% in 2013,
compared with 99.4% in 2010. Such movement in
claims paid in recent years is primarily the result of
the economic crisis, the associated credit crunch
in the banking sector, the collapse of numerous
companies and rising unemployment.
Credit insurance
Year
PREMIUMS
Amount
(in EUR)
Share in NLI
premiums
(in %)
2009
38,396,975
2010
46,157,019
2011
2012
2013
CLAIMS PAID*
Claims
ratio
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2.66
94.2
34,701,230
3.30
158.6
90.4
3.21
120.2
45,899,673
4.60
132.3
99.4
44,414,514
3.05
96.2
38,105,026
4.04
83.0
85.8
42,762,552
2.93
96.3
31,704,999
3.32
83.2
74.1
43,092,724
3.02
100.8
29,784,621
3.07
93.9
69.1
Source: SIA
Breakdown of credit premiums in 2013 (in %)
International trade credit 37.36
Other 1.71
Receivables from credit/debit cards 0.69
Overdraft – personal accounts 6.94
Overdraft – sole traders 1.01
Loan – legal entities 0.24
Loan – sole traders 1.14
Housing credit 1.67
Domestic trade credit 14.10
Consumers credit 35.15
Source: SIA
77
5.1.3.15. Suretyship insurance
Suretyship insurance, sold by four insurance
companies, is one of the smallest classes of
insurance. Those four insurance companies collected
a total of EUR 1.7m in written insurance premiums
in 2013, an increase of 23.6% on the previous year.
Renewed growth in suretyship insurance has been
recorded since 2010, although there is no clearly
predominant insurance type within this class. The
majority of insurance types enjoy a similar share of
this insurance class, while performance bond and
warranty bond insurances enjoy a slightly higher
share. In contrast to previous years, claims paid were
low, while the average claim paid was down sharply.
Claim frequency fell from 13% in 2009 to 1.9% last
year. There was thus a significant improvement in
the claims ratio, which fluctuated at around or even
above 100% until 2011. In 2013 suretyship insurance
recorded one of the best claims ratios among all
insurance classes: 11.5%.
Year
PREMIUMS
CLAIMS PAID*
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
1,077,094
0.07
95.7
1,459,138
0.14
95.2
135.5
2010
934,817
0.06
86.8
989,234
0.10
67.8
105.8
2011
1,039,479
0.07
111.2
1,141,081
0.12
115.3
109.8
2012
1,378,278
0.09
132.6
630,569
0.07
55.3
45.8
2013
1,703,055
0.12
123.6
195,645
0.02
31.0
11.5
Source: SIA
Breakdown of suretyship premiums in 2013 (in %)
Other 1.33
Carnet 8.47
Customs debt 13.64
Guarantee for credit cards 7.62
Tour operators' insolvency 6.89
Tender guarantee 7.08
Repair in warranty period 27.88
Performance 26.55
Advance repayment 0.53
Source: SIA
78
Claims
ratio
(in %)
Amount
(in EUR)
5.1.3.16. Miscellaneous financial loss insurance
Miscellaneous financial loss insurance, via which
eight insurance companies generated total insurance
premiums of EUR 6m in 2013, is also linked to
financial risks. It ranks as one of the smallest
insurance classes, accounting for merely 0.3%
of the entire insurance portfolio. Premiums have
fluctuated constantly in recent years and increased
by 4.9% last year. Claims paid fluctuate even more.
At 5%, growth in claims paid was low compared
with previous years. Because growth in premiums
and claims paid was similar in 2013, the claims ratio
held fast relative to the previous year, at 41.3%,
after several years of fluctuating. Nevertheless, the
average premium and average claim paid declined
slowly until last year, when growth was recorded.
Claim frequency has also declined for a number of
years.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
6,173,904
0.43
102.3
4,762,760
0.45
177.3
77.1
2010
5,995,284
0.42
97.1
4,919,298
0.49
103.3
82.1
2011
6,477,981
0.45
108.1
3,716,244
0.39
75.5
57.4
2012
5,912,069
0.41
91.3
2,441,515
0.26
65.7
41.3
2013
6,199,316
0.44
104.9
2,563,164
0.26
105.0
41.3
Source: SIA
Breakdown of miscellaneous financial loss premiums in 2013 (in %)
Business interruption – services 1.32
Other 3.43
Risk of cancellation of tourist trips 20.05
Purchasing counterfeit currency 1.02
Show and event 3.75
Business interruption – fire 57.79
Business interruption – machinery breakdown 12.64
Source: SIA
79
5.1.3.17. Legal expenses insurance
Legal expenses insurance is a new insurance
class that is only slowly establishing itself on the
Slovenian insurance market. Sales by a single
insurance company in 1995 accounted for 0.01%
of the entire insurance portfolio, while sales by six
insurance companies accounted for 0.18% in 2013.
A sharper contrast can be seen in the number of
insurance policies underwritten: just 4,879 in 1995
compared with 324,838 in 2013. Attorney and other
legal protection expenses insurance generated
total collected premiums of EUR 3.6m in 2013. The
number of loss events is growing at a slower pace
than the number of insurance policies and remains
low. Claims paid are therefore that much more
significant. Claims frequency is constantly on the
rise, albeit minimally. Growth in gross claims paid
to policyholders of 14.7% was recorded last year,
resulting in the deterioration of the claims ratio.
Nevertheless, the claims ratio of 11.3% was the best
among all insurance classes in 2013.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
3,712,246
0.26
112.8
201,386
0.02
147.0
5.4
2010
3,896,501
0.27
105.0
233,982
0.02
116.2
6.0
2011
4,117,375
0.28
105.7
253,617
0.03
108.4
6.2
2012
3,705,908
0.25
90.0
353,668
0.04
139.4
9.5
2013
3,581,235
0.25
96.6
405,645
0.04
114.7
11.3
Source: SIA
Breakdown of legal expenses premiums in 2013 (in %)
Legal expenses and costs 100.00
Source: SIA
80
5.1.3.18. Assistance insurance
Similar to legal expenses insurance, travel assistance
insurance is only now establishing itself on the
Slovenian insurance market. This insurance class
accounted for 0.02% of the entire insurance
portfolio in 1995 and for 1.02% in 2013, and was sold
by six insurance companies during both years. In
contrast to other insurance classes, travel assistance
insurance has recorded continuous growth over
the entire period. Premiums were up 4.7% in 2013
to stand at EUR 20m. Claims paid are growing in
parallel (by 10.7% last year). Because growth in
claims paid exceeded growth in premiums, the
claims ratio deteriorated by 2.8 percentage points
to stand at 50.7%. Both the claims ratio and claims
frequency have fluctuated significantly over the
entire period. Automobile assistance insurance is
predominant in this insurance class, accounting for
73% of premiums and 89% of claims paid.
Year
PREMIUMS
CLAIMS PAID*
Claims
ratio
(in %)
Amount
(in EUR)
Share in NLI
premiums
(in %)
Growth
index
Amount
(in EUR)
Share in NLI
claims paid
(in %)
Growth
index
2009
9,594,379
0.66
133.7
4,823,631
0.46
180.2
50.3
2010
12,500,986
0.87
130.3
6,824,350
0.68
141.5
54.6
2011
18,205,946
1.25
145.6
6,968,680
0.74
102.1
38.3
2012
19,302,215
1.32
106.0
9,261,180
0.97
132.9
48.0
2013
20,206,985
1.42
104.7
10,253,785
1.06
110.7
50.7
Source: SIA
Breakdown of assistance premiums in 2013 (in %)
Other 6.11
Medical assistance 20.52
Car assistance 73.38
Source: SIA
81
5.1.4. Distribution channels
Members of the SIA market insurance products in various ways. The most well-known
and established channel is sales via insurance agents. Other methods for selling
insurance, which are considerably more established in more economically developed
countries, have begun to develop with the transition to a market economy.
Similar to previous years, the insurance agents of Slovenian insurance companies
generated two thirds of total insurance premiums in 2013 via sales. That proportion is
considerably higher in the life insurance segment. Sales over the counter have risen
slightly, accounting for 20%. Brokers generated around 6% of insurance premiums for
several years. That proportion was less than 5% last year. In contrast, the small, but
constant proportion generated by the banking and postal network has risen. Sales via
telephone and the internet are growing even more slowly.
A comparison of insurance classes shows that all insurance is sold in a similar manner,
for the most part via agents. Health insurance, which is primarily sold via counters,
and railway rolling stock insurance, which is primarily sold by brokers, are exceptions.
The latter also represent an important link in sales of goods in transit insurance,
aircraft liability insurance, other liability insurance and miscellaneous financial loss
insurance.
Brokers generate the majority of premium via sales of fire and other damage to
property insurance, and other liability insurance. Health insurance accounts for three
quarters of collected premiums generated via counter sales, and also accounts for
the majority in sales via telephone and the internet. Life insurance plays a leading role
in terms of total insurance premiums collected in the postal and banking network,
accounting for 88%.
82
Breakdown of premiums by insurance class with regard to distribution channels in 2013 (in %)
Insurance class
TOTAL
Employed
Counter
sales
Agents
Telephone,
internet
Internal
Brokers
Bancassurance
Other
External
TOTAL
100
22.04
1.04
35.80
31.41
4.68
3.46
1.57
NON-LIFE INSURANCE
100
28.84
1.37
34.55
26.08
6.39
0.59
2.18
Accident insurance
100
12.55
1.44
43.03
33.28
4.37
3.85
1.47
Health insurance
100
70.90
2.70
2.65
21.65
1.57
0.08
0.44
100
6.26
0.28
52.54
34.79
4.58
0.46
1.10
100
0.00
0.00
43.80
0.00
56.20
0.00
0.00
Aircraft insurance
100
3.51
0.32
79.10
1.37
15.71
0.00
0.00
Ship insurance
100
24.27
0.00
31.27
38.14
6.46
0.00
–0.14
100
19.98
0.13
41.06
1.23
37.60
0.00
0.00
100
6.98
0.54
57.67
18.33
15.71
0.72
0.04
100
7.12
0.63
60.97
12.59
17.94
0.73
0.02
100
5.81
0.52
46.08
41.94
3.26
0.43
1.95
100
7.19
0.64
54.69
1.95
35.54
0.00
0.00
100
22.83
0.00
30.24
41.56
5.29
0.02
0.05
100
12.63
2.46
47.15
11.26
26.29
0.20
0.00
Credit insurance
100
0.15
0.00
54.65
0.15
0.16
0.03
44.87
100
15.55
0.00
84.04
0.32
0.09
0.00
0.00
100
18.46
1.66
35.41
11.03
25.74
3.26
4.43
100
2.34
0.07
28.17
53.21
2.75
0.05
13.42
100
7.06
1.16
44.65
45.12
0.62
0.70
0.70
LIFE INSURANCE
100
4.52
0.19
39.02
45.14
0.29
10.85
0.00
Life insurance
100
3.61
0.40
42.65
39.91
0.22
13.22
0.00
Marriage assurance or birth assurance
100
0.56
0.00
30.49
68.95
0.00
0.00
0.00
100
2.04
0.01
37.77
50.84
0.06
9.27
0.00
Tontine
Insurance of loss of income due to accident or
illness
–
–
–
–
–
–
–
–
100
66.25
0.01
7.33
26.41
0.00
0.00
0.00
–
–
–
–
–
–
–
–
Pension insurance under ZPIZ-1*
100
…
…
…
…
…
…
…
Copayment health insurance
100
71.25
2.59
2.65
21.91
1.48
0.08
0.03
Supplementary insurance*
100
…
…
…
…
…
…
…
* only total data is available by some SIA members, so the breakdown by distribution channels can not be made
Source: SIA
83
5.2. Reinsurance activities
The unfavourable economic conditions also have an indirect effect on the reinsurance
sector. Due to a decline in the number of insurance transactions, insurance companies
are allocating increasingly fewer funds for the reinsurance of their own risks. This is
reflected in a decline in reinsurance premiums collected. Despite the high growth in
reinsurance premiums in the life insurance segment (by 53.7%), reinsurance premiums
were down by 11.2% last year, in the context of the small proportion of the latter
accounted for by the aforementioned segment, to stand at EUR 239m, the lowest
total since 2008. A similar decline was seen in reinsurance premiums in the non-life
insurance segment, which generated 98.9% of total reinsurance premiums. Here we
should take into account the fact that reinsurance premiums include the premiums
received by reinsurance companies from foreign subsidiaries. The market shares of
both reinsurance companies remained at the level recorded the previous year. There is
no major difference between their shares of the overall non-life insurance market (Sava
Reinsurance Company d. d. holds a 55% market share, while Triglav Re Ltd. holds a
45%), while Sava Reinsurance Company d. d. holds a massive edge with regard to
reinsurance premiums in the life insurance segment, having collected 85% of the latter
last year.
Reinsurance premiums, benefits and claims paid
TOTAL
Year
Premiums
(in EUR)
Premium
growth
index
Share in GDP
(in %)
Benefits and
claims paid*
(in EUR)
Benefits and
claims paid
growth index
2009
261,109,458
108.0
0.74
171,828,133
85.8
2010
263,029,025
100.7
0.74
139,930,258
81.4
2011
262,282,208
99.7
0.73
126,258,125
90.2
2012
269,180,708
102.6
0.76
131,808,884
104.4
2013
239,147,140
88.8
0.68
141,702,764
107.5
Year
Premiums
(in EUR)
Premium
growth index
Share in GDP
(in %)
“Benefits paid*
(in EUR)”
Benefits paid
growth index
2009
643,289
88.8
0.002
137,275
84.5
LIFE
2010
793,774
123.4
0.002
179,043
130.4
2011
861,553
108.5
0.002
365,430
204.1
2012
1,693,484
196.6
0.005
276,044
75.5
2013
2,603,206
153.7
0.007
600,854
217.7
Premiums
(in EUR)
Premium
growth
index
Share in GDP
(in %)
Claims paid*
(in EUR)
Claims paid
growth index
NON-LIFE
Year
2009
260,466,169
108.1
0.74
171,690,858
85.8
2010
262,235,251
100.7
0.74
139,751,215
81.4
2011
261,420,655
99.7
0.72
125,892,695
90.1
2012
267,487,224
102.3
0.76
131,532,840
104.5
2013
236,543,934
88.4
0.67
141,101,910
107.3
Source: SIA, SORS
84
By far the largest proportion of reinsurance premiums in the non-life insurance
segment (60%) were collected for fire insurance (EUR 117m) and other damage to
property insurance (EUR 48m). A total of 21% or EUR 51m in premiums was generated
via motor vehicle insurance (motor third party liability and casco), while the
reinsurance business is weaker in other insurance types.
The amount of claims paid by reinsurance companies has risen over the last two years.
Total claims paid were up 7.5% last year to stand at EUR 141m. Because reinsurance
premiums recorded negative growth and claims paid recorded positive growth, the
claims ratio deteriorated by 10 percentage points relative to 2012 to stand at 59.3%.
Reinsurance premiums by insurance class in 2013
in EURm
Legal expenses
Aircraft liability
Assistance
Liability for ship
Railway rolling stock
Aircraft
Health
Suretyship
Life
Miscellaneous financial loss
Credit
Goods and transit
Ship
General liability
Accident
Motor vehicle liability
Land motor vehicle
Other damage to property
Fire and natural forces
0
20
40
60
80
100
120
Source: SIA
85
Reinsurance premiums, benefits and claims paid by insurance class in 2013
Insurance class
PREMIUMS
Amount
(in EUR)
BENEFITS AND CLAIMS PAID*
Share
in total
premiums
(in %)
Growth
index
(2013/2012)
Amount
(in EUR)
Share in total
benefits and
claims paid
(in %)
Growth
index
(2013/2012)
Claims
ratio
(in %)
TOTAL
239,147,140
100
88.8
141,702,764
100
107.5
59.3
NON-LIFE INSURANCE
236,543,934
98.91
88.4
141,101,910
99.58
107.3
59.7
10,186,310
4.26
82.4
5,449,408
3.85
81.9
53.5
Accident insurance
Health insurance
657,872
0.28
65.2
748,909
0.53
254.0
113.8
27,072,208
11.32
89.6
16,119,044
11.38
93.6
59.5
523,817
0.22
98.7
2,712
0.00
102.0
0.5
Aircraft insurance
591,526
0.25
19.9
521,933
0.37
201.5
88.2
Ship insurance
6,424,096
2.69
119.4
3,825,392
2.70
135.3
59.5
5,542,694
2.32
88.9
2,261,340
1.60
78.3
40.8
102,137,891
42.71
87.1
62,850,023
44.35
123.9
61.5
42,141,907
17.62
87.9
23,477,907
16.57
93.7
55.7
24,066,265
10.06
85.3
15,388,210
10.86
86.2
63.9
388,273
0.16
46.8
431,304
0.30
65.9
111.1
475,552
0.20
111.0
29,754
0.02
88.3
6.3
9,102,993
3.81
133.6
6,622,254
4.67
181.0
72.7
Credit insurance
3,073,177
1.29
110.7
1,654,740
1.17
102.9
53.8
947,592
0.40
66.1
137,899
0.10
43.6
14.6
2,706,125
1.13
107.0
1,211,668
0.86
105.2
44.8
43,385
0.02
76.3
347
0.00
2,026.3
0.8
462,251
0.19
94.4
369,066
0.26
113.2
79.8
LIFE INSURANCE
2,603,206
1.09
153.7
600,854
0.42
217.7
23.1
Life assurance
2,229,342
0.93
165.9
462,820
0.33
297.6
20.8
0
0.00
–
0
0.00
–
–
373,864
0.16
106.9
138,034
0.10
114.5
36.9
Tontine
0
0.00
–
0
0.00
–
–
0
0.00
–
0
0.00
–
–
Insurance of income loss due to accident or illness
0
0.00
–
0
0.00
–
–
Pension insurance under ZPIZ-1**
0
0.00
–
0
0.00
–
–
Copayment health insurance***
0
0.00
–
0
0.00
–
–
Supplementary insurance****
0
0.00
–
0
0.00
–
–
** included in life insurance group
*** included in health insurance class
**** included in life insurance class
Source: SIA
86
5.3. Nuclear Insurance and Reinsurance Pool
In 2013 the Nuclear Insurance and Reinsurance Pool operated in similar economic
conditions to those of the year before.
The Nuclear Insurance and Reinsurance Pool has operated as a commercial interest
association since 1994. Throughout its existence, it has brought together the capacities
of Slovenia’s largest insurance and reinsurance companies for the purpose of insuring
nuclear risks in Slovenia; via its reinsurance section, it has also participated in the
insurance of nuclear threats linked to high-risk facilities located in other countries.
The Nuclear Insurance and Reinsurance Pool was primarily set up in order to insure
property and liabilities in relation to the operation of the sole nuclear power plant
located in Slovenia. The written premiums associated with this account for around half
of all the Nuclear Insurance and Reinsurance Pool written insurance premiums; the
other half comes from foreign reinsurance transactions. The insurance premiums relate
to fire insurance, machinery breakdown insurance and liability insurance.
The intensive debate on the role of nuclear power stations in obtaining electricity
continued in 2013. This debate was especially intense following the nuclear accident
in Japan in March 2011. Within the EU, numerous activities were pursued in 2013 with
the aim of ensuring of a higher degree of protection for potential victims of a nuclear
accident. Working groups that primarily dealt with defining the liability of the nuclear
power plant manager, the extent of that liability and a model for settling damage
claims have completed their work. The aforementioned working groups included
various stakeholders, including government representatives, academic institutions
and the insurance industry. The findings of the working groups will represent the basis
for measures and/or the drafting of normative legislation in the scope of the EU. The
facts described above will have a significant impact on the insurance industry, which
will have to provide the required coverage to insure the liabilities of the nuclear power
plant manager as a compulsory form of insurance.
87
6. International position of the Slovenian insurance industry
The European insurance market is the largest in the world, and has a significant impact
on the entire activity. Certain European countries have recorded renewed economic
growth for several years. This is also reflected in the successful performance of the
insurance market, which in Europe is most developed in the most powerful economies.
Numerous indicators point to positive growth in the European insurance industry. In
contrast, a trend of decline persists in Slovenia.
A total of 4,922 insurance companies operated on the European insurance market in
2012, a decrease of 124 on the previous year. Nevertheless, those insurance companies
recorded a 9.4% increase in insurance premiums, which totalled EUR 1,093bn. The
number of employees at European insurance companies was up by 12.5%, while
the average number of employees at individual insurance companies was also up.
In contrast, insurance density (premium per capita fell to EUR 1,843 in Europe) and
insurance penetration (where premiums as a proportion of GDP were down 0.3
percentage points to stand at 7.6%) both deteriorated.
The position of Slovenian insurance companies relative to other European countries
deteriorated in 2012. A decrease in insurance premiums collected relative to the
previous year was recorded on the Slovenian insurance market, excluding the branches
of foreign insurance companies. There were also fewer insurance companies and
fewer employees at those companies. As a result, the proportions accounted for by
the aforementioned items were down relative to Europe overall. Slovenian insurance
companies accounted for merely 0.33% of all insurance companies in Europe, and
generated 0.18% of total European insurance premiums. The average collected
premiums of a European insurance company totalled EUR 222m, while that figure was
43% lower in Slovenia. A similar ratio is seen in insurance premium per capita, which
has been declining for several years in Slovenia, resulting in the gradual loss of its
share of the international market. In this respect, it is evident that life insurance in
Europe overall is significantly more developed, as life insurance premiums per capita
are four times higher than in Slovenia, while premiums as a proportion of GDP are
nearly three times higher. Non-life insurance premiums per capita in Slovenia were
merely 8% lower than the European average in 2012. In contrast, non-life insurance
premiums as a proportion of GDP of 4.1% were 1 percentage point or 31% higher than
the European average. The average number of employees at Slovenian insurance
companies has exceeded the European average by around 90% in recent years, while
premiums per employee are 70% lower.
When comparing the insurance business of certain European countries, Switzerland
stands out with insurance premiums per capita that is 3.2 times higher than the
European average and six times higher than Slovenia. By far the highest amount of
premiums is collected in Germany and France, which together account for one third
of the European insurance market. Premiums as a proportion of GDP are highest in
the Netherlands, at 12.5%. At twice the European average, Italy ranks first in terms of
insurance premiums per employee at insurance companies. Slovenia ranks the same as
last year among selected countries in all of the aforementioned indicators.
89
Insurance business in Europe in 2012 and in Slovenia in 2012 and 2013*
Indicators
Europe
2012
Slovenia
2012
Slovenia
2013
Share of
Slovenia 2012
(in %)
Number of insurance companies
4,922
16
15
0.33
Number of insurance employees
971,881
6,062
5,970
0.62
197
379
398
191.88
1,093,390
2,019
1,937
0.18
Average number of insurance employees per company
Total premiums (in EURm)
Life premiums (in EURm)
642,721
579
535
0.09
Non-life premiums (in EURm)
450,669
1,440
1,402
0.32
Total premiums per capita (in EUR)
1,843
982
941
53.30
Life premiums per capita (in EUR)
1,083
282
260
26.00
Non-life premiums per capita (in EUR)
760
701
681
92.23
Share of total premiums in GDP (in %)
7.57
5.72
5.49
75.50
Share of life premiums in GDP (in %)
4.45
1.64
1.52
36.84
Share of non-life premiums in GDP (in %)
3.12
4.08
3.97
130.65
Total benefits and claims paid (in EURm)
948,290
1,381
1,350
0.15
Life benefits paid (in EURm)
646,760
430
388
0.07
Non-life claims paid (in EURm)
301,530
951
962
0.32
* data from members of IE and SIA without branches
Source: IE, SIA, SORS
Insurance business in selected countries in 2012*
Country
Number of
insurnce
companies
Number of
insurance
employees
PREMIUMS
TOTAL
(in EURm)
Life
(in EURm)
Share of life
(in %)
INSURANCE DENSITY (in EUR)
Non-life
(in EURm)
Share of
non-life
(in %)
TOTAL
Life
Non-life
Switzerland
146
48,400
47,310
25,824
54.58
21,486
45.42
5,947
3,246
2,701
Netherlands
210
54,000
75,146
18,985
25.26
56,161
74.74
4,492
1,135
3,357
Denmark
156
11,967
21,085
13,948
66.15
7,137
33.85
3,778
2,499
1,279
Belgium
146
23,861
32,290
21,360
66.15
10,930
33.85
2,910
1,925
985
France
405
147,600
180,700
112,900
62.48
67,800
37.52
2,766
1,728
1,038
Germany
570
214,100
181,586
87,339
48.10
94,247
51.90
2,219
1,067
1,152
Austria
70
26,094
16,284
6,503
39.93
9,781
60.07
1,929
770
1,158
Europe
4,922
971,881
1,093,390
642,721
58.78
450,669
41.22
1,843
1,083
760
239
47,712
105,120
69,713
66.32
35,407
33.68
1,728
1,146
582
Portugal
79
11,180
10,911
6,924
63.46
3,987
36.54
1,035
657
378
SIovenia (2012)
16
6,062
2,019
579
28.68
1,440
71.32
982
282
701
SIovenia (2013)
15
5,970
1,937
535
27.62
1,402
72.38
941
260
681
Greece
69
8,000
4,320
1,931
44.70
2,389
55.30
383
171
212
Croatia
27
11,652
1,201
327
27.23
874
72.77
273
74
199
Hungary
32
21,113
2,655
1,379
51.94
1,276
48.06
267
138
128
Turkey
66
17,314
8,572
1,172
13.67
7,400
86.33
115
16
99
Italy
* branches are excluded
90
International position of the Slovenian insurance industry
Insurance density in selected countries in 2012
in EUR
Turkey
Hungary
Portugal
Croatia
Greece
SIovenia (2013)
SIovenia (2012)
Italy
Europe
Austria
Germany
France
Belgium
Denmark
Netherlands
Switzerland
Life
Non-life
0
1,000
2,000
3,000
4,000
5,000
6,000
Share of
total
premiums
in GDP
(in %)
Total premiums
per insurance
company
(in EURm)
Total premiums
per insurance
employee
(in EUR)
9.63
324
977,479
12.54
358
1,391,593
8.60
135
1,761,929
8.58
221
1,353,254
8.89
446
1,224,255
6.81
319
848,136
5.30
233
624,052
7.57
222
1,125,025
6.71
440
2,203,219
6.61
138
975,939
5.72
126
333,058
5.49
129
324,456
2.23
63
540,000
2.74
44
103,072
2.72
83
125,752
1.40
130
495,091
91
Share of total premiums in GDP in selected countries in 2012
in %
Turkey
Greece
Hungary
Croatia
Austria
SIovenia (2013)
SIovenia (2012)
Portugal
Italy
Germany
Europe
Belgium
Denmark
France
Switzerland
Netherlands
0
2
4
6
8
10
12
14
Premiums per insurance company in selected countries in 2012
in EURm
Croatia
Greece
Hungary
SIovenia (2012)
SIovenia (2013)
Turkey
Denmark
Portugal
Belgium
Europe
Austria
Germany
Switzerland
Netherlands
Italy
France
0
100
Source: IE, SIA
92
International position of the Slovenian insurance industry
200
300
400
500
Premiums per insurance employee in selected countries in 2012
in EUR
Croatia
Hungary
SIovenia (2013)
SIovenia (2012)
Turkey
Greece
Austria
Germany
Portugal
Switzerland
Europe
France
Belgium
Netherlands
Denmark
Italy
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
Source: IE, SIA
Worldwide insurance premiums (in EURbn)
2008
TOTAL
Europe
Asia
North America
Other
3,032.3
1,224.2
671.5
965.8
170.8
2009
2,852.7
1,120.6
704.2
867.2
160.8
2010
3,244.8
1,208.8
877.2
954.8
203.9
2011
3,552.6
1,275.9
1,003.3
1,024.7
248.7
2012
3,495.9
1,163.5
1,020.3
1,056.1
255.9
Source: BS, IE
93
7. Chronological overview of insurance activities in Slovenian ethnic territory
I. Period up to 1918
PRECURSORS TO INSURANCE COMPANIES (MARITIME LOANS, BROTHERHOODS, GUILDS)
1291 Maritime loans entered in notary records in Piran ....................................................................Piran
14th c. Brotherhood of St. Nicholas founded .....................................................................................Trieste
1370Furriers’ guild founded; one of the first whose statute prescribed members’ obligation
of mutual assistance............................................................................................................Ljubljana
1452Slovenian Brotherhood of St. Hieronymus founded (reciprocity of members determined
in statute) ..........................................................................................................................Udine
THE FOUNDING OF THE FIRST INSURANCE COMPANIES
1766First insurance company founded on Slovenian ethnic territory under the Austro-Hungarian
Empire – Compagnia di assicurazione ....................................................................................Trieste
1776 First initiative to establish an insurance company in Ljubljana ...................................................Ljubljana
1812 Founding of an insurance company for navigation on the Sava River ...........................................Ljubljana
1829Founding of Imperial-Royal privileged insurance company for fire damage in Styria, Carinthia
and Carniola .......................................................................................................................Graz
1853Carnolian agriculture association proposes founding of insurance company for compulsory
insurance against fire and other accidents ..............................................................................Ljubljana
1871 Initiative to establish Danica reinsurance company in Celje .......................................................Celje
1871Founding of the first general insurance bank, Slovenija (first modern Slovenian insurance
company based in Ljubljana) ................................................................................................Ljubljana
1889 Founding of Workers’ Accident Insurance Company for Trieste, Littoral and Carniola ...................Trieste
1898–1910Founding of several associations (insurance companies) for insuring livestock in Littoral
and certain other areas ........................................................................................................Trieste
1900
Founding of Mutual Insurance Company for fire damage and damage to church bells in Ljubljana .....Ljubljana
II. Period of Yugoslavia (from 1918 to 1990)
1922
1927
1932
1939
KINGDOM OF SERBS, CROATS AND SLOVENES, AND KINGDOM OF YUGOSLAVIA (1918–1945)
Founding of Slavija, Yugoslav insurance bank in Ljubljana .........................................................Ljubljana
Founding of People’s Self-Assistance in Maribor ......................................................................Maribor
Founding of Society of St. Florian insurance cooperative against fire damage ..............................Ljubljana
Founding of Drava commercial insurance company ..................................................................Maribor
DFRY, FPRY, SFR YUGOSLAVIA (1945–1990)
1946State Institute of Insurance and Reinsurance renamed State Insurance Institute ..........................Belgrade
1956Founding of Fund for Mutual Assistance of Independent Tradesmen of Slovenia,
renamed Fund for Craftsmen and Entrepreneurs (Sklad obrtnikov in podjetnikov) in 2000 ............Ljubljana
1961 Founding of several municipal insurance companies and Insurance Community of Slovenia ..........Ljubljana
1967Merger of all Slovenian insurance companies, except Maribor insurance company, into Sava
Insurance Company .............................................................................................................Ljubljana
1977 Merger of insurance companies Sava and Maribor into Triglav Insurance Community ...................Ljubljana
1976 Founding of Sava Reinsurance Community ..............................................................................Ljubljana
1990Transformation of Triglav Insurance Community and some of its regional units into joint-stock
insurance companies – Zavarovalnica Triglav, d. d., Zavarovalnica Maribor, d. d.,
Adriatic zavarovalna družba, d. d. and Zavarovalnica Tilia, d. d. ................................................Ljubljana
1990Transformation of Sava Reinsurance Community into joint-stock reinsurance company
Pozavarovalnica Sava, d. d. ...................................................................................................Ljubljana
1990Organisational unit of the Dunav Insurance Community transformes into the joint-stock
insurance company Ljubljanska zavarovalnica, d. d. ................................................................Ljubljana
95
III. Period of independent Slovenia (since 1991)
1991Founding of joint-stock insurance company Prima, zavarovalna družba, d. d. (renamed GRAWE
Zavarovalnica, d. d. in 2001) .................................................................................................Maribor
1991Founding of joint stock insurance company Zavarovalnica Mercator, d. d. (renamed Krekova
zavarovalnica, d. d. in 1999; dissolved in 2006) .......................................................................Ljubljana
1991Founding of joint stock reinsurance company Pozavarovalnica Inter, d. d. (dissolved in 2001) .......Maribor
1992Founding of Slovenian Insurance Bureau (renamed SIA in 1997) .................................................Ljubljana
1992 Founding of joint-stock insurance company Merkur zavarovalnica, d. d. .....................................Ljubljana
1992Transformation of organisational unit of Zavarovalnica Croatia into joint-stock insurance
company Slovenica, zavarovalniška hiša, d. d. ........................................................................Ljubljana
1992 Founding of Slovene Export Corporation .................................................................................Ljubljana
1994Founding of joint-stock pension insurance company Concordia, pokojninska zavarovalnica, d. d.
(renamed Triglav, Zdravstvena zavarovalnica, d. d. in 2002) .....................................................Ljubljana
1994 Founding of Slovenian Nuclear Insurance and Reinsurance Pool ................................................Ljubljana
1994Founding of Office of Insurance Supervision (renamed ISA in 2000) ...........................................Ljubljana
1996Founding of Capital Fund for Supplementary Pension and Disability Insurance (renamed
Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d. in 2000) ..............................Ljubljana
1997 Founding of joint-stock insurance company GENERALI zavarovalnica, d. d. .................................Ljubljana
1998Founding of Supplementary Pension and Disability Insurance Fund (merged with Capital Fund
for Supplementary Pension and Disability Insurance in 2000) ...................................................Ljubljana
1998 Founding of joint-stock reinsurance company Pozavarovalnica Triglav Re, d. d. ...........................Ljubljana
1999 Founding of mutual insurance company Vzajemna, d. v. z. ........................................................Ljubljana
2003 Founding of joint-stock insurance company NLB Vita življenjska zavarovalnica d. d. .....................Ljubljana
2004Founding of joint-stock insurance company ARAG, zavarovanje pravne zaščite, d. d.
(transformed into ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia in 2012) .................Ljubljana
2004 Founding of insurance company Wiener Städtische zavarovalnica, Branch Office Ljubljana ...........Ljubljana
2004 Founding of joint-stock company SID – First Credit Insurance Company Inc. ................................Ljubljana
2004Founding of joint-stock insurance company Slovenica, Življenje, d. d. (renamed KD Življenje,
zavarovalnica, d. d. in 2007) .................................................................................................Ljubljana
2005Founding of insurance company Victoria-Volksbanken zavarovalniška d. d., Slovenia branch
(renamed ERGO zavarovalnica, podružnica v Sloveniji in 2012) ..................................................Maribor
2005Merger of Adriatic, zavarovalna družba, d. d. and Slovenica, zavarovalniška hiša, d. d. into
Adriatic Slovenica, Zavarovalna družba d. d. ...........................................................................Koper
2007Founding of insurance company Allianz Hungaria Zrt., Ljubljana branch (renamed Allianz
zavarovalnica, Ljubljana branch in 2013) .................................................................................Ljubljana
2007Founding of joint-stock insurance company Prva osebna zavarovalnica, d. d. ..............................Ljubljana
2008Founding of joint-stock insurance company ERGO zavarovalnica, d. d. (renamed ERGO
Življenjska zavarovalnica d. d. in 2012) ...................................................................................Ljubljana
2011 Founding of joint stock insurance company Modra zavarovalnica, d. d. ......................................Ljubljana
2012 Founding of insurance company Porsche Versicherung AG, Slovenia branch ................................Ljubljana
2013Merger of KD Življenje, zavarovalnica, d. d. with Adriatic Slovenica, Zavarovalna družba d. d. .......Koper
2014Founding of Österreichische Hagelversicherung VVaG, Agro Zavarovalnica, Slovenia branch .........Ljubljana
Source: ISA, SIA, Škufca, F.: Zavarovalstvo na Slovenskem (Insurance in Slovenia), SIA, Ljubljana 2003
96
Chronological overview of insurance activities in Slovenian ethnic territory

STATISTICAL INSURANCE BULLETIN 2014

Transcription

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