2. - Slovensko zavarovalno združenje

Transcription

Statistical Insurance Bulletin 2010
Ljubljana, August 2010
S tat is t ica l I n s ur a n ce B ulle t i n 2 010
Publisher
Telephone
Fax
Internet
Email
Responsible person
SLOVENIAN INSURANCE ASSOCIATION
Commercial interest association of Slovenian insurance companies
Železna cesta 14, PO Box 2512
SI – 1000 LJUBLJANA
SLOVENIA
(+386)-(0)1-473 56 99
(+386)-(0)1-473 56 92
www.zav-zdruzenje.si
info@zav-zdruzenje.si
Mirko Kaluža, Director
STATISTICAL INSURANCE BULLETIN, SZZ, LJUBLJANA 2010
Text, tables and graphs prepared by
Production
Design and pictures
Photography on page 7
Translated by
Printed by
Print run
• Tomaž Mancini, Statistical analysis and information technology
• Nuclear Insurance and Reinsurance Pool (Chapter V, point 3)
• Education and Training Committee (Chapter IV)
Pegaz International d. o. o. Ljubljana
Lukatarina
Janez Vlachy
AMIDAS d. o. o., Ljubljana
Littera picta
400 copies
All rights reserved.
The information contained herein may be used in full or in part
only with an appropriate indication of the source.
ISSN 1318-7295
2
3
Contents
Development of the Slovenian insurance market
Foreword
I. The Slovenian economy in 2009
II. The Slovenian insurance association in 2009
III. Presentation of members of the Slovenian Insurance Association (as at 29 June 2010)
Adriatic Slovenica, zavarovalna družba, d. d.
Allianz Hungaria Zrt., Zavarovalnica, d. d., Ljubljana branch office
ARAG zavarovanje pravne zaščite, d. d.
ERGO, zavarovalnica, d. d.
Generali zavarovalnica d. d.
GRAWE zavarovalnica, d. d.
Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d. (KAD)
KD življenje, zavarovalnica, d. d.
Merkur zavarovalnica, d. d.
NLB Vita, življenjska zavarovalnica, d. d.
Pozavarovalnica Sava, d. d.
Pozavarovalnica Triglav Re, d. d.
SID – Prva kreditna zavarovalnica, d. d. (SID – PKZ)
Sklad obrtnikov in podjetnikov (SOP)
TRIGLAV, Zdravstvena zavarovalnica, d. d.
Victoria-Volksbanken, zavarovalniška delniška družba, Slovenian branch office
Vzajemna zdravstvena zavarovalnica, d. v. z.
Wiener Städtische, Zavarovalnica, Ljubljana branch office
Zavarovalnica Maribor, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Triglav, d. d.
IV. Employees in insurance companies
V. Insurance and reinsurance activities in 2009
1. Insurance
1.1 Life insurance
1.1.1 Pension insurance
1.2. All other insurance (non-life or property)
2. Reinsurance
3. Nuclear Insurance and Reinsurance Pool
4. Data by individual insurance class and type
4.1 Accident insurance
4.2 Health insurance
4.3 Casco insurance
4.4 Goods in transit insurance
4.5 Property insurance
4.6 Liability insurance
4.7 Credit insurance
4.8 Suretyship insurance and miscellaneous financial loss insurance
4.9 Legal expenses insurance and tourist assistance insurance
VI. International position of Slovenian insurance
VII. Chronological overview of insurance activity on ethnic Slovenian territory
5
7
9
11
13
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
40
43
44
50
53
54
56
59
60
64
65
66
67
68
69
70
71
72
74
78
Great love needs
few words.
5
>
Development of the
Slovenian insurance market
amounts in €000
Insurance
Year
Premiums
Claims ratio (%)
Claims
Annual growth rate*
Total
Life
Non-life
Total
Life
Non-life
Total
Life
Non-life
Total
Life
Non-life
2002
1,178,845
267,436
911,409
714,668
90,485
624,183
60.6
60.6
60.6
116.1
123.2
114.1
2003
1,275,102
305,003
970,099
790,866
114,106
676,760
62.0
62.0
62.0
111.7
117.8
109.9
2004
1,456,887
429,013
1,027,874
931,938
189,003
742,935
64.0
64.0
64.0
116.8
143.8
108.3
2005
1,549,167
464,834
1,084,334
874,895
136,348
738,547
56.5
56.5
56.5
106.6
108.6
105.7
2006
1,725,304
540,655
1,184,649
949,076
149,088
799,988
55.0
55.0
55.0
111.4
116.3
109.3
2007
1,893,980
609,266
1,284,714
1,023,300
161,828
861,472
54.0
54.0
54.0
109.8
112.7
108.4
2008
2,018,960
642,653
1,376,307
1,204,208
177,589
1,026,619
59.6
59.6
59.6
106.6
105.5
107.1
2009
2,072,923
630,089
1,442,834
1,240,001
188,496
1,051,505
59.8
29.9
72.9
102.7
98.0
104.8
Reinsurance
Year
Premiums
Claims ratio (%)
Claims
Annual growth rate*
Total
Life
Non-life
Total
Life
Non-life
Total
Life
Non-life
Total
Life
Non-life
2002
126,451
1,047
125,404
64,657
728
63,929
51.1
69.6
51.0
132.0
113.9
132.2
2003
140,894
1,007
139,887
73,459
567
72,892
52.1
56.6
52.1
115.1
99.2
115.2
2004
148,905
953
147,952
81,805
241
81,564
54.9
25.4
55.1
108.1
97.0
108.1
2005
161,361
1,007
160,354
78,671
222
78,449
48.8
22.0
48.9
108.6
105.7
108.6
2006
180,619
642
179,977
101,767
252
101,515
56.3
39.3
56.4
111.9
63.8
112.2
2007
206,165
704
205,461
115,181
302
114,879
55.9
42.9
55.9
114.1
109.7
114.2
2008
241,738
724
241,014
200,375
162
200,213
82.9
22.4
83.1
117.3
102.8
117.3
2009
261,109
643
260,466
171,828
137
171,691
65.8
21.3
65.9
108.0
88.8
108.1
* Premium growth index (excluding the inflation rate). Including the inflation rate of 1.8% (Dec. 2009/
Dec. 2008) based on HICP, the total insurance premium would be €2.03 billion and the premium
growth index would be 100.56. Source: SZZ, SURS, BS
Fortune favours the brave.
>
Foreword
The growth trend continued in the Slovenian insurance market in 2009,
confirming both the vitality and to some degree the resilience of the market in facing the global financial crisis. Admittedly insurance companies generated only 2.7%
more in gross insurance premiums than the previous year, but given the significant
fall in general economic growth, even that result is encouraging. Worst affected by
the crisis were insurance companies selling life insurance, with a fall in sales of 2%
from 2008, but at the same time, gross property insurance premiums grew by 4.8%
in the same period. With lower growth in claims than in 2008, insurance companies
maintained or even improved their financial stability.
Intense market competition continued last year with the aim of increasing
or redistributing market shares. Insurance companies recognise the importance of
the size of their portfolios for successful business. Despite all of this, the Slovenian
insurance market remains markedly concentrated, with the four largest insurance
companies controlling three-quarters of the market. The weather-related claims that
have marked the last two years had a particular impact in forcing insurance and reinsurance companies to recognise that such natural disasters need to be taken into
serious consideration for their future business. Most sensitive in this context was
agricultural insurance, which however represents only a small segment of the insurance market, but one that is very important for the Slovenian agricultural sector. In
conjunction with other parties, insurance and reinsurance companies are therefore
trying to adjust their product ranges.
The two reinsurance companies increased gross premiums written by 8%
in one year, although they were unable to prevent an 11.2% decline in life insurance
premiums. The 2009 growth rate for reinsurance premiums was half that of 2008.
However, as gross reinsurance claims paid fell by over 14%, the claims ratio improved
to 65.8%.
In anticipation of announced changes to the system of health and pension insurance, last year a series of lively debates and proposals were prepared and
organised by the insurance profession. Insurance companies recognise that some of
the state’s social goals can more readily be achieved if they offer a suitable response
and product range, and so they will continue such activities this year.
The Statistical Insurance Bulletin is the only Slovenian insurance statistical publication that provides a range of internationally comparable numerical data
on the development of insurance activities. The results of Slovenian insurance and
reinsurance companies in recent years are solid and promising. They are also an excellent starting point for our future endeavours and confirmation of the importance of
the decision taken on 5 July 1900, 110 years ago, when businessmen and nationally
conscious Slovenes decided to establish the first Slovenian insurance company – the
Mutual Insurance Company in Ljubljana. I am convinced that we can best mark this
anniversary by achieving the expected results this year.
Mirko Kaluža, Director
7
What you know, no one
can take away from you.
I.
The Slovenian economy in 2009
The economic crisis in Slovenia further deepened in 2009. Many companies cut back on production and staffing due to insufficient orders. The insurance
market experienced its first real blow, as consumer demand for new insurance fell.
Despite the crisis and the consequent deterioration in economic indicators, last year
Slovenia prepared for membership of the OECD, which it was invited to join in May
this year.
Some key economic indicators for 2009 follow:
Industrial production in 2009 was only 4.1% more than in 2003.
Exports of goods and services in 2009 totalled €16.04 billion, 19% lower
in real terms than 2008. Imports were worth €16.96 billion, a fall of 26.4%. The
balance of payments deficit was €918,648 million. The export/import coverage rate
was 94.6%.
Gross domestic product (GDP) in 2009 fell in real terms to €34,894
million, a drop of 7.8%. This is only the second fall since 1991. Per-capita GDP was
€17,092, lower than the previous year.
The state budget deficit at the end of 2009 was €1,915 million, 5.5% of
GDP, while the consolidated public debt was €12,519 million, 35.9% of GDP. This
was 13.3% more than the previous year.
Inflation, measured by comparing the prices of essential goods in December
2009 and December 2008, was 1.8%.
Average gross wages paid for December 2009 were €1,488.19, 5.2% lower
than in November, and 0.3% higher in real terms than in December 2008. Net average December salaries – at €957.14 – were 2% higher than the year before.
Domestic investment by Slovenian companies totalled €3,637.90 million,
15% lower than the year before. To date, Slovenian companies have invested almost
€6 billion abroad, while foreign companies have invested around €11 billion – 29%
of GDP – in Slovenia. This is lower than the EU average, but Slovenia was one of
the few countries to attract more foreign direct investment in 2009 than the previous
year.
The number of people out of work increased to 96,672 by the end of the
year. The unemployment rate in December was 6.8%. At the time, only four EU
countries had lower unemployment rates.
The banking sector for 2009 recorded a combined balance-sheet total of
€51 billion. This is 8% higher than the previous year. Pre-tax profits were 47.4%
lower than in 2008 at €161 million.
The SBI 20 stock index of the Ljubljana Securities Exchange, celebrating
its 20th anniversary, rose in 2009 to 4,078.64 points, a 10.38% rise. Shareholders
of Triglav Insurance d.d. achieved the greatest returns, with investments growing by
66.45%.
Sources: SURS, BS, LB
9
Live while you're alive!
11
II.
The Slovenian Insurance Association
in 2009
In 2009, the work and tasks of the association, which were similar to those
in the previous year, were conducted by 15 employees, who coordinated the work of
the association's working bodies. The annual work plan was realised in full through
meetings of working groups based on the common needs of members. Of the tasks
completed, we should mention the activities to complete the register of insurance
claims for motor-vehicle insurance and its implementation.
Organisational chart of the slovenian insurance association (SZZ) (as at July 2010)
ASSEMBLY
COUNCIL
Arbitration Court*
Insurance
Ombudsman*
Mediation
Centre*
Information
Centre
Compensation Body
Guarantee Fund
DIRECTOR
General and
Organisational Affairs
and Accounting Service
Green Card Bureau
Commission of the
Guarantee Fund
Council
of the GCB
Expert Committee
of the GCB
Motor
Insurance
Personal
Lines
Property
Insurance
Statistics,
Analysis
and IT
Education
Motor Insurance
Committee
Life & Accident
Insurance Committee
Property Insurance
Committee
IT Committee
Education
Committee
Commission for the
Prevention of Insurance Fraud
Health Insurance
Committee
Agricultural
Insurance Section
Pension Insurance
Committee
Transport and Credit
Insurance Committee
Legal Section
Financial Section
Commission for
Money Laundering
Prevention
Commission on
Accounts and
Tax Aff airs
Internal Audit
Section
* SZZ provides only material basis
Editorial Committee
Slovenian Insurance
Days' Organising
Committee
Actuarial Section
Exam Committee
Love begats
more love.
13
III.
Presentation of Slovenian Insurance
Association members (as at 29 June 2010)
Insurance companies found themselves facing conditions of economic and
financial crisis. Some insurances companies strengthened classic life insurance, while
others reorganised their investment policies, successfully recapitalised, improved the
marketing of their insurance products, stopped hiring new employees etc. Those that
know the Slovenian insurance market agree that last year the market successfully
overcame the difficult market conditions and played an important role in stabilising
the financial and property sectors. SZZ membership last year increased, with two
new full members – insurance companies with foreign capital, Wiener Städtische
and Allianz.
Number of insurance companies in individual years, various criteria
Year
Number of companies active in the insurance market*
Insurance companies
Reinsurance companies
Total companies
2002
2003
2004
2005
2006
2007
2008
2009
14
15
15
15
16
16
16
18
2
2
2
2
2
2
2
2
16
17
17
17
18
18
18
20
15
16
17
17
18
18
18
20
11
12
12
13
14
14
14
16
3
3
3
2
2
2
2
2
Composite
9
9
8
7
8
8
8
10
Life only
3
4
3
4
4
4
4
4
Property only
2
2
4
4
4
4
4
4
12
13
13
13
14
14
14
16
3
4
5
4
5
5
5
7
Mutual
1
1
1
1
1
1
1
1
Other
1
1
1
1
1
1
1
1
–
–
–
2
2
2
2
3***
Of which, SZZ members
Insurance companies, various criteria
• by legislation**
Operate under Insurance Act (insurance companies)
Do not operate under Insurance Act (other companies)
• by portfolio
• by organisational form
Joint-stock company
All
Majority foreign capital
Branches of insurance companies from EU countries
* Companies that operated on the market in individual years whose premiums are included
in SZZ Insurance statistics.
** Insurance companies with regard to valid Insurance Act in individual years.
In order to provide the companies’ original names to our readers we do not give English
translations of their names. Source: SZZ
14
The list below shows 20 (re)insurance companies that were SZZ members
in 2009 and for which data on their activities in 2009 are published in the bulletin.
The values given for gross premiums written are rounded up for transparency.
Composite insurance companies:
Zavarovalnica Triglav, d. d., Ljubljana
Zavarovalnica Maribor, d. d., Maribor
Adriatic Slovenica, Zavarovalna družba, d. d., Koper
Zavarovalnica Tilia, d. d., Novo mesto
Generali Zavarovalnica d. d., Ljubljana
Merkur zavarovalnica, d. d., Ljubljana
GRAWE Zavarovalnica, d. d., Maribor
Wiener Städtische zavarovalnica, d. d., Ljubljana branch office
Victoria-Volksbanken, d. d., Slovenian branch office, Maribor
Allianz Hungaria Zrt., Zavarovalnica, d. d., Ljubljana branch office
in € m
743
266
261
72
69
45
35
12
2.3
2
Specialist insurance companies:
Vzajemna zdravstvena zavarovalnica, d. v. z., Ljubljana
KD Življenje, zavarovalnica, d. d., Ljubljana
TRIGLAV, Zdravstvena zavarovalnica, d. d., Koper
NLB Vita, Življenjska zavarovalnica, d. d., Ljubljana
SID – Prva kreditna zavarovalnica, d. d., Ljubljana (SID – PKZ)
ARAG zavarovanje pravne zaščite, d. d., Ljubljana
248
69
67
24
11
1.8
Other SZZ members:
Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., Ljubljana (KAD)
Sklad obrtnikov in podjetnikov, Ljubljana (SOP)
139
4.1
Reinsurance companies:
Pozavarovalnica Sava, d. d., Ljubljana
Pozavarovalnica Triglav RE, d. d., Ljubljana
147
114
15
The pages following the market-share tables present the (re)insurance companies – SZZ members – with the latest general and identification data. For the first
time, SZZ members include ERGO Life Insurance Company, which became an SZZ
member on 20 May 2010, although data on its business have still not been included
in aggregated statistics. Also operating in the insurance market are Zürich Insurance
Ireland Ltd. Global Corporate Ireland and First Personal Insurance Company d.d.,
which are not SZZ members and whose statistical data are not available.
Market shares of insurance companies 2009*
Insurance companies
in %
Insurance class
All business
Life
Non-life
Total
100.00
100.00
100.00
Triglav
38.51
43.50
36.83
Adriatic Slovenica
13.79
13.77
13.79
Maribor
13.51
3.04
17.04
Vzajemna
12.87
–
17.22
KD Življenje
3.74
2.13
4.28
Tilia
3.59
3.88
3.49
Generali
3.56
14.11
–
TRIGLAV Zdravstvena
3.49
–
4.66
Merkur
2.34
7.92
0.46
GRAWE
1.83
4.85
0.82
NLB Vita
1.26
4.64
0.11
SID – Prva kreditna
0.62
1.73
0.25
ARAG
0.57
–
0.77
Victoria-Volksbanken
0.12
0.43
0.01
Wiener Städtische
0.10
–
0.14
Allianz
0.10
–
0.13
* Market shares based on total
premiums written by 16 insurance
companies that operate under the
Insurance Act (€1,929,571,877).
Source: SZZ
16
Market shares of reinsurance companies 2009* in %
Total
Insurance class
All business
Life
Non-life
100.00
100.00
100.00
Sava Re
56.33
70.36
56.30
Triglav RE
43.67
29.64
43.70
* The share of individual reinsurance
company in the total gross reinsurance
premium written of both Slovenian
reinsurers (€261,109,458).
Source: SZZ
Market shares of other members of the SZZ 2009* in %
Other members of the SZZ
Total
Kapitalska družba (KAD)
Insurance class
All business
Life
Non-life
100.00
100.00
100.00
97.14
97.14
–
2.86
2.86
–
Market shares of insurance companies
and other SZZ members 2009*
Insurance companies and
other SZZ members
premiums written by two other SZZ
members (€143,351,252).
Companies that do not operate or only
partially operate under the Insurance Act
are shown in this table. Source: SZZ
in %
Insurance class
All business
Life
Non-life
Total
100.00
100.00
100.00
Triglav
35.85
33.60
36.83
Maribor
12.83
10.64
13.79
Adriatic Slovenica
12.57
2.35
17.04
Vzajemna
17.22
11.98
–
Kapitalska družba (KAD)**
6.72
22.10
–
Tilia
3.48
1.64
4.28
Generali
3.34
2.99
3.49
KD Življenje
3.31
10.90
–
TRIGLAV, Zdravstvena
3.25
–
4.66
Merkur
2.18
6.12
0.46
GRAWE
1.71
3.74
0.82
NLB Vita
1.17
3.58
0.11
Wiener Städtische
0.58
1.34
0.25
SID – PKZ
0.53
–
0.77
Sklad obrtnikov in podjetnikov (SOP)**
0.20
0.65
–
0.11
0.34
0.01
Allianz
0.10
–
0.14
ARAG
0.09
–
0.13
premiums written by 16 insurance
companies and two other SZZ members
(€2,072,923,129).
** Insurance companies which, under
the Insurance Act, are not classified as
classic insurance companies, and which
we therefore refer to as “other SZZ
members”. Source: SZZ
17
Market shares of life insurers 2009
amounts in €
Life insurance premiums
Insurance companies and
other SZZ members
excl. PIP under ZPIZ-1
Market shares*
(%)
Total
of this PIP**
under ZPIZ-1
Total
630,089,177
162,857,961
467,231,216
100.00
Triglav
211,707,771
19,781,922
191,925,849
41.08
139,247,021
139,247,021
–
-
KD Življenje
68,700,373
–
68,700,373
14.70
Maribor
67,024,758
–
67,024,758
14.35
Merkur
38,534,325
–
38,534,325
8.25
GRAWE
23,596,229
–
23,596,229
5.05
NLB Vita
22,580,046
–
22,580,046
4.83
Generali
18,867,509
2,842,590
16,024,919
3.43
Adriatic Slovenica
14,808,661
986,428
13,822,233
2.96
Tilia
10,357,326
–
10,357,326
2.22
Wiener Städtische
8,443,700
–
8,443,700
1.81
4,104,231
–
4,104,231
0.88
2,117,227
–
2,117,227
0.45
* Market shares based on total sum of gross premiums written by insurance companies for life insurance excluding premiums for
pension insurance under ZPIZ-1 (€467,231,216).
** PIP = Pension Insurance Premium, collected in terms of the Pension and Disability Insurance Act (ZPIZ-1). Source: SZZ
Operating efficiency of (re)insurance companies in 2009 and their nominal growth of GPW
Companies
(in order of premium per employee)
Total
Gross premium written
Number of
employees*
Total
(€000)
Per employee
(€000)
Growth
(2008=100)
6,409
–
–
–
103
261,109
2,535
108.0
Triglav RE
38
114,027
3,001
106.6
Sava Re
65
147,082
2,263
109.2
6,306
2,072,923
329
102.6
111
139,247
1,254
105.1
NLB Vita
28
24,220
865
77.1
Vzajemna
296
248,390
839
105.7
113.5
Insurance companies and other SZZ members
TRIGLAV, Zdravstvena
82
67,307
821
Wiener Städtische
18
12,054
670
–
6
2,328
388
260.1
178
68,700
386
99.4
2,514
743,051
296
98.7
907
266,041
293
105.6
160
45,125
282
103.6
1,006
260,655
259
101.5
KD Življenje
Triglav
Maribor
Merkur
Adriatic Slovenica
Generali
322
69,269
215
112.5
52
11,066
213
79.0
GRAWE
179
35,393
198
97.2
Tilia
398
72,158
181
105.8
SID – Prva kreditna zavarovalnica
24
4,104
171
95.5
ARAG
12
1,836
153
118.1
Allianz
13
1,979
152
–
* Employees as at 31 December 2009. Source: SZZ
18
Adriatic slovenica, zavarovalna družba d.d
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Ljubljanska 3a, SI – 6503 Koper/Capodistria
www.adriatic-slovenica.si
info@adriatic-slovenica.si
(+386)-(0)5-66 43 100
(+386)-(0)5-66 43 109
Chairman of the Supervisory Board
Chairman of the Board of Management
Member of the Board of Management
:
:
:
Janez Bojc
Gabrijel Škof T (+386)-(0)5-66 43 101
Matej Cergolj
Type of insurance company
Form of organisation
Date of registration:
No. of full-time employees (31 December 2009)
No. of all-level business units
No. of top-level business units
Share of foreign capital
Biggest shareholders collectively represent
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
20 November 1990
1,006
154
9 branch offices
0%
100%
KD Group, d. d., Ljubljana 100%
Gross premiums written 2009
:
€260,654,670
Gross premiums written income by class 2009
Voluntary health 38.2%
Accident 7.3%
Other 2.3%
Life 5.7%
Other liability 2.2%
Motor casco 14.9%
Motor liability 20.6%
Property 8.7%
Source: SZZ (data form ST-50)
Allianz Hungaria Zrt., podružnica Ljubljana
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Dunajska cesta 167, SI – 1000 Ljubljana
www.allianz.si
info@allianz.si
(+386)-(0)1-58 09 480
(+386)-(0)1-58 09 481
Director of the branch
:
Uroš Klenovšek T (+386)-(0)1-58 09 480
Of this
:
:
:
:
:
:
:
:
:
composite
branch of EU company
22 November 2007
13
1
1 head office of the branch
100%
100%
Allianz Hungaria Zrt., Budapest 100%
:
€1,978,838
Other 0.7%
Aircraft casco 4.9%
Miscellaneous financial loss 7.7%
Property 41.3%
19
Arag zavarovanje pravne zaščite, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Železna cesta 14, SI – 1000 Ljubljana
www.arag.si
info@arag.si
(+386)-(0)1-236 41 81
(+386)-(0)1-436 43 91
:
:
:
Herbert Kittinger
Robert Kalcher T (+386)-(0)1-236 41 81
Marko Vončina
Of this
:
:
:
:
:
:
:
:
:
legal expenses insurance
joint-stock company
10 March 2004
12
1
1 head office
100%
100%
ARAG Österreich Allgemeine Rechtsschutzversicherung AG,
Vienna 100%
:
€1,835,709
Legal expenses 100%
20
21
Ergo zavarovalnica, d. d.
Z AVA ROVA LN IC A
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Jurčkova cesta 233, SI – 1000 Ljubljana
www.ergo.si
info@ergo.si
(+386)-(0)1-600 50 40
(+386)-(0)1-600 50 39
Chairwoman of the Board of Management
Members of the Board of Management
:
:
:
Thomas Herbert Schöllkopf
Andreja Kovačič T (+386)-(0)1-600 50 30
Marija Soklič, Markus Eder
Of this
:
:
:
:
:
:
:
:
:
life
joint-stock company
1 July 2008
8
1
1 head office
100%
100%
ERGO Austria International AG, Vienna, Austria 100%
:
€1,436,236 (amount is not included in 2009 aggregated statistics)
Life 100%
Source: ERGO
22
Generali zavarovalnica, d. d. Ljubljana
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Kržičeva ulica 3, SI – 1000 Ljubljana
www.generali.si
info@generali.si
(+386)-(0)1-47 57 100
(+386)-(0)1-47 57 103
:
:
:
Lorenzo Kravina
Gregor Pilgram T (+386)-(0)1-47 57 111
Vanja Hrovat
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
18 March 1997
322
9
1 head office
100%
100%
Generali PPF Holding B.V., Prague 100%
:
€69,269,102
Other 1.1%
Accident 7.4%
Life 27.2%
Motor casco 16.9%
Property 16.0%
23
Grawe zavarovalnica, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Gregorčičeva ulica 39, SI – 2000 Maribor
www.grawe.si
grawe@grawe.si
(+386)-(0)2-22 85 500
(+386)-(0)2-22 85 526
:
:
:
Othmar Ederer
Božo Emeršič T (+386)-(0)2-22 85 502
Klaus Scheitegel, Marko Mikič
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
23 January 1991
179
12
1 branch office
100%
100%
Grazer Wechselseitige Versicherung AG, Graz 100%
:
€35,392,786
Other 0.2%
Accident 9.6%
Motor casco 3.3%
Property 12.2%
Life 66.7%
Kapitalska družba pokojninskega in invalidskega
zavarovanja, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
www.kapitalska-druzba.si
info.kad@kapitalska-druzba.si
(+386)-(0)1-47 46 700
(+386)-(0)1-47 46 747
:
:
:
Boštjan Aver
Borut Jamnik T (+386)-(0)1-47 46 702
Anja Strojin Štampar, Bachtiar Djalil
Of this
:
:
:
:
:
:
:
:
:
company founded under pension law (ZPIZ)
joint-stock company
18 December 1996
111
1
1 head office
0%
100%
Republic of Slovenia 100%
:
€139,247,021
Pensions 100%
24
KD Življenje, zavarovalnica, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Celovška cesta 206, SI – 1000 Ljubljana
www.kd-zivljenje.si
info@kd-zivljenje.si
(+386)-(0)1-58 26 550
(+386)-(0)1-51 81 895
:
:
:
Aleksander Sekavčnik
Matija Šenk T (+386)-(0)1-58 26 560
Mateja Keržič, Ingrid Kuk
Of this
:
:
:
:
:
:
:
:
:
life insurance
joint-stock company
3 January 2005
178
7
1 head office
0%
100%
KD Group, d. d., Ljubljana 100%
:
€68,700,373
Life 100%
25
26
Merkur zavarovalnica, d. d
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
www.merkur-zav.si
info@merkur-zav.si
(+386)-(0)1-30 05 450
(+386)-(0)1-43 61 092
:
:
:
Gerald Franz Kogler
Denis Stroligo T (+386)-(0)1-30 05 450
Mojca Androjna, Andrej Osterc
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
18 November 1992
160
3
1 branch office
100%
100%
Merkur International Holding AG, Graz 100%
:
€45,124,832
Other 0.5%
Accident 10.7%
Property 3.4%
Life 85.4%
NLB vita, življenjska zavarovalnica, d. d. ljubljana
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Trg republike 3, SI – 1000 Ljubljana
www.nlbvita.si
info@nlbvita.si
(+386)-(0)1-476 58 00
(+386)-(0)1-476 58 18
Chairwoman of the Board of Management
:
:
:
Johan Daemen
Barbara Smolnikar T (+386)-(0)1-476 58 00
Irena Prelog
Of this
:
:
:
:
:
:
:
:
:
life and accident
joint-stock company
4 June 2003
27
1
1 head office
50%
100%
KBC Insurance NV, Leuven, Belgium 50%
Nova Ljubljanska banka, d. d., Ljubljana 50%
:
€24,219,770
Accident 6.8%
Life 93.2%
27
28
Sava Reinsurance Company d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
www.sava-re.si
info@sava-re.si
(+386)-(0)1-47 50 200
(+386)-(0)1-47 50 264
:
:
:
Branko Tomažič
Zvonko Ivanušič T (+386)-(0)1-47 50 200
Srečko Čebron, Jošt Dolničar
Share of foreign capital (29 June 2010)
(29 June 2010)
Of this
:
:
:
:
:
:
:
reinsurance
joint-stock company
28 December 1990
65
1
1 head office
1.50%
:
:
46.11%
Slovenska odškodninska družba, d. d., Ljubljana 25.00%, Abanka,
d. d., Ljubljana 7.00%, Poteza naložbe, d. o. o., Ljubljana 5.00%,
Nova KB Maribor, d. d., Maribor 4.66%, Zavarovalnica Maribor,
d. d., Maribor 4.45%
:
€147,082,330
Transport 2.1%
Motor casco 15.9%
Accident 7.5%
Property 50.2%
Other 3.4%
29
Pozavarovalnica Triglav RE, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
mail@triglavre.si
(+386)-(0)1-47 47 900
(+386)-(0)1-43 31 419
:
:
:
Andrej Slapar
Gojko Kavčič T (+386)-(0)1-47 47 901
Gregor Stražar, Tomaž Rotar
Of this
:
:
:
:
:
:
:
:
:
reinsurance
joint-stock company
31 December 1998
38
1
1 head office
0%
100%
Zavarovalnica Triglav, d. d., Ljubljana 87.00%, Nova Ljubljanska
banka, d. d., Ljubljana 5.00%, Maksima Holding, d. d., Ljubljana
2.00%, Petrol, d. d., Ljubljana 2.00%, Sava, d. d., Kranj 2.00%,
FMR, d. d., Idrija 1.33%, Helios, d. d., Domžale 0.67%
:
€114,027,128
Miklošičeva cesta 19, SI – 1000 Ljubljana
Other 7.4%
Accident 2.2%
Motor casco 13.0%
Credit 1.5%
Property 57.3%
30
SID – Prva kreditna zavarovalnica d. d., Ljubljana
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Ulica Josipine Turnograjske 6, SI – 1000 Ljubljana
www.sid-pkz.si
info@sid-pkz.si
(+386)-(0)1-200 58 00, 200 58 10
(+386)-(0)1-425 84 45
:
:
:
Jožef Bradeško
Ladislav Artnik T (+386)-(0)1-200 58 00
Rasto Hartman
Of this
:
:
:
:
:
:
:
:
:
credits/export and domestic credits
joint-stock company
31 December 2004
52
1
1 head office
0%
100%
SID – Slovenska izvozna in razvojna banka, Ljubljana (SID banka)
100%
:
€11,066,575
Trade credit
(international and domestic)
100%
Sklad obrtnikov in podjetnikov
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Vošnjakova ulica 6, SI – 1000 Ljubljana
www.sop.si
info@sop.si
(+386)-(0)1-300 36 18
(+386)-(0)1-431 83 03
:
:
:
Jaka Vadnjal
Bojan Jean T (+386)-(0)1-300 36 11
Andrej Sajovic
:
:
:
:
:
:
:
:
old-age pension
fund
23 August 1956
24
1
1 head office
0%
not a joint-stock company
:
€4,104,231
Pensions 100%
31
32
Triglav, Zdravstvena zavarovalnica, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Pristaniška ulica 10, SI – 6503 Koper/Capodistria
www.zdravstvena.net
centrala@zdravstvena.net
(+386)-(0)5-66 22 000
(+386)-(0)5-66 22 002
:
:
:
Boštjan Vovk
Danijel Starman T (+386)-(0)5-66 22 000
Ivan Gracar, Gregor Strmčnik, Simon Vidmar
Of this
:
:
:
:
:
:
:
:
:
voluntary health insurance
joint-stock company
18 November 2002
82
14
2 (central office in Koper, central office in Ljubljana)
0%
99.96%
Zavarovalnica Triglav, d. d., Ljubljana 99.51%, Merkur, d. d., Naklo
0.21%, SCT, d. d., Ljubljana 0.15%, Energoplan, d. d., Ljubljana 0.05%
Futura FMLY, d. o. o., Ljubljana 0.04%
:
€67,307,126
Voluntary health 100%
33
Victoria-Volksbanken zavarovalniška delniška družba,
podružnica za Slovenijo
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Ulica Vita Kraigherja 10, SI – 2000 Maribor
www.victoria-volksbanken.si
info@victoria-volksbanken.si
(+386)-(0)2-234-33-60
(+386)-(0)2-234-33-66
Manager of the branch
:
Kurt Kalla T (+386)-(0)2-234-33-60
Of this
:
:
:
:
:
:
:
:
:
composite
25 May 2005
6
1
100%
100%
ERGO Austria International AG 74.60%
Österreichische Volksbanken AG, Vienna, Austria 25.40%
:
€2,327,588
Accident 5.0%
Life 91.0%
Property 4.0%
34
Vzajemna zdravstvena zavarovalnica, d. v. z.
Address
Internet
Email
Telephone
Fax
Vošnjakova ulica 2, SI – 1000 Ljubljana
www.vzajemna.si
info@vzajemna.si
(+386)-(0)1-47 18 700
(+386)-(0)1-47 18 850
:
:
:
:
:
:
Chairman of the Extraordinary Administration :
Member of the Extraordinary Administration :
Mihael Perman (Chairman of the Council of Experts of the AZN,
which serves as the Supervisory Board of Vzajemna)
Dušan Kidrič T (+386 1) 47 18 702
Irena Kos
:
:
:
:
:
:
:
:
voluntary health insurance
mutual
1 November 1999
296
75
head office + 9 business units
0%
not a joint-stock company
:
€248,390,555
Accident 0.2%
Voluntary health 99.8%
35
Wiener Städtische, Zavarovalnica
Podružnica v Ljubljani
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Masarykova cesta 14, SI – 1000 Ljubljana
www.wienerstaedtische.si
info@wienerstaedtische.si
(+386)-(0)1- 300 17 00
(+386)-(0)1- 300 17 09
Director of the branch
:
Tomo Mrđen T (+386)-(0)1- 300 17 00
Of this
:
:
:
:
:
:
:
:
:
composite
24 August 2004
18
2
100%
100%
Wiener Städtische Versicherung AG Vienna Insurance Group,
Vienna 100%
:
€12,054,188
Other 0.3%
Property 18.0%
Life 70.0%
36
Zavarovalnica Maribor, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Cankarjeva ulica 3, SI – 2507 Maribor
www.zavarovalnicamaribor.si
info@zav-mb.si
(+386)-(0)2-23 32 100
(+386)-(0)2-23 32 530
:
:
:
Matjaž Kovačič
Drago Cotar T (+386)-(0)2-23 32 210
David Kastelic, Marko Planinšec Srečko Čarni (workers’ director)
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
26 December 1990
907
270
10 representative offices
0%
99.35%
Nova KB Maribor, d. d., Maribor 49.96%
Pozavarovalnica Sava, d. d., Ljubljana 45.79%
Probanka, d. d., Maribor 3.07%
Perutnina Ptuj, d. d., Ptuj 0.53%
:
€266,040,609
Other 3.1%
Life 25.6%
Accident 7.4%
Motor casco 20.4%
Property 17.1%
37
Zavarovalnica Tilia, d. d.
Address
Internet
Email
Telephone
Fax
:
:
:
:
:
Seidlova cesta 5, SI – 8000 Novo mesto
www.zav-tilia.si
info@zav-tilia.si
(+386)-(0)7-39 17 200
(+386)-(0)7-39 17 310
:
:
:
Zvonko Ivanušič
Andrej Kavšek T (+386)-(0)7-39 17 201
Tadej Avsec
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
27 December 1990
398
45
13 representative offices
0%
100%
Pozavarovalnica Sava, d. d., Ljubljana 99.711%
Small shareholders 0.289%
:
€72,158,187
Other 4.4%
Accident 11.9%
Life 14.4%
Motor casco 22.5%
Property 13.2%
38
Zavarovalnica Triglav, d. d.
Address
Internet
Telephone
Fax
:
:
:
Miklošičeva ulica 19, SI – 1000 Ljubljana
www.triglav.si
(+386)-(0)1-47 47 200 s.b.
(+386)-(0)1-43 26 302
:
:
:
Borut Jamnik
Matjaž Rakovec T (+386)-(0)1-47 47 500
Andrej Slapar, Igor Stebernak,
Vladimir Mišo Čeplak (workers’ director)
Of this
:
:
:
:
:
:
:
:
:
composite
joint-stock company
28 December 1990
2,514
148
12 regional offices
0%
68.88%
ZPIZ, Ljubljana 34.47%, Slovenska odškodninska družba, d. d., Ljubljana 28.06%, Nova Ljubljanska banka, d. d., Ljubljana 3.06%,
Poteza naložbe, d. o. o., Ljubljana 1.67%, NFD 1 Delniški investicijski
sklad, d. d., Ljubljana 1.62%
:
€743,050,969
Other 2.8%
Accident 6.3%
Motor casco 16.2%
Life 28.5%
Property 17.6%
Credit 3.0%
Gold doesn't turn the head of a dedicated man.
IV.
Employees in insurance companies
Employment in insurance companies fell by 0.4% in 2009 compared to
2008. In 2009, insurance companies employed a total of 6,306 people, 2,667 men
(42.3%) and 3,639 women (57.7%).
The proportion of insurance employees with at least level VII education
increased by 2.4 percentage points from 2008 to reach 32.2% of all employees.
44.9% of employees have further education. The proportion of employees with level
V education or less fell, reaching 55.1% in 2009. The number of staff with doctorates
remained unchanged, while the number with master's degrees increased by 11.7%,
representing 2.3% of all employees.
2,813 employees were engaged in insurance sales in 2009, 44.6% of all
insurance employees. 86.9% of employees were on permanent contracts, while the
number of temporary staff fell by 9% compared to 2008, representing 13.1% of all
insurance employees.
In 2009, insurance staff received an average of 33.44 hours of education,
with average investment per employee on education of €420, 16.80% less than the
previous year. Insurance companies provided a total of 211,805 teaching hours of education, of which the majority, 69.6%, was internal education provided by insurance
companies using internal teachers. Given the increased share of internal education,
the fact that the number of internal teachers responsible for internal transfer of knowledge increased is unsurprising. They numbered 320 in 2009, equivalent to 5.05%
of the average number of employees. The proportion of education provided by outside
providers fell in 2009 to 30.4%.
In total, insurance companies allocated €2,661,457 to staff education and
training, 82.1% of which was spent on direct costs of education. 74.2% of total costs
went on practical education, with 25.8% spent on formal education. Compared to
previous years, insurance companies are investing more in formal education for their
employees, a fact also reflected in the improved educational structure. The proportion
of employees involved in formal education programmes whose studies are funded
in full or in part by insurance companies was 7.56% in 2009. Insurance companies support 479 employees in their studies, 10.4% more than the previous year. In
2009, 5,258 employees attended education at least once, equivalent to 83.01% of the
average number of employees, and 4.3% less than the previous year. Investment in
education amounted to 0.13% of gross premiums written, a fall compared to 2008.
Absence from work due to illness increased by 3.4% in 2009. Insurance
companies lost 4.54% of available working hours due to absence from work due to
illness. The Health Insurance Institute of Slovenia (ZZZS) covered the cost of 1.73%
of hours, while insurance companies themselves covered 2.81% of working hours lost
due to illness.
40
41
Employees in insurance companies
Year
2007
2008
2009
Growth Growth Growth
(I 07/06) (I 08/07) (I 09/08)
General data
Number of employees in insurance companies (TOTAL)
• male
• female
Average number of employees in calendar year
6,064
6,331
6,306
101.2
104.4
99.6
2,569
2,655
2,667
99.5
103.3
100.5
3,495
3,676
3,639
102.5
105.2
99.0
6,027
6,110
6,334
103.2
101.4
103.7
Number of employees by level of formal education
• primary or lower (I-IV)
• secondary (V)
• further (VI)
• higher (VII)
• master's (VIII)
• doctorate (IX)
527
511
451
93.3
97.0
88.3
3,020
3,134
3,026
99.7
103.8
96.6
100.3
780
796
798
98.7
102.1
1,603
1,749
1,875
107.4
109.1
107.2
122
128
143
118.4
104.9
111.7
12
13
13
100.0
108.3
100.0
Number of employees by business function
• sales employees
• other employees
2,675
2,832
2,813
97.1
105.9
99.3
3,389
3,499
3,493
104.7
103.2
99.8
5,275
5,422
5,479
102.1
102.8
101.1
789
909
827
95.8
115.2
91.0
237,186
211,256
211,805
133.0
89.1
100.3
Number of employees by type of employment contract
• permanent
• fixed-term
Data on education of employees in insurance companies
Number of hours of functional employee education in calendar year
Number of employees participating in formal education programmes paid for
or otherwise supported by insurance companies in calendar year
Number of employees participating in education at least once in calendar year
434
479
114.7
111.3
110.4
5,302
5,258
108.4
92.9
99.2
313
290
320
114.2
92.7
110.3
2,511,942
3,085,229
2,661,457
104.1
122.8
86.3
39.35
34.58
33.44
128.9
87.9
96.7
6.47
7.10
7.56
111.2
109.7
106.5
Number of in-house lecturers
Cost of employee education (€)
390
5,710
Important indicators of investment in employee education
Average number of hours of formal education per employee*
Proportion of employees participating in formal education programmes (%)*
94.74
86.78
83.01
105.1
91.6
95.7
Number of in-house lecturers per 100 employees*
5.19
4.75
5.05
110.7
91.5
106.4
Total education cost as a proportion of gross premiums written (%)
0.13
0.15
0.13
94.8
115.2
86.7
Average cost of education per employee in calendar year (€)*
417
505
420
101.0
121.1
83.2
Proportion of employees participating in education at least once in calendar year (%)*
* Indicators calculated from average number of employees in
calendar year. Source: SZZ (form ZAP-1)
Wherever you may wander,
there's no place like home.
V.
Insurance and reinsurance
activities in 2009
The statistical data published in this issue of the bulletin have for the first
time been prepared in accordance with the Statistical Standards that entered into
force on 1 January 2009. The data were prepared using identical methodological
bases, and so they are better and more reliable than in previous years. The statistical
standard was prepared by the Slovenian Insurance Association in conjunction with
its members and with approval from the Insurance Supervisory Agency. It complied
with the provisions of the standard and suitably corrected the prescribed ST statistical
form used to monitor insurance and reinsurance activities. When the standard was
prepared, a careful review was carried out of insurance previously covered in the “all
other insurance” item. Some types of insurance thus “hidden” recorded considerably
more premiums than others that were individually specified. We therefore carried out
an appropriate reassignment within certain insurance types and between insurance
classes. One consequence of these changes is that statistical data for 2009 are not
entirely comparable with the allocation of insurance types and insurance for 2008
and previous years. Nevertheless, we believe that this step was both necessary and
useful.
Attentive readers will notice differences in the amounts of premiums and
claims for the same insurance type in different tables. The differences arise because
the data are taken from various statistical forms and records of insurance companies.
The differences also arise because detailed data, i.e. data by insurance type on forms
ST1 to 19, are not available for the branch of Wiener Städtische insurance company.
For the moment, this member only reports to us on form ST-50, which is otherwise
the basis we use for preparing the main aggregate statistics on insurance activities.
43
44
Gross insurance and reinsurance premiums written,
annual growth and shares in GDP*
amounts in €000
Total premiums
Year
Insurance
Share in GDP (%)
Reinsurance
2005
1,549,167
106.6
5.66
161,361
108.6
0.59
2006
1,725,304
111.4
5.67*
180,619
111.9
0.59*
2007
114.1
0.60*
Growth**
Growth**
Share in GDP (%)
1,893,980
109.8
5.49*
206,165
2008
2,018,960
106.6
5.44
241,738
117.3
0.65
2009
2,072,923
102.7
5.94
261,109
108.0
0.75
Year
Insurance
2005
Growth**
Share in GDP (%)
464,834
108.6
1.70
2006
540,655
116.3
1.78*
2007
609,266
112.7
2008
642,653
105.5
2009
630,089
98.0
Reinsurance
Growth**
Share in GDP (%)
1,007
105.9
0.00
642
63.8
0.00*
1.77*
704
109.7
0.00*
1.73
724
102.8
0.00
1.81
643
88.8
0.00
Non-life insurance premiums
Year
Insurance
2005
1,084,334
2006
2007
Growth**
* The shares of premiums in GDP
are calculated in terms of the
SURS's estimate of the size of GDP
at current prices for 2009.
For 2006 and 2007 the corrected
data for GDP is used.
Share in GDP (%)
Reinsurance
Growth**
Share in GDP (%)
105.7
3.96
160,354
108.6
0.59
1,184,649
109.3
3.89*
179,977
112.2
0.59*
1,284,714
108.4
3.73*
205,461
114.2
0.60*
2008
1,376,307
107.1
3.71
241,014
117.3
0.65
0.00 – value not zero but less than
1/100%
2009
1,442,834
104.8
4.13
260,466
108.1
0.75
Sources: SZZ, SURS
Gross insurance and reinsurance claims paid
and their annual growth*
** Premium growth index (excluding
the inflation rate). See the note
below the table on page 5.
amounts in €000
Total claims
Year
Insurance
Growth**
Reinsurance
Growth**
2005
874,895
94.4
78,671
96.4
2006
949,076
108.5
101,767
129.4
2007
1,023,300
108.3
115,181
113.2
2008
1,204,208
117.7
200,375
174.0
2009
1,240,001
103.0
171,828
85.8
Reinsurance
Growth**
Life insurance claims
Year
Insurance
Growth**
2005
136,348
73.2
222
92.0
2006
149,088
109.3
252
113.5
2007
161,828
111.9
302
119.8
2008
177,589
109.7
162
53.6
2009
188,496
106.1
137
84.6
Year
Insurance
Growth**
Reinsurance
2005
738,547
99.8
78,449
96.4
2006
799,988
108.3
101,515
129.4
Non-life insurance claims
Growth**
2007
861,472
107.7
114,879
113.2
2008
1,026,619
119.2
200,213
174.3
2009
1,051,505
102.4
171,691
85.8
* Claims without assessment costs.
** Claims growth index (excluding
the inflation rate).
Source: SZZ
1.
Insurance
Competition is increasing in the Slovenian insurance market. The Assembly
of the Slovenian Insurance Association accepted the Austrian life insurance company
ERGO as a member on 20 May 2010. This increased the number of SZZ members to
21 (19 insurance and 2 reinsurance companies). All of these companies have at least
one business unit in Slovenia. They include three branches of insurance companies
from other EU countries. First Personal Insurance Company and foreign insurers that
operate in Slovenia under the FOS system are not SZZ members. Data on their operations are only available in their home countries and – with substantial delays – from
the Slovenian supervisory body. The commentary below includes statistical data on
the activities of insurance and reinsurance companies that in 2009 were members of
the Slovenian Insurance Association.
Insurance and reinsurance companies in 2009 operated in a period of economic and financial crisis, which is reflected in the statistical data. A fall in growth in
gross premiums written is shown graphically for life, credit and transport insurance.
With reduced growth in property insurance, a somewhat lower growth rate for total
premiums was inevitable. By the end of 2009, insurance companies had increased
gross premiums written by 2.7%, 3.9 percentage points lower than the previous year.
Property insurance premiums increased by 4.8%, while life insurance premiums fell by
2%. The reduced economic activity of companies directly affected the growth of certain
classes of property insurance. The largest negative premium growth was recorded by
goods in transit insurance (a fall of 14%). Total premiums were lower than in 2008
for credit insurance and suretyship and for miscellaneous financial loss insurance, as
well as motor-vehicle liability insurance, accident insurance and aviation insurance.
The consequences of the recession are reflected in the 2009 balance sheets of many
companies, with deterioration in investments reducing profit levels.
Insurance companies are striving in different ways to reduce operating costs,
including reducing employee numbers. At the end of 2009 (re)insurance companies
employed 6,409 people, a fall of 0.16%. The number of insurance agents and brokers
that have passed the insurance examination and have a licence is increasing every year.
Around 11,000 people are involved in insurance in Slovenia. Despite their working
spirit, it is clear that for instance the share of life insurance in the whole portfolio will
not return to the 2007 level any time soon.
2009 again was unfortunately marked by intensive claims events, although
less so than 2008. The growth in claims paid (3.0%) this year was higher than growth
in premiums. The claims ratio increased by two-tenths of a percentage point from
2008 to reach 59.8%. The growth in claims was highest for insurance of vessels, motor vehicles, goods in transit etc. For life insurance, total claims paid in 2009 increased
by more than 6%, as many policyholders terminated their insurance. For the second
successive year, the proportion of life insurance in the overall portfolio (30.4%) was
down from the 2007 peak (32.17%).
In macroeconomic terms, and compared with the overall EU insurance market, where most indicators are worse than in 2008, the results of Slovenian insurance
activities in 2009 are relatively good. Gross premiums written reached a value of
€2.072 billion, 0.21% of total premiums in the EU, two-hundredths of a percentage
point higher than the year before. Insurance density, the value of premiums per capita,
45
increased by 2.5%. The insurance density growth rate was down on the previous year,
but the value of the indicator has never been higher. In 2009, the average Slovene
spent €1,015 on all types of insurance. Insurance penetration – insurance activity or
gross premiums written as a proportion of gross domestic product (GDP) – is also
at record levels. GDP fell by 7.8% in 2009, but insurance penetration consequently
increased by 5.9%.
Operating in a crisis environment most affected the largest insurance company and specialised insurance companies, as well as those most closely linked to the
commercial sector or operating in the banking sector. This is reflected in lower amount
of GPW. For example, Triglav increased non-life premiums by 2%, but life insurance
premiums fell by 9%. Triglav's total premiums fell by 1%, and its market share across
its whole portfolio fell from 39.99% to 35.85%. The market shares of smaller insurance companies, particularly those with foreign capital, increased significantly from
2008, so we can conclude that market concentration is reducing, although the ranking of insurance companies by market share of total premiums did not significantly
change. The top five insurance companies control 79.95% of the market, seven-tenths
of a percentage point lower than in 2008. The individual market shares of the six
smallest insurance companies were less than 1% of total premiums. The next eight
insurance companies have market shares of between 1 and 10%. Only the four largest
insurance companies have market shares over 10%.
Seven insurance companies with majority foreign capital (Allianz Hungaria, ARAG, Generali, GRAWE, Merkur, Victoria-Volksbanken, Wiener Städtische),
and NLB Vita, which has 50% foreign capital, increased gross premiums written to
€192 million, 33% higher than in 2008. In 2009 they thus controlled 9.27% of the
insurance market, 0.58 percentage points higher. The market share of insurance companies with foreign capital is twice this level for life insurance (18%), and is lower for
property insurance (5%).
The property insurance market, with premiums worth €1.44 billion, is entirely controlled by sixteen classic insurance companies. Thirteen insurance companies
sell life insurance, two of which we do not count as classic insurance companies. Life
insurance policies have become less attractive in the recession. Insurance companies
consequently generated only €630 million in gross premiums written, compared to
€643 million in 2008.
Certain changes can be seen in the portfolio structure that may already constitute future trends for individual insurance classes. The structural share of motorvehicle liability insurance is slowly falling (20% in 2003; 16% in 2009), while the
share of motor-vehicle casco insurance is increasing (9% in 2003; 12% in 2009).
Despite the current crisis, life insurance still has a promising future, with the first
signs of recovery evident in the first quarter of 2010. The share of life insurance premiums in the overall portfolio has increased from 24% in 2003 to 30% in 2009, and
continued growth can be expected.
Savings and cost reductions in insurance and reinsurance companies will
continue to be the main measure to reduce the impact of the crisis on the insurance
market. Slovenia's membership of the OECD brings new tasks to the insurance market and to the Slovenian Insurance Association (transformation of state-owned com-
46
47
panies, additional statistical reporting, improving the education of service purchasers
etc.), and entails the state harmonising certain regulations. In the medium term, we
can expect the impact of the adoption of the Solvency II directive, increased competition in the insurance market and an increase in membership of the Association.
Gross and net of reinsurance premiums written
and claims paid 2009
Gross
Insurance class
Net of reinsurance
Premiums
Amount
Total
Life
– of this PIP in terms of ZPIZ-1
Non-life total
Claims*
Share (%)
amounts in €000
Amount
Premiums
Claims*
Share (%)
Amount
Amount
2,072,923
100.00
1,240,001
100.00
1,853,479
1,089,249
630,089
30.40
188,496
15.20
612,240
184,740
162,858
7.86
20,212
1.63
162,858
20,212
1,442,834
69.60
1,051,505
84.80
1,241,239
904,509
Accident
110,281
5.32
42,096
3.39
97,394
37,516
Health
414,679
20.00
341,489
27.54
413,332
341,236
Land motor vehicles casco
242,419
11.69
215,476
17.38
205,409
174,324
Railway rolling stock casco
2,369
0.11
972
0.08
1,753
972
Aircraft casco
1,657
0.08
302
0.02
446
131
Ships (sea, lake and river vessels) casco
1,960
0.09
2,316
0.19
1,675
2,132
7,016
0.34
3,396
0.27
5,272
3,036
89,115
4.30
61,784
4.98
49,640
30,566
Goods in transit
Fire and natural forces
Other damage to property
139,228
6.71
119,584
9.64
100,226
88,629
Motor vehicle liability
322,983
15.58
184,559
14.88
281,394
161,701
Aircraft liability
1,511
0.07
303
0.02
162
3
Liability for ships (sea, lake and river vessels)
1,151
0.06
238
0.02
1,024
222
Other liability (general, etc.)
49,327
2.38
32,496
2.62
40,017
2,842
Credit
38,397
1.85
34,701
2.80
29,486
26,922
Suretyship
1,077
0.05
1,459
0.12
577
1,285
Miscellaneous financial loss
6,064
0.29
4,763
0.38
2,955
2,715
Legal expenses
3,712
0.18
201
0.02
2,616
201
Tourist assistance
9,887
0.48
5,372
0.43
7,862
4,506
Note: The figures for gross premiums written and claims paid do not include
transferable items. Pension insurance under ZPIZ-1 is included in life
insurance but is shown separately on its own line.
Source: SZZ
48
Classes of insurance business by gross premium written 2009
Suretyship
Aircraft liability
Aircraft casco
Goods in transit
Legal expenses
Tourist assistance
Credit
Accident
Health
Life
Source: SZZ
0
50
100
150
200
250
300
350
400
450
500
550
600
650
Development of insurance business
(gross premiums written and gross claims paid of insurance companies and other members of the SZZ)
Premiums
€m
Claims
2000
1500
1000
500
0
2005
Source: SZZ
2006
2007
2008
2009
year
Annual expenditure on insurance per capita
Year
Premium
Population
(€000)
(as at 30 June)
Expenditure
per capita (€)
Growth
106.3
(index)
2005
1,549,167
2,001,114
774
2006
1,725,304
2,008,516
859
111.0
2007
1,893,980
2,019,406
938
109.2
2008
2,018,960
2,039,399
990
105.6
2009
2,072,923
2,042,335
1,015
102.5
Sources: SZZ, SURS
€m
49
Annual growth rates of gross premiums written and
claims paid by insurance class
Gross premiums written
Insurance class
2008
Total
2,072,923
2,018,960
Non-life total
1,442,834
1,376,307
Accident
110,281
111,653
Health
414,679
389,574
Claims
ratio (%)
Gross claims paid*
Growth
2009
amounts in €000
Growth
2009
2008
102.7
1,240,001
1,204,208
104.8
1,051,505
1,026,619
98.8
42,096
44,102
106.4
341,489
(I 09/08)
2009
2008
103.0
59.8
59.6
102.4
72.9
74.6
95.5
38.2
39.5
322,312
105.9
82.4
82.7
(I 09/08)
242,419
218,531
110.9
215,476
189,238
113.9
88.9
86.6
2,369
2,163
109.5
972
1,134
85.7
41.0
52.4
Aircraft casco
1,657
1,720
96.3
302
377
80.1
18.2
21.9
1,960
1,763
111.2
2,316
1,948
118.9
118.2
110.5
Goods in transit
7,016
8,156
86.0
3,396
2,590
131.1
48.4
31.8
89,115
82,903
107.5
61,784
96,036
64.3
69.3
115.8
139,228
114,756
121.3
119,584
118,812
100.6
85.9
103.5
322,983
336,265
96.1
184,559
184,291
100.1
57.1
54.8
32.2
Aircraft liability
1,511
1,551
97.4
303
500
60.6
20.1
1,151
1,094
105.2
238
103
231.1
20.7
9.4
49,327
47,871
103.0
32,496
35,895
90.5
65.9
75.0
Credit
94.2
34,701
21,880
158.6
90.4
53.7
38,397
40,775
Suretyship
1,077
1,125
95.7
1,459
1,533
95.2
135.5
136.3
6,064
5,939
102.1
4,763
2,686
177.3
78.5
45.2
Legal expenses
3,712
3,290
112.8
201
137
146.7
5.4
4.2
Tourist assistance
9,887
7,178
137.7
5,372
3,045
176.4
54.3
42.4
Life total
630,089
642,653
98.0
188,496
177,589
106.1
29.9
27.6
Life insurance
231,913
229,908
100.9
141,158
138,096
102.2
60.9
60.1
Insurance for paying out at marriage and birth
Life assurance related to investment fund units
Tontine
Capital redemption insurance
Insurance of income loss caused by accident or illness under ZZavar
651
688
94.6
407
326
124.8
62.5
47.4
376,757
383,339
98.3
44,408
37,274
119.1
11.8
9.7
0
–
–
0
–
–
–
–
20,768
28,718
72.3
2,522
1,894
133.2
12.1
6.6
0
–
–
0
–
–
–
–
Pension insurance under ZPIZ-1**
162,858
163,935
99.3
20,212
21,557
93.8
12.4
13.1
Additional health insurance under ZZavar (Art. 3, Ch. 7)***
403,709
379,388
106.4
338,941
319,865
106.0
84.0
84.3
49,548
48,924
101.3
22,235
21,873
101.7
44.9
44.7
Additional insurance****
** Insurance is already included in
appropriate type of life insurance.
*** Insurance is already included in
health insurance.
**** Insurance is already included in
life insurance. Source: SZZ
50
1.1
Life insurance
For the first time since we began statistically monitoring insurance activities, life insurance has seen a fall in premiums. Insurance companies generated a little
over €630 million in premiums for all types of life insurance. This is 2% less than in
2008. The steepest fall in premiums was recorded for insurance with capitalisation
of payments (27.7%), as many policyholders terminated their insurance. Premiums
for insurance linked to investment funds fell by 1.7%. Insurance premiums for paying out at marriage and birth also fell. Premiums for other classic life insurance in
contrast actually grew slightly, by 0.9%.
The fall in total premiums for all life insurance was less marked than the
rapid growth in gross claims paid, which rose by 6.1% on 2008, with the figure for
insurance with capitalisation of payments even higher. The claims ratio for life insurance consequently deteriorated to 29.9%.
Statistical data on life insurance in 2009***
amounts in €
Insurance
Life insurance type
Number of
Indemnities
Policies
Insured
persons
Gross
premium
written
Number
of claims
Claims
paid*
1
Total (2 + 11 + 14+ 19 + 20 + 23)
1,256,123
1,341,111
621,645,477
118,988
188,225,836
2
Life insurance (total 3 + … + 9)**
524,424
641,823
236,641,157
85,321
140,409,815
3
– death
63,891
151,972
17,749,322
1,389
3,111,725
4
– endowment
5,399
7,261
1,368,772
167
214,255
5
– death and endowment - mixed insurance
426,919
454,681
154,697,906
37,319
97,276,261
6
– annuity (except data under 7)
19,432
19,126
9,213,378
1,770
8,942,174
7
– annuity - payments under pensions schemes in terms of ZPIZ-1
0
0
0
0
6,165
8
– refund of premium insurance
0
0
0
0
11,104
9
– all other life insurance
8,783
8,783
4,105,692
7,366
8,627,425
10
– additional insurance**
445,951
508,043
49,506,087
37,310
22,220,706
11
8
8
650,608
116
407,147
12
– insurance for paying out at marriage
8
8
650,608
116
407,147
13
– insurance for paying out at birth
0
0
0
0
0
14
Life insurance linked to investment fund units (Unit-linked) (15 + ...+ 18)
683,894
652,044
363,585,362
32,415
44,866,625
15
– life insurance linked to investment fund units with guarantee
36,265
34,596
19,307,817
1,427
2,688,759
16
– life insurance linked to investment fund units without guarantee
335,748
308,990
196,715,270
21,488
24,411,394
17
– life insurance linked to cover of assurance units with guarantee
310,432
307,009
142,089,612
9,490
17,690,553
18
– life insurance linked to cover of assurance units without guarantee
1,449
1,449
5,472,663
10
75,919
19
Tontine
0
0
0
0
0
20
Capital redemption insurance (total 21 + 22)
47,797
47,236
20,768,350
1,136
2,542,249
21
– voluntary supplementary pension insurance in accordance with the ZPIZ-1
47,797
47,236
20,768,350
1,136
2,542,249
22
– other capital redemption insurance
0
0
0
0
0
23
0
0
0
0
0
** The numbers of policies and insured persons (first and second column) for
additional insurance (raw 10) are not counted in raw 2 but other data from
raw 10 is added in Total.
*** The shown life insurance data in the table does not include the life
premium of the Wiener Städtische branch, otherwise the premium TOTAL
would be €630,089,177 and the claims paid TOTAL would be €188,495,547.
51
Development of
life insurance
Premiums
€m
Claims
PIP under ZPIZ-1
600
PIC under ZPIZ-1
400
200
0
2005
Source: SZZ
2006
2007
2008
Life insurance 2009 – (breakdown by type of insurance)
Capital redemption 3.3%
Other 0.1%
Unit-linked 58.6%
Source: SZZ
Classic 38.0%
2009
year
52
Basic data on personal lines 2009
Class of personal lines
Total
Gross premiums
written
Claims paid
amounts in €000
Claims
ratio (%)
Share (%)
in total GPW
1,155,048
572,081
49.53
55.72
Health insurance
414,678
341,489
82.35
20.00
Life insurance
630,089
186,496
29.92
30.40
– of this pension insurance under ZPIZ-1
162,858
20,212
12.41
7.86
Accident insurance
110,281
42,096
38.17
5.32
Development of shares of life and non-life insurance
in all insurance business
Year
Shares of life and non-life insurance in all insurance business (%)
All business
Life
2005
100
30.01
69.99
2006
100
31.34
68.66
2007
100
32.17
67.83
2008
100
31.83
68.17
2009
100
30.40
69.60
Non-life
Source: SZZ
Share of life and non-life insurance in all business 2009
Life 30.4%
Non-life 69.6%
Source: SZZ
53
1.1.1 Pension insurance (PI)
The table shows pension insurance for the 2nd and 3rd pillars. Data were obtained from eleven providers directly or from their 2009 annual reports published on the
web. Pension insurance types shown in the table are defined by the Pension and Disability
Insurance Act (ZPIZ-1) and the Insurance Act (ZZavar).
The number of policyholders – members of pension fund s – in the second pillar
increased by 3% from 2008. They paid €274,947,478 in premiums, 2% less than in 2008.
The share of insurance companies in voluntary pension insurance of the second pillar rose
to 59.2%, while the share of other providers fell to 40.8%. The value of claims – pensions
payments – fell to €16.7 million, with the steepest fall recorded by other providers.
All data in the third pillar – representing annuity insurance in insurance companies – show an increase over 2008. The number of policyholders in the third pillar is
only one-tenth of the number in the second pillar, while the value of claims, i.e. annuities,
is higher at €20.9 million.
Pension insurance 2009
(under the Pension and Disability Insurance Act – ZPIZ-1 and Insurance Act – ZZavar)
Providers of
pension insurance
Additional pension insurance
Pension insurance
(as at 31 December 2009) – 2nd pillar
(as at 31 December 2009) – 3rd pillar
Insured
persons
(number)
Premiums
(€)
Market
share
(%)
Benefits
Premiums
(€)
Insured
persons
(number)
(€)
Market
share
(%)
Benefits
(€)
Total
569,814
274,947,478
100.0
16,733,216
52,145
9,213,378
100.0
20,935,044
Total for insurance companies and other SZZ members
322,147
162,857,961
59.2
13,463,609
52,145
9,213,378
100.0
20,935,044
Kapitalska družba (KAD)*
269,470
139,247,021
50.6
10,883,623
32,767
-
-
11,992,870
Triglav**
45,521
19,781,922
7.2
2,529,727
15,666
7,343,085
79.7
7,260,532
Generali
4,772
2,842,590
1.0
37,736
–
–
–
–
Adriatic Slovenica
2,384
986,428
0.4
12,523
3,382
970,963
10.5
1,139,119
Merkur
–
–
–
–
29
642,911
7.0
368,126
Tilia
–
–
–
–
252
203,100
2.2
154,233
Triglav
–
–
–
–
49
53,319
0.6
20,164
Total for other providers of pension insurance
247,667
112,089,517
40.8
3,269,607
–
–
–
–
Pension companies (3) + Prva osebna zavarovalnica
234,392
104,274,623
37.9
3,133,905
–
–
–
–
13,275
7,814,894
2.8
135,702
–
–
–
–
Pension funds at banks
* Data for the 2nd pillar includes funds established by the law (ZPIZ-1). Data for the 3rd pillar includes only the First
Pension Fund in accordance with the appropriate Act.
** Data for the 3rd pillar significantly differs from those of previous year, since it was prepared in accordance with the
Statistical Standard which has entered into force on 1st January 2009.
Sources: SZZ and providers of pension insurance
54
1.2
All other insurance (non-life or property)
The majority of the insurance portfolio consists of property insurance, comprising eighteen insurance classes. Insurance companies generated €1.4 billion in gross
premiums written for property insurance in the broadest sense, 4.8% more than the
previous year. This includes compulsory insurance, for which gross premiums written
fell by 3.56% from 2008. Compulsory insurance is shown in a separate table.
In terms of premiums, first place among property insurance continues to be
taken by health insurance, with premiums of €414.7 million. Second place is taken
by motor-vehicle liability insurance, with premiums of €322.9 million. Motor-vehicle
casco insurance remains in third place, with premiums of €242 million. Total claims
paid from property insurance in 2009 were over €1 billion, 2.4% more than in 2008.
The claims ratio for property insurance improved to 72.9%, although this is still considerably worse than the average from a few years ago.
Development of
non-life insurance
Premiums
€m
Claims
1200
800
400
0
Source: SZZ
2005
2006
2007
2008
2009
year
Non-life insurance 2009 – (breakdown by class of insurance)
Liability 26.4%
Other 0.6%
Credit 2.7%
Accident 7.8%
Health 29.1%
Property 16.1%
Casco 17.5%
Surce: SZZ
55
Basic data on compulsory insurance classes and types 2009
Insurance class
Insurance type
Total
Gross premiums
written
Growth
amounts in €
Gross claims
paid*
2009
2008
(I 09/08)
2009
2008
323,933,403
335,891,608
96.4
181,449,531
181,701,478
249,273
259,168
96.2
5,284
2,225
317,378,287
329,804,962
96.2
180,216,757
180,060,995
1,510,785
1,550,679
97.4
302,819
499,688
1,150,864
1,093,547
105.2
238,145
103,311
Accident
Compulsory accident insurance of public transport passengers
Motor vehicle liability insurance
Automobile liability (MTPL)
Aircraft liability insurance
Aircraft liability
Ships (sea, lake and river vessels) liability insurance
Maritime transport liability
Other liability insurance (general, etc.)
Compulsory liability insurance for audit companies
442,864
422,707
104.8
48,097
117,498
1,273,559
1,271,446
100.2
163,373
280,967
Compulsory liability insurance for lawyers
872,460
650,091
134.2
275,396
329,954
Compulsory liability insurance for physicians
730,547
552,780
132.2
133,946
304,608
821
Compulsory liability insurance for designers
Compulsory insurance for notarial liability
Compulsory liability insurance for insurance agencies
Compulsory liability insurance for court executors
Compulsory liability insurance for mountain guides
Compulsory liability insurance for geodesic companies
77,535
67,184
115.4
–
222,248
195,351
113.8
–
–
–
209
–
26,688
–
720
244
–
–
–
24,261
23,240
104.4
39,026
1,411
–
332
–
–
–
Compulsory liability insurance for certifying bodies for confirmation
of conformity of building products
Source: SZZ (data forms ST-1, 10, 11, 12, 13)
56
2.
Reinsurance
The economic and financial crisis also affected reinsurance activities, as
they involve retrocedents all over the world. The two reinsurance companies managed
to increase gross premiums written by over 8% to €261 million. Sava Reinsurance
increased its market share to 56.33% in 2009, while Triglav RE failed to increase its
share. Reinsurance claims paid in 2009 were almost 15% lower (€171.8 million) than
the extreme year of 2008, but it must be acknowledged that claims events in 2008
were more serious for Slovenian insurance companies than in 2009. Compared to the
more or less normal claims from 2007, the value of reinsurance claims was almost
50% higher in 2009. This is nevertheless a reflection of relatively lively claims events
in 2009, as a result of which the claims ratio for reinsurance activities deteriorated
from 59.92% in 2008 to 65.81% in 2009.
Classes of reinsurance business by gross premiums written 2009
Legal expenses
Health
Tourist assistance
Life
Suretyship
Aircraft liability
Aircraft casco
Credit
Goods in transit
Accident
Land motor vehicle casco
Source: SZZ
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
€m
57
Gross reinsurance premiums written
and gross claims paid 2009
Insurance class
Premiums
Claims*
€
Share (%)
€
Total
261,109,458
100.00
171,828,133
100.00
Non-life total
260,466,169
99.75
171,690,858
99.92
13,501,293
5.17
4,822,646
2.81
166,120
0.06
55,636
0.03
38,216,055
14.64
40,914,561
23.81
173
0.00
Accident
Health
Share (%)
639,202
0.24
Aircraft casco
2,461,973
0.94
451,353
0.26
1,930,410
0.74
1,495,853
0.87
Goods in transit
5,447,171
2.09
2,165,129
1.26
83,401,700
31.94
45,188,953
26.30
55,720,553
21.34
43,287,422
25.19
43,832,104
16.79
24,459,467
14.23
1,310,243
0.50
458,085
0.27
418,523
0.16
75,583
0.04
2.02
Aircraft liability
6,439,935
2.47
3,467,963
Credit
2,703,706
1.04
1,888,912
1.10
878,918
0.34
186,264
0.11
2,691,017
1.03
2,304,611
1.34
0.00
Suretyship
Legal expenses
75,123
0.03
283
Tourist assistance
632,123
0.24
467,964
0.27
Life total
643,289
0.25
137,275
0.08
Life insurance
442,777
0.17
96,816
0.06
0
–
0
–
200,512
0.08
40,459
0.02
Tontine
0
–
0
–
0
–
0
–
0
–
0
–
Life assurance related to investment funds units
Source: SZZ
58
Development of reinsurance business
Premiums
€m
Claims
250
200
150
100
50
0
2005
Source: SZZ
2006
2007
2008
2009
year
Share of reinsurance premiums in insurance business 2009
Reinsurance 12.6%
Note: The active premium from
abroad is also included in the share.
Source: SZZ
59
3.
Nuclear Insurance and Reinsurance Pool
In 2009, the Nuclear Pool operated in economic conditions similar to those
of the year before.
The Nuclear Pool has operated as a commercial interest association since
1994. Throughout the entire period of its existence, it has brought together the capacities of Slovenia's largest insurance and reinsurance companies for the purpose of
insuring nuclear risks in Slovenia; through its reinsurance section, it also participates
in insuring nuclear risks associated with risk facilities located in other countries.
The Nuclear Pool was primarily set up in order to insure property and
liabilities in relation to the operation of Krško Nuclear Power Plant (NEK), the only
nuclear power plant located in Slovenia. Premiums written in relation to this account
for roughly half of all (re)insurance premiums written, while the other half is derived
from foreign reinsurance business. Insurance premiums were generated from fire,
machinery breakdown and liability insurance.
A new Nuclear Damage Liability Act is in preparation in Slovenia; this will
significantly affect the operation of pools from countries that are signatories to the
Paris Convention on Third Party Liability in the Field of Nuclear Energy, including
the Republic of Slovenia, as it introduces significantly higher guarantee limits and
new mandatory contents of guarantees (e.g. environmental damage).
Discussions on the construction of a second block at NEK or of a second
nuclear power plant in Slovenia were also held in 2009. In addition, NEK also lodged an application to extend the operation of the existing first block of the nuclear
power plant.
Capacities of the nuclear pool for domestic and foreign risks 2009
Members of the NP
Domestic business
Foreign business
€
Share (%)
€
Triglav
7,500,000
65.12
7,500,000
Share (%)
66.87
Sava Re
1,200,000
10.42
1,200,000
10.70
Adriatic Slovenica
1,000,000
8.68
1,000,000
8.92
Triglav RE
1,000,000
8.68
1,000,000
8.92
Maribor
435,000
3.78
435,000
3.88
Tilia
300,000
2.61
0
0.00
82,000
0.71
80,000
0.71
11,517,000
100.00
11,215,000
100.00
Merkur
Total
Source: NP
60
4.
Data by individual insurance class
and type
The table below with insurance classes and types by insurance company
has this year been changed. Insurance types are classified into the appropriate insurance types in accordance with the adopted Statistical standard and the appropriate
amendments to the AZN regulations on the Reporting of Insurance Statistical Data.
As a result, the data published will not be directly comparable with data for previous
years. For insurance companies, insurance types for which gross premiums written
in 2009 were shown in statistical forms ST1 to 19 are marked.
Types of insurance by class and insurance company 2009
Types of insurance by class
Adriatic Slovenica
Allianz
Arag
Generali
GRAWE
KAD
Kd Življenje
Maribor
Merkur
NLB Vita
SID – PKZ
SOP
Tilia
Triglav
Triglav Zdravstvena
Vzajemna
Wiener Städtische*
Insurance company
Accident insurance (including industrial injury and occupational diseases)
Personal insurance against accidents at and outside regular work
Personal insurance against risks to passengers in motor vehicles
Children and schoolchildren accident
Guests, visitors and tourist group accident
Consumer and customer group accident
Other special accident insurance
Compulsory accident insurance of public transport passengers
Driver and car owner accident
All other accident insurance
•
•
•
•
•
•
•
•
•
• •
• •
•
•
• • •
•
• •
•
• •
• •
•
•
•
•
•
•
•
•
•
•
•
• • • •
•
•
•
•
•
•
•
•
Health insurance
Top-up health insurance under paragraph 2 of Article 14 of the ZZavar
•
•
Substitutional health insurance under paragraph 2 of Article 61 of the ZZVZZ
Supplementary health insurance on travel abroad
Other supplementary parallel health insurance under paragraphs 3 and 4 of Article 61 of the ZZVZZ
•
•
•
•
All other health insurance
•
•
•
•
•
Land motor vehicle insurance
Land motor vehicle casco
Other land vehicle casco (vehicles without engine)
All other kinds of motor vehicle casco insurance
•
•
•
• •
•
• •
•
Railway rolling stock insurance
•
All other kinds of railway rolling stock casco insurance
Aircraft insurance
Aircraft casco
• •
•
• •
•
•
• •
•
All other kinds of aircraft casco insurance
Ships (sea, lake and river vessels) casco insurance
Sea ship casco
Lake and river vessel casco
Note: Types of insurance are classified in accordance with the Statistical Standard and with the Decision
amending Decision on Reporting Statistical Insurance Data (OJ, No 120/2008, 8/2009, 104/2009). Only the
types of insurance for which insurance premiums were written in 2009 are included.
* Data on insurance classes and types not available for the branch of Wiener Städtische Insurance Company.
Source: SZZ
•
•
•
(table continues on next page)
61
Adriatic Slovenica
Allianz
Arag
Generali
GRAWE
KAD
Kd Življenje
Maribor
Merkur
NLB Vita
SID – PKZ
SOP
Tilia
Triglav
Triglav Zdravstvena
Vzajemna
Wiener Städtische*
Insurance company
•
All other kinds of ship casco 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 insurance outside industry and crafts
Fire insurance in industry and crafts
Electricity supply enterprises' property
•
• •
•
•
•
•
•
•
• •
• •
•
• •
• •
• •
•
•
• •
• •
•
•
• •
• •
•
• •
•
• •
•
• •
• •
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
• •
• •
• •
• •
•
• •
•
•
•
•
• •
• •
• •
• •
•
•
•
•
•
•
All other fire insurance
Nuclear risks
Other damage to property insurance
Machinery breakdown
Machinery breakdown insurance for electricity supply enterprises' equipment
Civil construction projects
Civil installation projects
Film companies
Electronic computers
Food-in-freezer
Household
Ore and coal mines
Telecom and post office risks
Theft
Glass
Crops and fruit
Livestock
Home assistance insurance
Equipment leasing insurance
Combined property insurance
Insurance of goods against mechanical damage
Satellite and cable television distribution and reception equipment insurance
• •
•
• •
• •
•
•
•
•
•
•
•
•
•
• •
• •
•
•
• •
•
•
• •
• •
•
•
•
•
• •
•
•
• •
•
•
Motor vehicle liability insurance
Automobile liability (MTPL)
Carrier liability-for-freight insurance in land transport
Railway transport liability
•
•
•
Travel insurance
All other property insurance
All other land vehicles liability insurance
Aircraft liability insurance
Aircraft liability
Carrier liability-for-freight insurance in air transport
• •
•
All other aircraft liability insurance
Ships (sea, lake and river vessels) liability insurance
Maritime transport liability
Inland waterways transport liability
•
•
•
•
•
• •
• •
• •
•
•
•
•
•
•
•
•
•
•
•
62
Adriatic Slovenica
Allianz
Arag
Generali
GRAWE
KAD
Kd Življenje
Maribor
Merkur
NLB Vita
SID – PKZ
SOP
Tilia
Triglav
Triglav Zdravstvena
Vzajemna
Wiener Städtische*
Insurance company
Ship-repairer liability
Marina liability
Carrier liability-for-freight insurance in maritime and inland waterways transport
•
•
All other ship liability insurance
Other liability insurance (general, etc.)
General liability
Manufacturer liability-for-product
Building contractor contractual liability
• •
• •
Installation contractor contractual liability
Manufacturer, dealer or contractor guarantee
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
Compulsory liability insurance for audit companies
Compulsory liability insurance for designers
Compulsory liability insurance for lawyers
Compulsory liability insurance for physicians
Compulsory insurance for notarial liability
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
• •
•
•
•
•
•
Compulsory liability insurance for manufacturers of medicaments and medical aids
Compulsory liability insurance for insurance agencies
Compulsory liability insurance for court executors
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Compulsory liability insurance for authentication agents of qualified electronic signature certificates
Compulsory liability insurance for mountain guides
Compulsory liability insurance for geodesic companies
Compulsory liability insurance for certifying bodies for confirmation of conformity of building products
•
Compulsory liability insurance for operators of firing ranges
Guards liability insurance
All other general liability insurance
Credit insurance
• •
•
Trade credit insurance (international)
Trade credit insurance (domestic)
Consumer credit insurance
Housing credit insurance
Loan insurance (sole traders)
Loan insurance (legal entities)
Overdraft insurance (sole traders)
Overdraft insurance (personal accounts)
Credit insurance (lease agreement)
•
•
•
•
•
•
•
•
•
Suretyship insurance
Customs debt insurance
Tour operators' insolvency insurance
•
•
•
•
•
•
•
•
•
•
•
•
•
• •
Credit insurance (credit cards and charge cards)
All other credit insurance
•
•
•
•
•
•
•
63
Adriatic Slovenica
Allianz
Arag
Generali
GRAWE
KAD
Kd Življenje
Maribor
Merkur
NLB Vita
SID – PKZ
SOP
Tilia
Triglav
Triglav Zdravstvena
Vzajemna
Wiener Städtische*
Insurance company
•
•
Bid bond insurance
Performance bond insurance
Advance repayment insurance
•
•
•
•
Warranty bond insurance
Guarantee insurance (charge cards)
Carnet insurance
All other suretyship insurance
Miscellaneous financial loss insurance
Loss-of-profit fire insurance
Machinery breakdown loss-of- profit insurance
Show and event
Insurance against purchasing counterfeit currency
Holiday cancellation insurance
Loss of profit in service industry insurance
•
• •
•
•
•
•
All other loss-of-profits insurance
Legal expenses insurance
Lawyer and other legal protection expenses (litigation costs)
All other legal expenses insurance
•
• •
•
•
•
•
•
•
•
•
•
• •
•
•
•
•
•
•
• •
• •
• •
•
• •
•
•
• •
•
• •
•
• •
• •
•
Tourist assistance insurance
Automobile assistance – on trips
Medical assistance – on travel
All other tourist assistance insurance
Life insurance
Life assurance
– death
– endowment
– death and endowment
– annuity
– annuity insurance - benefits based from pension schemes under ZPIZ-1
•
•
•
•
•
•
• •
•
•
•
•
•
•
•
•
•
•
•
• • • •
• • •
• • •
• •
• •
•
•
•
•
•
•
•
•
•
•
•
– refund of premium
– all other life assurance
• •
– additional insurance
Assurance for paying out at marriage and birth
– insurance paying out at marriage
- insurance paying out at birth
Unit-linked life insurance
– unit-linked life insurance with guarantee (investment fund)
– unit-linked life insurance without guarantee (investment fund)
– unit-linked life insurance with guarantee (pool of assets)
•
•
•
– unit-linked life insurance without guarantee (pool of assets)
Tontine
– voluntary supplementary pension insurance under the ZPIZ-1
– all other capital redemption insurance
•
•
• • •
•
•
• • • • • • •
• • • •
• • • • • •
• •
•
•
• •
• •
• •
•
•
•
•
•
64
4.1
Accident insurance
Accident insurance comprises nine different subclasses or insurance types.
With premiums in excess of €110 million, it makes up 5.32% of the insurance portfolio. This ranks it sixth among all insurance classes. Accident insurance is provided by
eleven insurance companies which, between them, generated 1.25% less in premiums
in 2009 than in 2008 (growth index 98.75). Total claims were also 4.56% lower
(growth index 95.44), as a result of which the claims ratio improved to 38.2%.
Accident insurance
(gross premiums written and gross claims paid)
Premiums
€m
Claims
100
75
50
25
0
Source: SZZ
2005
2006
2007
2008
2009
year
Accident insurance 2009 – (breakdown by type of insurance)
Personal insurance at and outside
regular work 41.5%
Other 3.1%
Consumers 2.4%
Children and schoolchildren
accident 4.0%
Insurance for passengers
in motor vehicles 8.6%
Surce: SZZ
Driver and car owner
accident insurance 40.4%
65
4.2
Health insurance
Insurance subclasses or types within health insurance have fundamentally
changed compared to the classification in 2008 and earlier years. Comparability of
data with previous years has been retained only for supplementary health insurance,
which fortunately comprises a large majority of health insurance. Health insurance
generated premiums of €414.7 million in 2009, ranking this insurance class second
in the whole insurance portfolio. Health insurance premiums grew by 6.4% in 2008,
while claims paid – €341.5 million – were 5.9% higher, causing the claims ratio to
improve a little, although it remains among the worst (82.3%).
Health insurance
Premiums
€m
Claims
400
300
200
100
0
Source: SZZ
2005
2006
2007
2008
2009
year
Health insurance 2009 – (breakdown by type of insurance)
For additional payment 97.4%
Surce: SZZ
Other 2.6%
66
4.3
Casco insurance
This section shows all casco insurance combined. In terms of gross premiums written, it ranks in fourth place. The vast majority of this is casco insurance
for land motor vehicles. Casco insurance generated €246 million for insurance companies in 2009, of which as much as 98.5% was generated by motor-vehicle casco
insurance. Premiums grew for all types of casco insurance except aircraft, with the
highest growth recorded for vessels casco insurance (11.2%). Claims paid increased
to €219.1 million, a rise of 13.8%. The claims ratio for casco insurance deteriorated
once again to 89%.
Casco insurance
Premiums
€m
Claims
200
150
100
50
0
Source: SZZ
2005
2006
2007
2008
2009
year
Casco insurance 2009 – (breakdown by type of insurance)
Land motor vehicles 97.5%
Surce: SZZ
Ships 0.8%
Railway rolling stock 1.0%
Aircraft 0.7%
67
4.4
Goods in transit insurance is one of the insurance classes most affected
by the economic crisis. Insurance companies generated premiums worth around €7
million, almost €1 million – around 14% – down on the year before. With less than
0.5% of all premiums, this insurance class is ranked eleventh. Claims in 2009 grew
to €3.4 million, a rise of 31%. The claims ratio consequently deteriorated to 48.4%.
Premiums
€m
Claims
8
6
4
2
0
Source: SZZ
2005
2006
2007
2008
2009
year
Goods in transit insurance 2009 – (breakdown by type of insurance)
Domestic transport 39.1%
Other 0.4%
International transport 60.5%
Surce: SZZ
68
4.5
Property insurance
In the narrow sense, property insurance comprises two insurance classes,
officially called fire and natural disasters insurance and other damage insurance. Under
the new system, the latter comprises 21 different insurance types. The introduction
of the statistical standard added six new insurance types previously covered by the
insurance subclass all other damage insurance. With gross premiums written of €139
million, other damage insurance ranks fifth among all insurance types, while fire and
natural disaster insurance ranks seventh, with premiums of €89 million. Insurance
companies generated €228 million in premiums from the two property insurance subclasses in 2009, over 14% more than in 2008. €181 million was paid to policyholders.
Damage to property was substantially lower in 2009 than in 2008, which was an
exceptional claims year, with claims 6% down. Compared to 2008, the claims ratio for
property insurance improved to 79.4%, although this is still worse than 2007.
Damage to property insurance
Premiums
€m
Claims
200
150
100
50
0
Source: SZZ
2005
2006
2007
2008
2009
year
Damage to property insurance 2009 – (breakdown by type of insurance)
Other 7.0%
Computers 1.4%
Building 2.0%
Theft 2.8%
Livestock 2.6%
Fire 38.9%
Crops and fruit 10.3%
Household 22.1%
Surce: SZZ
Machinery breakdown 12.9%
69
4.6
Liability insurance
In terms of gross premiums written, first place among liability insurance is
taken by motor vehicle liability insurance (€323 million). Next comes general liability insurance, with premiums of €49.3 million. Insurance companies also generated
€1.5 million from aircraft liability insurance and €1 million from vessels liability
insurance. Total liability insurance premiums were €369 million in 2009, a fall of
4%. Claims from liability insurance were also 1% down on the year before, at €218
million. The fall in claims was less than the fall in premiums, and the claims ratio
for 2009 is 59%.
Liability insurance
Premiums
€m
Claims
400
300
200
100
0
Source: SZZ
2005
2006
2007
2008
2009
year
Liability insurance 2009 – (breakdown by type of insurance)
Other 2.5%
Product liability 1.2%
General liability 10.0%
Surce: SZZ
Land motor vehicles
liability 86.3%
70
4.7
Credit insurance
The economic crisis – and particularly the financial crisis – significantly
affected credit insurance, and in particular consumer credit insurance, which fell from
64.3% of the whole class to 47.2%. Credit insurance generated “only” €38 million
in premiums, a fall of €3 million or 6% from 2008. The result ranked this insurance
class in ninth place. Claims however increased by 58.6% to €34.7 million. The claims
ratio consequently deteriorated sharply to 90.4%.
The composition of credit insurance shown in the figure below is different
from previous years, and so the data shown are not entirely comparable with previous
years. Credit insurance is one of the insurance classes that, with the adoption of the
Statistical Standard, underwent substantive and terminological amendments to the
insurance types comprising the insurance class.
Credit insurance
Premiums
€m
Claims
40
30
20
10
0
Source: SZZ
2005
2006
2007
2008
2009
year
Credit insurance 2009 – (breakdown by type of insurance)
Other 21.9%
Trade credit insurance
(international) 22.9%
of which 94.3% by SID – PKZ
Trade credit insurance
(domestic) 8.0%
of which 89.5% by SID – PKZ
Consumer credit insurance 47.2%
Surce: SZZ
71
4.8
Suretyship and miscellaneous financial loss insurance
Suretyship generated over €1 million in gross premiums written, while miscellaneous financial loss insurance generated more than €6 million. Total premiums
written in this insurance class in 2009 were worth €7.1 million, 1.1% more than in
2008. The largest insurance type in the class was insurance against fire damage,
accounting for 42%, while suretyship accounted for 15.7%. Annual growth in gross
claims was as much as 47.5%, with insurance companies paying out €6.2 million.
The claims ratio for this insurance class deteriorated to 87.1%.
Suretyship insurance and miscellaneous financial loss insurance
Premiums
€m
Claims
12
9
6
3
0
Source: SZZ
2005
2006
2007
2008
2009
year
Suretyship insurance and miscellaneous financial loss insurance 2009 – (breakdown by type of insurance)
Other 4.3%
Show and event 2.9%
Loss-of-profits fire 42.0%
Suretyship 15.7%
MB loss-of-profits 11.8%
Surce: SZZ
Cancellation of tourist trips 23.3%
72
4.9
Legal expenses insurance and tourist assistance insurance
Legal expenses and tourist assistance insurance generated €13.6 million for
insurance companies in gross premiums written, 29.2% more than the previous year.
The largest share was accounted for by insurance of travel assistance to motorists
(61.6%), while legal expenses insurance accounted for 27.4% of all premiums written
in this insurance class. Growth in gross claims was almost three times higher than
growth in premiums (75.1%), with their value rising to €5.6 million. The claims ratio
deteriorated to 41%.
Sources: SZZ, SURS, MNZ, BS, AZN, JP
Legal expenses and tourist assistance insurance
Premiums
€m
Claims
12
9
6
3
0
Source: SZZ
2005
2006
2007
2008
2009
year
Legal expenses and tourist assistance insurance 2009 – (breakdown by type of insurance)
Other 5.6%
Medical assistance 5.4%
Legal expenses 27.4%
Automobile assistance 61.6%
Surce: SZZ
As you sow through your life,
so shall you reap in your old age.
74
VI.
International position of
Slovenian insurance
In 2009, Slovenian insurance improved its international position compared
to 2008. Slovenia's shares in the EU(27), shown in the table below, increased. Only
life insurance remained the same as in 2008 compared to the EU as a whole. The
crisis conditions in which the Slovenian and European insurance industries operated
are most obviously reflected in the lower average number of employees in Slovenia,
and consequently Slovenia's lower share in the EU as a whole. This of course is not
bad, as Slovenia thereby moved somewhat closer to the European average, which for
2009 was 180. In 2008, insurance companies employed an average of 396 people,
while the equivalent figure for 2009 was 350.
The share of Slovenia's gross premiums written – worth €2.072 billion –
increased in comparison with premiums in the EU(27) to 0.21%, two-hundredths
of a percentage point higher. The insurance density increased by 2.5% to reach more
than half of the European level at €1,015 per capita. Slovenian insurance penetration
– insurance activities or gross premiums written as a percentage of gross domestic
product – reached record levels. GDP fell by 7.8% in 2009, as a result of which insurance penetration increased to 5.9% of GDP and is already at 73.75% of the European
average. In terms of this indicator, Slovenia overtook Austria in 2009. However, in
terms of average premiums per insurance company, Hungary overtook Slovenia.
Insurance business in the European Union 2008 and in Slovenia 2009 – key figures*
Key figures
EU (27)
SLO
4,755
18
858,044
6,306
0.73
180
350
194.14
1,001,812
2,073
0.21
611,500
630
0.10
Premiums / inhabitant (€)
2,009
1,015
50.52
Life premiums / inhabitant (€)
Number of insurance companies
Number of employees
Average number of employees per company
Insurance premiums (€ m)
Of which life premiums (€ m)
Share (%)
0.38
1,226
309
25.16
Non-life premiums / inhabitant (€)
780
706
90.58
Premiums / GDP (%)
8.0
5.9
73.75
* Figures relate to insurance business only.
Sources: SZZ, CEA, SURS
75
Insurance business in Slovenia 2009 and in selected countries 2008
No. of
Country*
Insurance
companies
Premiums
Employees
Total
insurance
Life
Share
of life
(€ m)
Total
insurance
Premium /
Life
Premium
in
GDP
Company
Employee
(%)
(€)
(€)
(€)
(€ m)
(€)
Switzerland
144
49,236
33,171
19,907
60.0
4,344
2,607
9.9
230
673,714
Denmark
202
15,808
21,200
14,999
70.8
3,862
2,732
9.1
105
1,341,093
Belgium
155
24,355
29,031
19,139
65.9
2,711
1,787
8.4
187
1,191,993
4,755
858,044
1,001,812
611,500
61.0
2,009
1,226
8.0
211
1,167,553
71
26,547
16,214
7,362
45.4
1,942
882
5.7
228
610,766
European Union (27)
Austria
Italy
(€ m)
Premium/inhabitant
247
46,831
92,016
54,565
59.3
1,537
911
5.9
373
1,964,852
Portugal
84
11,295
15,332
11,012
71.8
1,443
1,036
9.2
183
1,357,415
Slovenia
18
6,306
2,073
630
30.4
1,015
309
5.9
115
328,729
Greece
87
9,000
4,751
2,476
52.1
423
220
2.0
55
527,889
Hungary
30
27,806
3,540
1,834
51.8
353
183
3.4
118
127,311
Croatia
25
10,514
1,341
352
26.2
302
79
2.8
54
127,544
Turkey
59
16,007
6,179
827
13.4
87
12
1.2
105
386,019
* In order of premium/inhabitant
Sources: SZZ, CEA, SURS
Insurance premium per inhabitant (SLO 2009, other countries 2008)
Turkey
Croatia
Hungary
Greece
Slovenia
Portugal
Italy
Austria
EU (27)
Belgium
Denmark
Switzerland
Sources: SZZ, CEA
0
500
1000
1500
2000
2500
3000
3500
4000
€/inhabitant
76
Share of insurance premiums in GDP (SLO 2009, other countries 2008)
Turkey
Greece
Croatia
Hungary
Austria
Italy
Slovenia
EU (27)
Belgium
Denmark
Portugal
Switzerland
Sources: SZZ, CEA
0
1
2
3
4
5
6
7
8
9
10
% of GDP
Average premium per insurance company (SLO 2009, other countries 2008)
Croatia
Greece
Denmark
Turkey
Slovenia
Hungary
Portugal
Belgium
EU (27)
Austria
Switzerland
Italy
Sources: SZZ, CEA
0
50
100
150
200
250
300
350
400
€m
Average premium per insurance employee (SLO 2009, other countries 2008)
Hungary
Croatia
Slovenia
Turkey
Greece
Austria
Switzerland
EU (27)
Belgium
Denmark
Portugal
Italy
Sources: SZZ, CEA
0
250
500
750
1000
1250
1500
1750
2000
€000
Life is like lightning;
both pass in a flash.
78
VII. Chronological overview of insurance activity
on the ethnic Slovenian territory
I. Before 1918
Precursors of insurance companies (maritime loans, brotherhoods, guilds)
1291
14th. c.
1370
1452
Maritime loans entered in notary records in Piran
Piran
Brotherhood of St. Nicholas founded
Trieste
Furriers’ guild established; one of the first whose statute prescribed members’ obligation of mutual assistance
Ljubljana
Slovenian Brotherhood of St. Hieronymus founded (reciprocity of members determined in statute)
Udine
Founding of the first insurance companies
1766
1776
1812
1829
1853
1871
1871
1889
1898–1910
1900
First insurance company founded on Slovenian ethnic territory under the Austro-Hungarian Empire – Compagnia di Assicurazione Trieste
First initiative to found an insurance company in Ljubljana
Ljubljana
Founding of an insurance company for navigation on the River Sava
Ljubljana
Founding of Imperial-Royal privileged insurance company for fire damage in Styria, Carinthia and Carniola
Graz
Carniolan agricultural association proposes founding of insurance company for compulsory insurance against fire and other accidents Ljubljana
Initiative to found Danica Reinsurance Company in Celje
Celje
Founding of first general insurance bank, Slovenija (first modern Slovenian insurance company based in Ljubljana)
Ljubljana
Founding of Workers’ Accident Insurance Company for Trieste, Littoral and Carniola
Trieste
Founding of several associations (insurance companies) for insuring livestock in Littoral and certain other places
Trieste area
Founding of Mutual Insurance Company for fire damage and damage to church bells in Ljubljana
Ljubljana
II. Yugoslavia period (Kingdom of Serbs, Croats and Slovenes, Yugoslavia)
Kingdom of SCS or Kingdom of Yugoslavia (1918–1945)
1922
1927
1932
1939
Founding of Slavija, Yugoslav Insurance Bank in Ljubljana
Ljubljana
Founding of People’s Self-Assistance in Maribor
Maribor
Founding of Society of St. Florian Insurance Cooperative Against Fire Damage
Ljubljana
Founding of Drava Commercial Insurance Company
Maribor
DFRY, FPRY, SFR Yugoslavia (1945–1990)
1946
1956
1961
1967
1977
1976
1990
1990
1990
State Institute of Insurance and Reinsurance renamed State Insurance Institute – SII
Belgrade
Founding of Fund for Mutual Assistance of Independent Tradesmen of Slovenia, renamed Fund for Craftsmen and Entrepreneurs (FCE) in 2000
Ljubljana
Founding of numerous municipal insurance companies and Insurance Community of Slovenia
Ljubljana
Merger of all Slovenian insurance companies, except Maribor Insurance Company, into Sava Insurance Company
Ljubljana
Merger of Sava Insurance Company and Maribor Insurance Company into Triglav Insurance Community
Ljubljana
Founding of Sava Reinsurance Community
Ljubljana
Transformation of Triglav Insurance Community and some of its regional units into joint-stock insurance companies –
Triglav Insurance Company, Maribor Insurance Company, Adriatic Insurance Company, Tilia Insurance Company
Ljubljana
Transformation of Sava Reinsurance Community into joint-stock company Reinsurance Company Sava, Limited
Ljubljana
Organisational unit of the Dunav Insurance Community in Ljubljana becomes independent joint-stock company,
Ljubljana
Ljubljanska Insurance Company
79
III. Republic of Slovenia (1991 – present)
1991
1992
1992
1992
1992
1994
1994
1994
1996
1997
1998
1998
1999
2002
2003
2004
2004
2004
2005
2005
2005
2007
2007
2007
2008
2009
2009
2009
2010
Founding of new joint-stock insurance and reinsurance companies: Prima Insurance Company (renamed GRAWE in
2001), Mercator Insurance Company (renamed Krekova Insurance Company in 1999) and Inter Reinsurance Company
Ljubljana,
(dissolved in 2001)
Maribor
Founding of Slovenian Insurance Bureau (renamed Slovenian Insurance Association in 1997)
Ljubljana
Founding of joint-stock insurance company Merkur Insurance Company
Ljubljana
Transformation of organisational unit of Croatia Insurance Company in Ljubljana into joint-stock insurance company
Slovenica
Ljubljana
Founding of Slovene Export Corporation (SID)
Ljubljana
Founding of Concordia Pension Insurance Company
Ljubljana
Founding of Slovenian Nuclear Insurance and Reinsurance Pool
Ljubljana
Founding of Office of Insurance Supervision (renamed Insurance Supervision Agency, ISA in 2000)
Ljubljana
Founding of Capital Fund for Additional Pension and Disability Insurance (renamed Pension Fund Management (PFM)
in 2000)
Ljubljana
Founding of joint-stock company Generali Insurance Company
Ljubljana
Founding of Fund for Additional Pension and Disability Insurance (joined to Capital Fund for Additional Pension and
Disability Insurance in 2000)
Ljubljana
Founding of Triglav RE Reinsurance Company
Ljubljana
Founding of Health Insurance Mutual
Ljubljana
Founding of TRIGLAV Health Insurance Company
Koper
Founding of NLB Vita Life Insurance Company
Ljubljana
Founding of joint-stock company ARAG Legal Expenses Insurance
Ljubljana
Founding of branch of Austrian insurance company Wiener Städtische
Ljubljana
Founding of SID – First Credit Insurance Company
Ljubljana
Founding of Slovenica Life Insurance Company
Ljubljana
Founding of branch of Austrian insurance company Victoria-Volksbanken
Maribor
Merger of Adriatic Insurance Company and Slovenica Insurance House into Adriatic Slovenica Insurance Company
Koper
Slovenica Life Insurance Company renamed KD Life Insurance Company
Ljubljana
Founding of branch of Allianz Hungaria Zrt. Insurance Company
Ljubljana
Founding of Prva osebna zavarovalnica, d.d.
Ljubljana
Zürich Insurance Ireland Ltd. applies for SZZ membership
Ljubljana
Wiener Städtische, Vienna Insurance Group becomes a member of the SZZ
Ljubljana
Allianz Hungaria Zrt. Insurance Company becomes a member of the SZZ
Ljubljana
Victoria-Volksbanken Insurance Company becomes a member of the SZZ
Ljubljana
ERGO Insurance Company becomes a member of the SZZ
Ljubljana
Sources:
1. Škufca F., Zavarovalstvo na Slovenskem, SZZ, Ljubljana 2003
2. Data from AZN
3. Data from SZZ
Glossary of Abbreviations
AZN
– Agencija za zavarovalni nadzor / Insurance Supervisory Agency
BS
– Banka Slovenije / Bank of Slovenia
CEA
– Comité Européen des Assurances / European Insurance and Reinsurance Federation
JP
– Jedrski pool / Nuclear Insurance and Reinsurance Pool
KAD
– Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d. / Pension Fund Management Company
LB
– Ljubljanska borza / Ljubljana Stock Exchange
MNZ
– Ministrstvo za notranje zadeve / Ministry of the Interior
NFD
– NFD 1 Delniški investicijski sklad, d. d. / NFD 1 Stock Invest Fund, p. l. c.
PIC
– Zavarovalnine pokojninskih zavarovanj / Pension Insurance Claims
PIP
– Premije pokojninskih zavarovanj / Pension Insurance Premium
SID – PKZ – SID – Prva kreditna zavarovalnica, d. d., Ljubljana / SID – First Credit Insurance Company
SOD
– Slovenska odškodninska družba, d. d. / Slovene Restitution Fund
SOP
– Sklad obrtnikov in podjetnikov / Fund for Craftsmen and Entrepreneurs
SURS
– Statistični urad Republike Slovenije / Statistical Office of the Republic of Slovenia
SZZ
– Slovensko zavarovalno združenje / Slovenian Insurance Association
ZPIZ
– Zavod za pokojninsko in invalidsko zavarovanje / The Pension and Disability Insurance Institute of Slovenia
ZPIZ-1
– Zakon o pokojninskem in invalidskem zavarovanju / Pension and Disability Insurance Act
ZRSZ
– Zavod Republike Slovenije za zaposlovanje / Employment Service of Slovenia
ZZavar
– Zakon o zavarovalništvu / Insurance Act
ZZVZZ
– Zakon o zdravstvenem varstvu in zdravstvenem zavarovanju / Health Care and Health Insurance Act
80

2. - Slovensko zavarovalno združenje

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