Statistical Insurance Bulletin 2016
Statistical Insurance Bulletin 2016
Ljubljana, June 2016
Published by: SLOVENIAN INSURANCE ASSOCIATION Železna cesta 14, PO Box 5701 SI-1000 LJUBLJANA
Telephone: (+386) 1 300 93 81 Fax: (+386) 1 473 56 92 Website: www.zav-zdruzenje.si E-mail:
[email protected] Responsible person: Maja Krumberger, MSc, Director
STATISTICAL INSURANCE BULLETIN 2016 SIA, Ljubljana 2016
Bulletin Editorial Committee: Boštjan Jenko, Adriatic Slovenica, Zavarovalna družba d. d. Roman Klemenak, Zavarovalnica Triglav, d. d. Gregor Lednik, Zavarovalnica Maribor, d. d. Jana Mandelc, Sava Reinsurance Company d. d. Denis Stroligo, Merkur zavarovalnica, d. d.
Text, tables and graphs prepared by: Mateja Lamovšek, Slovenian Insurance Association Tanja Trampuž, Slovenian Insurance Association Danilo Antončič, Nuclear Insurance and Reinsurance Pool (Chapter 5.3)
Translation: Production: Design: Photographs:
Amidas, d. o. o. Pegaz International, d. o. o., Ljubljana Luka Mancini, MSc 123RF, Postojna cave archive
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 available only in electronic edition, also in Slovene. Publikacija je na voljo zgolj v elektronski obliki, tudi v slovenskem jeziku. ISSN 2386-0766
statistical insurance bulletin 2016
CONTENTS Methodological explanations 6 Statistical indicators, units of measure and abbreviations
Development of the insurance market Foreword 11 1. Slovenian economy in 2015
6
8
15
2. Slovenian Insurance Association in 2015
19
3. Slovenian insurance market and SIA members (as at 27 June 2016) Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia ERGO zavarovalnica, podružnica v Sloveniji ERGO Življenjska zavarovalnica d. d. GENERALI zavarovalnica, d. d. GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. Pozavarovalnica Triglav Re, d. d. Sava Reinsurance Company d. d. SID – First Credit Insurance Company Inc. Sklad obrtnikov in podjetnikov Skupna pokojninska družba, d. d. Triglav, Health insurance company, Ltd Vzajemna Mutual Health Insurance Company, d. v. z. Wiener Städtische zavarovalnica, Branch Office Ljubljana Zavarovalnica Maribor, d. d. Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d.
4. Employees in 2015
51
29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
23
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5. Insurance and reinsurance activity in 2015 5.1 5.1.1 5.1.2 5.1.2.1 5.1.3 5.1.3.1 5.1.3.2 5.1.3.3 5.1.3.4 5.1.3.5 5.1.3.6 5.1.3.7 5.1.3.8 5.1.3.9 5.1.3.10 5.1.3.11 5.1.3.12 5.1.3.13 5.1.3.14 5.1.3.15 5.1.3.16 5.1.3.17 5.1.3.18 5.1.4 5.2 5.3
Insurance activity Types of insurance by class Life insurance Pension insurance Non-life insurance Accident insurance Health insurance Land motor vehicle insurance Railway rolling stock insurance Aircraft insurance Ship insurance Goods in transit insurance Fire and natural forces insurance Other damage to property insurance Motor vehicle liability insurance Aircraft liability insurance Liability for ship insurance General liability insurance Credit insurance Suretyship insurance Miscellaneous financial loss insurance Legal expenses insurance Assistance insurance Distribution channels Reinsurance activity Nuclear Insurance and Reinsurance Pool
55 56 61 66 68 70 74 75 76 77 78 79 80 81 82 84 85 86 87 89 90 91 92 93 94 96 99
6. International position of the Slovenian insurance industry Literature and data sources List of photos 108
107
101
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6
Methodological explanations
Statistical indicators, units of measure and abbreviations
The Statistical Insurance Bulletin is based on annual data that the SIA has obtained from its members (with the exeption of Skupna pokojninska družba, d. d., that became a member in May 2016). According to estimates, these data account for 99.3% of the Slovenian insurance market (96.5% taking the pension insurance marketed by non-SIA members into account). The data presented below are based on insurance companies’ reports to ISA and SIA, and may differ from the cumulative data collected on a monthly or quarterly basis. They are the most complete and reliable because they were processed last.
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Besides the members’ data the SIA obtained also the data from other companies involved in the pension insurance segment. The Slovenian pension insurance market is thus presented in full in the chapter regarding pension insurance. All other data relate solely to SIA members. If other data sources are used, this is stated separately in the text, tables and graphs. The life insurance data include also VSPI. The benefits and claims paid data do not contain assessment costs. The unit of currency used in this publication is the euro. The exchange rate at the end of a specific year was used to convert the domestic currency to euros for the period prior to the introduction of the euro. In some tables, the amounts are shown in millions or billions of euros, which is marked separately. The growth index rates are calculated as the ratio between the data for the selected year and the data for the previous year, without taking inflation into account. The data collection was completed on 27 June 2015. Unless otherwise stated, all data in this publication refer to the overall operations of the SIA members (in Slovenia and abroad).
bn billion m million % percentage EUR euro GDP gross domestic product NLI non-life insurance USD US dollar VSPI voluntary supplementary pension insurance ZPIZ-1 Pension and Disability Insurance Act (OG RS 109/06 – UPB and others) ZPIZ-2 Pension and Disability Insurance Act (OG RS 96/12 and others) ZZavar Insurance Act (OG RS 99/10 – UPB and others) ZZavar-1 Insurance Act (OG RS 93/15) BS Bank of Slovenia EU European Union Eurostat Statistical Office of the European Union HIIS Health Insurance Institute of Slovenia IE Insurance Europe ISA Insurance Supervision Agency MH Ministry of Health MLFSAEO Ministry of Labour, Family, Social Affairs and Equal Opportunities SIA Slovenian Insurance Association SORS Statistical Office of the Republic of Slovenia WHO World Health Organisation
On Saturday, 30 January 2016, one of the guides at Postojna Cave noticed that an olm egg was affixed to the glass of the aquarium in the cave’s Concert Hall. Next to the egg was a gestating female that was guarding the egg. This is a very rare occurrence, almost a miracle of nature, since it was only for the first time in August 2013 that we witnessed an olm laying eggs in the tourist cave. At that time the female laid 22 eggs.
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Development of the insurance market
Insurance Year
PREMIUMS (in EUR)
BENEFITS AND CLAIMS PAID (in EUR)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2005
1,549,167,096
464,833,571
1,084,333,525
874,789,651
136,243,782
738,545,869
2006
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
2,054,063,483
596,964,885
1,457,098,598
1,388,341,046
433,482,055
954,858,991
2013
1,977,545,488
552,968,835
1,424,576,653
1,360,861,970
391,714,655
969,147,315
2014
1,937,555,622
535,361,119
1,402,194,503
1,326,061,109
382,139,601
943,921,508
2015
1,975,358,246
565,922,839
1,409,435,407
1,350,878,503
411,240,098
939,638,405
Year
CLAIMS RATIO (in %)
PREMIUM GROWTH INDEX 1
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2005
56.47
29.31
68.11
106.56
108.58
105.72
2006
55.02
27.62
67.53
111.37
116.31
109.25
2007
54.03
26.56
67.06
109.78
112.69
108.45
2008
59.64
27.63
74.59
106.60
105.48
107.13
2009
59.82
29.92
72.88
102.67
98.05
104.83
2010
59.34
37.44
69.33
101.03
104.11
99.69
2011
62.76
57.52
64.92
98.05
91.36
101.10
2012
67.59
72.61
65.53
100.03
99.60
100.21
2013
68.82
70.84
68.03
96.27
92.63
97.77
2014
68.44
71.38
67.32
97.98
96.82
98.43
2015
68.39
72.67
66.67
101.95
105.71
100.52
1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total insurance premium growth rate would be 102.46 and the real total insurance premiums EUR 1,985,284,669. Source: SIA, SORS
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Reinsurance Year 2005
PREMIUMS (in EUR)
CLAIMS PAID (in EUR)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
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
2014
236,521,960
3,139,112
233,382,848
120,708,196
1,471,150
119,237,046
2015
268,822,331
2,421,161
266,401,170
146,672,003
1,978,232
144,693,771
Year
CLAIMS RATIO (in %) TOTAL
Life
2005
48.75
2006
56.34
2007
PREMIUM GROWTH INDEX 1 Non-life
TOTAL
Life
Non-life
22.01
48.92
108.60
105.90
108.60
39.29
56.40
111.93
63.75
112.24
55.87
42.92
55.91
114.14
109.79
114.16
2008
82.89
22.44
83.07
117.25
102.77
117.30
2009
65.81
21.34
65.92
108.01
88.85
108.07
2010
53.20
22.56
53.29
100.74
123.39
100.68
2011
48.14
42.42
48.16
99.72
108.54
99.69
2012
48.97
16.30
49.17
102.63
196.56
102.32
2013
59.25
23.08
59.65
88.84
153.72
88.43
2014
51.03
46.87
51.09
98.90
120.59
98.66
2015
54.56
81.71
54.31
113.66
77.13
114.15
1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total reinsurance premium growth rate would be 114.23 and the real total reinsurance premiums EUR 270,173,197. Source: SIA, SORS
The olm (Proteus anguinus), referred to locally as a ‘human fish’, is an amphibian that inhabits the underground waters of the Dinaric Karst, ranging from the basin of the River Soča near Trieste in Italy, across southern Slovenia and south-western Croatia to the River Trebišnica in Herzegovina. It is the biggest cave-dwelling animal in the world, measuring 25 to 30 cm in length, and the only vertebrate in Europe tied entirely to an underground environment.
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Foreword
The Slovenian insurance market enjoyed a good year in 2015. It was a year without major natural disasters to which Slovenia is otherwise exposed. It was also a year of economic recovery. Macroeconomic indicators were positive, GDP growth in Slovenia was one of the highest among EU Member States and GDP per capita reached its pre-crisis level. Unemployment was down, the balance of trade was notably positive and exports of services and products were up. All of the aforementioned elements also affected the operations of the insurance industry. However, Slovenia is still far from the point where full confidence can be expressed in the long-term financial sustainability of the macroeconomic environment. The data presented in brief in this introduction and in detail throughout the remainder of this publication are data from the past. It is our duty to think first and foremost about the future. The insurance sector is an important part of the financial system, not only as a generator of funds and a profitable activity, but also as an activity that has a significant effect on the social security of the individual. We must therefore focus our thoughts for the most part on the future and on a critical assessment of the aforementioned long-term financial sustainability of the macroeconomic environment.
Of course the positive operating trends seen in 2015 were also reflected in the operations of the Slovenian insurance industry, i.e. in the operations of the SIA’s members. Those companies generated a profit and disclosed a healthy surplus in capital, which ensures the payment of claims in the future. Last year, notable growth was recorded in demand for insurance services for the first time in several years, in particular demand for long-term personal insurance. Life insurance premiums were up primarily as the result of the economic situation in Slovenia and the associated economic position of the individual. Nonlife insurance premiums have remained at the same levels for several years. We should mention, however, the increased competition on the market (primarily in the motor vehicle insurance segment, which generates 22.4% of the written premiums of our members), which is not without basis. Our members have been working most intently for several years in the area of prevention, and on the introduction of various measures to reduce claims and thus improve the claims ratio. At the same time, policyholders are increasingly more responsible, which is reflected in a reduced number of claims arising from unregistered vehicles in the motor vehicle insurance segment. Our members took advantage of a peaceful year, without catastrophic natural disasters, major storms, floods or other major external factors, to make adjustments to new operating rules. Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) was transposed into Slovenian law on 1 January 2016. The aforementioned directive introduced several changes in the operations of insurance companies, new methods for calculating capital requirements, new corporate governance rules and new methods for reporting to both external and internal users. Adaptations were extensive and all too
statistical insurance bulletin 2016
frequently uncertain. Application of the Solvency II Directive by EU Member States was supposed to begin in early 2016. Due to the extent of changes, those countries were bound to transpose the aforementioned directive and all accompanying regulations (secondary and tertiary EU legislation) into local law by the end of March 2015. Unfortunately, Slovenia found itself delayed in the aforementioned process and the new Insurance Act (ZZavar-1), which implements Solvency II, was not adopted until the end of November 2015. Thus many solutions remained unclear for the insurance industry, in particular those defined in secondary legislative acts issued by the ISA. Due to the late adoption of the aforementioned law, secondary legislative acts were not completed until the end of March 2016, some three months following the introduction of Solvency II. Nevertheless, insurance companies passed the test of implementation with flying colours, both in substantive and operational terms. Contributing to this was the insurance industry’s good cooperation with the market supervisory authority, the ISA, which likewise was not to blame for the late adoption of the law. The first real tests of operations under Solvency II conditions came during the drafting of this bulletin. We successfully completed the first round of reporting according to the new rules without major problems. All members of the SIA are capitally adequate according to Solvency II rules. According to figures from the ISA, which relate to the entire insurance market and not just the members of the SIA, the capital of the insurance sector as a whole amounted to EUR 1,471 m or 161% of the total solvency capital requirement on the first day following the introduction of Solvency II. The capital adequacy of the entire industry according to the rules of the aforementioned directive is even higher than capital adequacy under the rules of Solvency I. All insurance companies are capitally adequate, while their surplus in capital
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fluctuates somewhere in excess of 20% up to nearly 600%. The year 2015 was thus successful and new challenges await us. Insurance companies must enhance their role in the overall economy, not only as business entities but also as an activity that cares for and ensures the long-term financial security of the individual. Our operations are determined in part by regulations. If the government decides it will cover all claims from earthquake insurance, our opportunities to transact in that segment dry up. We must, however, take into account the fact that it will be increasingly difficult for the state to ensure the social security of the individual in the context of forecast demographic changes that are likely to result in an ageing population, a continuous decline in the active population and an ever-increasing life expectancy. And herein lie opportunities for the insurance market. Exploiting those opportunities requires more than a mere presence on the market; it also requires close cooperation with the government and understanding of the link between the public and commercial sectors in ensuring the social security of the individual. We must also give attention to other areas of operations such as the motor vehicle insurance segment. Statistics regarding the number of deaths in road accidents this year are demoralising. The number of deaths over the first half of this year has increased by half relative to the comparable period last year. Insurance companies are here to draw attention to those statistics, which are out of our control but nevertheless affect our operations. Our responsibility, however, is broader than responsibility for our operations. We must also understand our role in providing security for the population. Slovenian roads are in poor condition. According to latest available data from the European Road Assessment Programme (EuroRAP), 27% of all state roads on which almost 90% of severe traffic accidents occur are designated as high or medium-high risk. Our role is more than
statistical insurance bulletin 2016
raising insurance prices due to increased risks; we must also provide constructive feedback to those responsible about the threat to the safety of people. We must focus on the future and life. This introduction would be incomplete if we did not mention supplementary health insurance. The Ministry of Health prepared an extensive analysis in 2015 that was carried out by the WHO. Part of that analysis was supplementary health insurance. The WHO identified several deficiencies in supplementary health insurance, as well as a number of strengths such as a high insurance coverage rate, accessibility to the aforementioned service, relative cost effectiveness and above all the counter-cyclical role of supplementary health insurance, which was seen in Slovenia during the economic crisis. In the past, supplementary forms of insurance replaced the inequitable copay healthcare system, which was only a burden to people in bad health, frequently as the result of poor social conditions. Supplementary health insurance eliminated that inequity. Today we are being accused again of the same thing: inequity. Despite the findings of the analysis by the WHO, which is not proposing the abolishment of this form of insurance but rather corrections, the government stated the transformation of supplementary health insurance into a compulsory levy as a priority in the chapter ‘Health of the People’ in the National Reform Programme for 2016/2017. There are still no specific solutions. It should be noted however, that this form of insurance generates annual premiums of EUR 470 m. Such a measure is a short-term reprieve. Short-term solutions are not
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always strategic solutions. We must take into account demographic changes, the ageing population, longevity and healthcare inflation, which is not an issue of the future but a current issue. We must also take into account other elements of social security such as pensions and long-term care. All of these systems must achieve a long-term balance, with available revenues that are typically provided by the active population. But the latter is in continuous decline. We must give thought to tomorrow and not short-term measures. This is also the story behind the bulletin before you. The theme of this year’s publication is tomorrow, a new life that begins in the dark of the largest underground cave in Slovenia. The olm (Proteus anguinus) is a symbol of great importance in Slovenia. Its uniqueness, ability to live in extreme conditions, longevity and the mysticism it evokes in its dragon form, which symbolises power, are traits with which Slovenians identify. The olm or Proteus anguinus is a symbol of Slovenian national heritage. It is an endangered species, making new life that much more important. The image of the human fish contributes to the recognition of the Slovenian Karst region and Slovenia itself. Today the human fish has an entirely different meaning for Slovenia: it means new life, the future. And that is where the focus of the Slovenian insurance industry must be, as well. On the life that tomorrow brings. Maja Krumberger, MSc, Director
In three weeks the olm laid at least 52 eggs in the aquarium at Postojna Cave, colouring the rock under which they were laid almost completely white. The olm fastens herself to the surface on which she will lay the egg, and after around 20 minutes of complete immobility the egg is laid.
statistical insurance bulletin 2016
1.)
15
Slovenian economy in 2015
The slowdown in economic activity came to an end back in 2014, with the economic recovery continuing last year. According to figures from the Institute of Macroeconomic Analysis and Development, exports were the main factor in economic growth again last year in the context of a favourable economic climate in Slovenia’s main trading partners. Domestic demand is becoming increasingly important. Private consumption has strengthened, which is partly reflected in growth in value-added in trade, accommodation and food service activities and other service activities. It is also having a stimulating effect on growth in household lending. The consumer sentiment indicator, which indicates willingness to spend, reached one of its highest levels ever last year. This was partly the result of continuing improvement on the labour market, as employment has risen for the last two years. Together with higher growth in private investment in equipment and machinery, the high level of production capacity utilisation, which already exceeds the pre-crisis level, has resulted in higher profits in the private sector, the improvement of indebtedness indicators and easier access to sources of financing. The decline in corporate lending was thus less severe than the previous year. Price and cost competitiveness have improved with the fall in the nominal effective exchange rate. In 2015 the Slovenian economy generated its highest external trade surplus to date. Consumer prices fell for the first time since Slovenia’s independence. In the context of all of this, the number of initiated corporate insolvency proceedings was down by 11%, to stand at 1,4161.
the highest growth rates in the EU. GDP was up by 2.9% in real terms, while real GDP growth in Europe overall was 2%3. In absolute terms, GDP reached its pre-crisis level for the first time. Annual growth was comparable with the previous year, at 3%. GDP per capita measured in current prices was up 3.3% and at EUR 18,679.90, nearly reached the level recorded in 2008 (but was down by nearly a quarter when converted into US dollars). Slovenian GDP per capita lagged behind the European average by 34.9%. The government deficit4 reached its lowest level since 2008, and amounted to EUR 1,1 bn or 2.9% GDP. The deficit was down by almoast 40% relative to 2014 due to the favourable economic conditions. Growth in total government revenue was significantly higher than growth in total government expenditure in nominal terms due to an increase in total revenue from taxes and social security contributions, an increase in transfers for investments from the rest of the world and the highest surplus in trade with the EU to date. The government debt rose again to stand at EUR 32.1 bn or 83.2% of GDP. The debt reached its highest level to date despite its lowest growth since the outbreak of the crisis (6.2%).
Slovenian GDP2 expressed in current prices was up 3.3% in nominal terms to reach EUR 38.5 bn, one of
According to provisional figures from the SORS, industrial production5 rose by 5.6%. Manufacturing contributed most to that increase. The results of the aforementioned sector strengthened relatively evenly over the course of the year in the context of the improved competitiveness of the Slovenian economy and under positive influences from the rest of the world. Labour productivity in industry was up 4.2% relative to 2014.
1 Agency of the RS for Public Legal Records and Related Services, http://www.ajpes.si/
4 SORS, SI-STAT Data Portal, Economy, National Accounts, General government
uradne_objave/eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016.
accounts (ESA 2010), http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_
2 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA 2010),
racuni/25_03149_racuni_drzave/25_03149_racuni_drzave.asp, 15. 6. 2016.
http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_racuni/05_03019_BDP_
5 SORS, SI-STAT Data Portal, Economy, Mining and Manufacturing, Indices of industrial
letni/05_03019_BDP_letni.asp, 15. 6. 2016.
production, stocks and labour productivity in industry, http://pxweb.stat.si/pxweb/Database/
3 Eurostat, Database, http://ec.europa.eu/eurostat/web/national-accounts/data/main-tables,
Ekonomsko/17_rudarstvo_predel/17011_ind_proiz/17011_ind_proiz.asp, 15. 6. 2016.
15. 6. 2016.
statistical insurance bulletin 2016
Exports and imports of merchandise and services6 generated a surplus of EUR 3,610.9 m, an increase of 23% relative to 2014. Foreign demand was the main factor in economic growth, with exports rising by 5.2%. Domestic demand rose by 2.1% in the context of strengthening private consumptions as the result of rising employment. Imports and exports thus achieved their highest nominal values to date. The surplus in foreign trade reached its highest level since Slovenia joined the EU. EU Member States accounted for around four fifths of trade. Russia accounted for the majority of exports to other countries and China accounted for the majority of imports, while the markets of the former Yugoslavia are also important in terms of exports and imports. Medicinal products accounted for the majority of exports, while oils obtained from crude oil and bituminous minerals accounted for the majority of imports. According to available figures from the SORS, inflation7 was negative for the first time, with consumer prices declining by 0.5% relative to the previous year. Deflation was primarily the result of lower prices of refined petroleum products and the associated transport (-5.2%), and lower prices of recreational and cultural services, and housing and household equipment. The most significant increase was recorded in prices of communication services (5.3%). The prices of industrial goods and services, as well as import prices were also lower, while residential real estate price index remained unchanged.
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absence of price pressures and the increased proportion of workers with lower wages. Public sector wages were higher due to the payments of deferred promotions from 2014 and continued growth at public companies. The average net wage increased by 0.8%, to EUR 1,013.20, representing 65.1% of the gross wage, as it did the previous year. The average unemployment rate9 was 12.3% overall, but higher among women, at 13.7%. The average number of unemployed totalled 112,726, down nearly 8,000 or 8.1% relative to 2014. The highest unemployment rate was among people under 29 years of age, at 20.1%, and among persons with primary school education or lower, at 27%. The highest registered unemployment rate among the active population was recorded in the Pomurje and Podravje regions, while the lowest rate was recorded in the Posavje region. On the other hand, the number of employees was up in all sectors, except the financial and insurance sector. The number of employees was up by an average of 0.9%.
The average gross wage8 increased by EUR 15.60, or 1%, to stand at EUR 1,555.90. Private sector wage growth was lower than the previous year due to the
The banking sector10 felt the positive effects of measures aimed at the stabilisation of banks and the associated macroeconomic environment. The total decline in loans in the amount of EUR 1.3 bn was less evident than in previous years due to growth in household lending and a minor fall in corporate lending, although the drop in the latter has been drastic, from EUR 20.3 bn in 2008 to just EUR 8.3 bn last year. Deposits by the non-banking sector were up by 2.9%, around one half of the increase recorded last year, primarily on account of the outflow of government deposits and a minor outflow of household
6 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA
9 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Labour
2010), http://pxweb.stat.si/pxweb/Dialog/varval.asp?ma=0301960S&ti=&path=../Database/
force, annually, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/05_akt_preb_po_
Ekonomsko/03_nacionalni_racuni/05_03019_BDP_letni/&lang=2, 15. 6. 2016.
regis_virih/01_07753_aktivno_preb_letno_povp/01_07753_aktivno_preb_letno_povp.asp,
7 SORS, SI-STAT Data Portal, Economy, Prices, Consumer Price Indices, http://pxweb.stat.
15. 6. 2016.
si/pxweb/Database/Ekonomsko/04_cene/04006_ICZP/04006_ICZP.asp, 15. 6. 2016.
10 Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http://
8 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Average
www.bsi.si/pxweb/dialog/Database/slo/serije/02_bilance_bank/02_bilance_bank.asp,
Monthly Earnings, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/10_
15. 6. 2016.
place/01_07010_place/01_07010_place.asp, 15. 6. 2016.
statistical insurance bulletin 2016
17
Selected macroeconomic indicators 2011
2012
2013
2014
2015
Population1
2,050,189
2,055,496
2,058,821
2,061,085
2,062,874
Men
1,014,563
1,016,731
1,019,061
1,020,874
1,022,229
Women
1,035,626
1,038,765
1,039,760
1,040,211
1,040,645
1,967,443
1,969,941
1,967,436
1,964,477
1,961,342
Slovenian citizens Foreign citizens
82,746
85,555
91,385
96,608
101,532
Labour force
934,658
920,184
913,424
917,901
917,363
Employed persons
823,967
810,001
793,597
797,792
804,637
Registered unemployed persons
110,692
110,183
119,827
120,109
112,726
11.8
12.0
13.1
13.1
12.3
36,896.3
35,988.3
35,907.5
37,303.2
38,543.2
0.6
–2.7
–1.1
3.0
2.9
GDP per capita (in EUR)
17,973.3
17,497.5
17,434.6
18,092.5
18,679.9
GDP per capita (in USD)
25,018.8
22,480.8
23,155.0
24,035.9
20,725.4
2.0
2.7
0.7
0.2
–0.5
Registered unemployment rate (in %) GDP (in EUR m) GDP annual growth index (in %)
Annual inflation rate2 (in %) Average monthly inflation (in %)
1.8
2.6
1.8
0.2
–0.5
1,524.7
1,525.5
1,523.2
1,540.3
1,555.9
987.4
991.4
997.0
1,005.4
1,013.2
–2,456.4
–1,474.1
–5,395.2
–1,855.3
–1,131.2
–6.7
–4.1
–15.0
–5.0
–2.9
17,203.6
19,404.0
25,504.9
30,199.0
32,070.4
46.6
53.9
71.0
81.0
83.2
Exports of goods (in EUR m)
21,042.2
21,256.1
21,692.1
22,989.3
24,034.8
Imports of goods (in EUR m)
21,730.3
21,204.8
21,305.6
21,755.3
22,422.8
96.8
100.2
101.8
105.7
107.2
Average monthly gross earnings (in EUR) Average monthly net earnings (in EUR) Government deficit (in EUR m) Government deficit share in GDP (in %) Government debt (in EUR m) Government debt share in GDP (in %)
Exports as a percentage of imports (in %) Exports of services (in EUR m)
4,923.2
5,124.4
5,312.8
5,557.6
5,965.6
Imports of services (in EUR m)
3,557.9
3,654.0
3,593.3
3,855.3
3,966.7
Exports as a percentage of imports (in %)
138.4
140.2
147.9
144.2
150.4
Industrial production index
101.3
98.9
99.1
102.2
105.63
1 As at 1 January. 2 Change in consumer price index (December each year/December of previous year). 3 Provisional data. Source: SORS
deposits. Total assets of banks declined again, by EUR 1.3 bn or 3.4%, to stand at EUR 37.4 bn. Following the extremely high level recorded in 2014, turnover on the Ljubljana Stock Exchange11 was down by nearly a half, at EUR 393,1 m. Turnover in shares accounted for 84.9% of the aforementioned amount. The market capitalisation of all shares amounted to EUR 5.5 bn, a decrease of 11.1% relative to the previous year, while the market capitalisation of bonds was EUR 18.6 bn, an increase of 6.4% on the previous year. Year-on-growth in the SBI TOP was negative (-11.2%), with the aforementioned index ending the year at 696.2 points.
According to figures from the Securities Market Agency, mutual fund12 assets were up by 7.8% to stand at EUR 2.3 bn. The equities of foreign issuers accounted for the highest proportion of assets, at 64.8% or EUR 1.5 bn. The number of investors was up slightly to stand at 429,734. The assets of mutual pension funds continue to increase. The aforementioned funds managed the assets of 259,606 investors totalling nearly EUR 1 bn last year. Debt securities were the prevailing form of investment. The value of assets in units of investment funds (UCITS) from Member States with the authorisation to trade in Slovenia fluctuated significantly last year, and stood at EUR 118.2 m in December 2015.
11 Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse.
12 Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016.
si/media/Attachments/Statistika/Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016.
Olms feed on stream crayfish, worms, snails and other aquatic invertebrates. They can live up to 100 years, and can even survive for several years without food. They reproduce through eggs which the female lays on the underside of flat rocks. Tiny amphipod stream crustaceans that hide between the eggs and the rock may represent a threat to the eggs. The olm is an animal species protected by law in Slovenia, and since 1982 it has been on the list of rare and endangered species. Their capture is prohibited without the express approval of the competent nature protection institutions.
statistical insurance bulletin 2016
2.)
19
Slovenian Insurance Association in 2015
After several years of preparations, the Slovenian insurance industry welcomed the new Insurance Act (ZZavar-1) in 2015, which implemented the Solvency II Directive (Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, OJ EU, L 335, 17 December 2009) and the associated European regulations. However, the late adoption of the aforementioned law in November led to the even later adoption of implementing acts in 2016. This represents additional problems for insurance and reinsurance companies, which began operating under the new regime on 1 January 2016. The SIA continually monitored preparations for the new law, and actively collaborated with the Ministry of Finance and the ISA in that regard. According to the findings of the latter, all insurance and reinsurance companies are well-prepared for the new system. Because the system introduces a completely new method of operations to which adjustments must be made in practice, the SIA set up a special phone line for questions and comments relating to the new law and the implementation thereof. The change of insurance legislation continues with further regulatory changes. The most important developments at the EU level, about which the SIA regularly informes its members and calles on them to provide their comments, are: the directive on insurance distribution, general data protection regulation, the regulation on key information documents for packaged retail and insurance-based investment products, etc. Pension insurance represents an important element of the Slovenian insurance market, but the associated regulations are amended frequently. According to the most recent changes to pension legislation, insurance and pension companies prepared in 2015 for the introduction of life-cycle funds, the most of
which began functioning on 1 January 2016. The SIA participated in the drafting of the White Paper on Pension Insurance, which was published by the MLFSAEO in April 2016 and defines a set of measures to ensure an appropriate level of pensions for all future generations, together with proposed tax incentives for supplementary pension insurance. With regard to health insurance, the MH drew up strategic points for action last year and performed an analysis of the healthcare system, which included an assessment of the feasibility of voluntary supplementary health insurance. The MH is not against the latter, but is merely proposing some corrections. The SIA was afforded the opportunity to express its opinion on the subject, but the government has not adopted a final decision on future arrangements. On the other hand, the Faculty of Economics at the University of Ljubljana, drew up a project, in conjunction with the SIA, to revise the economic aspects of the Slovenian healthcare system, in which it proposed two healthcare baskets. However, the MH has not responded. The fiscal verification of invoices paid in cash, by credit or debit card, check or other similar method of payment was introduced on 2 January 2016 for all types of business in Slovenia. Following the arrangements of other countries, the SIA strove to achieve a special status for insurance companies, but the legislator didn’t classify them in the extremely limited range of exceptions. Insurance companies were thus forced to adapt their IT support and, in certain cases, their operating systems with the introduction of fiscal cash registers, which represents a major problem for a complex activity such as the insurance industry due to the very short preparatory period and simultaneous preparations for Solvency II. Regulatory changes also had an indirect impact on
statistical insurance bulletin 2016
the insurance industry in other areas. Additional cuts to the level of co-financing of agricultural insurance premiums, the late adoption of the new Law on Outof-Court Consumer Dispute Resolution, the draft of the new Consumer Protection Act and the draft of the new Consumer Credit Act represent just a few of those changes. Public awareness about insurance remains one of the SIA’s priority tasks. A brochure on life insurance was published in 2015 in conjunction with the Slovenian Consumers Association and was well-received by the public. The SIA’s aim is to respond to the growing number of questions received from consumers. Together with the re-engineering of IT support for the guarantee fund and compensation office, which will help to facilitate and speed up the resolution of claims, the SIA began upgrading its entire IT support in 2015. The latter is expected to facilitate new activities in the future that will primarily benefit the SIA’s members (e.g. a natural disaster database and the more technologically advanced processing of statistical data). International developments, particularly in Europe, also affect the Slovenian insurance industry. Given that the EU is adopting an increasing number of directly binding regulations, the SIA is increasingly involved in the activities of IE and Council of Bureaux. Close cooperation is thus being established with the insurance associations of certain other European countries. Education and training remain one of the SIA’s core activities. In 2015 we organised traditional annual insurance conference, training for insurance agents and brokers, seminars regarding transportation and motor vehicle insurance, as well as ad-hoc seminars, for example on the introduction of fiscal cash registers.
20
statistical insurance bulletin 2016
21
Organisational chart – graphic presentation of the SIA’s organisation
ASSEMBLY COUNCIL DIRECTOR General and Organisational Affairs and Accounting Department
Arbitration Court1
Insurance Ombudsman1
Mediation Centre1
Green Card Bureau
Guarantee Fund
Compensation Body
Information Centre
Green Card Bureau Expert Committee
Guarantee Fund Write-Off Commission
Compliance Committee
Legal Section
Motor Insurance Department
Legal Affairs and Personal Insurance Department
Property Insurance, Statistics and Analysis Department
Training Department
Motor Insurance Committee
Life and Accident Insurance Committee
Property Insurance Committee
Bulletin Editorial Committee
Training Committee
Transport and Credit Insurance Committee
Voluntary Health Insurance Committee
Liability Insurance Commission
Editorial Committee of Magazine “Zavarovalniški horizonti”
Steering Committee of the Insurance Days in Slovenia
IT Committee
Voluntary Pension Insurance Committee
Property Claims Commission
Risk Management Committee
Examination Committee
Insurance Fraud Prevention Commission
Money Laundering Prevention Commission
Burglary and Fire Insurance Commission
Accounting and Tax Affairs Commission
Consumer Awareness and Public Relations Committee
Insurance Legal Affairs Commission
Natural Disasters Commission
SIA information system Supervision Commission
Agricultural Insurance Section
Internal Audit Section
Actuarial Section
Financial Section
1 SIA provides only work assets.
Postojna Cave is the largest karstic cave in Slovenia, with as much as 24,120 metres of underground passages. It is the most frequently visited tourist cave in Europe, with a 200-year tradition of visits, and has already welcomed 35 million visitors from all corners of the world. The first visitors actually entered the cave back in the 13th century, and the most attractive parts of the cave were discovered in 1818.
statistical insurance bulletin 2016
3.)
23
Slovenian insurance market and SIA members (as at 27 June 2016)
Currently operating on the Slovenian insurance market are fifteen insurance companies, two reinsurance companies and three pension companies registered in Slovenia, as well as six branch offices of foreign insurance companies, two entities under the supervision of the ISA13 (Nuclear Insurance and Reinsurance Pool and SIA – Guarantee Fund and Compensation Body) and Sklad obrtnikov in podjetnikov (Fund for Craftsmen and Entrepreneurs). The market comprise nine composite insurance companies, four life insurance companies and eight non-life insurance companies. Of the latter, seven are specialised in the marketing of individual types of insurance14: motor vehicle, suretyship, agriculture, credit, accident and/or health insurance, and legal protection insurance. Only one insurance company markets exclusively life insurance; the other three life insurance companies also underwrite accident and/or health insurance. Despite the small size of the insurance market, the number of insurance companies that may directly perform insurance operations in Slovenia is growing every year. A total of 716 companies notified operations based on free movement of services at the end of 2015. Of those, only 119 were active a year earlier. Those companies generated EUR 13.6 m in insurance premiums on the Slovenian market in 201415, which is 5.5% less than the previous year and 0.7% of the premiums that policyholders paid to SIA members during the same year. The same companies paid claims in the amount of EUR 5.5 m.
insurance premiums was generated this way in 2014, the most in Croatia (36.7%), followed by the Netherlands (29.1%) and Germany (18.1%). The branch office of a Slovenian insurance company, established in Croatia by Adriatic Slovenica, Zavarovalna družba d. d., began operating in 2015. SIA members include thirteen insurance companies registered in Slovenia and four branches of foreign insurance companies, two reinsurance companies and the Fund for Craftsmen and Entrepreneurs, which were joined by Skupna pokojninska družba, d. d. in 2016. All of the companies and the fund are presented below. Also operating on the market are the insurance companies PRVA, personal insurance company Plc, CDA 40 zavarovalnica d. d., Porsche Versicherungs AG, podružnica v Sloveniji, and Agro Zavarovalnica, podružnica v Sloveniji, as well as the pension companies Moja naložba pokojninska družba, d. d. and Pokojninska družba A, d. d. With the exception of PRVA, personal insurance company Plc and the two pension companies, the aforementioned insurance companies do not account for a significant share of sales on the insurance market.
Slovenian insurance companies also directly perform insurance operations in other EU Member States, but the scope of such operations is small. According to figures from the ISA, a total of EUR 1.5 m in
Gross premiums written by SIA members were up nearly 2% last year to reach EUR 1,975.4 m. Of the fourteen members that recorded positive growth, the most successful was Modra zavarovalnica, d. d., which recorded growth of 23.5%. That was also the highest growth recorded in the life insurance class. ERGO zavarovalnica, podružnica v Sloveniji recorded the highest growth in non-life insurance premiums (32.5%). The most efficient in terms of operations was NLB Vita življenjska zavarovalnica d. d., which generated premiums per employee of EUR 1.6 m. Both reinsurance companies also performed well
13 ISA, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016.
15 Report of the Insurance Supervision Agency, ISA, Ljubljana, June 2015.
14 Information about this is available on the ISA website https://www.a-zn.si/Default.aspx?id=4.
statistical insurance bulletin 2016
24
SELECTED FIGURES FROM SIA MEMBERS IN 2015
EUR 1.3 m EUR 7.1 m
DONATIONS SPONSORSHIPS
EUR 67 m
Amount of tax paid on insurance CONTRACTS
Investments
Share of investments in land and buildings and financial investments
Comparison of investments to GDP
EMPLOYEE PRODUCTIVITY of SIA members EMPLOYEE PRODUCTIVITY of the economy
EUR 6,825.8 m 82.2%
17.8%
SHARE OF INVESTMENTS for the benefit of life insurance policyholders who assume investment risk
17.7% EUR 358 500 EUR 47 900
statistical insurance bulletin 2016
and generated total premiums of EUR 268.8 m, an increase of 13.7% relative to the previous year. Having accounted for 29.6% of total premiums of all SIA members in 2015, Zavarovalnica Triglav, d. d. remains the leader among insurance companies, both in terms of non-life and life insurance. Vzajemna zdravstvena zavarovalnica, d. v. z. is the leader in health insurance. The concentration of the insurance market remains moderate, the indicator value has been around 1500 in recent years. The ten largest insurance companies had a combined market share of 94.8% last year (while the five largest had a combined market share of 76.7%). The ranking of those companies remains unchanged. Sava Reinsurance Company d. d. and Pozavarovalnica Triglav Re, d. d. divided up the reinsurance market, with the aforementioned two companies holding shares of 56.5% and 43.5% respectively. In terms of insurance and reinsurance premiums generated, the insurance industry, under the auspices of the SIA, represents an important economic sector, accounting for 5.8% of GDP and contributing almoast EUR 67 m to the state budget from insurance premium tax. The insurance sector supports the economy with the investments in land and buildings, as well as financial investments. Such contributions exceeded EUR 5.6 bn last year. When providing statistics, we should not neglect life insurance, where insurance companies recorded more than EUR 1.2 bn
25
of assets in investments on behalf of policyholders who assume the investment risk. Taking into account the level of GDP, the operations of SIA members represent a major contribution to the development and growth of the Slovenian economy. The majority of SIA members operate within their own insurance groups. Nine members are part of groups whose parent companies are registered in EU Member States. Three members with registered offices in Slovenia control their own insurance groups. Zavarovalnica Triglav, d. d. is the parent company of the largest of those groups: in addition to three subsidiary insurance and pension companies in Slovenia, the Triglav Group also included seven foreign subsidiaries at the end of 201516. The second group comprises the parent company Sava Reinsurance Company d. d., with three subsidiary insurance and pension companies in Slovenia and eight foreign insurance companies17. In the third group, Adriatic Slovenica, Zavarovalna družba d. d. is the controlling company of one subsidiary insurance company, at which activities to wind up the company were initiated last December, and one foreign branch office18. All three insurance groups operate on the markets of the former Yugoslavia and they generated written premiums of EUR 1.7 bn in 2015 (EUR 1.5 bn excluding reinsurance premiums), an increase of 2.7% on the previous year.
16 Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav.
18 Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited,
eu/6bdc1dd0-c125-4a81-a491-f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final.
http://www.as-skupina.si/documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de-
pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0-c125-4a81-a491-
9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016.
f780d908fa6b, 15. 6. 2016. 17 Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www.sava-re.si/media/objave/dokumenti/2016/ LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015.
statistical insurance bulletin 2016
26
Number of insurance companies with regard to various criteria 2011
2012
2013
2014
2015
ACTIVE COMPANIES IN THE INSURANCE MARKET 16
15
14
14
15
Reinsurance companies with their head office in Slovenia
Insurance companies with their head office in Slovenia
2
2
2
2
2
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
3
5
5
6
6
26
27
26
27
28
TOTAL Of which SIA members
21
21
20
20
20
610
632
664
692
716
110
117
102
119
…
18
18
17
17
17
1
1
1
1
1
Composite
9
9
9
9
9
Life
5
5
4
4
4
Non-life
5
5
5
5
5
17
17
16
16
16
9
9
9
9
9
Mutual companies
1
1
1
1
1
Other
1
1
1
1
1
Foreign insurance companies, authorised to directly perform operations Of which the active insurance companies SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA By legislation Operate under the insurance act Do not operate under the insurance act By portfolio
By organisational form Joint-stock companies Of which with the majority share of foreign capital
Source: ISA, SIA
SIA members with regard to type of company and their written premiums in 2015 (in EUR) TOTAL
Life
Non-life
Adriatic Slovenica, Zavarovalna družba d. d.
296,310,561
60,214,097
236,096,464
ERGO zavarovalnica, podružnica v Sloveniji
8,334,344
1,690,588
6,643,756
90,508,228
27,056,401
63,451,827 15,796,139
COMPOSITE INSURANCE COMPANIES:
GENERALI zavarovalnica, d. d. GRAWE Zavarovalnica, d. d.
35,801,539
20,005,400
Merkur zavarovalnica, d. d.
46,006,129
38,071,353
7,934,776
Wiener Städtische zavarovalnica, Branch Office Ljubljana
27,346,677
17,798,278
9,548,399
249,246,862
72,258,443
176,988,419
Zavarovalnica Maribor, d. d. Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d.
79,686,986
7,953,040
71,733,946
584,869,502
174,724,778
410,144,724
2,895,888
2,895,888
0
LIFE INSURANCE COMPANIES: ERGO Življenjska zavarovalnica d. d. Modra zavarovalnica, d. d.
78,927,894
78,920,744
7,150
NLB Vita življenjska zavarovalnica d. d.
62,492,455
60,422,026
2,070,429
7,282,081
0
7,282,081
NON-LIFE INSURANCE COMPANIES: Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
2,038,935
0
2,038,935
15,474,671
0
15,474,671
Triglav, Health insurance company, Ltd
108,905,726
0
108,905,726
Vzajemna Mutual Health Insurance Company, d. v. z.
275,317,965
0
275,317,965
3,911,803
3,911,803
0
Sava Reinsurance Company d. d.
151,982,420
1,972,900
150,009,520
Pozavarovalnica Triglav Re, d. d.
116,839,911
448,261
116,391,650
SID – First Credit Insurance Company Inc.
OTHER COMPANIES: Sklad obrtnikov in podjetnikov REINSURANCE COMPANIES:
Source: SIA
statistical insurance bulletin 2016
27
Share of SIA members with regard to collected premiums in 2015 (in %) TOTAL
Life
100
100
100
Zavarovalnica Triglav, d. d.
29.61
30.87
29.10
Adriatic Slovenica, Zavarovalna družba d. d.
15.00
10.64
16.75
Vzajemna Mutual Health Insurance Company, d. v. z.
13.94
–
19.53
Zavarovalnica Maribor, d. d.
12.56
INSURANCE – TOTAL
Non-life
12.62
12.77
Triglav, Health insurance company, Ltd
5.51
–
7.73
GENERALI zavarovalnica, d. d.
4.58
4.78
4.50
Zavarovalnica Tilia, d. d.
4.03
1.41
5.09
Modra zavarovalnica, d. d.
4.00
13.95
0.00
NLB Vita življenjska zavarovalnica d. d.
3.16
10.68
0.15
Merkur zavarovalnica, d. d.
2.33
6.73
0.56
GRAWE Zavarovalnica, d. d.
1.81
3.54
1.12
Wiener Städtische zavarovalnica, Branch Office Ljubljana
1.38
3.15
0.68
SID – First Credit Insurance Company Inc.
0.78
–
1.10
ERGO zavarovalnica, podružnica v Sloveniji
0.42
0.30
0.47
Allianz Insurance Company, Branch Office Ljubljana
0.37
–
0.52
Sklad obrtnikov in podjetnikov
0.20
0.69
–
ERGO Življenjska zavarovalnica d. d.
0.15
0.51
–
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
0.10
–
0.14
REINSURANCE – TOTAL
100
100
100
Sava Reinsurance Company d. d.
56.54
81.49
56.31
Pozavarovalnica Triglav Re, d. d.
43.46
18.51
43.69
TOTAL
Life
Non-life
Modra zavarovalnica, d. d.
123.47
123.47
119.85
ERGO zavarovalnica, podružnica v Sloveniji
119.16
85.37
132.51
Source: SIA
Premium growth index of SIA members in 2015 INSURANCE
Sklad obrtnikov in podjetnikov
117.84
117.84
–
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
115.71
–
115.71
NLB Vita življenjska zavarovalnica d. d.
113.37
112.82
132.12
GRAWE Zavarovalnica, d. d.
110.34
102.03
123.02
Vzajemna Mutual Health Insurance Company, d. v. z.
106.68
–
106.68
Wiener Städtische zavarovalnica, Branch Office Ljubljana
106.39
106.53
106.14
GENERALI zavarovalnica, d. d.
103.12
110.11
100.40
Allianz Insurance Company, Branch Office Ljubljana
102.62
–
102.62
Insurance – TOTAL
101.95
105.71
100.52
Merkur zavarovalnica, d. d.
101.78
101.38
103.79
Triglav, Health insurance company, Ltd
101.43
–
101.43
Zavarovalnica Maribor, d. d.
99.71
97.08
100.82
Adriatic Slovenica, Zavarovalna družba d. d.
99.61
112.02
96.87
Zavarovalnica Triglav, d. d.
98.93
100.51
98.28
Zavarovalnica Tilia, d. d.
95.19
94.65
95.25
SID – First Credit Insurance Company Inc.
92.60
–
92.60
ERGO Življenjska zavarovalnica d. d.
77.64
77.64
–
REINSURANCE Sava Reinsurance Company d. d.
115.73
71.92
116.67
Reinsurance – TOTAL
113.66
77.13
114.15
Pozavarovalnica Triglav Re, d. d.
111.07
113.23
111.06
Source: SIA
statistical insurance bulletin 2016
28
SIA members with regard to life premium (excluding VSPI) in 2015 VSPI (in EUR)
Life premiums without VSPI (in EUR)
TOTAL
77,236,658
Zavarovalnica Triglav, d. d. Zavarovalnica Maribor, d. d. NLB Vita življenjska zavarovalnica d. d. Adriatic Slovenica, Zavarovalna družba d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. GENERALI zavarovalnica, d. d. GRAWE Zavarovalnica, d. d.
Growth index of life premiums without VSPI
488,686,181
Share with regard to life premiums without VSPI (in %) 100
14,613,360
160,111,418
32.76
100.35
0
72,258,443
14.79
97.08 112.82
103.14
0
60,422,026
12.36
4,612,407
55,601,690
11.38
105.14
0
38,071,353
7.79
101.38
54,376,278
24,544,466
5.02
118.46
3,634,613
23,421,788
4.79
109.53
0
20,005,400
4.09
102.03
Wiener Städtische zavarovalnica, Branch Office Ljubljana
0
17,798,278
3.64
106.53
Zavarovalnica Tilia, d. d.
0
7,953,040
1.63
94.65
Sklad obrtnikov in podjetnikov
0
3,911,803
0.80
117.84
ERGO Življenjska zavarovalnica d. d.
0
2,895,888
0.59
77.64
ERGO zavarovalnica, podružnica v Sloveniji
0
1,690,588
0.35
85.37
Number of employees (as at 31 December)
Premiums per employee (in EUR)
Premiums per employee growth index 116.20
Source: SIA
Operating efficiency of SIA members in 2015
INSURANCE NLB Vita življenjska zavarovalnica d. d.
40
1,562,311
Modra zavarovalnica, d. d.
56
1,409,427
119.06
Triglav, Health insurance company, Ltd
84
1,296,497
101.43
Wiener Städtische zavarovalnica, Branch Office Ljubljana Vzajemna Mutual Health Insurance Company, d. v. z. Allianz Insurance Company, Branch Office Ljubljana Insurance – TOTAL Zavarovalnica Maribor, d. d. Merkur zavarovalnica, d. d.
28
976,667
110.19
319
863,066
95.98
12
606,840
111.17
6,174
319,948
100.04
809
308,093
100.32
161
285,752
104.95
Adriatic Slovenica, Zavarovalna družba d. d.
1,092
271,347
93.68
Zavarovalnica Triglav, d. d.
2,341
249,837
99.95
409
221,292
99.85
71
217,953
92.60
388
205,379
94.70
11
185,358
105.19
197
181,734
104.18
GENERALI zavarovalnica, d. d. SID – First Credit Insurance Company Inc. Zavarovalnica Tilia, d. d. ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia GRAWE Zavarovalnica, d. d. ERGO Življenjska zavarovalnica d. d.
21
137,899
85.04
Sklad obrtnikov in podjetnikov
38
102,942
89.93
ERGO zavarovalnica, podružnica v Sloveniji
97
85,921
94.59
46
2,539,998
108.65
143
1,879,876
106.50
97
1,566,829
106.19
REINSURANCE Pozavarovalnica Triglav Re, d. d. Reinsurance – TOTAL Sava Reinsurance Company d. d. Source: SIA
statistical insurance bulletin 2016
29
Adriatic Slovenica, Zavarovalna družba d. d. Ljubljanska cesta 3a, SI-6503 Koper www.as.si, www.as-skupina.si
T: (+386) 5 66 43 100
E:
[email protected]
F: (+386) 5 66 43 109
Tax number: SI63658011
Identification number: 5063361
Chairman of the supervisory board: Matjaž GANTAR, MSc
Number of employees (31 December 2015): 1,092
Number of top-level business units: 11
Chairman of the board of management: Gabrijel ŠKOF
Members of the board of management: Varja DOLENC, MSc Matija ŠENK
Share of foreign capital (31 December 2015): 0%
Number of other business units: 46
Biggest shareholders and their shares: KD Group, d. d., Ljubljana 100%
Type of company: composite insurance company
Gross written premiums 2015: EUR 296,310,561
Organisational form: joint-stock company
Date of registration: 20 November 1990
Breakdown of total insurance premiums in 2015 (in %) 5.65 Accident
33.97 Health
11.53 Land
motor vehicle
5.33 Fire
and natural forces 4.04 Other damage to property 13.52 Motor
vehicle liability
2.48 General
liability
18.76 Life 1.56 Pension 3.17 Other
statistical insurance bulletin 2016
30
Allianz Insurance Company, Branch Office Ljubljana Dimičeva ulica 16, SI-1000 Ljubljana www.allianz.si
T: (+386) 1 58 09 480
E:
[email protected]
F: (+386) 1 58 09 481
Tax number: SI64656187
Identification number: 2345722
Director of the branch: Mateja GERONI
Number of employees (31 December 2015): 12
Number of top-level business units: 1
Type of company: non-life insurance company
Organisational form: branch of EU insurance company
Share of foreign capital (31 December 2015): 100%
Date of registration: 22 November 2007
Biggest shareholders and their shares: Allianz Hungária Biztósitó Zártkörüen Müködő Részvénytársaság, Budapest 100%
Number of other business units: –
Gross written premiums 2015: EUR 7,282,081
Breakdown of total insurance premiums in 2015 (in %)
22.89 Fire
and natural forces
22.13 Other
damage to property
51.01 General
liability
1.88 Miscellaneous 2.08 Other
financial loss
statistical insurance bulletin 2016
31
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia Železna cesta 14, SI-1000 Ljubljana www.arag.si T: (+386) 1 23 64 181 E:
[email protected] F: (+386) 1 43 64 391 Tax number: SI60153555
Identification number: 6186238
Director of the branch: Marko VONČINA
Number of employees (31 December 2015): 11
Number of top-level business units: 1
Type of company: legal protection insurance company
Organisational form: branch of EU insurance company
Share of foreign capital (31 December 2015): 100%
Biggest shareholders and their shares: ARAG SE, Düsseldorf 100%
Date of registration: 4 July 2012
Number of other business units: 1
Gross written premiums 2015: EUR 2,038,935
Breakdown of total insurance premiums in 2015 (in %)
100.00 Legal
expenses
statistical insurance bulletin 2016
32
ERGO zavarovalnica, podružnica v Sloveniji Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče www.ergo.si T: (+386) 1 60 05 800 E:
[email protected]
F: (+386) 1 60 05 806
Tax number: SI81287763
Identification number: 2118629
Director of the branch: Andrej KOCIČ, MSc
Number of employees (31 December 2015): 97
Number of top-level business units: 1
Type of company: composite insurance company
Organisational form: branch of EU insurance company
Share of foreign capital (31 December 2015): 100%
Biggest shareholders and their shares: ERGO Austria International AG, Vienna 100%
Date of registration: 25 May 2005
Number of other business units: –
Gross written premiums 2015: EUR 8,334,344
Breakdown of total insurance premiums in 2015 (in %) 9.56 Accident
31.74 Land
motor vehicle
8.73 Other
damage to property
25.81 Motor
20.28 Life
3.88 Other
vehicle liability
statistical insurance bulletin 2016
33
ERGO Življenjska zavarovalnica d. d. Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče www.ergo.si T: (+386) 1 60 05 040 E:
[email protected]
F: (+386) 1 60 05 039
Tax number: SI33416133
Identification number: 3356493
Chairman of the supervisory board: Harald LONDER
Number of employees (31 December 2015): 21
Number of top-level business units: 1
Chairman of the board of management: Andrej KOCIČ, MSc
Member of the board of management: Borut ERŽEN, PhD
Share of foreign capital (31 December 2015): 100%
Biggest shareholders and their shares: ERGO Austria International AG, Vienna 100%
Type of company: life insurance company
Number of other business units: –
Gross written premiums 2015: EUR 2,895,888
Organisational form: joint-stock company
Date of registration: 1 July 2008
Breakdown of total insurance premiums in 2015 (in %)
100.00 Life
statistical insurance bulletin 2016
34
GENERALI zavarovalnica, d. d. Kržičeva ulica 3, SI-1000 Ljubljana www.generali.si T: (+386) 1 47 57 100 E:
[email protected]
F: (+386) 1 47 57 103
Tax number: SI88725324
Identification number: 5186684
Chairman of the supervisory board: Martin VRECION
Number of employees (31 December 2015): 409
Number of top-level business units: 10
Chairman of the board of management: Vanja HROVAT
Member of the board of management: Gregor PILGRAM
Share of foreign capital (31 December 2015): 100%
Biggest shareholders and their shares: Generali CEE Holding B.V., Prague 99.9 %
Type of company: composite insurance company
Number of other business units: –
Gross written premiums 2015: EUR 90,508,228
Organisational form: joint-stock company
Date of registration: 18 March 1997
Breakdown of total insurance premiums in 2015 (in %) 7.64 Accident
17.04 Land
11.90 Fire
motor vehicle
and natural forces
8.05 Other
damage to property
19.02 Motor
vehicle liability
3.91 General liability 1.26 Assistance
25.88 Life
4.02 Pension 1.29 Other
statistical insurance bulletin 2016
35
GRAWE Zavarovalnica, d. d. Gregorčičeva ulica 39, SI-2000 Maribor www.grawe.si T: (+386) 2 22 85 500 E:
[email protected]
F: (+386) 2 22 85 526
Tax number: SI59896469
Identification number: 5450900
Chairman of the supervisory board: Othmar EDERER, PhD
Number of employees (31 December 2015): 197
Number of top-level business units: 2
Chairman of the board of management: Božo EMERŠIČ, MSc, MBA
Members of the board of management: Simon HUSAR Marko MIKIĆ Helga RUDORFER, MSc
Share of foreign capital (31 December 2015): 100%
Type of company: composite insurance company
Gross written premiums 2015: EUR 35,801,539
Number of other business units: 15
Biggest shareholders and their shares: Grazer Wechselseitige Versicherung AG, Graz 100%
Organisational form: joint-stock company
Date of registration: 23 January 1991
Breakdown of total insurance premiums in 2015 (in %) 9.21 Accident 8.14 Land 2.51 Fire
motor vehicle
and natural forces
11.28 Other
damage to property
10.21 Motor
vehicle liability
1.50 General
liability
55.88 Life
1.27 Other
statistical insurance bulletin 2016
36
Merkur zavarovalnica, d. d. Dunajska cesta 58, SI-1000 Ljubljana www.merkur-zav.si T: (+386) 1 30 05 450 E:
[email protected]
F: (+386) 1 43 61 092
Tax number: SI74079778
Identification number: 5648246
Chairman of the supervisory board: Christian KLADIVA
Number of employees (31 December 2015): 161
Number of top-level business units: 2
Chairman of the board of management: Denis STROLIGO
Member of the board of management: Terence J. TAYLOR, MSc
Share of foreign capital (31 December 2015): 100%
Biggest shareholders and their shares: Merkur International Holding AG, Graz 100%
Type of company: composite insurance company
Number of other business units: 2
Gross written premiums 2015: EUR 46,006,129
Organisational form: joint-stock company
Date of registration: 18 November 1992
Breakdown of total insurance premiums in 2015 (in %) 11.74 Accident 1.70 Fire and natural forces 2.27 Other damage to property
82.75 Life
1.53 Other
statistical insurance bulletin 2016
37
Modra zavarovalnica, d. d. Dunajska cesta 119, SI-1000 Ljubljana www.modra-zavarovalnica.si
T: (+386) 1 47 46 800
E:
[email protected]
F: (+386) 1 47 46 754
Tax number: SI21026912
Identification number: 6031226
Chairman of the supervisory board: Aleš GROZNIK, PhD
Number of employees (31 December 2015): 56
Number of top-level business units: 1
Chairman of the board of management: Borut JAMNIK
Member of the board of management: Matija DEBELAK, MSc
Share of foreign capital (31 December 2015): 0%
Type of company: pension insurance company
Biggest shareholders and their shares: Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., Ljubljana 100%
Organisational form: joint-stock company
Gross written premiums 2015: EUR 78,927,894
Number of other business units: –
Date of registration: 3 October 2011
Breakdown of total insurance premiums in 2015 (in %) 0.01 Accident
31.10 Life
68.89 Pension
statistical insurance bulletin 2016
38
NLB Vita življenjska zavarovalnica d. d. Trg republike 3, SI-1520 Ljubljana www.nlbvita.si T: (+386) 1 47 65 800 E:
[email protected] F: (+386) 1 47 65 818 Tax number: SI70292825
Identification number: 1834665
Chairman of the supervisory board: Johan B. P. DAEMEN
Number of employees (31 December 2015): 40
Number of top-level business units: 1
Chairman of the board of management: Barbara SMOLNIKAR, PhD
Member of the board of management: Irena PRELOG, MSc
Share of foreign capital (31 December 2015): 50%
Type of company: life insurance company
Biggest shareholders and their shares: KBC Insurance NV, Leuven 50% Nova Ljubljanska banka, d. d., Ljubljana 50%
Organisational form: joint-stock company
Gross written premiums 2015: EUR 62,492,455
Number of other business units: –
Date of registration: 4 June 2003
Breakdown of total insurance premiums in 2015 (in %) 2.62 Accident 0.69 Health
96.69 Life
statistical insurance bulletin 2016
39
Pozavarovalnica Triglav Re, d. d. Miklošičeva cesta 19, SI-1000 Ljubljana www.triglavre.si
T: (+386) 1 47 47 900
E:
[email protected]
F: (+386) 1 43 31 419
Tax number: SI16465423
Identification number: 1362992
Chairman of the supervisory board: Andrej SLAPAR
Number of employees (31 December 2015): 46
Number of top-level business units: 1
Chairman of the board of management: Gregor STRAŽAR, MSc
Members of the board of management: Tomaž ROTAR Stanislav VRTUNSKI
Share of foreign capital (31 December 2015): 0%
Number of other business units: –
Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100%
Type of company: reinsurance company
Gross written premiums 2015: EUR 116,839,911
Organisational form: joint-stock company
Date of registration: 31 December 1998
Breakdown of total reinsurance premiums in 2015 (in %) 3.95 Accident 9.43 Land
motor vehicle
2.41 Ship 1.58 Goods
in transit
38.86 Fire
and natural forces
25.06 Other
7.87 Motor
damage to property
vehicle liability
3.12 General liability 2.80 Credit 1.41 Miscellaneous financial 3.52 Other
loss
statistical insurance bulletin 2016
40
Sava Reinsurance Company d. d. Dunajska cesta 56, SI-1000 Ljubljana www.sava-re.si T: (+386) 1 47 50 200 E:
[email protected] F: (+386) 1 47 50 264 Tax number: SI17986141
Identification number: 5063825
Chairman of the supervisory board: Branko TOMAŽIČ
Number of employees (31 December 2015): 97
Number of top-level business units: 1
Chairman of the board of management: Zvonko IVANUŠIČ, MSc
Members of the board of management: Srečko ČEBRON Jošt DOLNIČAR Mateja TREVEN, MSc
Share of foreign capital (31 December 2015): 29.9%
Type of company: reinsurance company
Number of other business units: –
Biggest shareholders and their shares: Slovenian Sovereign Holding d. d., Ljubljana 25.0% Societe Generale – Splitska banka, d. d., Split – custody account 9.8% European Bank for Reconstruction and Development, London 6.2% Raiffeisen Bank Austria, d. d., Dunaj – custody account 4.4% Sava Reinsurance Company d. d., Ljubljana (own shares) 4.3%
Organisational form: joint-stock company
Gross written premiums 2015: EUR 151,982,420
Date of registration: 28 December 1990
Breakdown of total reinsurance premiums in 2015 (in %) 6.19 Accident 1.42 Health 10.81 Land
motor vehicle
2.48 Ship 3.27 Goods
in transit
44.53 Fire
and natural forces
14.06 Other
8.25 Motor
damage to property
vehicle liability
3.15 General 1.30 Life 4.55 Other
liability
statistical insurance bulletin 2016
41
SID – First Credit Insurance Company Inc. Davčna ulica 1, SI-1000 Ljubljana www.sid-pkz.si T: (+386) 1 20 05 800. 20 05 810 E:
[email protected] F: (+386) 1 42 58 445 Tax number: SI71824847
Identification number: 1903209
Chairman of the supervisory board: Jožef BRADEŠKO
Number of employees (31 December 2015): 71
Number of top-level business units: 1
Chairman of the board of management: Ladislav ARTNIK
Members of the board of management: Barbara KUNC Igor PIRNAT, MSc
Share of foreign capital (31 December 2015): 0%
Type of company: credit insurance company
Number of other business units: –
Biggest shareholders and their shares: SID – Slovenska izvozna in razvojna banka, d. d., Ljubljana 100%
Gross written premiums 2015: EUR 15,474,671
Organisational form: joint-stock company
Date of registration: 31 December 2004
Breakdown of total insurance premiums in 2015 (in %)
100.00 Credit
statistical insurance bulletin 2016
42
Sklad obrtnikov in podjetnikov Vošnjakova ulica 6, SI-1000 Ljubljana www.sop.si T: (+386) 1 30 03 611 E:
[email protected] F: (+386) 1 43 18 303 Tax number: SI39155790
Identification number: 5147344
Chairman of the supervisory board: Jaka VADNJAL, PhD
Number of employees (31 December 2015): 38
Number of top-level business units: 1
Chairman of the board of management: Bojan JEAN, MSc
Member of the board of management: Božidar MAROT, MSc
Share of foreign capital (31 December 2015): 0%
Biggest shareholders and their shares: not a joint-stock company
Type of company: pension fund
Number of other business units: –
Gross written premiums 2015: EUR 3,911,803
Organisational form: mutual company
Date of registration: 23 August 1956
Breakdown of total insurance premiums in 2015 (in %)
100.00 Life
statistical insurance bulletin 2016
43
Skupna pokojninska družba, d. d. Trg republike 3, SI-1000 Ljubljana www.skupna.si T: (+386) 1 47 00 840 E:
[email protected] F: (+386) 1 47 00 853 Tax number: SI17849942
Identification number: 1584774
Chairman of the supervisory board: Tadej ČOROLI
Number of employees (31 December 2015): 18
Number of top-level business units: 1
Chairman of the board of management: Aljoša URŠIČ
Member of the board of management: Peter KRASSNIG
Share of foreign capital (31 December 2015): 0%
Type of company: pension insurance company
Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 71.9% Nova Ljubljanska banka, d. d., Ljubljana 28.1%
Organisational form: joint-stock company
Gross written premiums 2015: EUR 28,265,905
Number of other business units: –
Date of registration: 19 December 2000
Breakdown of total insurance premiums in 2015 (in %)
100.00 Pension
statistical insurance bulletin 2016
44
Triglav, Health insurance company, Ltd Pristaniška ulica 10, SI-6000 Koper www.zdravstvena.net T: (+386) 5 66 22 000 E:
[email protected]
F: (+386) 5 66 22 002
Tax number: SI50250957
Identification number: 5848091
Chairman of the supervisory board: Tadej ČOROLI
Number of employees (31 December 2015): 84
Number of top-level business units: 14
Chairman of the board of management: Meta BERK SKOK, MSc
Member of the board of management: Simon VIDMAR, MSc
Share of foreign capital (31 December 2015): 0%
Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100%
Type of company: health insurance company
Number of other business units: –
Gross written premiums 2015: EUR 108,905,726
Organisational form: joint-stock company
Date of registration: 18 November 2002
Breakdown of total insurance premiums in 2015 (in %) 0.18 Accident
99.82 Health
statistical insurance bulletin 2016
45
Vzajemna Mutual Health Insurance Company, d. v. z. Vošnjakova ulica 2, SI-1000 Ljubljana www.vzajemna.si T: (+386) 1 47 18 700 E:
[email protected]
F: (+386) 1 47 18 850
Tax number: SI87984385
Identification number: 1430521
Chairman of the supervisory board: Aleksandra PODGORNIK, MSc
Number of employees (31 December 2015): 319
Number of top-level business units: 9
Chairman of the board of management: Aleš MIKELN, MBA
Members of the board of management: Neven CVITANOVIĆ, MSc Katja JELERČIČ, MSc
Share of foreign capital (31 December 2015): 0%
Number of other business units: 43
Biggest shareholders and their shares: not a joint-stock company
Type of company: health insurance company
Gross written premiums 2015: EUR 275,317,965
Organisational form: mutual company
Date of registration: 1 November 1999
Breakdown of total insurance premiums in 2015 (in %) 1.21 Accident
98.79 Health
statistical insurance bulletin 2016
46
Wiener Städtische zavarovalnica, Branch Office Ljubljana Masarykova cesta 14, SI-1000 Ljubljana www.wienerstaedtische.si
T: (+386) 1 30 01 700
E:
[email protected]
F: (+386) 1 30 01 709
Tax number: SI35452846
Identification number: 1983652
Directors of the branch: Tomo MRĐEN, MSc Michael KÖPF
Number of employees (31 December 2015): 28
Type of company: composite insurance company
Number of other business units: –
Share of foreign capital (31 December 2015): 100%
Organisational form: branch of EU insurance company
Date of registration: 24 August 2004
Number of top-level business units: 2
Biggest shareholders and their shares: Wiener Städtische Versicherung AG Vienna Insurance Group, Vienna 100%
Gross written premiums 2015: EUR 27,346,677
Breakdown of total insurance premiums in 2015 (in %) 1.99 Accident 7.29 Fire
and natural forces
10.05 Other
damage to property
13.56 General
liability
2.02 Miscellaneous
65.08 Life
0.01 Other
financial loss
statistical insurance bulletin 2016
47
Zavarovalnica Maribor, d. d. Cankarjeva ulica 3, SI-2507 Maribor www.zav-mb.si T: (+386) 2 23 32 100 E:
[email protected] F: (+386) 2 23 32 530 Tax number: SI44814631
Identification number: 5063400
Chairman of the supervisory board: Zvonko IVANUŠIČ
Number of employees (31 December 2015): 809
Number of top-level business units: 10
Chairman of the board of management: David KASTELIC, MSc
Members of the board of management: Borut CELCER, MSc Rok MOLJK Robert CIGLARIČ
Share of foreign capital (31 December 2015): 0%
Type of company: composite insurance company
Gross written premiums 2015: EUR 249,246,862
Number of other business units: 384
Biggest shareholders and their shares: Sava Reinsurance Company d. d., Ljubljana 100%
Organisational form: joint-stock company
Date of registration: 26 December 1990
Breakdown of total insurance premiums in 2015 (in %) 7.44 Accident
19.60 Land
9.03 Fire
motor vehicle
and natural forces
5.93 Other
damage to property
18.90 Motor
vehicle liability
4.14 General
liability
2.65 Assistance
28.99 Life
3.31 Other
statistical insurance bulletin 2016
48
Zavarovalnica Tilia, d. d. Seidlova cesta 5, SI-8000 Novo mesto www.zav-tilia.si T: (+386) 7 39 17 200 E:
[email protected] F: (+386) 7 39 17 310 Tax number: SI40090043
Identification number: 5063426
Chairman of the supervisory board: Zvonko IVANUŠIČ, MSc
Number of employees (31 December 2015): 388
Number of top-level business units: 14
Chairman of the board of management: Tadej AVSEC, MSc
Member of the board of management: Jaka DOLENC
Share of foreign capital (31 December 2015): 0%
Biggest shareholders and their shares: Sava Reinsurance Company d. d., Ljubljana 100%
Type of company: composite insurance company
Number of other business units: 39
Gross written premiums 2015: EUR 79,686,986
Organisational form: joint-stock company
Date of registration: 27 December 1990
Breakdown of total insurance premiums in 2015 (in %) 10.08 Accident
29.23 Land
9.16 Fire
motor vehicle
and natural forces
7.71 Other
damage to property
26.92 Motor
vehicle liability
3.83 General liability 1.96 Assistance 9.98 Life 1.12 Other
statistical insurance bulletin 2016
49
Zavarovalnica Triglav, d. d. Miklošičeva cesta 19, SI-1000 Ljubljana www.triglav.eu T: (+386) 1 47 47 200 E:
[email protected] F: (+386) 1 43 26 302 Tax number: SI80040306
Identification number: 5063345
Chairman of the supervisory board: – Vice chairman: Gregor KASTELIC, MSc
Number of employees (31 December 2015): 2,341
Number of top-level business units: 13
Chairman of the board of management: Andrej SLAPAR
Members of the board of management: Uroš IVANC Benjamin JOŠAR Tadej ČOROLI Marica MAKOTER
Share of foreign capital (31 December 2015): 17.1%
Type of company: composite insurance company
Number of other business units: 140
Biggest shareholders and their shares: Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Ljubljana 34.5% Slovenska odškodninska družba, d. d., Ljubljana 28.1% Hypo Alpe-Adria-Bank, d. d., Zagreb 6.3% Balkan Fund, Luksemburg 1.4% Hrvatska poštanska banka, d. d., Zagreb 1.4%
Organisational form: joint-stock company
Gross written premiums 2015: EUR 584,869,502
Date of registration: 28 December 1990
Breakdown of total insurance premiums in 2015 (in %) 5.00 Accident
16.09 Land
9.20 Fire
motor vehicle
and natural forces
11.71 Other
damage to property
15.19 Motor
vehicle liability
4.99 General
liability
4.11 Credit 1.31 Assistance
27.38 Life
2.50 Pension 2.52 Other
Speleobiology is the biological science of the life of animals in the underground environment. The olm is without doubt the best-known cave animal. It was also in Postojna Cave that the first cave beetle, the drobnovratnik (Leptodirus hochenwartii) was discovered. Biological literature refers to more than 130 species of animals inhabiting the Postojna-Planina cave system; of these, 84 are proper cave species, which is a world record.
statistical insurance bulletin 2016
4.)
51
Employees in 2015
The workforce in employment totalled 804,637 in Slovenia last year. Close to 1% of those persons were employed at insurance and reinsurance companies. Given that they generate close to 6% of GDP, those companies contribute significantly to the performance of the Slovenian economy. Excluding their branch offices registered in the rest of the world, SIA members had 6,260 employees as at 31 December 2015, of which 6,117 were employed by insurance companies. In the context of a contraction in the workforce in employment and despite minor fluctuations, the number of employees at insurance companies has been declining since 2008, although an increase of 59 or 1% was recorded last year. At 6.7%, growth in the number of employees was higher at reinsurance companies, which hired 143 people last year. There was a barely noticeable increase in the average number of employees at insurance companies relative to the previous year, while the average number of employees was up by 11.9% at reinsurance companies. The majority of employees are women, who have accounted for around 58% of total employees for several years (57.8% at insurance companies and 62.9% at reinsurance companies last year). The educational structure of both genders is similar, and is constantly improving. The majority of employees at insurance companies continues to be persons with general upper-secondary and/or secondary technical education (39.7%). That number was down 2.7% on the previous year and down 7% relative to 2010. In contrast, the number of employees with at least a post-secondary education is rising. Those employees comprise considerably more women than men. The number of employees with a Level 6 education was up by 5.5% relative to the previous year. Those persons accounted for 31.3% (1,914) of all employees in the year under review. The number of persons with a Level
7 education was up 6%, with those persons accounting for 21% (1,283) of all employees. In terms of the formal level of education, the number of employees with a master’s degree recorded the highest growth in previous years. However, that number fell last year for the second year in a row, by 14.8%. The average level of education is even better at reinsurance companies, where 80.4% of all employees have at least a Level 6 education. A total of 2,812 or 46% of all employees were involved in the sale of insurance in 2015, an increase of 1.4 percentage points on the previous year. In contrast to other employees, the number of sales staff was up by 4.1%. The majority or 26.7% of those employees are internal insurance agents, two thirds of whom are men. Women are prevalent in other forms of insurance sales. A total of 11.8% of sales staff performed counter sales, while 2.3% were involved in distance marketing. Here it should be noted that more than a quarter of sales staff were not classified to the previously stated groups. More than 90% of employees were full-time, permanent workers. Primarily the number of parttime workers has increased in recent years, in part due to the exercising of a mother’s right to reduced working hours until a child reaches the age of three or enrols in school. Fluctuation is relativly low. Insurance companies laid off 536 workers last year or 8.8% of the total number of employees, which is one fifth less than the previous year. The number of new employees was also down by a similar amount, with new employees accounting for 9.8% of the average number of employees. The total number of hours worked by employees is increasing in line with the number of employees. However, the overall absenteeism rate at insurance companies rose last year following a better rate in the previous three years. A total of 530,309 hours or
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52
Employees in 2014 and 2015 (31 December) – insurance1 2014
2015
Growth index
TOTAL
Men
Women
TOTAL
Men
Women
Number of employees
6,058
2,562
3,496
6,117
2,584
3,533
100.97
Average number of employees
6,088
…
…
6,100
…
…
100.20
42
18
24
33
10
23
78.57
276
182
94
266
178
88
96.38
2,495
1,054
1,441
2,428
1,027
1,401
97.31
832
350
482
867
376
491
104.21
982
349
633
1,047
367
680
106.62
1,210
499
711
1,283
527
756
106.03
209
100
109
178
90
88
85.17
12
10
2
15
9
6
125.00
2,700
1,380
1,320
2,812
1,411
1,401
104.15
299
40
259
331
48
283
110.70
Number of employees by level of formal education 1–3 Primary and lower 4 Secondary 5 General upper secondary, secondary vocational-technical, secondary technical or other vocational education 6/1 Higher education programme (until 1994) and higher vocational education programme 6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic higher education programme (Bologna first-cycle programme) 7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna second-cycle programme) 8/1 Specialisation following academic degree and master of science study programme 8/2 Doctorate of science and doctorate of science (Bologna third-cycle programme) Number of employees by business function Sales employees Employees on counter sales Employees on telephone, internet sales Internal agents Other sales employees not indicated above
58
9
49
65
10
55
112.07
1,623
1,046
577
1,636
1,043
593
100.80
720
285
435
780
310
470
108.33
3,358
1,182
2,176
3,305
1,173
2,132
98.42
Full working time
5,722
2,476
3,246
5,776
2,499
3,277
100.94
Part working time
336
86
250
341
85
256
101.49
Permanent
5,559
2,350
3,209
5,584
2,353
3,231
100.45
Fixed-term
499
212
287
533
231
302
106.81
Number of new employees
622
…
…
599
…
…
96.30
Number of employees who left the company
658
…
…
536
…
…
81.46
Gross employee turnover rate (in %)
21.03
…
…
18.61
…
…
88.50
Net employee turnover rate (in %)
–0.59
…
…
1.03
…
…
374.66
12,042,733
…
…
12,186,644
…
…
101.20
3.72
…
…
4.35
…
…
116.97
Share of absenteeism chargeable to company (in %)
2.11
…
…
2.36
…
…
111.75
Share of absenteeism chargeable to HIIS (in %)
1.61
…
…
1.99
…
…
123.84
Other employees Number of employees in terms of working time
Number of employees by type of employment contract
Employee turnover
Absenteeism Total number of working hours of all employees Overall share of absenteeism at company level (in %)
1 Data of branches, established abroad by SIA members, are not included. Source: SIA
4.4% of total working hours were lost last year due to sickness and injuries. Primarily the number of longterm sick leaves, which are covered by the HIIS, was up. In contrast, the absenteeism rate has fallen over the last two years at reinsurance companies, despite an increase in absolute terms, and has been lower than at insurance companies for several years (the rate was 2.9% last year).
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53
Employees in 2014 and 2015 (31 December) – reinsurance 2014
2015
Growth index
TOTAL
Men
Women
TOTAL
Men
Women
Number of employees
134
48
86
143
53
90
106.72
Average number of employees
125
…
…
140
…
…
111.94
1–3 Primary and lower
0
0
0
0
0
0
–
4 Secondary
9
2
7
8
2
6
88.89
14
1
13
14
1
13
100.00
5
4
1
6
4
2
120.00
10
0
10
11
0
11
110.00
69
28
41
76
32
44
110.14
25
12
13
26
13
13
104.00
2
1
1
2
1
1
100.00
Full working time
117
44
73
124
48
76
105.98
Part working time
17
4
13
19
5
14
111.76
Permanent
129
46
83
139
51
88
107.75
Fixed-term
5
2
3
4
2
2
80.00
19
…
…
10
…
…
52.63
Number of employees by level of formal education
5 General upper secondary, secondary vocational-technical, secondary technical or other vocational education 6/1 Higher education programme (until 1994) and higher vocational education programme 6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic higher education programme (Bologna first-cycle programme) 7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna secondcycle programme) 8/1 Specialisation following academic degree and master of science study programme 8/2 Doctorate of science and doctorate of science (Bologna third-cycle programme) Number of employees in terms of working time
Number of employees by type of employment contract
Employee turnover Number of new employees Number of employees who left the company
1
…
…
1
…
…
100.00
Gross employee turnover rate (in %)
16.01
…
…
7.87
…
…
49.14
Net employee turnover rate (in %)
14.41
…
…
6.44
…
…
44.67
243,336
…
…
262,598
…
…
107.92
Absenteeism Total number of working hours of all employees Overall share of absenteeism at company level (in %)
3.11
…
…
2.89
…
…
93.11
Share of absenteeism chargeable to company (in %)
1.77
…
…
1.78
…
…
100.83
Share of absenteeism chargeable to HIIS (in %)
1.34
…
…
1.11
…
…
82.92
Source: SIA
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The olm is fully adapted to life in the dark: its skin contains no protective pigment, it is very pale with a pinkish tint owing to the skin capillaries, and has atrophied eyes. It breathes through external gills, rudimentary lungs and its skin. It has a developed inner ear, which is both a balancing and auditory organ. It has two pairs of tiny legs that are set a long way apart, with three little digits on the front legs and two on the hind legs. It uses its fin-like tail to swim.
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5.)
55
Insurance and reinsurance activity in 2015
The economic crisis severely crippled the Slovenian economy in previous years, and thus contributed to the deteriorating results of the Slovenian insurance industry. The economic recovery, which was followed last year by increased domestic demand and private consumption in the context of a rise in purchasing power, also affected insurance sales. The Slovenian insurance market bottomed out in 2014 after several years of decline, and recorded positive growth in insurance premiums again in 2015. Favourable development can be seen primarily in life insurance, which is more dependent on the financial position of households due to its personal, long-term and frequently savings-oriented nature. Social pressures have a lesser effect on non-life insurance. Thus the contraction in such forms of insurance began later and was less severe, while the economic recovery likewise has less of an impact.
Insurance companies wrote EUR 1,975.4 m in premiums last year, which is comparable with the figure from penultimate year of the decline in premiums, i.e. 2013. Renewed growth was also recorded in the reinsurance segment, which at EUR 268.8 m in written premiums made even more progress, that figure being comparable with the level recorded in 2012. Despite occasional fluctuations, the proportion of the entire insurance industry accounted for by reinsurance has remained at a similar level, standing at 12% in 2015, the highest level of the last five years. Given the above-stated facts, the insurance industry represents an important economic sector, with SIA members generating 5.8% of GDP in 2015.
Proportion of insurance and reinsurance premiums in 2015 (in %) 11.98 Reinsurance
88.02 Insurance
Source: SIA
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56
5.1 Insurance activity
According to expectations, the rise in household purchasing power and improving corporate creditworthiness contributed to new decisions to purchase insurance products in 2015. The value of insurance premiums written thus rose for the first time after falling for several years, with that increase amounting to EUR 37.8 m or 2%. The nominal value of premiums written amounted to EUR 1,975.4 m. Both insurance groups recorded positive growth, in particular the life insurance market, which is more dependent on the economic situation and the financial position of households. Life insurance premiums rose by 5.3% to stand at EUR 565.9 bn. General economic activity has less of an impact on non-life insurance. Last year’s increase helped to the fact that non-life insurance remained at the level recorded in 2014, at EUR 1,409.4 m, following two years of decline. Contributing to an increase of just 0.5% are relatively well-developed market and the existence of stiff competition, particularly in the motor vehicle insurance segment. Higher growth in life insurance premiums contributed to the increased proportion of total premiums accounted for by that insurance group. That proportion rose to 28.7% following a four-year decline, while its highest level of 32.2% was recorded in 2007. An increase in the proportion accounted for by life insurance can be expected in the future, as well, in the context of positive economic growth. We can also expect other forms of personal insurance to develop, in particular new forms of health and pension insurance, on account of the increased awareness of households regarding the importance of such insurance for their financial security. Last year’s total written personal insurance premiums were up 3.8% to stand at EUR 1,143.7 m or 57.9% of the total insurance industry.
The ranking of premiums by insurance class was unchanged for the most part during the economic crisis, while the proportions accounted for by certain insurance classes, such as motor vehicle casco and health insurance, are rising. Health insurance has been the leading insurance class for several years, followed by classes unit-linked life insurance and life insurance. The proportion of GDP accounted for by the insurance industry has failed to rise, despite its success. Economic growth of 3.3% meant that insurance premiums only accounted for 5.1% of GDP last year, the lowest figure since 2003. Increased household purchasing power fuelled by economic growth meant that a Slovenian citizen spent an average of EUR 957.6 on life and non-life insurance, an increase of 1.9% relative to the previous year. Insurance density thus returned to the level recorded in 2013, but continues to lag behind the highest level recorded to date, in 2010, by EUR 65.5. The year 2015 was kind to insurance companies in terms of catastrophic loss events. Nevertheless, policyholders were paid claims for damages in the amount of EUR 1,350.9 m, or 1.9% more than a year earlier. Contributing most to that increase was a 7.6% rise in life insurance claims, while non-life insurance claims continue to decline. The overall claims ratio for the insurance sector was similar to that of the previous year, at 68.4%. The life insurance claims ratio was up 1.3 percentage points to stand at 72.7%, while the non-life insurance claims ratio fell 0.6 percentage points to stand at 66.7%. The personal insurance claims ratio also deteriorated, and reached its worst level of the last ten years at 75.7%.
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Insurance premiums, benefits and claims paid Year
Premiums (in EUR)
Premiums growth index
Insurance penetration (in %)
Benefits and claims paid (in EUR)
Benefits and claims paid growth index
2011
2,053,443,380
98.05
5.57
1,288,695,975
103.69
2012
2,054,063,483
100.03
5.71
1,388,341,046
107.73
2013
1,977,545,488
96.27
5.51
1,360,861,970
98.02
TOTAL
2014
1,937,555,622
97.98
5.19
1,326,061,109
97.44
2015
1,975,358,246
101.95
5.13
1,350,878,503
101.87
LIFE 2011
599,359,672
91.36
1.62
344,742,146
140.35
2012
596,964,885
99.60
1.66
433,482,055
125.74
2013
552,968,835
92.63
1.54
391,714,655
90.36
2014
535,361,119
96.82
1.44
382,139,601
97.56
2015
565,922,839
105.71
1.47
411,240,098
107.62
1,454,083,708
101.10
3.94
943,953,829
94.66
NON-LIFE 2011 2012
1,457,098,598
100.21
4.05
954,858,991
101.16
2013
1,424,576,653
97.77
3.97
969,147,315
101.50
2014
1,402,194,503
98.43
3.76
943,921,508
97.40
2015
1,409,435,407
100.52
3.66
939,638,405
99.55
Source: SIA, SORS
Breakdown of insurance premiums (in %) %
100
80
60
70.81
70.94
72.04
72.37
71.35
29.19
29.06
27.96
27.63
28.65
40
20 Non-life Life
0 2011
2012
2013
2014
2015
Source: SIA
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58
Insurance premiums, benefits and claims paid by insurance class in 2015 Insurance class
PREMIUMS Amount (in EUR)
BENEFITS AND CLAIMS PAID
Claims ratio (in %)
TOTAL
1,975,358,246
Share in total premiums (in %) 100
101.95
1,350,878,503
Share in total benefits and claims paid (in %) 100
101.87
68.39
NON-LIFE INSURANCE
1,409,435,407
71.35
100.52
939,638,405
69.56
99.55
66.67
Accident insurance
Growth index
Amount (in EUR)
Growth index
94,703,491
4.79
100.44
33,491,792
2.48
100.23
35.36
Health insurance
483,036,576
24.45
102.41
421,350,896
31.19
104.56
87.23
Land motor vehicle insurance
221,441,714
11.21
97.64
163,490,096
12.10
99.66
73.83
Railway rolling stock insurance
2,972,819
0.15
126.11
2,483,724
0.18
93.08
83.55
Aircraft insurance
1,051,538
0.05
144.94
167,842
0.01
213.11
15.96
Ship insurance
1,103,812
0.06
95.90
1,208,407
0.09
62.29
109.48
Goods in transit insurance Fire and natural forces insurance
7,675,020
0.39
101.37
1,625,741
0.12
55.87
21.18
115,825,867
5.86
101.60
52,359,523
3.88
84.66
45.21
Other damage to property insurance
118,879,834
6.02
100.57
59,427,501
4.40
78.61
49.99
Motor vehicle liability insurance
220,505,334
11.16
97.63
136,709,337
10.12
102.06
62.00 72.90
Aircraft liability insurance
1,334,144
0.07
104.19
972,588
0.07
144.93
Liability for ship insurance
1,169,487
0.06
99.61
79,767
0.01
27.43
6.82
General liability insurance
61,556,810
3.12
100.08
22,646,282
1.68
95.34
36.79
Credit insurance
43,735,163
2.21
103.75
25,183,049
1.86
105.95
57.58
1,952,377
0.10
115.19
384,814
0.03
64.20
19.71
Miscellaneous financial loss insurance
5,553,553
0.28
85.08
3,824,869
0.28
111.21
68.87
Legal expenses insurance
3,775,044
0.19
107.80
539,099
0.04
116.26
14.28
Assistance insurance
23,162,824
1.17
106.70
13,693,078
1.01
119.18
59.12
LIFE INSURANCE
565,922,839
28.65
105.71
411,240,098
30.44
107.62
72.67
257,539,681
13.04
98.66
211,021,759
15.62
101.75
81.94
Suretyship insurance
Life assurance Marriage assurance, birth assurance Unit-linked life insurance Tontine Capital redemption insurance Insurance of income loss due to accident or illness Pension insurance under ZPIZ-11 Copayment health insurance2 Supplementary insurance3 1 Included in life insurance group. 2 Included in health insurance class. 3 Included in life insurance class. Source: SIA
310,250
0.02
88.15
734,629
0.05
89.51
236.79
286,800,560
14.52
111.39
189,635,713
14.04
116.07
66.12
0
0.00
–
0
0.00
–
–
21,272,348
1.08
129.02
9,847,997
0.73
93.37
46.29
0
0.00
–
0
0.00
–
–
77,236,658
3.91
125.51
54,063,452
4.00
125.90
70.00
472,353,045
23.91
102.06
417,944,415
30.94
104.23
88.48
53,881,755
2.73
101.66
18,632,861
1.38
99.49
34.58
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59
Insurance premiums, benefits and claims paid by insurance class in 2015 (in EUR m) Aircraft Ship Liability for ship Aircraft liability Suretyship Railway rolling stock Legal expenses Miscellaneous financial loss Goods in transit Assistance Credit General liability Accident Fire and natural forces Other damage to property Motor vehicle liability Land motor vehicle Health Life 0 Premiums Benefits and claims paid Source: SIA
100
200
300
400
500
600
EUR m
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60
Personal Insurance1 Year
Premiums (in EUR)
Premiums growth index
2011
1,131,489,734
96.49
Benefits and claims paid (in EUR) 757,868,132
Benefits and claims paid growth index 116.37
Claims ratio (in %)
2012
1,166,897,360
103.13
869,049,728
114.67
74.48
66.98
2013
1,131,137,028
96.94
841,520,931
96.83
74.40
2014
1,101,326,482
97.36
818,547,674
97.27
74.32
2015
1,143,662,906
103.84
866,082,786
105.81
75.73
1 Life, health and accident insurance included. Source: SIA
Net insurance premiums, benefits and claims paid (in EUR) Year 2011
NET PREMIUMS
NET BENEFITS AND CLAIMS PAID
TOTAL
Life
Non-life
TOTAL
Life
Non-life
1,842,043,700
588,572,004
1,253,471,696
1,189,869,357
340,142,270
849,727,087 867,590,259
2012
1,810,661,375
583,715,974
1,226,945,401
1,295,643,731
428,053,472
2013
1,753,436,032
539,962,741
1,213,473,291
1,252,763,252
385,270,485
867,492,767
2014
1,719,689,953
520,898,695
1,198,791,258
1,232,614,773
375,385,924
857,228,849
2015
1,784,003,886
549,940,099
1,234,063,787
1,256,271,342
403,715,399
852,555,943
Source: SIA
Insurance density Year
Population1
INSURANCE DENSITY (in EUR)
INSURANCE DENSITY GROWTH INDEX
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2004
1,996,433
728.18
214.43
513.75
116.74
143.72
108.26
2005
1,997,590
775.52
232.70
542.82
106.50
108.52
105.66
2006
2,003,358
861.21
269.87
591.33
111.05
115.98
108.94
2007
2,010,377
942.10
303.06
639.04
109.39
112.30
108.07
2008
2,025,866
996.59
317.22
679.37
105.78
104.67
106.31
2009
2,032,362
1,019.96
310.03
709.93
102.34
97.73
104.50
2010
2,046,976
1,023.14
320.48
702.66
100.31
103.37
98.98
2011
2,050,189
1,001.59
292.34
709.24
97.89
91.22
100.94
2012
2,055,496
999.30
290.42
708.88
99.77
99.34
99.95
2013
2,058,821
960.52
268.59
691.94
96.12
92.48
97.61
2014
2,061,085
940.07
259.75
680.32
97.87
96.71
98.32
2015
2,062,874
957.58
274.34
683.24
101.86
105.62
100.43
1 As at 1 January. Source: SIA, SORS
statistical insurance bulletin 2016
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).
61
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62
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
• • • • • • •
•
• • • • •
Zavarovalnica Triglav, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Maribor, d. d.
• • • • • •
• •
• • • •
• •
• •
Wiener Städtische zavarovalnica, Branch Office Ljubljana
Vzajemna Mutual Health Insurance Company, d. v. z.
Triglav, Health insurance company, Ltd
Sklad obrtnikov in podjetnikov
SID – First Credit Insurance Company Inc.
NLB Vita življenjska zavarovalnica d. d.
Modra zavarovalnica, d. d.
Merkur zavarovalnica, d. d.
GRAWE Zavarovalnica, d. d.
GENERALI zavarovalnica, d. d.
ERGO Življenjska zavarovalnica d. d.
ERGO zavarovalnica, podružnica v Sloveniji
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Allianz Insurance Company, Branch Office Ljubljana
Insurance types by class
Adriatic Slovenica, Zavarovalna družba d. d.
Types of insurance by class and by SIA members in 2015
• •
• • • • • •
• • • • • • • • • • • • •
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 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
• • • • •
•
• • • •
Zavarovalnica Triglav, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Maribor, d. d.
Wiener Städtische zavarovalnica, Branch Office Ljubljana
Vzajemna Mutual Health Insurance Company, d. v. z.
Triglav, Health insurance company, Ltd
Sklad obrtnikov in podjetnikov
SID – First Credit Insurance Company Inc.
NLB Vita življenjska zavarovalnica d. d.
Modra zavarovalnica, d. d.
Merkur zavarovalnica, d. d.
GRAWE Zavarovalnica, d. d.
GENERALI zavarovalnica, d. d.
ERGO Življenjska zavarovalnica d. d.
ERGO zavarovalnica, podružnica v Sloveniji
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Allianz Insurance Company, Branch Office Ljubljana
Insurance types by class
63
Adriatic Slovenica, Zavarovalna družba d. d.
statistical insurance bulletin 2016
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 Marina liability insurance
• •
• • • • •
Carrier liability-for-freight insurance in maritime and inland waterways transport All other liability for ship insurance GENERAL LIABILITY INSURANCE General liability insurance Manufacturer liability-for-product insurance
• • • •
• • • •
• • • • • • • •
Building contractor contractual liability 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
• • • • • • • • • • • • •
Zavarovalnica Triglav, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Maribor, d. d.
Wiener Städtische zavarovalnica, Branch Office Ljubljana
Vzajemna Mutual Health Insurance Company, d. v. z.
Triglav, Health insurance company, Ltd
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • •
Installation contractor contractual liability insurance Manufacturer, dealer and contractor guarantee insurance
Sklad obrtnikov in podjetnikov
SID – First Credit Insurance Company Inc.
NLB Vita življenjska zavarovalnica d. d.
Modra zavarovalnica, d. d.
Merkur zavarovalnica, d. d.
GRAWE Zavarovalnica, d. d.
GENERALI zavarovalnica, d. d.
ERGO Življenjska zavarovalnica d. d.
ERGO zavarovalnica, podružnica v Sloveniji
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Allianz Insurance Company, Branch Office Ljubljana
Insurance types by class
64
Adriatic Slovenica, Zavarovalna družba d. d.
statistical insurance bulletin 2016
•
• • •
•
• • • •
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 Performance insurance Advance repayment insurance
• • • • •
• • • •
• • • •
• • • • •
Repair in warranty period insurance Guarantee for credit cards insurance Carnet insurance All other suretyship insurance
• • • •
Zavarovalnica Triglav, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Maribor, d. d.
Wiener Städtische zavarovalnica, Branch Office Ljubljana
Vzajemna Mutual Health Insurance Company, d. v. z.
Triglav, Health insurance company, Ltd
Sklad obrtnikov in podjetnikov
SID – First Credit Insurance Company Inc.
NLB Vita življenjska zavarovalnica d. d.
Modra zavarovalnica, d. d.
Merkur zavarovalnica, d. d.
GRAWE Zavarovalnica, d. d.
GENERALI zavarovalnica, d. d.
ERGO Življenjska zavarovalnica d. d.
ERGO zavarovalnica, podružnica v Sloveniji
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Allianz Insurance Company, Branch Office Ljubljana
Insurance types by class
65
Adriatic Slovenica, Zavarovalna družba d. d.
statistical insurance bulletin 2016
• • • • • • • • • •
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
•
• •
statistical insurance bulletin 2016
66
5.1.2 Life insurance
Information is more accessible today than it was twenty years ago. The average wage is higher, as is the proportion of the population with highest level of education, while awareness about the importance of personal financial security, now and in the future, has also increased. All of the aforementioned facts have contributed to the recent increased attractiveness of life insurance. Life insurance, including VSPI, represents the fastest growing and developing group of insurance, except during the economic crisis when it experienced the first and most significant contraction in the insurance portfolio due to increased social pressures. In the context of a recovery in private consumption, insurance companies once again wrote more life insurance premiums in 2015 than in the previous year. Those premiums totalled EUR 565.9 m and were driven by growth of EUR 30.5 m or 5.3%. The national economic importance of the aforementioned premiums thus increased, as they accounted for 1.5% of GDP last year, which is still 0.2 percentage points lower than ten years ago. an An average of EUR 274.3 per capita was spent on this type of insurance or EUR 14.5 more than in 2014. The importance of this insurance for consumers can also be seen in the increased proportion of total premiums accounted for by life insurance premiums (28.7%). Primarily unit-linked insurance and capital redemption insurance contributed to the positive results generated
by life insurance. Following several years of decline in premiums from unit-linked insurance, which was the most popular class of life insurance between 2006 and 2013, interest in the aforementioned insurance class increased again in 2015. Unit-linked insurance premiums rose by 12% and once again account for the highest proportion of life insurance group, at 50.7%. In contrast, premiums from life insurance class (endowment insurance, insurance in the event of death, mixed life insurance, annuity insurance, life insurance with the repayment of premiums) were down by 3.3% following several years of growth and thus lost their first position in the group. Growth in premiums in 2015 was accompanied by a 7.6% increase in benefits. Insurance companies paid out EUR 411.2 m in benefits to policyholders, the majority from classes life insurance and unit-linked insurance. Other benefits were down. The claims ratio for life insurance group deteriorated by 1.3 percentage points to 72.7%, where the claims ratio for marriage and birth assurance has stood out since 2010 and reached 236.8% last year. It should be borne in mind that life insurance benefits are usually paid in the amount of the agreed sum insured (with all of its customizations and attributable profit) and from events, which are generally unique and when they occure insurance contract expires (e.g. death, endowment, marriage).
Life premiums and benefits paid (in EUR m) EUR m
700 600 500 400 300 200 Premiums
100
Benefits paid
0 2011
2012
2013
2014
2015
Source: SIA
statistical insurance bulletin 2016
67
Life insurance in 20151 Insurance class, insurance type
INSURANCE CONTRACTS
BENEFITS
Number of policies 139,288
Number of insureds 235,650
Life assurance2
91,121
185,822
265,513,076
251,187
211,151,988
Death insurance
52,818
145,295
39,556,615
6,888
13,739,451
3,459
3,459
4,284,077
1,663
1,958,544
TOTAL
Endowment insurance Mixed insurance
Premiums Number of (in EUR) benefits 565,922,839 311,498
Benefits paid (in EUR) 411,240,098
24,923
27,156
133,153,244
36,367
143,005,051
Annuity insurance (other than payments under pension schemes referred to ZPIZ-1)
2,183
2,183
13,856,254
109,146
13,885,557
Annuity insurance (payments under pension schemes referred to ZPIZ-1)
2,690
2,681
25,735,649
61,763
12,282,488
0
0
0
0
0
All other life insurance
5,048
5,048
2,168,920
9,178
9,798,683
Additional insurance2
55,938
80,377
46,758,317
26,182
16,482,214
0
0
310,250
128
734,629
Insurance with premium refund
Marriage assurance, birth assurance Marriage assurance
0
0
310,250
128
734,629
Birth assurance
0
0
0
0
0
43,099
43,813
278,827,165
57,425
189,505,484
6,516
6,462
32,501,559
6,765
13,100,158
26,995
27,717
171,209,170
49,045
133,173,797
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
4,675
4,675
58,010,891
181
40,574,083
Life assurance linked to the unit of internal fund without guarantee
4,913
4,959
17,105,545
1,434
2,657,446
0
0
0
0
0
Tontine Capital redemption insurance
5,068
6,015
21,272,348
2,758
9,847,997
Voluntary supplementary pension insurance in accordance with the ZPIZ-1
1,370
2,317
19,225,767
2,677
9,776,150
All other capital redemption insurance
3,698
3,698
2,046,581
81
71,847
0
0
0
0
0
Insurance of income loss due to accident or illness
1 Premiums and benefits paid of each insurance class are different from those on page 58, but total amounts match, because of the differences between actuarial and accounting records of one of the SIA members. 2 Number of policies and number of insured of additional insurance are not included in life assurance class. Source: SIA
Breakdown of life premiums in 2015 (in %) 3.76 Capital
redemption
50.68 Unit-linked
0.05 Marriage,
45.51 Life
Source: SIA
birth assurance
assurance
statistical insurance bulletin 2016
68
5.1.2.1 Pension insurance
The life expectancy of the Slovenian population and the average age are rising. At the same time, the active working life of the population is lengthening, while there are 20% more pensioners than a decade ago. The number of centenarians has doubled to 236 since 2005, while twenty years ago there were only 2919. Long-term projections indicate that the existing pension insurance fund is only sustainable until 2023. Problems associated with the ageing population and the resulting financial pressure on the compulsory pension system have been addressed in part by the White Paper on Pensions issued in April 2016 by the MLFSAEO20. The aforementioned paper lays out possible measures to ensure the sustainability of the pension system and an appropriate level of income during old age. In accordance with the ZZvar-1 and ZPIZ-2, insurance companies market voluntary pension and annuity insurance, which provide life-long payments, and voluntary supplementary pension insurance, which is also provided by specialised pension companies and banks. The data below have been obtained directly from all providers, including those that were not members of the SIA in 2015: PRVA personal insurance company Plc, Moja naložba pokojninska družba, d. d., Pokojninska družba A, d. d., Skupna pokojninska družba, d. d., Abanka Vipa, d. d. and Banka Koper, d. d. (with the exception of Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., which provides compulsory supplementary pension insurance).
The recession had a significant impact on pension insurance in recent years, while increased economic activity has led to the easing of conditions in this area. The number of participants in second-pillar pensions funds (supplementary pension insurance) was up by more than 1% in 2015. The total amount of paid-in premiums rose by 5% to stand at EUR 156.4 m, while that growth was even more evident at SIA members. The average amount that individuals spend on premiums thus rose by EUR 16 to stand at EUR 436.3 annually or EUR 36.4 per month. Collective insurance, of which SIA members hold a 44.2% market share, remains prevalent. The recovering financial stability of households is also reflected in the continued decline in the number and value of redemptions. Given that the three-pillar pension system has existed now for several years, the number of persons who receive a supplementary pension rises every year. Those persons begin receiving a pension at the average age of 61 years. The volume of third-pillar pension and annuity insurance according to the ZZavar is significantly lower than second-pillar. The number of policyholders was up by 2.9% in 2015, paid-in premiums were down by 3.9% and annuities were up by 3.6% on the previous year. There is a notable difference in the age at which persons begin to receive annuities: that age is higher for annuities from supplementary pension insurance (61 years) than from third-pillar insurance (56 years).
19 SORS, SI-STAT Data Portal, Demography and social statistics, Number of Population,
20 Key findings of the White Paper on Pensions, MLFSAEO, http://www.mddsz.gov.si/
Slovenia and cohesion regions, http://pxweb.stat.si/pxweb/Database/Dem_soc/05_
fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_
prebivalstvo/10_stevilo_preb/05_05C10_prebivalstvo_kohez/05_05C10_prebivalstvo_kohez.
Bele_knjige_o_pokojninah_130416.pdf, 16. 5. 2016.
asp, 15. 6. 2016.
statistical insurance bulletin 2016
69
Voluntary supplementary pension insurance in 20151
Number of members (all) Number of members paying
Collective
Individual
TOTAL
Of which SIA members
472,714
26,110
498,824
287,651
GROWTH INDEX TOTAL
SIA members
101.77
104.31
340,365
18,003
358,368
229,871
101.11
104.68
145,267,080
11,094,407
156,361,487
69,086,485
104.98
112.56
1,851,632,277
109,274,571
1,960,906,849
1,115,388,313
103.93
104.35
20,453
1,215
21,668
7,030
73.00
79.97
Number of ordinary terminations
4,398
278
4,676
2,379
97.32
112.91
Number of extraordinary terminations
8,617
779
9,396
4,002
71.23
84.82
Number of payouts according to ZPIZ-1
7,438
158
7,596
649
65.01
33.01
Premiums (in EUR) Mathematical provision or net fund value (in EUR) Number of surrenders
Surrenders (in EUR)
94,530,071
5,669,945
100,200,016
38,258,499
75.54
87.97
Ordinary termination (in EUR)
28,437,741
1,835,608
30,273,349
15,828,477
103.96
115.93
Extraordinary termination (in EUR)
31,718,419
3,198,666
34,917,085
17,674,422
77.08
94.54
Payouts according to ZPIZ-1 (in EUR)
34,373,910
635,671
35,009,581
4,755,600
60.12
42.68
TOTAL
Of which SIA members
1 The data on supplementary pension insurance of civil servants is also taken into consideration. Source: SIA
Voluntary supplementary pension insurance – payouts in 20151 Men Number of insureds
Women
GROWTH INDEX TOTAL
SIA members
9,845
7,279
17,124
10,841
139.50
147.60
62
59
61
61
99.81
99.77
…
…
39,425,342
28,824,517
117.23
120.23
Mathematical provision (in EUR)
…
…
97,606,834
71,185,979
130.27
132.85
Payouts (in EUR)
…
…
18,112,727
12,259,062
119.29
117.62
Average age of insured at the beginning of annuity payments Premiums (in EUR)
1 Long-term business fund for payments. Source: SIA
Pension and annuity insurance according to the Insurance Act (ZZavar) providing life annuity payouts in 20151 Men Number of insureds Average age of insured at the beginning of annuity payments Premiums (in EUR)
Women
TOTAL
Of which SIA members
GROWTH INDEX TOTAL
SIA members
5,520
5,934
11,454
11,454
102.91
102.91
57
55
56
56
106.14
106.14
…
…
5,556,674
5,556,674
96.07
96.07
Mathematical provision (in EUR)
…
…
142,559,191
142,559,191
101.68
101.68
Payouts (in EUR)
…
…
7,931,939
7,931,939
103.60
103.60
1 Branches dealing in these forms of insurance are unable to obtain the data. Source: SIA
statistical insurance bulletin 2016
70
5.1.3 Non-life insurance
Non-life insurance accounts for 71.4% of the Slovenian insurance market. Given the basic security it provides in the present, non-life insurance is affected less by economic trends. Its development is therefore more stable than life insurance, although a minor decline was recorded during the recent recession. Two other factors are also important in this respect: the non-life insurance market is more developed and is highly competitive, particularly in the motor vehicle insurance segment. SIA members generated non-life insurance premiums of EUR 1,409.4 m in 2015, an increase of 0.5% on the previous year. The proportion of the insurance portfolio accounted for by non-life insurance premiums was down in the context of a notable rise in life insurance premiums. The national economic importance of non-life insurance has fallen in part due to significant growth in GDP, and accounted for 3.7% of economic activity in Slovenia. An average of EUR 683.2 per capita was spent on this type of insurance in 2015 or 0.4% more than the previous year. Positive growth was recorded by thirteen insurance classes in the non-life insurance group, an increase of five on the previous year. The most notable growth of 44.9% was recorded in aircraft insurance premiums, while growth in railway rolling stock insurance premiums was slightly lower. By motor vehicle insurance casco insurance premiums continue to rise, while the liability insurance premiums are in decline, but their nominal values are practically the same. Health insurance continues to rank first place, accounting for one third of non-life insurance premiums written. Growth of 2.4% was recorded last year, but that figure is not realistic. There was no change in copayment health insurance in 2015, the aforementioned insurance accounting for by far the highest proportion of the health insurance segment. Growth was the result of the partial repayment of premiums by Vzajemna zdravstvena zavarovalnica, d. v. z. in December 2014 in the form of a reduction in December premiums. December premiums were
thus higher in 2015 than the previous year, which was reflected in the cumulative growth of this insurance class in 2015. The number of policies underwritten in certain smaller insurance classes, such as assistance insurance, the insurance of miscellaneous financial losses and general liability insurance, is rising slowly. Particularly notable growth was recorded over the last year in the number of credit insurance policies. Average premiums are declining in the context of a disproportionate increase in the premium income of a specific insurance class. Contributing further to this is the competition on the market, which is particularly evident in motor vehicle insurance where the average premium has been in decline for the last decade. Railway rolling stock insurance recorded the highest average premium in 2015, at EUR 165,157. A small number of insurance policies and the high value of insured items are characteristic of this insurance class. There were no catastrophic natural disasters in Slovenia in 2015, while the several major industrial fires that occurred did not contribute significantly to the total value of claims paid. Insurance companies paid nonlife insurance policyholders a total of EUR 939.6 m, which represents 69.6% of total claims paid or a decrease of 0.4% relative to the previous year. The claims ratio thus improved slightly. Claims paid were up in nine insurance classes last year. The most significant increase, expressed in percentages, was recorded in aircraft insurance (113.1%). Significant increase, as the result of certain major insurance claims that have been in the process of settlement for some time, was also notable in claims in aircraft liability insurance, where the highest average claim in the non-life insurance class (EUR 162,098) was recorded. Declining accident insurance claims over the last several years has proven even more favourable for insurance companies. At 72.6%, liability for ship insurance accounted for the highest decline of claims paid in 2015. The aforementioned class is the smallest
statistical insurance bulletin 2016
in the non-life insurance segment, and also records the best claims ratio (6.8%) and claims frequency (0.2%). Ship insurance recorded the worst ratio of premiums to claims paid (109.5%). Standing out among major insurance classes is the increase in the payment of claims for copayment health insurance, as the result of a decision by the MH, which implemented an unplanned increase in the prices of healthcare services. The non-life insurance group also includes the majority of compulsory insurance, where liability
71
insurance is prevalent. The insurance types presented only include those that insurance companies must disclose in accordance with regulations and for which they recorded written premiums or claims last year. At 96.8% of turnover, compulsory insurance in traffic is the most important, while the scope of other compulsory insurance types is very minor. Total premiums of EUR 222.7 m were written last year, a decrease of 2.4% on the previous year. Total claims were up by 2.5%, resulting in a deterioration in the claims ratio by 2.9 percentage points.
Non-life insurance premiums and claims paid (in EUR m) EUR m
1,600 1,400 1,200 1,000 800 600 400 Premiums
200
Claims paid
0 2011
2012
2013
2014
2015
Source: SIA
statistical insurance bulletin 2016
72
Non-life insurance in 2015 Insurance class
INSURANCE CONTRACTS
10,713,684
1,409,435,407
Accident insurance
2,416,678
94,703,491
6.72
48,674
33,491,792
3.56
Health insurance
1,662,489
483,036,576
34.27
21,993,695
421,350,896
44.84
Land motor vehicle insurance
1,221,794
221,441,714
15.71
253,445
163,490,096
17.40
18
2,972,819
0.21
166
2,483,724
0.26
Railway rolling stock insurance Aircraft insurance Ship insurance Goods in transit insurance Fire and natural forces insurance
Premiums (in EUR)
CLAIMS
Share in NLI premiums (in %) 100
TOTAL
Number of contracts1
Number of claims
Claims paid (in EUR)
22,597,056
939,638,405
Share in NLI claims paid (in %) 100
224
1,051,538
0.07
8
167,842
0.02
3,531
1,103,812
0.08
323
1,208,407
0.13
19,429
7,675,020
0.54
5,406
1,625,741
0.17
701,388
115,825,867
8.22
38,086
52,359,523
5.57
Other damage to property insurance
1,069,030
118,879,834
8.43
100,771
59,427,501
6.32
Motor vehicle liability insurance
14.55
1,743,372
220,505,334
15.64
56,957
136,709,337
Aircraft liability insurance
824
1,334,144
0.09
6
972,588
0.10
Liability for ship insurance
10,540
1,169,487
0.08
25
79,767
0.01
General liability insurance
372,987
61,556,810
4.37
10,140
22,646,282
2.41
Credit insurance
105,426
43,735,163
3.10
5,984
25,183,049
2.68 0.04
Suretyship insurance Miscellaneous financial loss insurance Legal expenses insurance Assistance insurance
3,146
1,952,377
0.14
198
384,814
51,600
5,553,553
0.39
1,816
3,824,869
0.41
327,912
3,775,044
0.27
3,233
539,099
0.06
1,003,296
23,162,824
1.64
78,123
13,693,078
1.46
1 Accident and health insurance include number of policies. Source: SIA
Breakdown of non-life premiums in 2015 (in %) 6.72 Accident
34.27 Health
15.71 Land
8.22 Fire
and natural forces
8.43 Other
Source: SIA
motor vehicle
damage to property
15.64 Motor
vehicle liability
4.37 General 3.10 Credit 3.53 Other
liability
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73
Compulsory insurance in 20151 Insurance type
TOTAL
PREMIUMS Amount (in EUR) 222,748,318
Growth index 97.61
Claims paid (in EUR)
Claims ratio (in %)
Claim frequency2 (in %)
136,560,197
61.31
3.38
Advocate compulsory liability insurance
1,442,459
96.76
368,568
25.55
18.28
Aircraft owners' liability insurance for damage to third parties
1,024,365
93.89
972,588
94.95
0.73
Compulsory accident insurance of passengers in public transport
416,173
98.81
900
0.22
0.12
Compulsory professional liability insurance for accounting and audit companies
322,485
103.03
47,959
14.87
1.95
Designer compulsory liability insurance
934,068
97.15
260,992
27.94
1.31
Geodesic companies compulsory liability insurance
35,743
95.82
1,500
4.20
0.77
375,298
82.64
84,722
22.57
3.47
9,788
94.38
0
0.00
-
1,081,339
99.82
52,886
4.89
0.20
22,275
49.86
0
0.00
-
Insurance brokerage companies compulsory liability insurance Judicial enforcement officers compulsory liability insurance Maritime transport liability insurance Medical products and devices manufacturers' compulsory liability insurance Notary compulsory liability insurance Physician compulsory liability insurance Road motor vehicle liability insurance for damage to third parties (MTPL)
112,910
100.62
8
0.01
1.25
1,292,800
93.01
495,353
38.32
9.09
215,678,615
97.69
134,274,721
62.26
3.41
1 Included are only types of compulsory insurance for which premiums were written or claims were paid. 2 Calculation of claim frequency by accident insurance is made with number of policies. Source: SIA
statistical insurance bulletin 2016
74
5.1.3.1 Accident insurance Accident insurance in 2015 – data within insurance class Insurance type
TOTAL 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
INSURANCE CONTRACTS
CLAIMS
Number of policies 2,416,678
Number of insureds 12,089,901
Premiums (in EUR) 94,703,491
Number of claims 48,674
Claims paid (in EUR) 33,491,792
439,996
1,301,328
49,594,064
32,863
21,646,304
652,882
4,350,681
7,129,101
794
933,129
134,623
142,301
3,494,482
10,042
2,313,680
3,288
3,794,186
384,285
97
11,999
12,761
994,883
2,302,845
1,071
750,882
1,343
75,811
567,657
10
6,289
4,140
58,305
416,173
5
900
1,146,685
1,282,386
28,257,073
2,192
6,545,497
20,960
90,020
2,557,811
1,600
1,283,112
2011
2012
2013
Source: SIA
Accident insurance 2014
2015 number
Number of policies
2,486,938
2,301,558
2,307,765
2,266,932
2,416,678
Number of insureds
28,669,434
12,116,057
11,508,548
11,960,375
12,089,901
57,629
53,840
50,258
49,638
48,674
103,608,161
101,566,335
96,217,719
94,286,851
94,703,491
37,690,284
35,160,405
34,299,783
33,414,420
33,491,792
Number of claims
EUR Premiums Claims paid Average premium
42
44
42
42
39
Average claim paid
654
653
682
673
688
50.54
49.41
46.73
45.75
Insurance density
45.91 index
Number of policies growth index
103.90
92.55
100.27
98.23
106.61
Number of insureds growth index
277.04
42.26
94.99
103.93
101.08
Number of claims growth index
92.28
93.43
93.35
98.77
98.06
Premiums growth index
96.82
98.03
94.73
97.99
100.44
Claims paid growth index
94.31
93.29
97.55
97.42
100.23
Average premium growth index
93.18
105.93
94.48
99.76
94.22
Average claim paid growth index
102.20
99.85
104.51
98.64
102.22
Insurance density growth index
96.67
97.78
94.58
97.89
100.35 %
36.38
34.62
35.65
35.44
35.36
Claims frequency
Claims ratio
2.32
2.34
2.18
2.19
2.01
Insurance penetration
0.28
0.28
0.27
0.25
0.25
Share in NLI premiums
7.13
6.97
6.75
6.72
6.72
Share in NLI claims paid
3.99
3.68
3.54
3.54
3.56
Share in total premiums
5.05
4.94
4.87
4.87
4.79
Share in total benefits and claims paid
2.92
2.53
2.52
2.52
2.48
Source: SIA, SORS
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5.1.3.2 Health insurance Health insurance in 2015 – data within insurance class Insurance type
TOTAL Copayment health insurance Substitutional health insurance Supplementary health insurance on travel outside of Slovenia Other supplementary and parallel health insurance All other health insurance
INSURANCE CONTRACTS
CLAIMS
Number of policies 1,662,489
Number of insureds 1,757,594
Premiums (in EUR) 483,036,576
Number of claims 21,993,695
Claims paid (in EUR) 421,350,896
1,241,270
1,249,766
472,353,045
21,981,121
417,944,415
4
4
1,477
43
7,026
50,307
123,118
2,088,600
489
594,757
315,442
317,731
5,682,198
11,434
2,552,440
55,466
66,975
2,911,256
608
252,258
2011
2012
2013
2014
Source: SIA
Health insurance 2015 number Number of policies Number of insureds
1,310,385
1,314,466
1,333,673
1,438,755
1,662,489
1,421,917
1,388,762
1,406,059
1,838,604
1,757,594
27,320,581
27,604,326
28,287,928
25,849,517
21,993,695
Premiums
428,521,902
468,366,140
481,950,474
471,678,512
483,036,576
Claims paid
375,435,702
400,407,268
415,506,493
402,993,653
421,350,896
Average premium
327
356
361
328
291
Average claim paid
14
15
15
16
19
209.02
227.86
234.09
228.85
234.16
95.92
100.31
101.46
107.88
115.55
Number of claims
EUR
Insurance density
index Number of policies growth index
90.78
97.67
101.25
130.76
95.59
Number of claims growth index
Number of insureds growth index
102.44
101.04
102.48
91.38
85.08
Premiums growth index
104.60
109.30
102.90
97.87
102.41
Claims paid growth index
102.67
106.65
103.77
96.99
104.56
Average premium growth index
109.05
108.96
101.42
90.72
88.63
Average claim paid growth index
100.22
105.56
101.26
106.14
122.89
Insurance density growth index
104.44
109.02
102.73
97.76
102.32 %
Claims ratio Claims frequency Insurance penetration
87.61
85.49
86.21
85.44
87.23
2,084.93
2,100.04
2,121.05
1,796.66
1,322.94
1.16
1.30
1.34
1.26
1.25
Share in NLI premiums
29.47
32.14
33.83
33.64
34.27
Share in NLI claims paid
39.77
41.93
42.87
42.69
44.84
Share in total premiums
20.87
22.80
24.37
24.34
24.45
Share in total benefits and claims paid
29.13
28.84
30.53
30.39
31.19
Source: SIA, SORS
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5.1.3.3 Land motor vehicle insurance Land motor vehicle insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 1,221,794
Premiums (in EUR) 221,441,714
Number of claims 253,445
Claims paid (in EUR) 163,490,096 163,348,718
Self-propelled land motor vehicle casco, other then railway rolling stock
1,220,769
221,289,035
253,377
Other land vehicle casco (non-self-propelled land vehicle)
130
7,431
12
8,614
All other insurance of land motor vehicle
895
145,248
56
132,764
Source: SIA
Land motor vehicle insurance 2011
2012
2013
2014
2015 number
Number of contracts
916,048
977,888
1,063,791
1,075,649
1,221,794
Number of claims
264,740
264,306
265,414
251,360
253,445
Premiums
254,494,781
239,352,324
226,409,530
226,799,727
221,441,714
Claims paid
167,728,998
174,946,026
177,266,026
164,051,176
163,490,096
EUR
Average premium
278
245
213
211
181
Average claim paid
634
662
668
653
645
Insurance density
124.13
116.45
109.97
110.04
107.35
Number of contracts growth index
101.78
106.75
108.78
101.11
113.59
index Number of claims growth index Premiums growth index Claims paid growth index
94.45
99.84
100.42
94.70
100.83
100.11
94.05
94.59
100.17
97.64
85.82
104.30
101.33
92.55
99.66
Average premium growth index
98.36
88.10
86.95
99.07
85.96
Average claim paid growth index
90.86
104.47
100.90
97.72
98.84
Insurance density growth index
99.95
93.81
94.44
100.06
97.55 %
Claims ratio
65.91
73.09
78.29
72.33
73.83
Claims frequency
28.90
27.03
24.95
23.37
20.74
0.69
0.67
0.63
0.61
0.57
Share in NLI premiums
17.50
16.43
15.89
16.17
15.71
Share in NLI claims paid
17.77
18.32
18.29
17.38
17.40
Share in total premiums
12.39
11.65
11.45
11.71
11.21
Share in total benefits and claims paid
13.02
12.60
13.03
12.37
12.10
Insurance penetration
Source: SIA, SORS
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5.1.3.4 Railway rolling stock insurance Railway rolling stock insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 18
Premiums (in EUR) 2,972,819
Number of claims 166
Claims paid (in EUR) 2,483,724
18
2,972,819
166
2,483,724
0
0
0
0
Railway rolling stock casco All other railway rolling stock insurance Source: SIA
Railway rolling stock insurance 2011
2012
2013
2014
Number of contracts
43
179
161
10
Number of claims
70
160
160
168
2015 number 18 166 EUR
Premiums
2,050,269
2,681,636
2,407,560
2,357,261
2,972,819
Claims paid
1,166,016
3,095,373
2,839,468
2,668,384
2,483,724
Average premium
47,681
14,981
14,954
235,726
165,157
Average claim paid
16,657
19,346
17,747
15,883
14,962
1.00
1.30
1.17
1.14
Insurance density
1.44 index
Number of contracts growth index
42.57
416.28
89.94
6.21
180.00
Number of claims growth index
76.09
228.57
100.00
105.00
98.81
Premiums growth index
781.27
130.79
89.78
97.91
126.11
Claims paid growth index
133.70
265.47
91.73
93.97
93.08
1,835.07
31.42
99.82
1,576.36
70.06
Average premium growth index Average claim paid growth index
175.72
116.14
91.73
89.50
94.20
Insurance density growth index
780.04
130.46
89.63
97.80
126.00
56.87
115.43
117.94
113.20
83.55
162.79
89.39
99.38
1,680.00
922.22
Insurance penetration
0.01
0.01
0.01
0.01
0.01
Share in NLI premiums
0.14
0.18
0.17
0.17
0.21
% Claims ratio Claims frequency
Share in NLI claims paid
0.12
0.32
0.29
0.28
0.26
Share in total premiums
0.10
0.13
0.12
0.12
0.15
Share in total benefits and claims paid
0.09
0.22
0.21
0.20
0.18
Source: SIA, SORS
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5.1.3.5 Aircraft insurance Aircraft insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 224
Premiums (in EUR) 1,051,538
Number of claims 8
Claims paid (in EUR) 167,842
224
1,051,538
8
167,842
0
0
0
0
Aircraft casco All other aircraft insurance
Source: SIA
Aircraft insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
298
296
264
213
10
11
16
6
224 8 EUR
Premiums
1,272,799
679,081
839,875
725,501
1,051,538
102,608
116,681
403,616
78,760
167,842
Average premium
4,271
2,294
3,181
3,406
4,694
Average claim paid
10,261
10,607
25,226
13,127
20,980
0.62
0.33
0.41
0.35
0.51
Number of contracts growth index
62.87
99.33
89.19
80.68
105.16
Number of claims growth index
62.50
110.00
145.45
37.50
133.33
Premiums growth index
78.79
53.35
123.68
86.38
144.94
Claims paid
Insurance density
index
Claims paid growth index
8.77
113.72
345.91
19.51
213.11
125.32
53.71
138.67
107.07
137.82
Average claim paid growth index
14.03
103.38
237.82
52.04
159.83
Insurance density growth index
78.67
53.22
123.48
86.29
144.81
Average premium growth index
% Claims ratio
8.06
17.18
48.06
10.86
15.96
Claims frequency
3.36
3.72
6.06
2.82
3.57
Insurance penetration
0.003
0.002
0.002
0.002
0.003
Share in NLI premiums
0.09
0.05
0.06
0.05
0.07
Share in NLI claims paid
0.01
0.01
0.04
0.01
0.02
Share in total premiums
0.06
0.03
0.04
0.04
0.05
Share in total benefits and claims paid
0.01
0.01
0.03
0.01
0.01
Source: SIA, SORS
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5.1.3.6 Ship insurance Ship insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 3,531
Premiums (in EUR) 1,103,812
Number of claims 323
Claims paid (in EUR) 1,208,407
3,501
1,088,485
322
1,205,749
28
11,643
0
0
2
3,684
1
2,658
Sea vessels casco Lake and river vessels casco All other ship insurance Source: SIA
Ship insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
4,411
5,406
4,625
3,639
347
428
367
322
3,531 323 EUR
Premiums Claims paid Average premium Average claim paid Insurance density
1,480,828
1,391,256
1,227,512
1,151,048
1,103,812
986,771
1,345,314
1,307,671
1,940,066
1,208,407
336
257
265
316
313
2,844
3,143
3,563
6,025
3,741
0.72
0.68
0.60
0.56
0.54 index
Number of contracts growth index
74.11
122.56
85.55
78.68
97.03
Number of claims growth index
78.33
123.34
85.75
87.74
100.31
Premiums growth index
85.43
93.95
88.23
93.77
95.90
Claims paid growth index
69.23
136.33
97.20
148.36
62.29
Average premium growth index
115.27
76.66
103.13
119.18
98.83
Average claim paid growth index
88.39
110.53
113.36
169.09
62.09
Insurance density growth index
85.30
93.71
88.09
93.67
95.81
Claims ratio
66.64
96.70
106.53
168.55
109.48
7.87
7.92
7.94
8.85
9.15
0.004
0.004
0.003
0.003
0.003
0.10
0.10
0.09
0.08
0.08
% Claims frequency Insurance penetration Share in NLI premiums Share in NLI claims paid
0.10
0.14
0.13
0.21
0.13
Share in total premiums
0.07
0.07
0.06
0.06
0.06
Share in total benefits and claims paid
0.08
0.10
0.10
0.15
0.09
Source: SIA, SORS
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5.1.3.7 Goods in transit insurance Goods in transit insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 19,429
Premiums (in EUR) 7,675,020
Number of claims 5,406
Claims paid (in EUR) 1,625,741
16,535
4,636,961
2,979
1,112,502
1,927
2,550,291
2,411
479,141
967
487,768
16
34,098
Goods insurance in international transport Goods insurance in domestic transport All other cargo insurance Source: SIA
Goods in transit insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
13,525
15,421
13,597
11,489
19,429
5,663
4,856
4,758
5,035
5,406 EUR
Premiums
8,229,602
8,783,242
7,908,961
7,571,440
7,675,020
Claims paid
2,554,395
2,485,548
1,519,112
2,909,962
1,625,741
Average premium
608
570
582
659
395
Average claim paid
451
512
319
578
301
Insurance density
4.01
4.27
3.84
3.67
3.72
125.30
114.02
88.17
84.50
169.11
index Number of contracts growth index Number of claims growth index
106.35
85.75
97.98
105.82
107.37
Premiums growth index
108.87
106.73
90.05
95.73
101.37
Claims paid growth index
128.52
97.30
61.12
191.56
55.87
Average premium growth index
86.88
93.61
102.13
113.30
59.94
Average claim paid growth index
120.85
113.48
62.38
181.02
52.03
Insurance density growth index
108.70
106.45
89.90
95.63
101.28 %
Claims ratio
31.04
28.30
19.21
38.43
21.18
Claims frequency
41.87
31.49
34.99
43.82
27.82
0.02
0.02
0.02
0.02
0.02
Insurance penetration Share in NLI premiums
0.57
0.60
0.56
0.54
0.54
Share in NLI claims paid
0.27
0.26
0.16
0.31
0.17
Share in total premiums
0.40
0.43
0.40
0.39
0.39
Share in total benefits and claims paid
0.20
0.18
0.11
0.22
0.12
Source: SIA, SORS
statistical insurance bulletin 2016
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5.1.3.8 Fire and natural forces insurance Fire and natural forces insurance in 2015 – data within insurance class Insurance type
INSURANCE CONTRACTS
CLAIMS
Premiums (in EUR) 115,825,867
Number of claims 38,086
Claims paid (in EUR) 52,359,523
586,694
74,813,019
35,228
34,298,497
28,981
20,864,659
2,345
14,441,692
948
7,875,597
262
2,987,906
All other fire insurance
84,765
12,272,592
251
631,428
Nuclear risks insurance
0
0
0
0
TOTAL
Number of contracts 701,388
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
Source: SIA
Fire and natural forces insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
639,976
1,104,277
1,140,882
686,292
701,388
30,935
39,082
44,533
43,938
38,086 EUR
Premiums
98,803,799
111,094,345
111,932,518
114,004,682
115,825,867
Claims paid
40,136,769
46,619,406
54,563,946
61,847,188
52,359,523
154
101
98
166
165
Average claim paid
Average premium
1,297
1,193
1,225
1,408
1,375
Insurance density
48.19
54.05
54.37
55.31
56.15
118.86
172.55
103.31
60.15
102.20
90.47
126.34
113.95
98.66
86.68
104.33
112.44
100.75
101.85
101.60
Claims paid growth index
77.23
116.15
117.04
113.35
84.66
Average premium growth index
87.78
65.16
97.52
169.32
99.41
index Number of contracts growth index Number of claims growth index Premiums growth index
Average claim paid growth index
85.37
91.94
102.71
114.88
97.67
Insurance density growth index
104.17
112.15
100.59
101.74
101.51 %
Claims ratio
40.62
41.96
48.75
54.25
45.21
Claims frequency
4.83
3.54
3.90
6.40
5.43
Insurance penetration
0.27
0.31
0.31
0.31
0.30
Share in NLI premiums
6.79
7.62
7.86
8.13
8.22
Share in NLI claims paid
4.25
4.88
5.63
6.55
5.57
Share in total premiums
4.81
5.41
5.66
5.88
5.86
Share in total benefits and claims paid
3.11
3.36
4.01
4.66
3.88
Source: SIA, SORS
statistical insurance bulletin 2016
82
5.1.3.9 Other damage to property insurance Other damage to property insurance in 2015 – data within insurance class Insurance type
TOTAL 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
INSURANCE CONTRACTS
CLAIMS
Number of contracts 1,069,030
Premiums (in EUR) 118,879,834
Number of claims 100,771
Claims paid (in EUR) 59,427,501
85,662
23,817,833
15,719
16,477,041
382
4,196,157
514
1,734,768
1,305
4,537,148
427
1,793,481
430
1,265,221
115
942,728
20
33,314
12
6,369
5,146
2,858,532
1,439
1,981,347
183
128,021
215
284,204
407,561
41,875,600
38,869
18,062,855
Ore and coal mines insurance
1
166,727
0
0
Telecom and post office risks insurance
1
6
0
0
Burglary and theft insurance
128,588
7,243,474
2,517
3,134,599
Glass insurance
152,873
4,629,009
8,787
1,771,085
3,459
4,565,372
816
2,845,046
Household insurance
Crops and fruit insurance Livestock insurance
9,934
3,816,430
22,414
3,547,645
148,754
1,067,545
756
54,684
Equipment leasing insurance
1,400
802,819
134
458,890
Combined property insurance
12,168
13,187,311
2,180
3,480,151
317
280,716
488
329,158
Home assistance insurance
Insurance of goods against mechanical damages Satellite and cable television distribution and reception equipment insurance
26
69,690
62
40,655
Travel insurance
40,473
1,508,688
1,216
439,920
All other property insurance
70,347
2,830,221
4,091
2,042,875
Source: SIA
statistical insurance bulletin 2016
83
Other damage to property insurance 2011
2012
2013
2014
2015
1,032,815
1,143,071
1,228,407
1,064,527
1,069,030
124,921
119,714
109,097
113,024
100,771
142,776,407
125,463,573
117,802,880
118,209,699
118,879,834 59,427,501
number Number of contracts Number of claims
EUR Premiums
72,644,965
75,593,813
65,012,365
75,594,338
Average premium
Claims paid
138
110
96
111
111
Average claim paid
582
631
596
669
590
69.64
61.04
57.22
57.35
Insurance density
57.63 index
Number of contracts growth index
102.86
110.68
107.47
86.66
100.42
Number of claims growth index
108.11
95.83
91.13
103.60
89.16
Premiums growth index
104.38
87.87
93.89
100.35
100.57
87.26
104.06
86.00
116.28
78.61
Claims paid growth index Average premium growth index
101.47
79.40
87.37
115.79
100.14
Average claim paid growth index
80.72
108.59
94.37
112.24
88.17
Insurance density growth index
104.21
87.65
93.74
100.24
100.48
Claims ratio
50.88
60.25
55.19
63.95
49.99
Claims frequency
% 12.10
10.47
8.88
10.62
9.43
Insurance penetration
0.39
0.35
0.33
0.32
0.31
Share in NLI premiums
9.82
8.61
8.27
8.43
8.43
Share in NLI claims paid
7.70
7.92
6.71
8.01
6.32
Share in total premiums
6.95
6.11
5.96
6.10
6.02
Share in total benefits and claims paid
5.64
5.44
4.78
5.70
4.40
Source: SIA, SORS
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84
5.1.3.10 Motor vehicle liability insurance Motor vehicle liability insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 1,743,372
Premiums (in EUR) 220,505,334
Number of claims 56,957
Claims paid (in EUR) 136,709,337
1,615,659
215,678,615
55,095
134,274,721
5,151
4,302,841
1,825
2,410,270
9
2,314
0
0
122,553
521,564
37
24,346
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 Source: SIA
Motor vehicle liability insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
1,761,253
1,776,011
1,759,492
1,718,160
1,743,372
59,956
54,204
55,087
54,648
56,957 EUR
Premiums
283,413,868
264,528,097
242,254,948
225,863,017
220,505,334
Claims paid
155,164,427
143,814,503
144,333,191
133,946,204
136,709,337
161
149
138
131
126
Average premium Average claim paid
2,588
2,653
2,620
2,451
2,400
Insurance density
138.24
128.69
117.67
109.58
106.89
Number of contracts growth index
101.14
100.84
99.07
97.65
101.47
Number of claims growth index
94.58
90.41
101.63
99.20
104.23
Premiums growth index
93.58
93.34
91.58
93.23
97.63
Claims paid growth index
91.79
92.69
100.36
92.80
102.06
Average premium growth index
92.52
92.56
92.44
95.48
96.22
Average claim paid growth index
97.05
102.52
98.75
93.55
97.93
Insurance density growth index
93.43
93.10
91.43
93.13
97.54
index
% Claims ratio Claims frequency Insurance penetration
54.75
54.37
59.58
59.30
62.00
3.40
3.05
3.13
3.18
3.27
0.77
0.74
0.67
0.61
0.57
Share in NLI premiums
19.49
18.15
17.01
16.11
15.64
Share in NLI claims paid
16.44
15.06
14.89
14.19
14.55
Share in total premiums
13.80
12.88
12.25
11.66
11.16
Share in total benefits and claims paid
12.04
10.36
10.61
10.10
10.12
Source: SIA, SORS
statistical insurance bulletin 2016
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5.1.3.11 Aircraft liability insurance Aircraft liability insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 824
Premiums (in EUR) 1,334,144
Number of claims 6
Claims paid (in EUR) 972,588
Aircraft owners' liability insurance for damage to third parties
822
1,024,365
6
972,588
Carrier liability-for-freight insurance in air transport
0
0
0
0
All other aircraft liability insurance
2
309,779
0
0
Source: SIA
Aircraft liability insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
1,008
1,123
1,007
749
10
6
3
7
824 6 EUR
Premiums Claims paid
1,174,311
1,120,585
920,006
1,280,490
1,334,144
271,030
659,540
418,418
671,087
972,588
Average premium
1,165
998
914
1,710
1,619
Average claim paid
27,103
109,923
139,473
95,870
162,098
0.57
0.55
0.45
0.62
0.65
85.86
111.41
89.67
74.38
110.01
200.00
60.00
50.00
233.33
85.71
98.02
95.42
82.10
139.18
104.19
Insurance density
index Number of contracts growth index Number of claims growth index Premiums growth index
42.52
243.35
63.44
160.39
144.93
Average premium growth index
Claims paid growth index
114.17
85.65
91.56
187.13
94.71
Average claim paid growth index
21.26
405.58
126.88
68.74
169.08
Insurance density growth index
97.87
95.18
81.97
139.03
104.10 %
Claims ratio
23.08
58.86
45.48
52.41
72.90
0.99
0.53
0.30
0.93
0.73
0.003
0.003
0.003
0.003
0.003
Share in NLI premiums
0.08
0.08
0.06
0.09
0.09
Share in NLI claims paid
0.03
0.07
0.04
0.07
0.10
Share in total premiums
0.06
0.05
0.05
0.07
0.07
Share in total benefits and claims paid
0.02
0.05
0.03
0.05
0.07
Claims frequency Insurance penetration
Source: SIA, SORS
statistical insurance bulletin 2016
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5.1.3.12 Liability for ship insurance Liability for ship insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 10,540
Premiums (in EUR) 1,169,487
Number of claims 25
Claims paid (in EUR) 79,767
10,447
1,081,339
21
52,886
86
3,818
0
0
2
2,557
1
0
Maritime transport liability insurance Inland waterways transport liability insurance Ship-repairer liability insurance Marina liability insurance
5
81,773
3
26,881
Carrier liability-for-freight insurance in maritime and inland waterways transport
0
0
0
0
All other liability for ship insurance
0
0
0
0
Source: SIA
Liability for ship insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
11,019
13,497
11,665
10,041
10,540
33
37
136
33
25
1,218,185
1,227,418
1,155,016
1,174,081
1,169,487
165,325
208,095
200,327
290,853
79,767
EUR Premiums Claims paid
111
91
99
117
111
Average claim paid
Average premium
5,010
5,624
1,473
8,814
3,191
Insurance density
0.59
0.60
0.56
0.57
0.57 index
Number of contracts growth index Number of claims growth index Premiums growth index Claims paid growth index
103.90
122.49
86.43
86.08
104.97
80.49
112.12
367.57
24.26
75.76
103.08
100.76
94.10
101.65
99.61
58.63
125.87
96.27
145.19
27.43
Average premium growth index
99.21
82.26
108.88
118.09
94.89
Average claim paid growth index
72.84
112.26
26.19
598.36
36.20
Insurance density growth index
102.92
100.50
93.95
101.54
99.52 %
Claims ratio Claims frequency
13.57
16.95
17.34
24.77
6.82
0.30
0.27
1.17
0.33
0.24
0.003
0.003
0.003
0.003
0.003
Share in NLI premiums
0.08
0.08
0.08
0.08
0.08
Share in NLI claims paid
0.02
0.02
0.02
0.03
0.01
Share in total premiums
0.06
0.06
0.06
0.06
0.06
Share in total benefits and claims paid
0.01
0.01
0.01
0.02
0.01
Insurance penetration
Source: SIA, SORS
statistical insurance bulletin 2016
87
5.1.3.13 General liability insurance General liability insurance in 2015 – data within insurance class Insurance type
TOTAL 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
INSURANCE CONTRACTS
CLAIMS
Number of contracts 372,987
Premiums (in EUR) 61,556,810
Number of claims 10,140
Claims paid (in EUR) 22,646,282
317,857
44,274,868
7,381
17,955,271
2,632
8,321,962
617
2,208,748
114
78,596
15
191,188
56
71,340
5
9,974
1,506
113,187
85
130,898
76
214,829
16
37,238
2
4,389
0
0
Management board and supervisory board liability insurance
124
1,230,172
7
48,457
Real estate agent liability insurance
460
218,009
1
0
8
2,304
0
0
565
322,485
11
47,959
Film producer liability insurance Compulsory professional liability insurance for accounting and audit companies Designer compulsory liability insurance
1,988
934,068
26
260,992
Advocate compulsory liability insurance
279
1,442,459
51
368,568
Physician compulsory liability insurance
1,684
1,292,800
153
495,353
80
112,910
1
8
7
22,275
0
0
144
375,298
5
84,722
43
9,788
0
0
Verifiers of qualified certificates of electronic signature compulsory liability insurance
0
0
0
0
Alpine guides compulsory liability insurance
0
0
0
0
259
35,743
2
1,500
0
0
0
0
Notary compulsory liability insurance Medical products and devices manufacturers' compulsory liability insurance Insurance brokerage companies compulsory liability insurance Judicial enforcement officers 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
Source: SIA
0
0
0
0
51
260,323
8
39,695
45,052
2,219,005
1,756
765,711
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General liability insurance 2011
2012
2013
2014
2015
Number of contracts
72,858
234,470
257,171
253,810
372,987
Number of claims
11,472
10,108
10,039
9,265
10,140
Premiums
52,744,816
57,783,544
58,766,339
61,505,107
61,556,810
Claims paid
27,922,888
26,015,088
28,274,039
23,753,734
22,646,282
724
246
229
242
165
Average claim paid
2,434
2,574
2,816
2,564
2,233
Insurance density
25.73
28.11
28.54
29.84
number
EUR
Average premium
29.84 index
Number of contracts growth index
106.90
321.82
109.68
98.69
146.96
97.41
88.11
99.32
92.29
109.44
Premiums growth index
105.40
109.55
101.70
104.66
100.08
Claims paid growth index
104.88
93.17
108.68
84.01
95.34
Number of claims growth index
Average premium growth index
98.60
34.04
92.72
106.05
68.11
Average claim paid growth index
107.67
105.74
109.43
91.03
87.11
Insurance density growth index
105.23
109.27
101.54
104.55
100.00
Claims ratio
52.94
45.02
48.11
38.62
36.79
Claims frequency
% 15.75
4.31
3.90
3.65
2.72
Insurance penetration
0.14
0.16
0.16
0.16
0.16
Share in NLI premiums
3.63
3.97
4.13
4.39
4.37
Share in NLI claims paid
2.96
2.72
2.92
2.52
2.41
Share in total premiums
2.57
2.81
2.97
3.17
3.12
Share in total benefits and claims paid
2.17
1.87
2.08
1.79
1.68
Source: SIA, SORS
statistical insurance bulletin 2016
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5.1.3.14 Credit insurance Credit insurance in 2015 – data within insurance class Insurance type
INSURANCE CONTRACTS Premiums (in EUR) 43,735,163
530 0
CLAIMS Number of claims 5,984
Claims paid (in EUR) 25,183,049
12,956,565
146
10,238,562
5,577,434
127
2,818,421
36,126
15,983,274
2,762
7,016,157
1,583
3,081,156
102
877,329
101
543,345
71
334,207
Loan insurance (legal entities)
168
120,784
2
17,284
Overdraft insurance (sole traders)
309
107,453
74
122,510
23
3,308,251
1,934
3,449,333
2
–926
0
0
TOTAL
Number of contracts 105,426
International trade credit insurance Domestic trade credit insurance Consumers credit insurance Housing credit insurance Loan insurance (sole traders)
Overdraft insurance (personal accounts) Lease agreement insurance Insurance of receivables from credit/debit cards All other credit insurance
59,286
708,506
359
153,918
7,298
1,349,321
407
155,328
Source: SIA
Credit insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
48,904
38,607
41,838
52,077
105,426
6,647
6,602
6,781
7,303
5,984 EUR
Premiums
44,414,514
42,762,552
43,092,724
42,153,600
43,735,163
Claims paid
38,105,026
31,704,999
29,784,621
23,769,457
25,183,049
908
1,108
1,030
809
415
Average premium Average claim paid
5,733
4,802
4,392
3,255
4,208
Insurance density
21.66
20.80
20.93
20.45
21.20
Number of contracts growth index
86.58
78.94
108.37
124.47
202.44
Number of claims growth index
88.34
99.32
102.71
107.70
81.94
Premiums growth index
96.22
96.28
100.77
97.82
103.75
index
Claims paid growth index
83.02
83.20
93.94
79.80
105.95
Average premium growth index
111.14
121.96
92.99
78.59
51.25
Average claim paid growth index
93.97
83.77
91.46
74.10
129.30
Insurance density growth index
96.07
96.03
100.61
97.71
103.66 %
Claims ratio
85.79
74.14
69.12
56.39
57.58
Claims frequency
13.59
17.10
16.21
14.02
5.68
Insurance penetration
0.12
0.12
0.12
0.11
0.11
Share in NLI premiums
3.05
2.93
3.02
3.01
3.10
Share in NLI claims paid
4.04
3.32
3.07
2.52
2.68
Share in total premiums
2.16
2.08
2.18
2.18
2.21
Share in total benefits and claims paid
2.96
2.28
2.19
1.79
1.86
Source: SIA, SORS
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5.1.3.15 Suretyship insurance Suretyship insurance in 2015 – data within insurance class Insurance type
INSURANCE CONTRACTS
CLAIMS
Number of contracts 3,146
Premiums (in EUR) 1,952,377
Number of claims 198
Claims paid (in EUR) 384,814
Customs debt insurance
119
196,917
3
34,673
Tour operators' insolvency insurance
480
139,142
1
9,541
Tender guarantee insurance
508
82,530
0
0
Performance insurance
803
337,727
5
86,300
17
12,311
0
0
TOTAL
Advance repayment insurance Repair in warranty period insurance
997
924,520
5
117,658
Guarantee for credit cards insurance
151
120,993
10
81,114
Carnet insurance
36
94,937
52
42,271
All other suretyship insurance
35
43,300
122
13,257
Source: SIA
Suretyship insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
1,408
4,933
4,799
3,066
83
84
89
126
3,146 198 EUR
Premiums
1,039,479
1,378,278
1,703,055
1,694,929
1,952,377
Claims paid
1,141,081
630,569
195,645
599,353
384,814
738
279
355
553
621
13,748
7,507
2,198
4,757
1,944
0.51
0.67
0.83
0.82
Average premium Average claim paid Insurance density
0.95 index
Number of contracts growth index
124.05
350.36
97.28
63.89
102.61
96.51
101.20
105.95
141.57
157.14
Premiums growth index
111.20
132.59
123.56
99.52
115.19
Claims paid growth index
115.35
55.26
31.03
306.35
64.20
89.64
37.85
127.01
155.78
112.26
Number of claims growth index
Average premium growth index Average claim paid growth index
119.52
54.60
29.28
216.39
40.86
Insurance density growth index
111.02
132.25
123.36
99.41
115.09
Claims ratio
109.77
45.75
11.49
35.36
19.71
5.89
1.70
1.85
4.11
6.29
0.003
0.004
0.005
0.005
0.005
0.07
0.09
0.12
0.12
0.14
% Claims frequency Insurance penetration Share in NLI premiums Share in NLI claims paid
0.12
0.07
0.02
0.06
0.04
Share in total premiums
0.05
0.07
0.09
0.09
0.10
Share in total benefits and claims paid
0.09
0.05
0.01
0.05
0.03
Source: SIA, SORS
statistical insurance bulletin 2016
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5.1.3.16 Miscellaneous financial loss insurance Miscellaneous financial loss insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 51,600
Premiums (in EUR) 5,553,553
6,061 437 84
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
Number of claims 1,816
Claims paid (in EUR) 3,824,869
2,953,001
61
2,217,260
637,788
33
543,862
147,761
4
12,808
13
33,859
160
7,605
18,223
1,346,230
1,377
898,311
65
66,484
7
27,659
26,717
368,430
174
117,364
Source: SIA
Miscellaneous financial loss insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
34,422
39,842
38,406
45,855
51,600
2,353
2,246
1,928
1,849
1,816 EUR
Premiums
6,477,981
5,912,069
6,199,316
6,527,504
5,553,553
Claims paid
3,716,244
2,441,515
2,563,164
3,439,376
3,824,869
188
148
161
142
108
Average claim paid
1,579
1,087
1,329
1,860
2,106
Insurance density
3.16
2.88
3.01
3.17
2.69
126.52
115.75
96.40
119.40
112.53
86.89
95.45
85.84
95.90
98.22
108.05
91.26
104.86
105.29
85.08
Average premium
index Number of contracts growth index Number of claims growth index Premiums growth index Claims paid growth index
75.54
65.70
104.98
134.18
111.21
Average premium growth index
85.40
78.85
108.78
88.19
75.61
Average claim paid growth index
86.94
68.83
122.30
139.92
113.23
Insurance density growth index
107.88
91.03
104.69
105.18
85.01 %
57.37
41.30
41.35
52.69
68.87
Claims frequency
Claims ratio
6.84
5.64
5.02
4.03
3.52
Insurance penetration
0.02
0.02
0.02
0.02
0.01
Share in NLI premiums
0.45
0.41
0.44
0.47
0.39
Share in NLI claims paid
0.39
0.26
0.26
0.36
0.41
Share in total premiums
0.32
0.29
0.31
0.34
0.28
Share in total benefits and claims paid
0.29
0.18
0.19
0.26
0.28
Source: SIA, SORS
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5.1.3.17 Legal expenses insurance Legal expenses insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 327,912
Premiums (in EUR) 3,775,044
Number of claims 3,233
Claims paid (in EUR) 539,099
327,912
3,775,044
3,233
539,099
0
0
0
0
Legal expenses and costs of litigation insurance All other legal expenses insurance
Source: SIA
Legal expenses insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
327,026
329,473
324,838
314,319
327,912
2,773
2,637
3,243
3,086
3,233 EUR
Premiums Claims paid Average premium Average claim paid
4,117,375
3,705,908
3,581,235
3,501,958
3,775,044
253,617
353,668
405,645
463,714
539,099
13
11
11
11
12
91
134
125
150
167
2.01
1.80
1.74
1.70
1.83
Number of contracts growth index
104.50
100.75
98.59
96.76
104.32
Number of claims growth index
134.09
95.10
122.98
95.16
104.76
Premiums growth index
105.67
90.01
96.64
97.79
107.80
Claims paid growth index
108.39
139.45
114.70
114.32
116.26
Average premium growth index
101.11
89.34
98.01
101.06
103.33
Average claim paid growth index
80.83
146.64
93.26
120.13
110.97
Insurance density growth index
105.50
89.77
96.48
97.68
107.70
Insurance density
index
% Claims ratio
6.16
9.54
11.33
13.24
14.28
Claims frequency
0.85
0.80
1.00
0.98
0.99
Insurance penetration
0.01
0.01
0.01
0.01
0.01
Share in NLI premiums
0.28
0.25
0.25
0.25
0.27
Share in NLI claims paid
0.03
0.04
0.04
0.05
0.06
Share in total premiums
0.20
0.18
0.18
0.18
0.19
Share in total benefits and claims paid
0.02
0.03
0.03
0.03
0.04
Source: SIA, SORS
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5.1.3.18 Assistance insurance Assistance insurance in 2015 – data within insurance class Insurance type
TOTAL
INSURANCE CONTRACTS
CLAIMS
Number of contracts 1,003,296
Premiums (in EUR) 23,162,824
Number of claims 78,123
Claims paid (in EUR) 13,693,078
802,654
18,192,144
74,767
12,370,972
Medical assistance insurance
Car assistance insurance
93,759
3,819,529
2,276
1,124,610
All other assistance insurance
106,883
1,151,151
1,080
197,496
Source: SIA
Assistance insurance 2011
2012
2013
2014
2015 number
Number of contracts Number of claims
847,704
889,342
925,953
946,130
1,003,296
35,036
52,818
58,834
66,241
78,123
18,205,946
19,302,215
20,206,985
21,709,096
23,162,824
6,968,680
9,261,180
10,253,785
11,489,783
13,693,078
EUR Premiums Claims paid Average premium
21
22
22
23
23
Average claim paid
199
175
174
173
175
Insurance density
8.88
9.39
9.81
10.53
11.23
112.95
104.91
104.12
102.18
106.04
index Number of contracts growth index Number of claims growth index Premiums growth index
87.40
150.75
111.39
112.59
117.94
145.64
106.02
104.69
107.43
106.70
Claims paid growth index
102.11
132.90
110.72
112.05
119.18
Average premium growth index
128.94
101.06
100.55
105.14
100.62
Average claim paid growth index
116.83
88.16
99.40
99.52
101.05
Insurance density growth index
145.41
105.75
104.52
107.32
106.60 %
38.28
47.98
50.74
52.93
59.12
Claims frequency
Claims ratio
4.13
5.94
6.35
7.00
7.79
Insurance penetration
0.05
0.05
0.06
0.06
0.06
Share in NLI premiums
1.25
1.32
1.42
1.55
1.64
Share in NLI claims paid
0.74
0.97
1.06
1.22
1.46
Share in total premiums
0.89
0.94
1.02
1.12
1.17
Share in total benefits and claims paid
0.54
0.67
0.75
0.87
1.01
Source: SIA, SORS
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5.1.4 Distribution channels
Slovenian insurance companies market their services for the most part through their own networks of insurance agents. Those agents wrote two thirds of insurance premiums, while a fifth of insurance sales were conducted over the counter. Despite rapid technological development, other sales channels are only slowly gaining in significance. The proportion of sales via agents in the life insurance segment remains considerably higher, but has declined in recent years due to notable growth in sales via the banking and postal network. In contrast, sales via agents in the non-life insurance segment are rising on account of over-the-counter sales. Some forms of insurance deviate from the aforementioned pattern. Over-the-counter sales are prevalent in both co-payment health insurance and
capital redemption insurance, and also represent an important sales channel for ship casco and liability insurance. Broker sales represent an important channel for sales of following classes: goods in transit, general liability, miscellaneous financial loss and aircraft liability insurance. When reviewing sales in the individual sales channels it is evident that counter sales are used primarily for the sale of health insurance and accounted for four fifths of turnover in the aforementioned insurance class. Life insurance is prevalent in sale through the banking and postal network, with a proportion of 87.1%. Brokers generate two thirds of insurance premiums through sales of fire and other damage to property insurance, and other liability insurance, while agents generate a third of premium via motor insurance sales.
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Breakdown of premiums by insurance class with regard to distribution channels in 2015 (in %) Insurance class
TOTAL
Employed
Agents
Counter Telephone, sales internet 19.92 0.95
TOTAL
100
NON-LIFE INSURANCE
100
Accident insurance Health insurance Land motor vehicle insurance
100
4.89
Railway rolling stock insurance
100
0.00
Aircraft insurance
100
1.38
Ship insurance
100
Goods in transit insurance
100
Fire and natural forces insurance Other damage to property insurance
Internal
External
Brokers
Bancassurance
Other
35.81
33.12
4.14
4.66
1.40
25.79
1.23
35.33
29.13
5.71
0.85
1.96
100
11.11
1.41
42.92
34.10
3.93
4.30
2.23
100
64.55
1.58
3.03
29.92
0.05
0.39
0.49
0.31
52.61
36.92
3.74
0.48
1.06
0.00
100.00
0.00
0.00
0.00
0.00
6.20
76.06
0.60
15.76
0.00
0.00
20.81
0.05
35.11
37.10
6.73
0.02
0.20
9.33
0.03
49.11
1.67
39.87
0.00
0.00
100
5.02
1.30
56.90
18.64
17.22
0.90
0.02
100
4.04
0.91
65.21
13.54
15.33
0.95
0.02
Motor vehicle liability insurance
100
4.88
0.72
46.63
41.89
3.12
0.58
2.19
Aircraft liability insurance
100
7.39
3.43
67.13
1.04
21.02
0.00
0.00
Liability for ship insurance
100
21.16
0.01
31.76
39.98
6.94
0.06
0.08
General liability insurance
100
8.15
4.73
47.34
11.93
27.47
0.37
0.00
Credit insurance
100
0.00
0.00
62.83
0.00
1.94
1.46
33.78
Suretyship insurance
100
12.98
4.85
76.91
1.52
3.74
0.00
0.00
Miscellaneous financial loss insurance
100
17.63
2.39
23.47
18.33
27.04
5.87
5.27
Legal expenses insurance
100
2.07
0.05
25.58
56.15
1.40
1.21
13.54
Assistance insurance
100
5.76
1.18
44.85
45.16
0.98
0.83
1.24
LIFE INSURANCE
100
5.30
0.26
37.01
43.06
0.20
14.17
0.00
Life assurance
100
2.71
0.53
41.74
42.24
0.17
12.60
0.00
Marriage assurance, birth assurance
100
0.21
0.00
30.37
69.42
0.00
0.00
0.00
Unit-linked life insurance
100
2.89
0.02
35.17
45.74
0.23
15.95
0.00
Tontine
–
–
–
–
–
–
–
–
100
69.11
0.09
4.75
16.43
0.25
9.37
0.00
–
–
–
–
–
–
–
–
Pension insurance under ZPIZ-1
100
22.36
0.03
72.68
4.93
0.00
0.00
0.00
Copayment health insurance
100
65.84
0.57
2.95
30.24
0.05
0.30
0.05
Supplementary insurance
100
…
…
…
…
…
…
…
Capital redemption insurance Insurance of income loss due to accident or illness
1
1 Only total data is available by one of the members, so the breakdown by distribution channels cannot be made. Source: SIA
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5.2 Reinsurance activity
In the time of recession reinsurance activity recorded a sustained stagnation that lasted several years and a notable decline in 2013 and 2014, while in 2015 reinsurance premiums were up by 13.7%. At EUR 268.8 m, the latter rose to the level recorded in 2012 and accounted for 0.7% of GDP. Non-life insurance contributed most to the aforementioned increase, as it accounts for 98.7% or nearly the entire reinsurance portfolio. The 14.2% increase in the aforementioned premiums thus prevailed over the 22.8% decline in life reinsurance premiums. While motor vehicle liability reinsurance was predominant in the past, property reinsurance has led the way in recent years. At 42.1%, fire and natural forces reinsurance accounts for the highest proportion of reinsurance premiums in 2015, followed by other damage to property reinsurance at 18.8% and land motor vehicle reinsurance at 10.2%. The reinsurance of other insurance classes is weaker, as the total proportion of premiums accounted for by
the five smallest classes is barely 0.8%. There were sharp fluctuations in certain insurance classes, which recorded a notable drop in 2014, but recorded strong growth again in 2015 (e.g. health insurance, miscellaneous financial loss insurance, goods in transit insurance). Two reinsurance companies paid out EUR 144.7 m in claims in 2015, mainly related to fire and natural forces and other property damage. After recording their lowest level of the last seven years in 2014, growth in claims paid was positive in 2015 and was significantly higher than growth in premiums. The claims ratio thus deteriorated by 3.5 percentage points to stand at 54.6%. While the non-life claims ratio was similar to that, the situation in the life reinsurance segment is significantly worse: claims paid were up by one third in the content of a sharp decline in premiums, with the claims ratio nearly doubling as a result.
Reinsurance premiums and claims paid Year
Premiums (in EUR)
Premiums growth index
Insurance penetration (in %)
Claims paid (in EUR)
Claims paid growth index
TOTAL 2011
262,282,208
99.72
0.71
126,258,125
90.23
2012
269,180,708
102.63
0.75
131,808,884
104.40
2013
239,147,140
88.84
0.67
141,702,764
107.51
2014
236,521,960
98.90
0.63
120,708,196
85.18
2015
268,822,331
113.66
0.70
146,672,003
121.51
861,553
108.54
0.002
365,430
204.10
2012
1,693,484
196.56
0.005
276,044
75.54
2013
2,603,206
153.72
0.007
600,854
217.67
2014
3,139,112
120.59
0.008
1,471,150
244.84
2015
2,421,161
77.13
0.006
1,978,232
134.47
LIFE 2011
NON-LIFE 2011
261,420,655
99.69
0.71
125,892,695
90.08
2012
267,487,224
102.32
0.74
131,532,840
104.48
2013
236,543,934
88.43
0.66
141,101,910
107.28
2014
233,382,848
98.66
0.63
119,237,046
84.50
2015
266,401,170
114.15
0.69
144,693,771
121.35
Source: SIA, SORS
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Reinsurance premiums and claims paid by insurance class in 2015 (in EUR m) Legal expenses Assistance Aircraft liability Railway rolling stock Liability for ship Suretyship Aircraft Health Life Credit Miscellaneous financial loss Ship Goods in transit General liability Accident Motor vehicle liability Land motor vehicle Other damage to property Fire and natural forces 0 Premiums Claims paid Source: SIA
20
40
60
80
100
120
EUR m
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Reinsurance premiums and claims paid by insurance class in 2015 Insurance class
PREMIUMS Amount (in EUR)
CLAIMS PAID
Claims ratio (in %)
TOTAL
268,822,331
Share in total premiums (in %) 100
NON-LIFE INSURANCE
266,401,170
99.10
14,031,807
5.22
122.50
8,377,599
5.71
161.24
59.70
2,223,661
0.83
3,194.78
1,555,057
1.06
198.26
69.93
27,446,913
10.21
101.21
17,040,300
11.62
114.55
62.08
640,380
0.24
123.07
2,529
0.00
226.61
0.39
Aircraft insurance
1,887,515
0.70
153.22
373,556
0.25
272.07
19.79
Ship insurance
6,592,481
2.45
103.43
4,317,363
2.94
104.70
65.49
Goods in transit insurance
6,816,325
2.54
130.95
2,259,811
1.54
146.06
33.15 55.05
Accident insurance Health insurance Land motor vehicle insurance Railway rolling stock insurance
Fire and natural forces insurance
Growth index
Amount (in EUR)
Growth index
146,672,003
Share in total claims paid (in %) 100
113.66 114.15
121.51
54.56
144,693,771
98.65
121.35
54.31
113,080,654
42.07
115.65
62,247,430
42.44
127.17
Other damage to property insurance
50,640,367
18.84
111.96
26,935,718
18.36
114.79
53.19
Motor vehicle liability insurance
21,733,645
8.08
105.75
15,315,093
10.44
105.94
70.47
Aircraft liability insurance
551,360
0.21
86.18
190,285
0.13
29.53
34.51
Liability for ship insurance
669,868
0.25
116.18
186,511
0.13
123.60
27.84
General liability insurance
8,429,154
3.14
86.99
2,866,957
1.95
102.38
34.01
Credit insurance
3,868,825
1.44
123.33
312,233
0.21
34.60
8.07
673,411
0.25
79.61
718,541
0.49
241.92
106.70
6,574,220
2.45
263.25
1,573,991
1.07
288.23
23.94
50,569
0.02
121.59
1,807
0.00
451.75
3.57
Assistance insurance
490,015
0.18
115.65
418,990
0.29
116.19
85.51
LIFE INSURANCE
2,421,161
0.90
77.13
1,978,232
1.35
134.47
81.71
Life assurance
2,122,670
0.79
76.01
1,849,172
1.26
139.69
87.12
Suretyship insurance Miscellaneous financial loss insurance Legal expenses insurance
Marriage assurance, birth assurance
0
0.00
–
0
0.00
–
–
298,491
0.11
86.18
129,060
0.09
87.54
43.24
Tontine
0
0.00
–
0
0.00
–
–
Capital redemption insurance
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 insurance2
0
0.00
–
0
0.00
–
–
Supplementary insurance3
0
0.00
–
0
0.00
–
–
Unit-linked life insurance
1
1 Included in life insurance group. 2 Included in health insurance class. 3 Included in life assurance class. Source: SIA
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5.3 Nuclear Insurance and Reinsurance Pool
The purpose of the Nuclear Insurance and Reinsurance Pool is to insure and reinsure against nuclear dangers. It was established in 1994 when eight members (insurance and reinsurance companies headquartered in Slovenia) signed an agreement on the establishment of the Nuclear Insurance and Reinsurance Pool. The following insurance and reinsurance companies were members in 2015: Zavarovalnica Triglav, d. d., Sava Reinsurance Company d. d., Adriatic Slovenica, Zavarovalna družba d. d., Pozavarovalnica Triglav Re, d. d., Zavarovalnica Maribor, d. d., Zavarovalnica Tilia, d. d. and Merkur zavarovalnica, d. d. The largest proportion was accounted for by Zavarovalnica Triglav, d. d., Sava Reinsurance Company d. d., Pozavarovalnica Triglav Re, d. d. and Adriatic Slovenica, Zavarovalna družba d. d. The Nuclear Insurance and Reinsurance Pool insures the Slovenian nuclear power plant, and reinsures foreign nuclear power plants in the scope of capacities and shares that members provide separately every year. In Slovenia, the liability of the nuclear power plant manager is insured in accordance with the applicable Nuclear Damage Liability Act (ZOJed-1), which
entered into force on 4 April 2011. Under the aforementioned policy, the Nuclear Insurance and Reinsurance Pool covers the dangers set out in the law, and thus provides for payments to injured parties in the event of a nuclear accident, and also covers costs, interest and expenditure that the policyholder must pay to a claimant in connection with a nuclear accident. The insurance covers the legally prescribed liability deriving from the insured’s operations and the assets in its possession if damage is caused by an accident at nuclear power plants during the duration of cover. In 2015 the Nuclear Insurance and Reinsurance Pool participated intensively in the implementation of the protocol to the Paris Convention on Third Party Liability in the Field of Nuclear Energy, of which Slovenia is a signatory. That protocol will result in significantly higher limits on liability and an expanded set of risks for which the nuclear power plant manager is liable and against which it must be insured. In terms of liability insurance for nuclear damage, the Nuclear Insurance and Reinsurance Pool was party to risk up to the amount of its capacities; the amount exceeding those capacities was reinsured via foreign insurance and reinsurance pools.
And so there was a miracle. On 30 May 2016 at 10.48 am, exactly four months from the day the olm laid its first egg in the aquarium, the first larva hatched at Postojna Cave. Although there was very little likelihood of us witnessing the drama of the development of eggs to the hatching of larvae in an artificial environment, this is precisely what happened. This is a major success in our study of the Proteus anguinus, which remains today a great mystery, given its secretive life in the depths of dark caves, entirely hidden from humans. A total of 13 larvae have now hatched as of the date of this publication.
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The Slovenian insurance industry on the international stage
In the context of favourable economic growth in the majority of EU Member States, 2014 (according to the last available IE figures21 at the time of issue of this publication) was a successful year for the European insurance market, which generated EUR 1,167 bn or 29.7% of global written premiums. Taking into account other European countries such as Russia and Ukraine, that proportion is even higher, at around 35%. Excluding the branch offices of foreign companies, Slovenian insurance companies (members of the SIA) generated written premiums of EUR 1,896 m, representing 0.05% of global written premiums and 0.2% of written premiums in Europe. The five largest European markets together accounted for a 72.7% of the overall market, with the highest concentration being recorded in the life insurance segment. A total of 4,863 insurance companies operated under the auspices of IE in Europe in 2014. Despite a 9.1% decline in their number, European insurance companies generated 3.4% more premiums than the previous year. A third of the 32 members of IE recorded negative annual growth, a trend that even the largest markets (e.g. the Netherlands and UK) could not avoid. Life insurance, which accounted for 61.1% of all European insurance, recorded growth of 5.5%, while non-life insurance recorded growth of 0.4%. At EUR 953.3 bn, the amount of all benefits and claims paid was at the same level recorded in 2013. Life insurance accounted for 67% of that amount, followed by motor vehicle and health insurance, both at 10%. Claims from property insurance recorded the sharpest drop. The position of Slovenian insurance companies relative to other European countries deteriorated in 2014.
21 Insurance Europe, Insurance Data, European insurance industry database, http://www. insuranceeurope.eu/insurancedata, 15. 6. 2016.
Among the key indicators down on the previous year were premiums as a proportion of GDP. With an insurance penetration rate of 5.1%, SIA members achieved just 67.3% of the penetration rate in Europe, where the proportion of GDP accounted for by the insurance industry was down 0.1 percentage point to stand at 7.6% due to higher economic growth. The worst insurance penetration rate is recorded by Romania at 1.2% while the Netherlands recorded the best rate, at 11.3%. Slovenia’s weaker position in 2014 was also seen in premium per capita, which failed to achieve even one half of the European average. Premium per capita was up by EUR 81 or 4.3% to stand at EUR 1,964. At EUR 6,000 per capita, Switzerland stands out with an insurance density three times higher than the European average and six times higher than in Slovenia. The average written premium of a European insurance company rose to EUR 240 m. In the context of negative growth in total premiums, the average premium of SIA members fell further behind the European average, which was 43.8% higher. In contrast, Italy records double the growth and achieves by far the best result (EUR 1,158 m). Average premium per employee was down by 2.9% in Europe (and by 1.4% in Slovenia) in the context of a significant increase in the number of employees at insurance companies. At the same time, the average number of employees has risen to 205. The Slovenian average remains twice that of the European average. Among the selected countries, Hungary (624), Germany (535), France (468) and Croatia (455) recorded even higher indicators, while Cyprus recorded the best indicator (42).
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Insurance business in Europe in 2014 and in Slovenia in 2014 and 20151 Indicators
Europe 2014
Number of insurance companies
4,863
14
14
Share of Slovenia 2014 (in %) 0.29
Number of insurance employees
994,688
5,929
6,026
0.60
Average number of insurance employees per company Total premiums (in EUR m)
Slovenia 2014
Slovenia 2015
205
424
430
207.05
1,167,057
1,896
1,930
0.16
Life premiums (in EUR m)
713,021
517
546
0.07
Non-life premiums (in EUR m)
454,036
1,379
1,384
0.30
Total premiums per capita (in EUR m)
1,964
920
936
46.84
Life premiums per capita (in EUR m)
1,200
251
265
20.89
764
669
671
87.59
Non-life premiums per capita (in EUR m) Share of total premiums in GDP (in %)
7.56
5.08
5.01
67.27
Share of life premiums in GDP (in %)
4.62
1.39
1.42
30.01
Share of non-life premiums in GDP (in %)
2.94
3.70
3.59
125.80
Total benefits and claims paid (in EUR m)
953,258
1,312
1,335
0.14
Life benefits paid (in EUR m)
636,917
379
406
0.06
Non-life claims paid (in EUR m)
316,340
934
929
0.30
1 Data of SIA members excluding the branches of foreign insurance companies. Source: IE, SIA, SORS
Insurance business in selected countries in 20141 Country
Number of insurance companies
Number of insurance employees
Switzerland
155
Denmark
110
PREMIUMS TOTAL (in EUR m)
Life (in EUR m)
Non-life (in EUR m)
27,146
Share of life (in %) 55.58
21,693
Share of non-life (in %) 44.42
47,800
48,838
17,057
26,550
17,498
65.90
9,053
34.10 76.33
Netherlands
170
50,000
73,761
17,460
23.67
56,301
Sweden
327
19,701
31,327
25,097
80.11
6,230
19.89
France
313
146,600
197,248
128,948
65.37
68,300
34.63
Belgium
80
23,334
27,041
16,193
59.88
10,848
40.12
Germany
548
293,500
192,577
93,673
48.64
98,904
51.36
Italy
22.68
124
47,452
142,943
110,518
77.32
32,425
Austria
68
26,521
17,143
6,754
39.40
10,389
60.60
Europe
4,863
994,688
1,167,057
713,021
61.10
454,036
38.90
Portugal Spain
45
11,168
13,597
10,183
74.89
3,414
25.11
255
45,876
54,440
25,178
46.25
29,262
53.75
Slovenia (2015)
14
6,026
1,930
546
28.31
1,384
71.69
Slovenia (2014)
14
5,929
1,896
517
27.25
1,379
72.75
Cyprus
33
1,400
745
304
40.81
441
59.19
Greece
49
7,500
3,759
1,878
49.96
1,881
50.04
Hungary
32
19,975
2,693
1,436
53.32
1,257
46.68
Croatia
25
11,384
1,118
344
30.81
773
69.19
Turkey
69
19,353
9,178
1,158
12.62
8,020
87.38
Romania
37
9,346
1,804
365
20.25
1,438
79.75
1 Data of branches included in the country of the parent company's domicile. Source: IE, SIA
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103
Insurance business in selected countries in 20141 Country
Switzerland
BENEFITS AND CLAIMS PAID TOTAL (in EUR m) 36,931
Life (in EUR m) 23,017
INSURANCE DENSITY
Non-life (in EUR m) 13,914
TOTAL (in EUR) 6,000
Life (in EUR) 3,335
Non-life (in EUR) 2,665
Insurance penetration (in %)
Claims ratio (in %)
6.28
75.62
Denmark
23,394
17,094
6,300
4,718
3,109
1,609
10.31
88.11
Netherlands
75,369
25,487
49,882
4,383
1,037
3,345
11.25
102.18
Sweden
14,740
8,393
6,347
3,248
2,602
646
7.28
47.05
France
153,847
106,347
47,500
2,996
1,959
1,037
9.25
78.00
Belgium
23,686
17,478
6,208
2,414
1,445
968
6.73
87.59
Germany
80.78
155,571
85,399
70,172
2,384
1,160
1,225
6.63
Italy
87,280
64,577
22,703
2,352
1,818
533
8.84
61.06
Austria
14,075
7,155
6,920
2,015
794
1,221
5.21
82.10
Europe
953,258
636,917
316,340
1,964
1,200
764
7.44
81.68
Portugal
12,210
8,967
3,243
1,304
977
327
7.86
89.80
Spain
46,283
26,936
19,347
1,170
541
629
5.14
85.02
Slovenia (2015)
1,335
406
929
936
265
671
5.01
69.15
Slovenia (2014)
69.21
1,312
379
934
920
251
669
5.09
Cyprus
444
247
197
868
354
514
4.26
59.60
Greece
2,278
1,517
761
345
172
173
2.10
60.60
Hungary
1,749
1,060
690
273
145
127
2.61
64.95
Croatia
576
200
376
263
81
182
2.59
51.54
Turkey
4,736
737
3,999
120
15
105
1.49
51.60
998
98
900
90
18
72
1.20
55.36
Romania
1 Data of branches included in the country of the parent company's domicile. Source: Eurostat, IE, SIA, SORS
Growth in premiums in selected countries in 2014 (in %) Italy Sweden Portugal Turkey Denmark France Hungary Europe Austria Germany Belgium Switzerland Romania Greece Spain Slovenia Netherlands Cyprus Croatia
20.71 16.40 9.60 7.29 6.73 6.08 4.90 3.41 3.29 2.74 0.79 0.19 –0.48 –0.58 –1.45 –2.14 –2.25 –2.93 –5.67
–10 Source: IE, SIA
–5
0
5
10
15
20
25
%
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Growth in insurance density and penetration in selected countries in 2014 (in %) 18.54
Italy
20.21 15.33
Sweden
18.05 10.23
Portugal
7.29 6.26
Denmark
4.86 5.83
Turkey
7.29 5.64
France
5.29 5.24
Hungary
2.18 4.34
Germany
–0.59 3.15
Europe
–0.88 2.62
Austria
1.31 0.41
Belgium
–0.91 0.21
Greece
1.28 –0.12
Romania
–4.29 –0.99
Spain
–2.32 –1.05
Switzerland
–33.54 –2.04
Cyprus
0.47 –2.25
Slovenia
–5.04 –2.53
Netherlands
–4.11 –5.33
Croatia
–4.63
–40
–30
Insurance density 2014/2013 Insurance penetration 2014/2013 Source: Eurostat, IE, SIA, SORS
–20
–10
0
10
20
30
%
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Premiums per insurance company in selected countries in 2014 (in EUR m) Italy France Netherlands Germany Belgium Switzerland Portugal Austria Denmark Europe Spain Slovenia Turkey Sweden Hungary Greece Romania Croatia Cyprus
1,153 630 434 351 338 315 302 252 241 240 213 135 133 96 84 77 49 45 23
0
200
400
600
800
1,000
1,200
EUR m
Source: IE, SIA
Premiums per insurance employee in selected countries in 2014 (in EUR) Italy Sweden Denmark Netherlands France Portugal Spain Europe Belgium Switzerland Germany Austria Cyprus Greece Turkey Slovenia Romania Hungary Croatia
3,012,373 1,590,114 1,556,559 1,475,220 1,345,484 1,217,524 1,186,668 1,173,289 1,158,877 1,021,719 656,140 646,393 532,143 501,185 474,240 319,784 192,977 134,841 98,201
0 Source: IE, SIA
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
EUR
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Worldwide insurance premiums (in EUR bn) Year
TOTAL
Europe
Asia
North America
Other
2010
3,219.4
1,191.3
872.1
956.9
199.0
TOTAL 2011
3,522.8
1,257.7
986.0
1,040.0
239.1
2012
3,487.4
1,167.5
1,010.7
1,059.9
249.2
2013
3,330.9
1,174.8
907.8
1,002.6
245.6
2014
3,935.6
1,398.2
1,085.2
1,157.9
294.3
LIFE 2010
1,883.5
717.1
646.7
417.2
102.5
2011
2,024.1
727.9
713.1
460.6
122.4
2012
1,989.5
668.0
723.7
471.1
126.7
2013
1,845.4
677.1
620.2
425.0
123.2
2014
2,186.4
825.9
735.0
478.0
147.6
2010
1,335.9
474.2
225.4
539.8
96.5
2011
1,498.7
529.9
272.8
579.3
116.7
2012
1,497.9
499.5
287.0
588.8
122.5
2013
1,485.5
497.7
287.7
577.6
122.5
2014
1,749.2
572.3
350.3
679.9
146.8
NON-LIFE
Source: BS, Swiss Re
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Literature and data sources 1. Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited, http://www.as-skupina.si/ documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de-9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016. 2. Agency of the Republic of Slovenia for Public Legal Records and Related Services, http://www.ajpes.si/uradne_objave/ eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016. 3. Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http://www.bsi.si/pxweb/dialog/Database/ slo/serije/02_bilance_bank/02_bilance_bank.asp, 15. 6. 2016. 4. Eurostat, Database, http://ec.europa.eu/eurostat/data/database, 15. 6. 2016. 5. Institute of Macroeconomic Analysis and Development, Public info, Press Releases, http://www.umar.gov.si/informacije_za_ javnost/obvestila_in_sporocila_za_javnost/, 16. 5. 2016. 6. Insurance Act (ZZavar), Official Gazette of the Republic of Slovenia, Nos. 99/10 – UPB, 90/12, 56/13, 63/13 – ZS-K in 93/15 – ZZavar-1. 7. Insurance Act (ZZavar-1), Official Gazette of the Republic of Slovenia, No. 93/15. 8. Insurance Europe, Insurance Data, European insurance industry database, http://www.insuranceeurope.eu/insurancedata, 15. 6. 2016. 9. Insurance Supervision Agency, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016. 10. Key findings of the White Paper on Pensions, Ministry of Labour, Family, Social Affairs and Equal Opportunities, http:// www.mddsz.gov.si/fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_Bele_ knjige_o_pokojninah_130416.pdf, 16. 5. 2016. 11. Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse.si/media/Attachments/Statistika/ Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016. 12. Pension and Invalidity Insurance Act, ZPIZ-1, Official Gazette of the Republic of Slovenia, Nos. 109/06 – UPB, 114/06 – ZUTPG, 10/08 – ZVarDod, 98/09 – ZIUZGK, 38/10 – ZUKN, 61/10 – ZSVarPre, 79/10 – ZPKDPIZ, 94/10 – ZIU, 94/11 – odl. US, 105/11 – odl. US, 110/11 – ZDIU12, 40/12 – ZUJF in 96/12 – ZPIZ-2. 13. Pension and Invalidity Insurance Act, ZPIZ-2, Official Gazette of the Republic of Slovenia, Nos. 96/12, 39/13, 99/13 – ZSVarPre-C, 101/13 – ZIPRS1415, 44/14 – ORZPIZ206, 85/14 – ZUJF-B, 95/14 – ZUJF-C, 90/15 – ZIUPTD, 102/15. 14. Report of the Insurance Supervision Agency, Insurance Supervision Agency, Ljubljana, June 2015. 15. Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016. 16. Slovenian Economic Mirror No. 1, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana. 17. Slovenian Economic Mirror No. 2, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana. 18. Slovenian Insurance Association. 19. Statistical Office of the Republic of Slovenia, SI-STAT Data Portal, http://pxweb.stat.si/pxweb/Dialog/statfile2.asp, 15. 6. 2016. 20. Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www. sava-re.si/media/objave/dokumenti/2016/LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015. 21. Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav.eu/6bdc1dd0-c125-4a81-a491f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0c125-4a81-a491-f780d908fa6b, 15. 6. 2016.
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List of photos Slovenia received the surprising news at the beginning of 2016 that the proteus or olm laid an egg within the confines of the world famous Postojna Cave. The first egg was followed by more than 60 more eggs. This represents a globally important event, as the proteus only reproduces an average of every ten years. Never before has the proteus been subject to such study during its reproductive cycle. The amphibian, described by Janez Vajkard Valvazor back in 1689 in his work The Glory of the Duchy of Carniola, is on the list of endangered and closely protected animal species in both Slovenia and the EU.
Just as the proteus carefully guards its eggs, insurance companies provide their policyholders a sense of security. This issue of the Statistical Insurance Bulletin is therefore dedicated to this symbol of Slovenian natural heritage.
Page 1, author: Iztok Medja
Page 7, author: Iztok Medja
Page 10, author: Arne Hodalič
Page 14, Postojna cave archive
Page 14, Postojna cave archive
Page18, Postojna cave archive
Page 22, 123rf,com
Page 50, author: Dragan Arrigler
Page 54, author: Iztok Medja
Page 61, Postojna cave archive
Page 73, author: Dragan Arrigler
Page 83, author: Iztok Medja
Page 88, author: Arne Hodalič
Page 94, Postojna cave archive
Page 100, Postojna cave archive
Page 106, author: Valter Leban
The text accompanying the photographs has been taken from the websites of Postojna Cave, Wikipedia Slovenija, portal MMC RTVSLO and portal Slovenia info.
statistical insurance bulletin 2016
SLOVENIAN INSURANCE ASSOCIATION Železna cesta 14, PO Box 5701 SI-1000 LJUBLJANA
Telephone: (+386) 1 300 93 81 Fax: (+386) 1 473 56 92 Website: www.zav-zdruzenje.si E-mail:
[email protected]
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