STATISTICAL INSURANCE BULLETIN 2015

Transcription

STATISTICAL
INSURANCE
BULLETIN 2015
STATISTICAL
INSURANCE
BULLETIN 2015
Ljubljana, June 2015
Published by:
Text, tables and graphs prepared by:
SLOVENIAN INSURANCE ASSOCIATION
Mateja Lamovšek, Slovenian Insurance Association, GIZ
Železna cesta 14, PO Box 2512
Tanja Trampuž, Slovenian Insurance Association, GIZ
SI-1000 LJUBLJANA
Danilo Antončič, Nuclear Insurance and Reinsurance Pool
(Chapter 5.3)
Telephone: (+386) 1 473 56 99
Fax: (+386) 1 473 56 92
Translation: Amidas, d. o. o.
Website: www.zav-zdruzenje.si
Production: Pegaz International, d. o. o., Ljubljana
E-mail: info@zav-zdruzenje.si
Design: Luka Mancini, MSc, Maruša Račić
Photographs: Maruša Račić, Tomo Jeseničnik
Responsible person:
Maja Krumberger, MSc, Director
All rights reserved.
The information contained herein may be used in full or in
part only with an appropriate indication of the source.
SIA, Ljubljana 2015
This publication is available only in electronic edition, also
Bulletin Editorial Committee:
in English.
Boštjan Jenko, Adriatic Slovenica, Zavarovalna družba d. d.
Publikacija je na voljo zgolj v elektronski obliki, tudi v slovenskem
Roman Klemenak, Zavarovalnica Triglav, d. d.
jeziku.
Gregor Lednik, Zavarovalnica Maribor, d. d.
Jana Mandelc, Sava Reinsurance Company d. d.
Denis Stroligo, Merkur zavarovalnica, d. d.
ISSN 2386-0766
CONTENTS
Methodological explanations 4
5.1
Insurance activity 49
Statistical indicators, units of measure and
5.1.1
Types of insurance by class 54
abbreviations 4
5.1.2
Life insurance 58
5.1.2.1 Pension insurance 60
Development of the insurance market 6
5.1.3 Non-life insurance 62
Foreword 9
5.1.3.1 Accident insurance 65
5.1.3.2 Health insurance 66
5.1.3.3 Land motor vehicle insurance 67
1. Slovenian economy in 2014 12
5.1.3.4 Railway rolling stock insurance 68
2. Slovenian Insurance Association in 2014 16
5.1.3.5 Aircraft insurance 69
5.1.3.6 Ship insurance 70
3. Members of the SIA (as at 22 June 2015) 19
5.1.3.7 Adriatic Slovenica, Zavarovalna družba d. d. 23
5.1.3.8 Fire and natural forces insurance 72
Allianz Insurance Company, Branch Office Ljubljana 24
5.1.3.9 Other damage to property insurance 73
ARAG SE – Zavarovalnica pravne zaščite branch in
5.1.3.10 Motor vehicle liability insurance 74
Slovenia 25
5.1.3.11 Aircraft liability insurance 75
ERGO zavarovalnica, podružnica v Sloveniji 26
5.1.3.12 Liability for ship insurance 76
ERGO Življenjska zavarovalnica d. d. 27
5.1.3.13 General liability insurance 77
GENERALI zavarovalnica, d. d. 28
5.1.3.14 Credit insurance 78
GRAWE Zavarovalnica, d. d. 29
5.1.3.15 Suretyship insurance 79
Merkur zavarovalnica, d. d. 30
5.1.3.16 Miscellaneous financial loss insurance 80
Modra zavarovalnica, d. d. 31
5.1.3.17 Legal expenses insurance 81
NLB Vita življenjska zavarovalnica d. d. 32
5.1.3.18 Assistance insurance 82
Pozavarovalnica Triglav Re, d. d. 33
5.1.4 Distribution channels 83
Sava Reinsurance Company d. d. 34
5.2 Reinsurance activity 85
SID – First Credit Insurance Company Inc. 35
5.3 Nuclear Insurance and Reinsurance Pool 88
Goods in transit insurance 71
Sklad obrtnikov in podjetnikov 36
Triglav, Health insurance company, Ltd 37
6. International position of the Slovenian insurance
Vzajemna Mutual Health Insurance Company, d. v. z. 38 industry 90
Wiener Städtische zavarovalnica, Branch Office
Ljubljana 39
7. Chronological overview of insurance activities in
Zavarovalnica Maribor, d. d. 40
Slovenian ethnic territory 97
Zavarovalnica Tilia, d. d. 41
Zavarovalnica Triglav, d. d. 42
Literature and data sources 99
List of photos 99
4. Employees in 2014 44
5. Insurance and reinsurance activity in 2014 48
Methodological explanations
Statistical indicators, units of measure and
abbreviations
The Statistical Insurance Bulletin is based on annual
data that the SIA has obtained from its members.
...
not available
According to estimates, these data account for
-
no occurrence of event
99.5% of the Slovenian insurance market (96.5%
(1)
comment
members into account). The data presented below
bn
billion
may differ from the cumulative data collected on
m million
a monthly or quarterly basis, and are the most
%
percentage
c.
century
taking the pension insurance marketed by non-SIA
complete and reliable because they were processed
last.
EUR
euro
The chapter regarding pension insurance also takes
GDP
gross domestic product
account of data obtained from other companies
NLI
non-life insurance
involved in the pension insurance segment.
USD
US dollar
The Slovenian pension insurance market is thus
VSPI
voluntary supplementary pension insurance
presented in full.
ZPIZ-1
Pension and Disability Insurance Act
If other data sources are used, this is stated
BS
Bank of Slovenia
separately in the text, tables and graphs.
ESS
Employment Service of Slovenia
EU
European Union
The data collection was completed on 22 June 2015.
Eurostat Statistical Office of the European Union
HIIS
Health Insurance Institute of Slovenia
Unless otherwise stated, all data in this publication
IE
Insurance Europe
refer to the overall operations of the SIA members (in
ISA
Insurance Supervision Agency
Slovenia and abroad).
SIA
Slovenian Insurance Association
SORS
Statistical Office of the Republic of Slovenia
The unit of currency used in this publication is the
euro. The exchange rate at the end of a specific year
was used to convert the domestic currency to euros
for the period prior to the introduction of the euro. In
some tables, the amounts are shown in millions or
billions of euros, which is marked separately.
The growth index rates are calculated as the ratio
between the data for the selected year and the data
for the previous year, without taking inflation into
account.
When ranking the insurance classes, the life
insurance group is taken into account as an
insurance class.
4
§
Forest covers 59% of the entire
area of Slovenia. Slovenia is the
third most forest-covered country in
Europe, after Finland (73%) and
Sweden (67%) .
Development of the insurance market
Insurance
Year
PREMIUMS (in EUR)
BENEFITS AND CLAIMS PAID (in EUR)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
1,453,765,619
428,093,732
1,025,671,887
929,940,886
188,598,335
741,342,551
2005
1,549,167,096
464,833,571
1,084,333,525
874,789,651
136,243,782
738,545,869
2006
1,725,303,964
540,654,519
1,184,649,445
949,341,016
149,353,126
799,987,890
2007
1,893,979,650
609,265,438
1,284,714,212
1,023,300,031
161,827,691
861,472,340
2004
2008
2,018,959,895
642,652,700
1,376,307,195
1,204,208,190
177,589,378
1,026,618,812
2009
2,072,923,129
630,089,177
1,442,833,952
1,240,000,802
188,495,547
1,051,505,255
2010
2,094,342,801
656,013,340
1,438,329,461
1,242,833,061
245,624,195
997,208,866
2011
2,053,443,380
599,359,672
1,454,083,708
1,288,695,975
344,742,146
943,953,829
2012
2,054,063,483
596,964,885
1,457,098,598
1,388,341,046
433,482,055
954,858,991
2013
1,977,545,488
552,968,835
1,424,576,653
1,360,861,970
391,714,655
969,147,315
2014
1,937,555,622
535,361,119
1,402,194,503
1,326,061,109
382,139,601
943,921,508
Reinsurance
Year
PREMIUMS (in EUR)
TOTAL
Life
BENEFITS AND CLAIMS PAID (in EUR)
Non-life
TOTAL
Life
Non-life
2004
148,585,357
950,547
147,634,811
81,629,866
240,782
81,389,084
2005
161,360,758
1,006,635
160,354,123
78,670,656
221,516
78,449,140
2006
180,619,058
641,738
179,977,320
101,766,784
252,153
101,514,630
2007
206,165,229
704,532
205,460,697
115,181,537
302,353
114,879,184
2008
241,737,838
724,041
241,013,797
200,375,022
162,440
200,212,582
2009
261,109,458
643,289
260,466,169
171,828,133
137,275
171,690,858
2010
263,029,025
793,774
262,235,251
139,930,258
179,043
139,751,215
2011
262,282,208
861,553
261,420,655
126,258,125
365,430
125,892,695
2012
269,180,708
1,693,484
267,487,224
131,808,884
276,044
131,532,840
2013
239,147,140
2,603,206
236,543,934
141,702,764
600,854
141,101,910
2014
236,521,960
3,139,112
233,382,848
120,708,196
1,471,150
119,237,046
Source: SIA, SORS
6
Insurance
Year
CLAIMS RATIO (in %)
PREMIUM GROWTH INDEX(1)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2004
63.97
44.06
72.28
116.83
143.82
108.34
2005
56.47
29.31
68.11
106.56
108.58
105.72
2006
55.02
27.62
67.53
111.37
116.31
109.25
2007
54.03
26.56
67.06
109.78
112.69
108.45
2008
59.64
27.63
74.59
106.60
105.48
107.13
2009
59.82
29.92
72.88
102.67
98.05
104.83
2010
59.34
37.44
69.33
101.03
104.11
99.69
2011
62.76
57.52
64.92
98.05
91.36
101.10
2012
67.59
72.61
65.53
100.03
99.60
100.21
2013
68.82
70.84
68.03
96.27
92.63
97.77
2014
68.44
71.38
67.32
97.98
96.82
98.43
Reinsurance
Year
CLAIMS RATIO (in %)
PREMIUM GROWTH INDEX(1)
TOTAL
Life
Non-life
TOTAL
Life
2004
54.94
25.33
55.13
108.06
96.77
Non-life
108.14
2005
48.75
22.01
48.92
108.60
105.90
108.60
2006
56.34
39.29
56.40
111.93
63.75
112.24
2007
55.87
42.92
55.91
114.14
109.79
114.16
2008
82.89
22.44
83.07
117.25
102.77
117.30
2009
65.81
21.34
65.92
108.01
88.85
108.07
2010
53.20
22.56
53.29
100.74
123.39
100.68
2011
48.14
42.42
48.16
99.72
108.54
99.69
2012
48.97
16.30
49.17
102.63
196.56
102.32
2013
59.25
23.08
59.65
88.84
153.72
88.43
2014
51.03
46.87
51.09
98.90
120.59
98.66
(1) Inflation is excluded from the premium growth index. Including inflation of 0.2% (December 2014/December 2013) the total insurance premium growth rate would
be 97.78 and the real total insurance premiums EUR 1,933,688,246, the total reinsurance premium growth rate 98.7 and the real total reinsurance premiums EUR
236,049,860.
Source: SIA, SORS
7
Q
Slovenia has more than 300
indigenous woody plants,
including trees, bushes and shrubs.
Foreword
The year 2014 was a year of recovery for Slovenia.
in 2014 on the previous year, while the life insurance
Gross domestic product grew by 2.6%, and the
premiums were down by as much as 3.2%. For the
positive trends continued in 2015. After several years,
results to improve, the recovery of the population
per capita gross domestic product (measured in
(less unemployment, fewer people within the
current prices) exceeded the limit of EUR 18,000 (it
poverty risk range) must follow the recovery of
amounted to EUR 18,769 in 2008, as the last pre-
macroeconomic indicators. In addition, insurance
crisis year). The government is borrowing more and
companies will have to regain those customers who
more cheaply, and there is a significant reduction in
abandonded insurance products during the crisis.
interest rates. However, these trends have not yet
been reflected in the demand for insurance services.
The circumstances in which our members have
Despite the promising macroeconomic indicators
operated in the past few years are not ideal, but it is
(which also include increased exports and a positive
characteristic of financial institutions with a special
balance of payments), registered unemployment
focus on the long term in their business models
remains high (according to the data for April 2015, it
to grow stronger during crises. We can say with
is almost 13% – in 2008 this indicator was between
certainty that members of the Slovenian Insurance
6% and 7%) and as many as 14.5% of the Slovenian
Association are financially sound. As at 31 December
population is within the poverty risk range.
2014 they had EUR 1.3 bn in capital, reported positive
capital adequacy and ensured the regular settlement
The well-being of the consumer is important for the
of their liabilities.
insurance sector. High unemployment and a large
proportion of poor people coupled with numerous
In 2014, members of the Slovenian Insurance
corporate bankruptcies in recent years has adversely
Association also actively prepared for the
affected the demand for insurance. Therefore,
introduction of Directive 2009/138/EC of the
since 2009 the Slovenian insurance market has
European Parliament and of the Council of 25
seen negative growth rates in premium income or
November 2009 relating to the taking up and
minimum recovery in some years. The same picture
pursuit of the business of insurance and reinsurance
is also presented by the statistics for the year 2014.
(Solvency II), which will come fully into effect on 1
The life insurance premiums collected by members of
January 2016. This is an important project, which
the Slovenian Insurance Association were down 1.6%
changes the current way of conducting business. The
9
introduction of Solvency II brings numerous changes
from a social perspective. Greater insurance cover
to the calculation of capital adequacy, corporate
means less likelihood of the need for social transfers
governance and reporting by insurance companies.
in the future. This is particularly clear in long-term
The introduction of the Solvency II is a project that is
life and pension insurance, but also in traditional
demanding in terms of time and costs. Managing all
non-life insurance. One of the key tasks of the
the risks to which an individual insurance company
Slovenian Insurance Association is therefore to raise
is exposed is of vital importance and also affects
the awareness of the population. Insurance is not
capital requirements. They are more stringent,
only a cost, but rather an investment in the future,
and under the new rules insurance companies will
whose advantages should be known to all: the
be required to take account of all the insurance
population and the government.
risks to which they are exposed in the calculation
of capital, and not only the insurance risks, as has
And we join the investment in the future with
been the practice until now. In 2014 the supervisor
this year's Statistical Insurance Bulletin. The main
of the Slovenian insurance market, together with
theme of this publication are forests. The Slovenian
insurance companies, conducted a review of
Insurance Association is aware of the importance
compliance with the new capital requirements
of forests, which drew our attention to their
as at 31 December 2013. As is clear from the public
existence in 2014. In February last year, Slovenia
announcements of the Insurance Supervision
experienced exceptional weather conditions caused
Agency, Slovenian insurance companies are ready for
by catastrophic sleet. Half of all forest areas in
Solvency II in terms of capital requirements, and as
Slovenia was affected. The damage to forests, forest
far back as 31 December 2013 they reported a surplus
roads and firebreaks amounted to EUR 214 m, but
of capital above the minimum capital requirement.
the total economic damage is much greater. Forests
means wealth and are Slovenia’s advantage. Nearly
The Slovenian Insurance Association dedicated a
two thirds of its area are covered by forests, which
great deal of time to Solvency II in 2014. The new
puts it in third place among the countries of Europe.
rules are systematically aimed at better protection
The advantages brought by forests are not only
or security for policyholders, which is no doubt
economic (wood production), but also and primarily
also supported by insurance companies. During
environmental. Protecting forests is extremely
the process of change such solutions should be
important because they provide us with cleaner
found that effectively pursue a fundamental
air and better quality of life. One of the missions of
objective of ensuring safer and more controlled
our industry is quality of life for all generations. Our
operations without pointless additional costs.
members ensure this through their services. Life and
The Slovenian Insurance Association submitted
pension insurance ensures a peaceful and secure
a number of comments on the new systemic act,
old age, and non-life insurance peaceful sleeping
many of whom were adopted during the drafting
today. We must never forget the other dimensions
of the text of the act, and the new law will still
of quality of life to which we can contribute. This
be subject to parliamentary debate. As 1 January
year, 20 years after the first edition, we decided
2016 is approaching fast, the Slovenian Insurance
not to print the Bulletin on paper. By transitioning
Association wants to the National Assembly to
to a strictly electronic publication we are helping
pass the new law as soon as possible and thus
preserve our forests and care for the quality of life of
provide sufficient time for the final preparation
all, including the new generations.
of the insurance companies for the introduction
of Solvency II into the Slovenian legal order and
to reduce the legal uncertainty to which we are
Maja Krumberger, MSc, Director
currently exposed.
Insurance without a doubt holds an important
place in the economy, not only as an activity that
accumulates assets from the population, but also as
an activity that is heavily involved in the community
10
AB
14 virgin forests with a
total area of 537 hectares
have been preserved in Slovenia
to the present.
Slovenian economy in 2014
1.
In the past five years, with the exception of 2012,
strict austerity measures, which began with the
the EU has reported positive economic growth.
Balancing of Public Finances Act. At current prices,
The economic climate also improved in Slovenia
GDP amounted to EUR 37.2 bn, which after five years
last year. The large estimated losses of Slovenia’s
of lower values, is closest to the 2008 level. The
GDP during the economic crisis were initially the
annual growth of 2.6% was the highest since the
result of the international economic crisis, and
beginning of the economic crisis and twice as high
then mainly of domestic economic policy, which
as the average for the EU Member States. Per capita
significantly contributed to the fact that Slovenia
GDP, measured in current prices, was by one third
is increasingly lagging behind the EU. As overall
less than that in the EU. It increased slightly to EUR
savings slowed down at the end of 2013, the GDP
18,065 or USD 24,000.
dynamics also changed. Last year, with 2.6% growth,
it even exceeded the European average. While the
The government deficit decreased threefold last
small domestic demand recovered, foreign demand
year, down to EUR 1,819.3 bn, which represents
substantially contributed to the better performance.
4.9% of GDP. After a sharp increase in 2013, it
The labour market situation is improving slowly, and
returned to the level from the year before. The
the average gross wage increased both in the public
government deficit also dropped given the higher
and in the private sectors last year. The change in the
inflows from taxes and one-off non-tax revenue and
country’s situation is also indicated by the minimum
higher inflows from the EU budget as well as the
average monthly inflation rate, which even turned
significantly lower increase in government spending
into deflation in the last months of the previous year,
and the unchanged expenditure for employees. The
and this continued into the beginning of this year.
government debt increased by 18.5% to EUR 30.1 bn
The trend of rising relative consumer prices in recent
or 80.9% of GDP, the highest level to date.
years has been due to the relaxation of pricing after
the introduction of the euro and taxation changes.
Industrial production, which is mainly represented
When comparing absolute numbers, a fall in the
by the manufacturing sector, was up 2% in 2014
prices of clothing and footwear and communication
on 2013, according to SORS provisional data. The
services has been evident over the past decade,
results were even better in the last months of last
which is an indicator of the advent of foreign
year and exceeded those in the EU. Income from
competition and technological progress. The more
sales in industry increased by 4.6% compared to
favourable assessment of the economic situation in
the previous year. The main contributor to this was
2014 is also due to a number of other indicators: a
manufacturing. The value of stocks of industrial
slightly lower unemployment rate, an increase in the
products decreased by 1.9%.
number of employed people for the first time since
2008, a decline in the government’s foreign debt and
The exports and imports of goods increased by
a record surplus in the current balance of payments
6.9% and 2.4% respectively last year. The growth in
amounting to 6% of GDP.
exports, which reached EUR 23.1 bn, was among
the five highest in the EU. The imports, amounting
GDP increased in 2014 after two years of falling. This
to EUR 21.7 bn, were highest in Slovenia after 2008.
is mainly due to the end of the implementation of
Most of the increase in exports was due to medicines
12
and cars, which accounted for the bulk of the
most of the unemployed are registered in Pomurje
total imports of goods in 2014. EU Member States
and Zasavje. The highest registered unemployment
accounted for about three-quarters of the trade. The
rate was among people under 29 years of age,
surplus in foreign trade during the period amounted
22.5%, and among persons with elementary or less
to EUR 1.4 bn, the coverage of imports by exports
education, for whom it was 52.2%. Half of all job
was 106.2%, or 3.9 percentage points more than in
seekers were men, and a quarter were under the age
2013.
of 30 years, while half were unemployed for more
than a year.
Inflation was 0.2% in 2014, or 0.5 percentage points
less than in the previous year, reaching the lowest
The banking sector reported a higher value of
point since Slovenia gained its independence. The
deposits than credits last year for the first time since
average monthly rate of inflation had the same value
2005, which is primarily an indicator of a sharp
and was nine times lower than in 2013. The prices of
decrease in lending due to their transfer to the
alcoholic beverages, tobacco products, recreation
Bank Assets Management Company. Despite the
and culture rose the most last year, while the prices
relatively successful functioning of the economy, the
of transport and communication recorded the
borrowing contraction continued, and the credit risk
sharpest drop.
slowly stabilised. There was a noticeable increase in
income risk, strengthening economic growth have
The average gross wage increased by EUR 17.1,
reduced the refinancing risk and macroeconomic
or 1.1%, last year, amounting to EUR 1,540.3. The
risk for the bank. Total assets declined for the fifth
average net wage increased by 0.8%, to EUR 1,005.4,
consecutive year, namely EUR 1.6 bn, or 4% to 38.8
accountiong for 65% of the gross wage, as it did in
bn.
the previous year. Labour costs decreased more in
the public sector than in the economy during the
Ljubljana Stock Exchange last year made the largest
entire period of crisis, but wages in the public sector
stock market after 2009. This compared with a
were still higher than in the private sector.
year earlier strengthened as much as three quarters
to EUR 686.3 m, of which 88.6% of the shares. The
The unemployment rate in 2014 remained at the
market capitalization of all shares amounted to
level from the previous year after several years of a
EUR 6.2 bn or 20.1% over the previous year. Annual
constant increase, amounting to 13.1%, or 120,109
growth in SBI TOP index was positive for the third
people. As had been a case for a number of years,
consecutive year, its annual return has been 19.6%.
13
Selected macroeconomic indicators
Population(1)
2010
2011
2012
2013
2014
2,046,976
2,050,189
2,055,496
2,058,821
2,061,085
Men
1,014,107
1,014,563
1,016,731
1,019,061
1,020,874
Women
1,032,869
1,035,626
1,038,765
1,039,760
1,040,211
Slovenian citizens
1,964,660
1,967,443
1,969,941
1,967,436
1,964,477
82,316
82,746
85,555
91,385
96,608
935,543
934,659
920,184
913,424
917,901
Employed persons(2)
835,039
823,967
810,001
793,597
797,792
Registered unemployed persons(2)
100,504
110,692
110,183
119,827
120,109
Foreign citizens
Labour force(2)
Registered unemployment rate (in %)
GDP (3) (in EUR m)
GDP annual growth index (in %)
10.74
11.84
11.99
13.13
13.09
36,219.6
36,868.4
36,006.0
36,144.0
37,246.4
1.2
0.6
-2.6
-1.0
2.6
GDP per capita (in EUR)
17,678.3
17,959.7
17,506.1
17,549.5
18,065.2
GDP per capita (in USD)
23,436.1
24,999.9
22,491.8
23,307.5
23,999.6
Annual inflation rate(4) (in %)
1.9
2.0
2.7
0.7
0.2
Average monthly inflation (in %)
1.8
1.8
2.6
1.8
0.2
1,494.88
1,524.65
1,525.47
1,523.18
1,540.25
Average monthly gross earnings (in EUR)
Average monthly net earnings (in EUR)
Government deficit (in EUR m)
Government deficit share in GDP (in %)
Government debt (in EUR m)
Government debt share in GDP (in %)
966.62
987.39
991.44
997.01
1,005.41
-2,044.2
-2,451.3
-1,444.6
-5,379.7
-1,819.3
-5.6
-6.6
-4.0
-14.9
-4.9
13,839.9
17,133.9
19,336.4
25,427.1
30,132.6
38.2
46.5
53.7
70.3
80.9
Exports of goods (in EUR m)
18,622.4
21,038.9
21,249.0
21,689.3
23,097.4
Imports of goods (in EUR m)
19,266.9
21,692.3
21,159.7
21,250.9
21,745.3
96.65
96.99
100.42
102.06
106.22
107.13
101.30
98.89
99.06
102.02(5)
Exports as a percentage of imports (in %)
Industrial production index
(1) As at 1 January.
(2) Average of all months.
(3) According to the revised European methodology (European system of national accounts 2010).
(4) Change in consumer price index (December each year/December of previous year).
(5) Provisional data.
Source: SORS
14
•
The almost unbelievable fact is
that a full 925 m³ of wood
grows in Slovenia every hour,
which could fill 62 lorries
with a carrying capacity of
15 m³ .
Slovenian Insurance Association in
2014
2.
The central theme of the Slovenian insurance
Much attention has been devoted to activities
industry in 2014 were preparations for Solvency II
related to introducing a system of compliance in the
and the related proposal for a new Insurance Act,
insurance industry. New requirements and activities
on the basis of which the first secondary legislative
accounted for the launch of the bilateral agreement
acts have already been prepared. The proposal of the
on the implementation of the provisions of the
new law brings a whole new concept of operations
US law on respect of tax rules relating to accounts
(re)insurance companies have to adapt in all
abroad (FATCA).
areas of their business. Therefore, the SIA actively
collaborated with the Ministry of Finance and
User awareness of insurance services is growing,
the ISA.
as evidenced by an increasing number of issues
and consumer complaints regarding insurance,
Important role in the Slovenian insurance market
addressed to SIA. Their dissatisfaction mainly refers
also have so called social insurance, the rules are
to the unsatisfactory advice of insurance agents in
changing every few years. New pension legislation
the sale of insurance. This is a problem that has been
and related secondary legislation last year required
known for a long time.
harmonization of insurance business. The fate of
supplementary health insurance is still unclear. SIA
Last year began renovation of IT support of
has sought to maintain such insurance, but due to
guarantee fund and compensation office, which
changes in the Ministry of Health currently reform in
will help to facilitate and speed up the resolution
this area came to a standstill.
of claims. Training of insurance agents and brokers
continued, annual seminars were organized.
Legislation is also changing in other areas that are
Statistically pursuit of insurance activities and
one way or another related to insurance. Proposal
reporting its results were partly renovated.
for a new law on the extra-judicial resolution of
consumer disputes, increase the level of tax on
SIA has been included in the international insurance
insurance transactions, reduction in the rate of
developments in Europe, particularly in the context
co-financing of insurance premiums of agricultural
of IE and the Council of Bureaux as well as in
insurance, the new position of the tax authorities
connection with the guarantee funds and insurance
concerning the taxation of certain types of
associations in some other European countries
insurance, as amended bylaws to the existing
in order to improve cooperation for the benefit of
Insurance Act are just some of the which have
members and policyholders.
engaged competent SIA working bodies.
16
Organisational chart – graphic presentation of the SIA’s organisation (as at 22 June 2015)
ASSEMBLY
COUNCIL
DIRECTOR
General and
Organisational Affairs
and Accounting
Department
Green Card Bureau
Green Card Bureau
Expert Committee
Insurance
Ombudsman (1)
Arbitration Court (1)
Guarantee Fund
Compensation Body
Mediation Centre (1)
Information Centre
Guarantee Fund WriteOff Commission
Compliance Committee
Legal Section
Motor Insurance
Department
Motor Insurance
Committee
Transport and Credit
Insurance Committee
IT Committee
Insurance Fraud
Prevention Commission
Legal Affairs and
Personal Insurance
Department
Life and Accident
Insurance Committee
Voluntary Health
Insurance Committee
Voluntary Pension
Insurance Committee
Money Laundering
Prevention Commission
Insurance Legal Affairs
Commission
SIA information system
Supervision Commission
Property Insurance, Statistics and Analysis
Department
Training Department
Property Insurance
Committee
Training Committee
Liability Insurance
Commission
Bulletin Editorial
Committee
Editorial Committee
of Magazine
“Zavarovalniški
horizonti”
Property Claims
Commission
Risk Management
Committee
Burglary and Fire
Insurance
Commission
Natural Disasters
Commission
Agricultural
Insurance
Section
Accounting and Tax
Affairs Commission
Steering Committee of
the Slovenian
Insurance Days
Examination
Committee
Consumer Awareness
and Public Relations
Committee
Actuarial Section
Financial Section
Internal Audit
Section
(1) SIA provides only work assets.
17
•
It takes 200 years or more to
create a 1-centimetre-thick
layer of forest soil.
Members of the SIA (as at 22 June 2015)
3.
Membership of SIA is gradually expanded the entire
the supervision of ISA. In addition to SIA members
period of business. Of the five founding members
4 other insurance companies are currently on the
in 1992, today the number increased to twenty, of
market, all specializing in the marketing of individual
whom seventeen insurance companies and two
types of insurance: PRVA, personal insurance
reinsurance companies and one other company,
company Plc, CDA 40 zavarovalnica d. d., Porsche
which also sells insurance. SIA members are mostly
Versicherungs AG, podružnica v Sloveniji, and Agro
composite insurance companies (9), four are
Zavarovalnica, podružnica v Sloveniji.
engaged in life insurance and five in property. Among
the latter, there are four specialized insurance
Already in the first year after Slovenia joined the EU's
companies: two sell health, one credit and one
120 companies based in the EU received permission
legal protection insurance. All are on the Slovenian
to directly conduct business in Slovenia. Since then,
insurance market existed for many years.
their number is steadily increasing, although in
recent years much slower than a decade ago. At the
The number of members in comparison with the last
end of 2014 it had this kind of license 692 companies,
year has not changed. But there are more companies
of which only 102 were active a year earlier. These
that are authorized to operate on the Slovenian
generated EUR 14.4 m of insurance premiums on
insurance market: fifteen insurance companies and
the Slovenian market in 2013, which is 0.7% of the
two reinsurance companies based in Slovenia, six
premium paid the same year by policyholders of SIA
branches of foreign insurance companies and other
members.
insurance entities, which underwrite and are under
19
Number of insurance companies with regard to various criteria
2010
2011
2012
2013
2014
16
16
15
14
14
Reinsurance companies with their head office in Slovenia
2
2
2
2
2
Pension companies with their head office in Slovenia
3
3
3
3
3
Other companies with their head office in Slovenia
2
2
2
2
2
Branches of foreign insurance companies
3
3
5
5
6
26
26
27
26
27
ACTIVE COMPANIES IN THE INSURANCE MARKET
Insurance companies with their head office in Slovenia
TOTAL
Of which SIA members
21
21
21
20
20
547
610
632
664
692
…
110
117
102
…
17
18
18
17
17
2
1
1
1
1
Composite
9
9
9
9
9
Life
5
5
5
4
4
Non-life
5
5
5
5
5
17
17
17
16
16
9
9
9
9
9
Mutual companies
1
1
1
1
1
Other
1
1
1
1
1
Foreign insurance companies, authorised to directly perform operations
Of which the active insurance companies
SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA
By legislation
Operate under the insurance act
Do not operate under the insurance act
By portfolio
By organisational form
Joint-stock companies
Of which with the majority share of foreign capital
Source: ISA, SIA
SIA members with regard to type of company and their written premiums in 2014 (in EUR)
TOTAL
Life
Non-life
Adriatic Slovenica, Zavarovalna družba d. d.
297,477,063
53,753,315
243,723,748
ERGO zavarovalnica, podružnica v Sloveniji
6,994,192
1,980,302
5,013,890
COMPOSITE INSURANCE COMPANIES:
GENERALI zavarovalnica, d. d.
GRAWE Zavarovalnica, d. d.
87,767,264
24,571,086
63,196,178
32,446,567
19,606,779
12,839,788
7,644,899
Merkur zavarovalnica, d. d.
45,199,438
37,554,539
Wiener Städtische zavarovalnica, Branch Office Ljubljana
25,702,984
16,707,228
8,995,756
249,981,546
74,429,840
175,551,706
Zavarovalnica Maribor, d. d.
Zavarovalnica Tilia, d. d.
Zavarovalnica Triglav, d. d.
83,716,117
8,402,690
75,313,427
591,166,708
173,829,628
417,337,080
LIFE INSURANCE COMPANIES:
ERGO Življenjska zavarovalnica d. d.
3,729,747
3,729,747
0
Modra zavarovalnica, d. d.
63,924,928
63,918,962
5,966
NLB Vita življenjska zavarovalnica d. d.
55,124,398
53,557,341
1,567,057
7,096,442
0
7,096,442
NON-LIFE INSURANCE COMPANIES:
Allianz Insurance Company, Branch Office Ljubljana
ARAG SE - Zavarovalnica pravne zaščite branch in Slovenia
1,762,172
0
1,762,172
16,712,025
0
16,712,025
Triglav, Health insurance company, Ltd
107,367,952
0
107,367,952
Vzajemna Mutual Health Insurance Company, d. v. z.
258,066,417
0
258,066,417
3,319,662
3,319,662
0
SID – First Credit Insurance Company Inc.
OTHER COMPANIES:
Sklad obrtnikov in podjetnikov
REINSURANCE COMPANIES:
Pozavarovalnica Trigav Re, d. d.
105,198,716
395,878
104,802,838
Sava Reinsurance Company d. d.
131,323,244
2,743,234
128,580,010
Source: SIA
20
Market share of SIA members with regard to collected premiums in 2014 (in %)
TOTAL
Life
100
100
100
30.51
32.47
29.76
15.35
10.04
17.38
13.32
-
18.40
12.52
INSURANCE – TOTAL
Non-life
12.90
13.90
5.54
-
7.66
4.53
4.59
4.51
4.32
1.57
5.37
3.30
11.94
0.00
2.85
10.00
0.11
2.33
7.01
0.55
1.67
3.66
0.92
1.33
3.12
0.64
0.86
-
1.19
0.37
-
0.51
0.36
0.37
0.36
0.19
0.70
-
0.17
0.62
-
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
0.09
-
0.13
REINSURANCE – TOTAL
100
100
100
55.52
87.39
55.09
44.48
12.61
44.91
TOTAL
Life
Non-life
130.11
130.11
-
125.00
125.75
103.81
124.20
-
124.20
105.18
105.31
104.94
Source: SIA
Premium growth index of SIA members in 2014
INSURANCE
103.19
-
103.19
103.04
108.16
101.18
99.74
102.35
96.01
99.20
98.58
99.46
99.06
-
99.06
Insurance – TOTAL
97.98
96.82
98.43
97.91
97.00
98.29
97.45
96.40
102.98
97.17
90.48
97.98
97.16
94.58
97.75
96.66
-
96.66
86.13
-
86.13
85.83
93.57
83.12
77.19
77.19
99.07
69.23
69.23
-
REINSURANCE
100.17
99.97
100.18
Reinsurance – TOTAL
98.90
120.59
98.66
97.91
124.28
97.46
Source: SIA
21
SIA members with regard to life premiums (excluding VSPI) in 2014
VSPI
(in EUR)
Life premiums
without VSPI
(in EUR)
Market share
with regard to
life premiums
without VSPI
(in %)
Growth index of
life premiums
without VSPI
(2014/2013)
TOTAL
61,538,784
473,822,335
100
101.16
14,281,171
159,548,457
33.67
96.99
0
74,429,840
15.71
98.58
0
53,557,341
11.30
125.75
870,294
52,883,021
11.16
94.13
0
37,554,539
7.93
96.40
3,188,092
21,382,994
4.51
108.50
43,199,227
20,719,735
4.37
124.92
0
19,606,779
4.14
102.35
0
16,707,228
3.53
105.31
90.48
0
8,402,690
1.77
0
3,729,747
0.79
69.23
0
3,319,662
0.70
130.11
0
1,980,302
0.42
93.57
Source: SIA
Operating efficiency of SIA members in 2014
Number
of employees
(as at 31 December)
Premiums
per employee
(in EUR)
Premiums per
employee growth
index
(2014/2013)
41
1,344,498
121.95
84
1,278,190
99.51
54
1,183,795
78.62
INSURANCE
287
899,186
99.35
29
886,310
105.18
13
545,880
114.65
6,058
319,834
98.32
814
307,103
105.54
1,027
289,656
99.34
166
272,286
92.76
2,365
249,965
98.24
Insurance – TOTAL
71
235,381
82.49
396
221,635
98.10
386
216,881
96.16
10
176,217
99.06
186
174,444
94.91
23
162,163
54.18
29
114,471
134.59
77
90,834
64.65
45
2,337,749
93.50
134
1,765,089
85.62
89
1,475,542
81.41
ARAG SE –Zavarovalnica pravne zaščite branch in Slovenia
REINSURANCE
Reinsurance – TOTAL
Source: SIA
22
Address: Ljubljanska cesta 3a, SI-6503 Koper
Website: www.as.si, www.as-skupina.si E-mail: info@as.si
Telephone: (+386) 5 66 43 100 Fax: (+386) 5 66 43 109
Tax number: 63658011 Identification form: 5063361
Chairman of the supervisory board:
Number of employees (31 December 2014):
Matjaž GANTAR, MSc
1,027
Chairman of the board of management:
Number of all-level business units:
Gabrijel ŠKOF
185
Members of the board of management:
Number of top-level business units:
Varja DOLENC, MSc
9 branch offices
Matija ŠENK
Willem Jacob WESTERLAKEN
Share of foreign capital (31 December 2014):
0%
Type of company:
composite insurance company
Biggest shareholders and their shares:
KD Group, d. d., Ljubljana 100%
Organisational form:
joint-stock company
Gross written premiums 2014:
EUR 297,477,063
Date of registration:
20 November 1990
Breakdown of total insurance premiums in 2014 (in %)
Motor vehicle liability 13.64
General liability 2.49
Life 18.07
Other damage to property 4.09
Fire and natural forces 5.31
Other 3.09
Land motor vehicle 11.61
Accident 5.34
Health 36.37
23
Address: Dunajska cesta 167, SI-1000 Ljubljana
Website: www.allianz.si E-mail: info@allianz.si
Telephone: (+386) 1 58 09 480 Fax: (+386) 1 58 09 481
Director of the branch:
Mateja GERONI
1
Type of company:
non-life insurance company
1 head office
branch of EU insurance company
100%
22 November 2007
Allianz Hungária Biztósitó Zártkörüen Müködő
Részvénytársaság, Budapest 100%
13
EUR 7,096,442
Miscellaneous financial loss 2.83
Other 1.89
24
ARAG SE – Zavarovalnica pravne zaščite
branch in Slovenia
Address: Železna cesta 14, SI-1000 Ljubljana
Website: www.arag.si E-mail: info@arag.si
Telephone: (+386) 1 23 64 181 Fax: (+386) 1 43 64 391
Marko VONČINA
1
Type of company:
legal protection insurance company
1 head office
100%
4 July 2012
ARAG SE, Düsseldorf 100%
10
EUR 1,762,172
Legal expenses 100.00
25
Address: Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče
Website: www.ergo.si E-mail: info@ergo.si
Telephone: (+386) 1 60 05 800 Fax: (+386) 1 60 05 806
Andrej KOCIČ, MSc
1
Type of company:
1 head office
100%
25 May 2005
ERGO Austria International AG, Vienna 100%
77
EUR 6,994,192
Life 28.31
Other 3.19
Accident 9.68
26
Address: Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče
Website: www.ergo.si E-mail: info@ergo.si
Telephone: (+386) 1 60 05 040 Fax: (+386) 1 60 05 039
Harald LONDER
23
Andrej KOCIČ, MSc
1
Member of the board of management:
Borut ERŽEN, PhD
1 head office
Type of company:
life insurance company
100%
joint-stock company
ERGO Austria International AG, Vienna 100%
1 July 2008
EUR 3,729,747
Life 100.00
27
Address: Kržičeva ulica 3, SI-1000 Ljubljana
Website: www.generali.si E-mail: info.si@generali.com
Telephone: (+386) 1 47 57 100 Fax: (+386) 1 47 57 103
Carlo SCHIAVETTO
396
Vanja HROVAT
9
Gregor PILGRAM
1 head office
Type of company:
100%
joint-stock company
Generali CEE Holding B.V., Prague 99.9%
18 March 1997
EUR 87,767,264
Other 1.16
Life 28.00
Assistance 1.28
Accident 7.67
28
Address: Gregorčičeva ulica 39, SI-2000 Maribor
Website: www.grawe.si E-mail: grawe@grawe.si
Telephone: (+386) 2 22 85 500 Fax: (+386) 2 22 85 526
Othmar EDERER, PhD
186
Božo EMERŠIČ, MSc, MBA
15
Simon HUSAR
1 branch office
Marko MIKIĆ
Helga RUDORFER, MSc
100%
Type of company:
Grazer Wechselseitige Versicherung AG, Graz 100%
joint-stock company
EUR 32,446,567
23 January 1991
Other 0.75
Accident 9.60
Life 60.43
29
Website: www.merkur-zav.si E-mail: info@merkur-zav.si
Telephone: (+386) 1 30 05 450 Fax: (+386) 1 43 61 092
Christian KLADIVA
166
Denis STROLIGO
2
Andrea RAUSCHER, MSc
1 branch office
Terence J. TAYLOR, MSc
100%
Type of company:
Merkur International Holding AG, Graz 100%
joint-stock company
EUR 45,199,438
18 November 1992
Life 83.09
Other 1.30
Accident 11.70
30
Website: www.modra-zavarovalnica.si E-mail: info@modra-zavarovalnica.si
Telephone: (+386) 1 47 46 800 Fax: (+386) 1 47 46 754
Branimir ŠTRUKELJ
54
Borut JAMNIK
1
Matija DEBELAK, MSc
1 head office
Type of company:
pension insurance company
0%
joint-stock company
Kapitalska družba pokojninskega in invalidskega
zavarovanja, d. d., Ljubljana 100%
3 October 2011
EUR 63,924,928
Life 99.99
Accident 0.01
31
Address: Trg republike 3, SI-1520 Ljubljana
Website: www.nlbvita.si E-mail: info@nlbvita.si
Telephone: (+386) 1 47 65 800 Fax: (+386) 1 47 65 818
Johan B. P. DAEMEN
41
Barbara SMOLNIKAR, MSc
1
Irena PRELOG, MSc
1 head office
Type of company:
life insurance company
50%
joint-stock company
KBC Insurance NV, Leuven 50%
Nova Ljubljanska banka, d. d., Ljubljana 50%
4 June 2003
EUR 55,124,398
Life 97.16
Accident 2.83
Health 0.01
32
Address: Miklošičeva cesta 19, SI-1000 Ljubljana
Website: www.triglavre.si E-mail: mail@triglavre.si
Telephone: (+386) 1 47 47 900 Fax: (+386) 1 43 31 419
Andrej SLAPAR
45
Gregor STRAŽAR, MSc
1
Tomaž ROTAR
1 head office
Stanislav VRTUNSKI
0%
Type of company:
reinsurance company
Zavarovalnica Triglav, d. d., Ljubljana 100%
joint-stock company
EUR 105,198,716
31 December 1998
Breakdown of total reinsurance premiums in 2014 (in %)
Credit 2.62
Other 3.62
Accident 3.94
Ship 2.27
Goods in transit 1.62
33
Website: www.sava-re.si E-mail: info@sava-re.si
Telephone: (+386) 1 47 50 200 Fax: (+386) 1 47 50 264
Branko TOMAŽIČ
89
Zvonko IVANUŠIČ, MSc
1
Srečko ČEBRON
1 head office
Jošt DOLNIČAR
Mateja TREVEN, MSc
29.6%
Type of company:
reinsurance company
Slovenian Sovereign Holding, d. d., Ljubljana 25.0%
Societe Generale – Splitska banka, d. d., Split 9.9%
joint-stock company
European Bank for Reconstruction and
Development, London 6.2%
Raiffeisen Bank Austria, d. d., Vienna 4.4%
28 December 1990
Modra zavarovalnica, d. d., Ljubljana 4.1%
EUR 131,323,244
Breakdown of total reinsurance premiums in 2014 (in %)
Life 2.09
Other 1.44
Accident 5.56
Ship 3.04
Goods in transit 2.67
34
Address: Davčna ulica 1, SI-1000 Ljubljana
Website: www.sid-pkz.si E-mail: info@sid-pkz.si
Telephone: (+386) 1 20 05 800, 20 05 810 Fax: (+386) 1 42 58 445
Jožef BRADEŠKO
71
Ladislav ARTNIK
1
Barbara KUNC
1 head office
Igor PIRNAT, MSc
Type of company:
0%
credit insurance company
SID – Slovenska izvozna in razvojna banka, d. d.,
joint-stock company
Ljubljana 100%
31 December 2004
EUR 16,712,025
Credit 100.00
35
Address: Vošnjakova ulica 6, SI-1000 Ljubljana
Website: www.sop.si E-mail: info@sop.si
Telephone: (+386) 1 30 03 611 Fax: (+386) 1 43 18 303
Jaka VADNJAL, PhD
29
Bojan JEAN, MSc
1
Božidar MAROT, MSc
1 head office
Type of company:
pension fund
0%
mutual company
not a joint-stock company
23 August 1956
EUR 3,319,662
Life 100.00
36
Address: Pristaniška ulica 10, SI-6000 Koper
Website: www.zdravstvena.net E-mail: info@zdravstvena.net
Telephone: (+386) 5 66 22 000 Fax: (+386) 5 66 22 002
Tadej ČOROLI
84
Meta BERK SKOK, MSc
14
Simon VIDMAR, MSc
2 branch offices (central office in Koper, central office
in Ljubljana)
Type of company:
health insurance copmany
0%
joint-stock company
Zavarovalnica Triglav, d. d., Ljubljana 100%
18 November 2002
EUR 107,367,952
Health 99.79
Accident 0.21
37
Address: Vošnjakova ulica 2, SI-1000 Ljubljana
Website: www.vzajemna.si E-mail: info@vzajemna.si
Telephone: (+386) 1 47 18 700 Fax: (+386) 1 47 18 850
Aleksandra PODGORNIK, MSc
287
Aleš MIKELN, MBA
50
Neven CVITANOVIĆ, MSc
1 head office + 8 branch offices
Katja JELERČIČ, MSc
0%
Type of company:
health insurance copmany
not a joint-stock company
mutual company
EUR 258,066,417
1 November 1999
 Health 99.00
Accident 1.00
38
Address: Masarykova cesta 14, SI-1000 Ljubljana
Website: www.wienerstaedtische.si E-mail: info@wienerstaedtische.si
Telephone: (+386) 1 30 01 700 Fax: (+386) 1 30 01 709
Directors of the branch:
Tomo MRĐEN, MSc
2
Michael KÖPF
1 head office
Type of company:
100%
Wiener Städtische Versicherung AG Vienna Insurance
24 August 2004
Group, Vienna 100%
29
EUR 25,702,984
Life 65.00
Other 0.01
Accident 2.36
39
Address: Cankarjeva ulica 3, SI-2507 Maribor
Website: www.ZavarovalnicaMaribor.si E-mail: info@zav-mb.si
Telephone: (+386) 2 23 32 100 Fax: (+386) 2 23 32 530
Jošt DOLNIČAR
814
David KASTELIC, Msc
384
Borut CELCER, MSc
9 branch offices
Rok MOLJK
Robert CIGLARIČ
0%
Type of company:
Sava Reinsurance Company d. d., Ljubljana 100%
joint-stock company
EUR 249,981,546
26 December 1990
Other 2.39
Life 29.77
Assistance 2.44
Accident 7.47
40
Address: Seidlova cesta 5, SI-8000 Novo mesto
Website: www.zav-tilia.si E-mail: info@zav-tilia.si
Telephone: (+386) 7 39 17 200 Fax: (+386) 7 39 17 310
Zvonko IVANUŠIČ, MSc
386
Andrej KAVŠEK
39
Tadej AVSEC, MSc
13 representative offices
Jaka DOLENC
0%
Type of company:
Sava Reinsurance Company d. d., Ljubljana 100%
joint-stock company
EUR 83,716,117
20 December 1990
Assistance 1.88
Life 10.04
Other 1.15
Accident 10.07
41
Address: Miklošičeva cesta 19, SI-1000 Ljubljana
Website: www.triglav.eu E-mail: info@triglav.si
Telephone: (+386) 1 47 47 200 Fax: (+386) 1 43 26 302
Matej RUNJAK
140
Andrej SLAPAR
12 regional offices
Benjamin JOŠAR
17.56%
Uroš IVANC
Tadej ČOROLI
Marica MAKOTER
Zavod za pokojninsko in invalidsko zavarovanje
Slovenije, Ljubljana 34.47%
Type of company:
Slovenska odškodninska družba, d. d., Ljubljana
28.09%
Hypo Alpe-Adria-Bank, d. d., Zagreb 6.04%
Skandinaviska Enskilda Banken S.A., Luxembourg
joint-stock company
2.04%
Hrvatska poštanska banka, d. d., Zagreb 1.53%
28 December 1990
EUR 591,166,708
2,365
Life 29.40
Assistance 1.24
Credit 3.92
Other 2.42
Accident 5.16
42
•
Mature deciduous trees can have
up to 700,000 leaves , which on
average amount to 850 m² .
4.
Employees in 2014
Insurance business in Slovenia represents an
the formal level of education recorded the number
important economic sector that, by the fact that
of persons with a master's degree, but for the first
yearly generates more than 5% of GDP, employs
time last year their number has decreased by 6.7%.
about 1% of the total active working population. The
Reinsurance companies employ even more persons
latter was declining during the economic downturn
with tertiary education, in 2014 were as 82.8%, which
until 2014, when for the first time after six years
is 24.7% more than the year before.
perceived increase. Negative, but less pronounced
trend was in this period also in insurance and the
Number of insurance employees who are engaged
last year has continued. In the insurance companies,
in the sale of insurance in the past year significantly
members of the SIA, on 31 December 2014 6,058
decreased and thus re-backward for the number of
people were employed, a decrease of 21 persons
other employees. Sales staff are accounted for 44.6%
or 0.3% less than the previous year. The number
of all employees. Of this, 60.1% internal insurance
is comparable to that of 2007. Hardly noticeably
agents, 11.1% employees at the counter sales and only
increased the average number of employees in
2.1% employees in distance marketing. Sale over the
insurance and reinsurance companies. The latter at
counter and over the phone or on the world wide
the end of last year employed 134 workers, that is 18
web performed mostly women, while employed
people or 15.5% more compared to the previous year.
insurance agents are mainly men.
Taking into account the remaining legal and natural
persons engaged in the insurance business, we
Most workers in the insurance and reinsurance is
estimate that the around 12,000 people work in the
employed for an indefinite period, employment
insurance sector.
trend is over a longer period rather evenly. In 2014
left the insurance companies namely 10.9% of the
During the whole period of monitoring statistics
workforce, the number of departures in comparison
about employees female dominated in SIA members.
with the previous year increased by 17.5%. New
Women in the insurance companies were at the end
employees were half a percent less compared to
of 2014, 57.7%, men 42.3%, despite a slight decrease
2013, their share in the average number of employees
in their number. The educational structure of both
amounted to 10.3%. In reinsurance, due to the
is similar, but it is obvious smaller proportion of
smaller number of employees turnover is even more
women with master's and doctoral degrees. The
pronounced.
average level of education of insurance employees
is otherwise constantly improving. People with
Given the fact that the number of employees is
tertiary education in the observed year represented
reducing for many years, this also reduces the
53.6% of employees, most of them having VI. degree
total number of hours worked by all employees
(1,814 or 29.9% of all employees) and VII. level of
in insurance. It is in the last three years, a smaller
education (1,210 or 20% of all employees). At those
proportion of hours lost due to illness and injury
levels of education due to the transition to a new
than in the past. Last year it was almost 448,000
way of recording employee education was a change
lost hours, which represents 3.7% of total working
in classification, which reflected in the comparison
hours. In reinsurance, this proportion is even lower,
of the number of people in the last two years and,
at 3.1%, or 7,568 hours, which is less than a year
consequently, with outstanding growth rates. Until
earlier according to the increase in the total number
now, constantly highest growth rate in relation to
of hours worked.
44
Employees in 2013 and 2014 (31 December) – insurance
2013
2014
Growth
index
TOTAL
Men
Women
TOTAL
Men
Women
Number of employees
6,079
2,550
3,529
6,058
2,562
3,496
99.65
Average number of employees
6,014
…
…
6,022
…
…
100.13
311
203
108
2,566
1,064
1,502
Number of employees by level of formal education(1) (2)
1–3 Primary and lower
4 Secondary
5 General upper secondary, secondary vocational-technical,
secondary technical or other vocational education
6/1 Higher education programme (until 1994) and higher
vocational education programme
6/2 Specialisation following a short-cycle higher education
programme and professional higher education, and professional
higher education and academic higher education programme
(Bologna first-cycle programme)(3)
7 Specialisation following professional higher education
programme and academic higher education programme and
master’s degree (Bologna second-cycle programme)(3)
863
359
42
18
24
276
182
94
2,495
1,054
1,441
832
350
482
982
349
633
102.25
97.23
504
210.20
2,103
809
1,294
1,210
499
711
57.54
8/1 Specialisation following academic degree and master of
science study programme
224
106
118
209
100
109
93.30
8/2 Doctorate of science and doctorate of science (Bologna
third-cycle programme)
12
9
3
12
10
2
100.00
3,218
1,520
1,698
2,700
1,380
1,320
83.90
303
35
268
299
40
259
98.68
54
5
49
58
9
49
107.41
1,640
1,046
594
1,623
1,046
577
98.96
Number of employees by business function
Sales employees
Employees on counter sales
Employees on telephone, internet sales
Internal agents
Other sales employees not indicated above
1,221
434
787
720
285
435
58.97
2,861
1,030
1,831
3,358
1,182
2,176
117.37
5,792
2,484
3,308
5,722
2,476
3,246
98.79
287
66
221
336
86
250
117.07
Permanent
5,574
2,340
3,234
5,559
2,350
3,209
99.73
Fixed-term
505
210
295
499
212
287
98.81
625
…
…
622
…
…
99.52
Other employees
Number of employees in terms of working time
Full working time
Part working time
Number of employees by type of employment contract
Employee turnover
Number of new employees
Number of employees who left the company
Gross employee turnover rate (in %)
Net employee turnover rate (in %)
560
…
…
658
…
…
117.50
19.70
…
…
21.26
…
…
107.87
1.08
…
…
-0.60
…
…
-55.31
12,078,951
…
…
12,042,733
…
…
99.70
102.87
Absenteeism
Total number of working hours of all employees
Overall share of absenteeism at company level (in %)
3.62
…
…
3.72
…
…
Share of absenteeism chargeable to company (in %)
2.17
…
…
2.11
…
…
97.20
Share of absenteeism chargeable to HIIS (in %)
1.44
…
…
1.61
…
…
111.40
(1) The adjustment of the levels of education in 2013 to the new levels stipulated in the “Bologna” programmes is based on the classification by the Ministry of Higher Education, Science and
Technology.
(2) The data for one of the members for 2014 constitutes an estimate as it has not yet used the new methodology for the classification of levels of education stipulated in the Bologna
programme.
(3) Following the transition to the new system of the levels of education the professional higher education programme was reclassified from level 7 under the former programme to level 6
under the Bologna programme, which is why it is impossible to compare the data for 2013 and 2014, which is reflected in the growth index.
Source: SIA
45
Employees in 2013 and 2014 (31 December) – reinsurance
2013
2014
Growth
index
TOTAL
Men
Women
TOTAL
Men
Women
Number of employees
116
42
74
134
48
86
115.52
Average number of employees
116
…
…
125
…
…
107.76
0
0
0
27
3
24
Number of employees by level of formal education(1) (2)
1–3 Primary and lower
4 Secondary
5 General upper secondary, secondary vocational-technical,
secondary technical or other vocational education
6/1 Higher education programme (until 1994) and higher
vocational education programme
6/2 Specialisation following a short-cycle higher education
programme and professional higher education, and professional
higher education and academic higher education programme
(Bologna first-cycle programme)(3)
4
3
0
0
0
9
2
7
14
1
13
5
4
1
10
0
10
51.85
1
375.00
7 Specialisation following professional higher education
programme and academic higher education programme and
master’s degree (Bologna second-cycle programme)(3)
64
24
40
69
28
41
107.81
8/1 Specialisation following academic degree and master of
science study programme
20
11
9
25
12
13
125.00
8/2 Doctorate of science and doctorate of science (Bologna
third-cycle programme)
1
1
0
2
1
1
200.00
Full working time
103
37
66
117
44
73
113.59
Part working time
13
5
8
17
4
13
130.77
Permanent
112
40
72
129
46
83
115.18
Fixed-term
4
2
2
5
2
3
125.00
271.43
Number of employees in terms of working time
Number of employees by type of employment contract
Employee turnover
Number of new employees
7
…
…
19
…
…
Number of employees who left the company
6
…
…
1
…
…
16.67
11.21
…
…
16.00
…
…
142.77
0.86
…
…
14.40
…
…
1,670.40
Gross employee turnover rate (in %)
Net employee turnover rate (in %)
Absenteeism
Total number of working hours of all employees
224,416
…
…
243,336
…
…
108.43
3.23
…
…
3.11
…
…
96.11
Share of absenteeism chargeable to company (in %)
1.97
…
…
1.77
…
…
89.82
Share of absenteeism chargeable to HIIS (in %)
1.27
…
…
1.34
…
…
105.90
Overall share of absenteeism at company level (in %)
(1) The adjustment of the levels of education in 2013 to the new levels stipulated in the “Bologna” programmes is based on the classification by the Ministry of Higher Education, Science and
Technology.
(2) Following the transition to the new system of the levels of education the professional higher education programme was reclassified from level 7 under the former programme to level 6
under the Bologna programme, which is why it is impossible to compare the data for 2013 and 2014, which is reflected in the growth index.
Source: SIA
46
✴
During the sleet in February of 2014, 51%
of Slovenia’s entire forest cover was damaged,
resulting in the cutting that year of a total
of 6.4 million m³ of timber , i.e.
2.4 million m³ (62%) more timber than
in 2013 (3.9 million m³) .
Insurance and reinsurance
activity in 2014
5.
The year 2008 will go down in commercial history as
Last year was therefore marked by a continued
the year the greatest global economic crisis began.
decline in gross insurance and reinsurance premiums
The crisis also crippled the Slovenian economy
written. When the economic crisis began, the
and, with a delay of a few years, the insurance
growth of both began to slowly decline, while the
and reinsurance premiums of our members began
first drop in premiums came in 2011. Although the
to fall. The social issues, which had a significant
decline in the scope of premiums written every
impact on life insurance, also began to have an
year is only small (it was only more significant in
impact on non-life insurance, albeit not as strong.
2013 in reinsurance), during the entire period of
The decline in the number of insurance transactions
this negative growth trend, the insurance and
is also reflected in reinsurance, since insurance
reinsurance premiums written have fallen to the
companies are allocating increasingly less funds for
level of between 2007 and 2008.
the reinsurance of their own risks. As a result, the
share of reinsurance in the overall insurance industry
Considering the fact that last year’s drop in
is gradually declining – however, in 2014, the share
premiums was smaller than the year before, the
from the previous year did not deteriorate (10.9%).
promising economic results of 2014 give hope for
future positive changes in the development of the
insurance and reinsurance industry in Slovenia.
Share of insurance and reinsurance premiums in 2014 (in %)
Reinsurance 10.88
Insurance 89.12
Source: SIA
48
5.1 Insurance activity
Considering the fact that the general economic
insurance groups recorded nearly the same
conditions are reflected in the insurance industry
decline. The decline in benefits from life insurance
with a time lag, and due to the ever greater
in the past two years shows the major growth in
competition on the Slovenian insurance market,
this area, which began soon after the economic
the continuing decline of insurance premiums
crisis began, has stopped. The claims ratio for the
recorded last year was expected. The deteriorated
insurance activity is similar to that of the previous
purchasing power of households and unreliable
year, only improving by 0.4 percentage points to
payments by many companies contributed to
stand at 68.4%, with the life insurance claims ratio
customers being very prudent in deciding to
growing to 71.4% (by 0.6 percentage point) and
purchase insurance services. By the end of 2014,
the non-life insurance claims ratio falling to 67.3%
the value of insurance premiums written fell by
(by 0.7 percentage point). The personal insurance
EUR 40 m or 2% last year, down 1.7 percentage
achieved a slightly worse claims ratio, which
points on the previous year. The nominal value of
has been the same for the third consecutive year
premiums written amounted to EUR 1,937.6 m.
(74.3%).
The negative growth of both insurance classes
was also smaller. Written life insurance premiums
During the economic crisis, the portfolio structure
were down 3.2% at EUR 535.4 m, while written
has changed towards insurance classes which are
non-life insurance premiums were down 1.6% at
more important for each individual's safety and are
EUR 1,402.2 m. 27.6% of total insurance premiums
less risky. The share of motor liability insurance is
relates to life insurance, which is only 0.3 of a
gradually declining (19.6% in 2004; 11.7% in 2014),
percentage point less than the year before, but the
while the share of motor casco insurance is on the
lowest in the last decade.
rise (8.9% in 2004; 11.7% in 2014). The importance of
health insurance classes has also increased (19.8%
The decline in insurance activity with a
in 2004 and 24.3% in 2014). The proportion of gross
simultaneous slight improvement in the economy
premiums accounted for by specific insurance
also results in a decline of its proportion in GDP.
class have remained virtually unchanged in the
Gross insurance premiums as a proportion of GDP
past year. Despite their decline, life insurance has
totalled 5.2% last year, the lowest figure since
placed first for several years. Health insurance
2003. The further growth in the population has
places second, followed by car insurance. Fire
resulted in Slovenian spending on average EUR
and other damage to property and accident
940.1 on life and non-life insurance, which is EUR
insurance account for a 5% share, while the share
20.4 less than the year before. Insurance density
of other classes of insurance is significantly lower.
thus fell to the level recorded in 2007.
Life insurance, including pension insurance, is
prevalent among personal insurance classes, while
Both premiums and losses record negative
health insurance accounts for one fifth less gross
growth. In 2014 the amount of all benefits and
premiums collected.
claims paid fell by 2.6% to EUR 1,326.1 m. Both
49
Insurance premiums, benefits and claims paid
Year
Premiums
(in EUR)
Premium growth
index
Insurance
penetration(1)
(in %)
Benefits and
claims paid(2)
(in EUR)
Benefits and
claims paid
growth index
TOTAL
2010
2,094,342,801
101.03
5.78
1,242,833,061
100.23
2011
2,053,443,380
98.05
5.57
1,288,695,975
103.69
2012
2,054,063,483
100.03
5.70
1,388,341,046
107.73
2013
1,977,545,488
96.27
5.47
1,360,861,970
98.02
2014
1,937,555,622
97.98
5.20
1,326,061,109
97.44
656,013,340
104.11
1.81
245,624,195
130.31
LIFE
2010
2011
599,359,672
91.36
1.63
344,742,146
140.35
2012
596,964,885
99.60
1.66
433,482,055
125.74
2013
552,968,835
92.63
1.53
391,714,655
90.36
2014
535,361,119
96.82
1.44
382,139,601
97.56
94.84
NON-LIFE
2010
1,438,329,461
99.69
3.97
997,208,866
2011
1,454,083,708
101.10
3.94
943,953,829
94.66
2012
1,457,098,598
100.21
4.05
954,858,991
101.16
2013
1,424,576,653
97.77
3.94
969,147,315
101.50
2014
1,402,194,503
98.43
3.76
943,921,508
97.40
(1) GDP is taken into consideration in the calculation, in accordance with the revised European methodology (European system of national accounts 2010).
(2) Assessment costs excluded.
Source: SIA, SORS
Breakdown of insurance premiums (in %)
%
100
90
80
68.68
70.81
70.94
72.04
72.37
31.32
29.19
29.06
27.96
27.63
70
60
50
40
30
20
Non-life
Life
Source: SIA
10
0
2010
2011
2012
2013
2014
50
Insurance premiums, benefits and claims paid by insurance class in 2014
Insurance class
PREMIUMS
Amount
(in EUR)
Share in
total
premiums
(in %)
BENEFITS AMD CLAIMS PAID(1)
Growth
index
(2014/2013)
Amount
(in EUR)
Growth
index
(2014/2013)
Claims
ratio
(in %)
TOTAL
1,937,555,622
100
100
97.44
NON-LIFE INSURANCE
1,402,194,503
72.37
98.43
943,921,508
71.18
97.40
67.32
94,286,851
4.87
97.99
33,414,420
2.52
97.42
35.44
Health insurance
471,678,512
24.34
97.87
402,993,653
30.39
96.99
85.44
Land motor vehicle insurance
226,799,727
11.71
100.17
164,051,176
12.37
92.55
72.33
113.20
Accident insurance
Railway rolling stock insurance
Aircraft insurance
Ship insurance
Goods in transit insurance
97.98 1,326,061,109
Share in total
benefits and
claims paid
(in %)
68.44
2,357,261
0.12
97.91
2,668,384
0.20
93.97
725,501
0.04
86.38
78,760
0.01
19.51
10.86
1,151,048
0.06
93.77
1,940,066
0.15
148.36
168.55
7,571,440
0.39
95.73
2,909,962
0.22
191.56
38.43
Fire and natural forces insurance
114,004,682
5.88
101.85
61,847,188
4.66
113.35
54.25
Other damage to property insurance
118,209,699
6.10
100.35
75,594,338
5.70
116.28
63.95
Motor vehicle liability insurance
225,863,017
11.66
93.23
133,946,204
10.10
92.80
59.30
Aircraft liability insurance
1,280,490
0.07
139.18
671,087
0.05
160.39
52.41
Liability for ship insurance
1,174,081
0.06
101.65
290,853
0.02
145.19
24.77
General liability insurance
61,505,107
3.17
104.66
23,753,734
1.79
84.01
38.62
Credit insurance
42,153,600
2.18
97.82
23,769,457
1.79
79.80
56.39
Suretyship insurance
1,694,929
0.09
99.52
599,353
0.05
306.35
35.36
Miscellaneous financial loss
insurance
6,527,504
0.34
105.29
3,439,376
0.26
134.18
52.69
Legal expenses insurance
3,501,958
0.18
97.79
463,714
0.03
114.32
13.24
Assistance insurance
LIFE INSURANCE
Life assurance
21,709,096
1.12
107.43
11,489,783
0.87
112.05
52.93
535,361,119
27.63
96.82
382,139,601
28.82
97.56
71.38
261,047,188
13.47
105.16
207,385,362
15.64
99.64
79.44
351,953
0.02
88.21
820,693
0.06
116.27
233.18
257,474,364
13.29
89.21
163,385,814
12.32
101.41
63.46
0
0.00
-
0
0.00
-
-
16,487,614
0.85
105.01
10,547,732
0.80
48.47
63.97
0
0.00
-
0
0.00
-
-
Marriage assurance, birth assurance
Unit-linked life insurance
Tontine
Capital redemption insurance
Insurance of income loss due to
accident or illness
Pension insurance under ZPIZ-1
61,538,784
3.18
72.76
42,941,673
3.24
59.56
69.78
Copayment health insurance (3)
462,809,545
23.89
97.57
400,970,962
30.24
96.97
86.64
53,000,931
2.74
103.06
18,727,467
1.41
98.95
35.33
(2)
Supplementary insurance(4)
(2) Included in life insurance group.
(3) Included in health insurance class.
(4) Included in life insurance class.
Source: SIA
51
Insurance premiums, benefits and claims paid by insurance class in 2014 (in EUR m)
Aircraft
Ship
Liability for ship
Aircraft liability
Suretyship
Railway rolling stock
Legal expenses
Goods in transit
Assistance
Credit
General liability
Accident
Fire and natural forces
Other damage to property
Motor vehicle liability
Land motor vehicle
Health
Life
0
50
100
150
200
250
300
350
400
450
500
550
EUR m
Premiums
Benefits and claims paid
Source: SIA
52
Personal insurance(1)
Year
Premiums
(in EUR)
Premium growth
index
Benefits and
claims paid(2)
(in EUR)
Benefits and
claims paid
growth index
2010
1,172,690,495
2011
1,131,489,734
101.53
651,247,248
113.84
55.53
96.49
757,868,132
116.37
66.98
2012
2013
1,166,897,360
103.13
869,049,728
114.67
74.48
1,131,137,028
96.94
841,520,931
96.83
74.40
2014
1,101,326,482
97.36
818,547,674
97.27
74.32
Claims ratio
(in %)
(1) Life, health and accident insurance included.
Source: SIA
Net insurance premiums, benefits and claims paid (in EUR)
Year
NET PREMIUMS
NET BENEFITS AND CLAIMS PAID(1)
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2010
1,884,951,271
646,469,384
1,238,481,887
1,117,517,969
246,014,475
871,503,494
2011
1,842,043,700
588,572,004
1,253,471,696
1,189,869,357
340,142,270
849,727,087
2012
1,810,661,375
583,715,974
1,226,945,401
1,295,643,731
428,053,472
867,590,259
2013
1,753,436,032
539,962,741
1,213,473,291
1,252,763,252
385,270,485
867,492,767
2014
1,719,689,953
520,898,695
1,198,791,258
1,232,614,773
375,385,924
857,228,849
Source: SIA
Insurance density
Year
Population(1)
INSURANCE DENSITY (in EUR)
INSURANCE DENSITY GROWTH INDEX
TOTAL
Life
Non-life
TOTAL
Life
Non-life
2004
1,996,433
728.18
214.43
513.75
116.74
143.72
108.26
2005
1,997,590
775.52
232.70
542.82
106.50
108.52
105.66
2006
2,003,358
861.21
269.87
591.33
111.05
115.98
108.94
2007
2,010,377
942.10
303.06
639.04
109.39
112.30
108.07
2008
2,025,866
996.59
317.22
679.37
105.78
104.67
106.31
2009
2,032,362
1,019.96
310.03
709.93
102.34
97.73
104.50
2010
2,046,976
1,023.14
320.48
702.66
100.31
103.37
98.98
2011
2,050,189
1,001.59
292.34
709.24
97.89
91.22
100.94
2012
2,055,496
999.30
290.42
708.88
99.77
99.34
99.95
2013
2,058,821
960.52
268.59
691.94
96.12
92.48
97.61
2014
2,061,085
940.07
259.75
680.32
97.87
96.71
98.32
(1) As at 1 January.
Source: SIA, SORS
53
5.1.1 Types of insurance by class
Presented below are the insurance classes and
62/2013). Active insurance classes and types are
types set out in the Regulation on the submission
shown for each insurance company. These are
of insurance statistical data (Official Gazette of
those for which gross premiums written and/or
the Republic of Slovenia, Nos. 125/2006, 118/2007,
claims have been presented for 2014.
120/2008, 8/2009, 37/2009, 104/2009, 4/2010 and
Insurance types by class
Insurance types by class and by SIA members in 2014
ACCIDENT INSURANCE (INCLUDING INDUSTRIAL INJURY AND OCCUPATIONAL DISEASES)
Personal accident insurance against accidents at and outside regular work
Personal accident insurance against risks to passengers in motor vehicles and in performing special activities
Children and schoolchildren accident insurance and other accident insurance of the youth
Guests, visitors and tourist group accident insurance
Consumer and customer group accident insurance
Other special accident insurance
Compulsory accident insurance of passengers in public transport
Car owner and driver accident insurance
All other accident insurance
•
•
•
•
•
•
•
• •
•
•
• • • • •
• •
•
•
•
•
• •
• • • •
•
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
HEALTH INSURANCE
Copayment health insurance
•
Substitutional health insurance
•
Supplementary health insurance on travel outside of Slovenia
Other supplementary and parallel health insurance
•
•
•
All other health insurance
• •
•
•
• •
•
•
LAND MOTOR VEHICLE INSURANCE
Self-propelled land motor vehicle casco, other then railway rolling stock
• •
•
• •
Other land vehicle casco (non-self-propelled land vehicle)
All other insurance of land motor vehicle
•
• • •
•
•
RAILWAY ROLLING STOCK INSURANCE
• •
Railway rolling stock casco
All other railway rolling stock insurance
AIRCRAFT INSURANCE
Aircraft casco
• •
• • •
All other aircraft insurance
SHIP INSURANCE
Sea vessels casco
•
•
• • •
•
•
•
•
• • •
Lake and river vessels casco
All other ship insurance
GOODS IN TRANSIT INSURANCE
Goods insurance in international transport
54
Goods insurance in domestic transport
All other cargo insurance
• •
•
•
• • • •
•
• • •
• • •
•
• •
• • •
• • •
• •
•
• • •
•
•
•
• •
•
• •
• •
FIRE AND NATURAL FORCES INSURANCE
Fire and certain other risks insurance outside industry and craft
Fire and certain other risks insurance in industry and craft
Electricity supply enterprises' property fire insurance
All other fire insurance
• •
• •
•
•
•
•
•
•
•
Nuclear risks insurance
OTHER DAMAGE TO PROPERTY INSURANCE
Machinery breakdown insurance
Machinery breakdown insurance for electricity supply enterprises' equipment
Civil construction projects insurance
Civil installation projects insurance
Film production insurance
Computer insurance
Food-in-freezer insurance
Household insurance
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • •
• •
• • •
Ore and coal mines insurance
•
•
•
•
•
•
•
•
•
• • • •
• • •
• • • •
•
Telecom and post office risks insurance
Burglary and theft insurance
Glass insurance
Crops and fruit insurance
Livestock insurance
• •
•
•
•
• • •
• • •
•
•
Home assistance insurance
Equipment leasing insurance
•
•
Combined property insurance
Insurance of goods against mechanical damages
•
Satellite and cable television distribution and reception equipment insurance
Travel insurance
All other property insurance
•
• •
• • •
• • •
• • •
•
• •
• •
• •
• •
• •
•
•
•
•
•
•
•
•
•
• •
• • •
MOTOR VEHICLE LIABILITY INSURANCE
Road motor vehicle liability insurance for damage to third parties (MTPL)
Carrier liability-for-freight insurance in land transport
Railway third party liability insurance
• •
•
•
•
• •
•
All other land motor vehicle liability insurance
• • •
• • •
•
• •
AIRCRAFT LIABILITY INSURANCE
Aircraft owners' liability insurance for damage to third parties
• •
• • •
Carrier liability-for-freight insurance in air transport
•
All other aircraft liability insurance
LIABILITY FOR SHIP INSURANCE
Maritime transport liability insurance
•
Inland waterways transport liability insurance
Ship-repairer liability insurance
Marina liability insurance
•
•
•
• • •
•
•
55
Carrier liability-for-freight insurance in maritime and inland waterways transport
All other liability for ship insurance
GENERAL LIABILITY INSURANCE
Manufacturer liability-for-product insurance
Building contractor contractual liability insurance
• •
• •
•
Installation contractor contractual liability insurance
Manufacturer, dealer and contractor guarantee insurance
Forwarding agent liability in international transport
Forwarding agent liability in domestic transport
Management board and supervisory board liability insurance
Real estate agent liability insurance
Film producer liability insurance
Compulsory professional liability insurance for accounting and audit companies
Designer compulsory liability insurance
Advocate compulsory liability insurance
Physician compulsory liability insurance
Notary compulsory liability insurance
Medical products and devices manufacturers' compulsory liability insurance
Insurance brokerage companies compulsory liability insurance
Judicial enforcement officers compulsory liability insurance
• •
•
•
• •
•
•
•
• •
•
•
•
•
•
•
• • •
•
•
•
• • •
• • •
•
•
•
•
•
• •
• •
•
•
•
•
• •
• •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • • •
•
Verifiers of qualified certificates of electronic signature compulsory liability insurance
Alpine guides compulsory liability insurance
Geodesic companies compulsory liability insurance
•
• •
Certifying authorities for compliance of construction products verifications compulsory liability insurance
Firing range managers compulsory liability insurance
• • •
• • •
Guards liability insurance
All other general liability insurance
• •
•
CREDIT INSURANCE
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• • •
• • •
• • •
International trade credit insurance
Domestic trade credit insurance
Consumers credit insurance
Housing credit insurance
•
•
Loan insurance (sole traders)
Loan insurance (legal entities)
•
Overdraft insurance (sole traders)
Overdraft insurance (personal accounts)
• •
• •
• •
•
•
•
Lease agreement insurance
•
Insurance of receivables from credit/debit cards
All other credit insurance
SURETYSHIP INSURANCE
Customs debt insurance
Tour operators' insolvency insurance
Tender guarantee insurance
56
Performance insurance
•
• • •
•
• • •
• • •
• •
• •
Advance repayment insurance
Repair in warranty period insurance
Guarantee for credit cards insurance
Carnet insurance
All other suretyship insurance
•
•
•
•
MISCELLANEOUS FINANCIAL LOSS INSURANCE
Business continuity insurance - fire
Business continuity insurance - machinery breakdown
Show and event insurance
Insurance against purchasing counterfeit currency
Insurance against risk of cancellation of tourist trips
• •
• •
•
•
•
• • •
•
• •
•
•
•
•
•
•
•
Business continuity insurance - services
•
All other business continuity insurance
•
•
•
•
•
•
•
•
•
•
•
•
•
•
LEGAL EXPENSES INSURANCE
Legal expenses and costs of litigation insurance
•
•
•
• • •
• •
•
• •
• • •
• •
• •
All other legal expenses insurance
ASSISTANCE INSURANCE
Car assistance insurance
Medical assistance insurance
All other assistance insurance
• •
•
•
LIFE ASSURANCE
Death insurance
•
•
•
•
• • •
•
•
•
•
•
•
•
• • • • •
Endowment insurance
Mixed insurance
Annuity insurance (other than payments under pension schemes referred to ZPIZ-1)
Annuity insurance (payments under pension schemes referred to ZPIZ-1)
•
•
•
•
• •
•
• •
• •
•
• • • •
• •
• • • •
• • • •
• •
Insurance with premium refund
All other life insurance
Additional insurance
•
•
• • •
MARRIAGE ASSURANCE, BIRTH ASSURANCE
•
Marriage assurance
•
Birth assurance
UNIT-LINKED LIFE INSURANCE
Life assurance linked to units of investment funds with guarantee
Life assurance linked to units of investment funds without guarantee
•
•
Life assurance linked to the unit of internal fund with guarantee
Life assurance linked to the unit of internal fund without guarantee
•
• • • • • •
• • • • •
•
•
• •
• • •
• • • •
TONTINE
CAPITAL REDEMPTION INSURANCE
Voluntary supplementary pension insurance in accordance with the ZPIZ-1
All other capital redemption insurance
•
•
•
INSURANCE OF INCOME LOSS DUE TO ACCIDENT OR ILLNESS
Source: SIA
57
5.1.2 Life insurance
After Slovenia’s independence, life insurance
Last year, in light of the difference in the decline
was the fastest growing and fastest developing
in life and non-life insurance premiums (which is
class of insurance. The growth rate of gross
still present, but gradually decreasing), the share
life insurance premiums written reflects the
of these classes of insurance in the overall gross
general economic situation. As the economic
premiums written fell by 0.3 percentage points to
crisis and social difficulties spread, these classes
27.6%. Slovenia spent an average of EUR 259.8 per
of insurance, which once recorded double-digit
capita on life insurance or EUR 9 less than in 2013
growth, recorded their first and most significant
and the lowest amount since 2005. The reduction
drop in the insurance portfolio. The drop is most
in written life insurance premiums is also
significant in unit-linked insurance, which was the
correlated to the reduction in their importance
most popular class of life insurance between 2006
for the national economy, as they only account for
and 2013.
1.4% of GDP (in 2010, when the premiums written
were the highest yet, the figure was 1.8%).
In 2014, the 13 SIA members wrote gross premiums
of EUR 535.4 m on life insurance, which is, as
In 2014, life insurance companies paid out EUR
already mentioned, 3.2% less than for the previous
382.1 m of benefits, recording the second drop
year. This negative growth is mainly the result
of 2.4% to date. Capital redemption insurance
of the drop in unit-linked insurance premiums
recorded the greatest decline, while the changes in
written, which, at 46.5%, is the second largest
other insurance classes were minimal. The claims
class of life insurance, and marriage or birth
ratio of the class deteriorated by half a percentage
insurance. Traditional life insurance which, in
point to 71.4%; marriage and birth insurance was
terms of premiums written, is again in first place
especially prominent at 233.2%.
(50.4%) has again been growing over the past few
years.
Life premiums and benefits paid (in EUR m)
EUR m
700
600
500
400
300
200
Premiums
Benefits paid
Source: SIA
100
0
2010
2011
2012
2013
2014
58
Life insurance in 2014(1)
Insurance class, insurance type
INSURANCE CONTRACTS
Number of
policies
Number of
insured
TOTAL
BENEFITS
Premiums
(in EUR)
Number of
benefits paid
Benefits paid(2)
(in EUR)
134,923
215,587
535,361,119
303,249
382,139,601
Life assurance(3)
95,466
175,144
269,684,188
240,356
207,233,554
Death insurance
56,565
133,444
49,460,267
7,750
13,066,425
Endowment insurance
1,869
1,940
2,788,902
727
1,925,303
27,631
30,372
134,927,525
37,506
142,429,740
Annuity insurance (other than payments under
pension schemes referred to ZPIZ-1)
2,066
2,066
12,911,227
106,644
13,012,055
Annuity insurance (payments under pension
schemes referred to ZPIZ-1)
2,593
2,580
21,479,778
51,368
10,446,562
Mixed insurance
Insurance with premium refund
0
0
0
0
0
All other life insurance
4,742
4,742
2,330,067
8,935
9,846,353
Additional insurance(3)
64,306
87,214
45,786,422
27,426
16,507,116
0
0
351,953
150
820,693
Marriage assurance
0
0
351,953
150
820,693
Birth assurance
0
0
0
0
0
35,245
35,992
248,837,364
60,319
163,537,622
Life assurance linked to units of investment funds
with guarantee
6,698
6,647
34,465,765
7,310
15,122,035
Life assurance linked to units of investment funds
without guarantee
23,113
23,777
154,867,430
51,156
117,752,452
Life assurance linked to the unit of internal fund
with guarantee
4,504
4,504
46,387,319
213
28,242,124
Life assurance linked to the unit of internal fund
without guarantee
930
1,064
13,116,850
1,640
2,421,011
Tontine
0
0
0
0
0
4,212
4,451
16,487,614
2,424
10,547,732
Voluntary supplementary pension insurance in
accordance with the ZPIZ-1
1,051
1,290
15,151,465
2,339
10,450,431
All other capital redemption insurance
3,161
3,161
1,336,149
85
97,301
0
0
0
0
0
Insurance of income loss due to accident or
illness
(1) Premiums and benefits paid of each insurance class are different from those on page 51, but total amounts match, because of the differences between actuarial and
accounting records of one of the SIA members.
(3) Number of policies and number of insured of additional insurance are not included in life assurance class.
Source: SIA
Breakdown of life premiums in 2014 (in %)
Unit-linked 48.09
Capital redemption 3.08
Marriage, birth assurance 0.07
Life assurance 48.76
Source: SIA
59
5.1.2.1 Pension insurance
Insurance companies market voluntary pension
has not changed significantly (down by 1.4%).
and annuity insurance products providing life
The average annual amount that individuals
annuity payouts (according to the Insurance Act)
spend on premiums amounted to EUR 421.8 (or
and VSPI products (according to the Pension and
EUR 35.2 per month), or one eighth less than the
Disability Insurance Act). Specialised pension
year before. The significantly greater scope of
companies and banks are also engaged in
collective insurance, which is 14-times greater
providing the latter. The data below have been
than individual insurance in terms of premiums
obtained directly from all providers, including
written, remains clearly apparent. The decline in
those that are not members of the SIA: PRVA,
the number and value of life insurance policies
personal insurance compamy Plc, Moja naložba
redeemed over the past two years, which were
pokojninska družba, d. d., Pokojninska družba
up significantly as a result of the economic crisis,
A, d. d., SKUPNA pokojninska družba, d. d.,
reflect the recovery of the financial stability of
Abanka Vipa, d. d., Banka Koper, d. d., Probanka,
households. The number of retirements and
d. d. (with the exception of Kapitalska družba
related annuity payments are, however, up.
pokojninskega in invalidskega zavarovanja, d. d.,
Last year, the value of these was up 41.7%. Of the
which provides compulsory additional pension
536,896 registered pensioners at the start of 2014,
insurance).
only 2.3% received a supplementary pension.
The second pillar, which also includes data
In terms of premiums written, third-pillar pension
relating to the supplementary pension insurance
insurance is less significant, but show a moderate
for civil servants, is strongly affected by public
positive growth. Numbers of insureds are up 11.3%,
sector cost-cutting measures. The amount of
premiums written is up 4.2% and stands at EUR 1.8
premiums written by all providers has fallen by
m, while annuities were down EUR 0.7 m or 39%
14.3% in one year to EUR 150.3 m, despite the fact
compared to 2013.
that the number of insured persons contributing
Voluntary supplementary pension insurance in 2014(1) (2)
Collective
Individual
TOTAL
Of which SIA
members
GROWTH INDEX
(2014/2013)
TOTAL SIA members
Number of members (all)
467,332
25,380
492,712
278,328
99.25
100.84
Number of members paying
342,616
13,679
356,295
221,473
98.58
99.02
139,957,377
9,886,448
150,286,804
62,715,772
85.66
74.07
102,429,861 1,886,772,365 1,068,940,463
107.42
109.13
Premiums (in EUR)
Mathematical provision or net fund value
(in EUR)
Number of surrenders
1,765,665,157
27,822
1,578
29,769
8,879
68.76
68.36
4,471
325
4,805
2,107
109.98
92.13
Number of extraordinary terminations
11,900
1,019
13,279
4,806
63.26
61.35
Number of payouts according to ZPIZ-1
11,451
234
11,685
1,966
65.15
68.55
123,517,842
7,107,037
132,743,879
43,588,522
62.84
68.26
Number of ordinary terminations
Surrenders (in EUR)
Ordinary termination (in EUR)
26,745,129
2,203,352
29,120,480
13,653,572
99.96
94.10
Extraordinary termination (in EUR)
39,369,496
4,078,668
45,395,165
18,791,913
50.70
62.64
Payouts according to ZPIZ-1 (in EUR)
57,403,217
825,017
58,228,234
11,143,037
62.89
57.60
(1) The data on supplementary pension insurance of civil servants is also taken into consideration.
(2) One of the contractors of pension insurance reports on the split into collective and individual level only for the number of all members and the number of members
paying. As a result, the sums of the remaining statistical series do not match as regards the overall data of all contractors.
Source: SIA
60
Voluntary supplementary pension insurance – payouts in 2014(1)
Men
Women
TOTAL
Of which SIA
members
GROWTH INDEX
(2014/2013)
TOTAL SIA members
Number of insured
7,207
5,068
12,275
7,345
135.40
132.25
62
59
61
61
99.62
99.54
Premiums (in EUR)
…
…
33,629,606
23,973,501
111.28
116.52
Mathematical provision (in EUR)
…
…
74,926,333
53,583,215
143.05
148.79
Payouts (in EUR)
…
…
15,183,680
10,422,216
141.69
143.51
Average age of insured at the beginning of
annuity payments
(1) Long-term business fund for payments.
Source: SIA
Pension and annuity insurance according to the Insurance Act (ZZavar), providing life annuity
payouts in 2014(1)
Men
Women
TOTAL
Of which SIA
members
GROWTH INDEX
(2014/2013)
757
579
1,336
1,336
111.33
111.33
52
48
51
51
123.12
123.12
TOTAL SIA members
Number of insured
Average age of insured at the beginning of
annuity payments
Premiums (in EUR)
…
…
1,796,355
1,796,355
104.15
104.15
Mathematical provision (in EUR)
…
…
40,167,948
40,167,948
143.54
143.54
Payouts (in EUR)
…
…
1,601,224
1,601,224
71.04
71.04
(1) Branches dealing in these forms of insurance are unable to obtain the data.
Source: SIA
61
5.1.3 Non-life insurance
The majority (72.4%) of Slovenia’s insurance market
of the premiums written on non-life insurance.
is represented by the non-life insurance portfolio,
Minor insurance classes, such as assistance
with which the SIA members generated EUR
insurance and insurance of miscellaneous financial
1,402.2 m of premiums in 2014. Given the marked
losses, are developing successfully, albeit less
decrease in life insurance premiums in recent
significantly.
years, the share of the former is again on the
rise, which has also contributed to the insurance
In terms of claims, last year was a good year for
industry not sustaining an even deeper decline.
the insurance companies, as they paid EUR 24.7
In light of this, the significance of these classes of
m or 2.6% less gross claims on non-life insurance
insurance in terms of the national economy has
compared to the year before. Insured persons
declined; last year they accounted for 3.8% of GDP
received a total of EUR 943.9 m from such
and thus came close to the insurance penetration
insurance classes, representing 71.2% of all claims
recorded in 2008. Slovenia spent an average of
paid. Claims paid were up last year in ten insurance
EUR 680.3 per capita on this type of insurance in
classes. The most significant growth was recorded
2014 or 1.7% less than the previous year.
in suretyship insurance, where claims paid were
up by as much as 206.4%. Owing to individual
The improved economic environment in 2014 most
substantial claims, a significant rise has been
likely contributed to the slowing of the decline in
noted in goods in transit insurance, ship insurance
non-life insurance. The 1.6% reduction in premiums
and aircraft and marine liability insurance. For
written represents improved performance
the insurance companies, the reduction in claims
compared to last year of 0.6 percentage points,
paid is more beneficial. The reduction of claims
which also impacted the smaller decline in the
paid in the aircraft insurance class was as high
total premiums of the entire insurance portfolio.
as 80.5%, which is the highest reduction in all
Of the eight insurance classes in the group which
insurance classes over the past few years. Since
recorded positive growth, the most marked was
this insurance class is fairly small, this reduction
the 39.2% rise in the aircraft liability insurance
in claims had no impact on the overall growth of
premiums, which is a surprise considering the
non-life insurance claims. Since the premiums fell
fact that the premiums written for aircraft casco
less than the claims in relative terms, the claims
insurance sustained the greatest reduction
ratio for non-life insurance (67.3%) is slightly
(13.6%). The situation in motor insurance is
improved.
entirely the opposite - the premiums written for
liability insurance is 6.8% less than in 2013, while
Most types of compulsory insurance are included
motor casco insurance recorded a minimal (0.2%)
in the non-life insurance segment, where liability
growth. Due to this, this class exceeded the figure
insurance prevails. With a 97.9 percent share, they
for motor third party liability insurance for the first
are the most important of types of compulsory
time last year, while their share in the segment
insurance, while the scope of others is very minor.
of non-life insurance was essentially the same, at
In 2014, the total premiums fell again (by 6.5%),
16.2 and 16.1% (second and third position). Health
as did claims paid (by 7.1%). As a result, the claims
insurance remains in first place with one third
ratio remained at the same level as the year before.
62
Non-life insurance premiums and claims paid (in EUR m)
EUR m
1,600
1,400
1,200
1,000
800
600
400
Premiums
200
Claims paid
0
Source: SIA
2010
2011
2012
2013
2014
Non-life insurance in 2014
Insurance class
INSURANCE CONTRACTS
CLAIMS
Number of
contracts(1)
Premiums
(in EUR)
TOTAL
9,891,713
1,402,194,503
Accident insurance
2,266,932
94,286,851
6.72
49,638
Share
in NLI
premiums
(in %)
Share in NLI
claims paid
(in %)
Number
of
claims
Claims paid(2)
(in EUR)
100 26,455,566
943,921,508
100
33,414,420
3.54
Health insurance
1,438,755
471,678,512
33.64
25,849,517
402,993,653
42.69
1,075,649
226,799,727
16.17
251,360
164,051,176
17.38
0.28
Aircraft insurance
Ship insurance
10
2,357,261
0.17
168
2,668,384
213
725,501
0.05
6
78,760
0.01
3,639
1,151,048
0.08
322
1,940,066
0.21
11,489
7,571,440
0.54
5,035
2,909,962
0.31
686,292
114,004,682
8.13
43,938
61,847,188
6.55
1,064,527
118,209,699
8.43
113,024
75,594,338
8.01
1,718,160
225,863,017
16.11
54,648
133,946,204
14.19
749
1,280,490
0.09
7
671,087
0.07
10,041
1,174,081
0.08
33
290,853
0.03
253,810
61,505,107
4.39
9,265
23,753,734
2.52
52,077
42,153,600
3.01
7,303
23,769,457
2.52
3,066
1,694,929
0.12
126
599,353
0.06
45,855
6,527,504
0.47
1,849
3,439,376
0.36
Credit insurance
Miscellaneous financial loss insurance
314,319
3,501,958
0.25
3,086
463,714
0.05
946,130
21,709,096
1.55
66,241
11,489,783
1.22
(1) Accident and health insurance include number of policies.
Source: SIA
63
Breakdown of non-life premiums in 2014 (in %)
Land motor vehicle  16.17
Other  3.40
General liability  4.39
Credit  3.01
Fire and natural forces  8.13
Health  33.64
Other damage to property  8.43
Motor vehicle liability  16.11
Accident  6.72
Source: SIA
Compulsory insurance in 2014(1)
Insurance type
TOTAL
Notary compulsory liability insurance
PREMIUMS
Claims
paid(2)
(in EUR)
Claims
ratio
(in %)
Claim
frequency(3)
(in %)
93.55
133,189,213
58.37
3.28
Amount
(in EUR)
Growth index
(2014/2013)
228,191,896
112,218
112.30
0
0.00
1.20
Geodesic companies compulsory liability insurance
37,302
129.63
3,822
10.25
1.20
Medical products and devices manufacturers'
compulsory liability insurance
44,672
1,412.33
0
0.00
-
Compulsory professional liability insurance for
accounting and audit companies
312,995
89.71
39,071
12.48
1.07
10,371
121.28
0
0.00
-
454,114
103.04
0
0.00
-
1,490,783
114.09
520,103
34.89
14.23
421,206
99.16
4,079
0.97
0.17
Judicial enforcement officers compulsory liability
insurance
Insurance brokerage companies compulsory liability
insurance
Advocate compulsory liability insurance
Compulsory accident insurance of passengers in
public transport
Designer compulsory liability insurance
961,454
83.28
180,194
18.74
1.06
Physician compulsory liability insurance
1,389,993
115.41
593,892
42.73
6.77
220,782,443
93.19
131,114,916
59.39
3.31
Aircraft owners' liability insurance for damage to
third parties
1,091,055
118.59
671,087
61.51
0.94
Maritime transport liability insurance
1,083,290
100.40
62,049
5.73
0.28
Road motor vehicle liability insurance for damage to
third parties (MTPL)
(1) Included are only types of compulsory insurance for which premiums were written and/or claims were paid in 2014.
(3) Calculation of claim frequency by accident insurance is made with number of policies.
Source: SIA
64
5.1.3.1 Accident insurance
In terms of gross premiums written, accident
the premiums and is the most interesting class
insurance accounts for a 4.9% share of the entire
of accident insurance. The number of claims has
insurance portfolio (ranking seventh). Accident
fallen by one quarter over the past five years,
insurance products are offered by life, composite
which is also reflected in the claims paid. Last
and health insurance companies. The fourteen
year, claims paid again declined by 2.6% to EUR
SIA members that sell accident insurance
33.4 m, with the average claim paid amounting
wrote total premiums of EUR 94.3 m in 2014, a
EUR 673.2. At 35.4%, the claims ratio for accident
decrease of 2% year on year. The insurance class
insurance is the same as a year before, as is the
continued to decline, as it has done since 2008.
claims frequency, which stood at 2.2%. The best
Personal accident insurance against accidents
claims ratio was achieved by compulsory accident
at and outside regular work generates half of
insurance of passengers in public transport (1%).
Accident insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
94.90
37.34
2.61
37,690,284
94.31
36.38
2.32
35,160,405
93.29
34.62
2.34
97.55
35.65
2.18
97.42
35.44
2.19
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
107,012,303
97.04
39,963,230
2011
103,608,161
96.82
2012
101,566,335
98.03
2013
96,217,719
94.73
34,299,783
2014
94,286,851
97.99
33,414,420
Source: SIA
Breakdown of accident premiums in 2014 (in %)
Other 4.07
Personal – accident at and outside regular work 50.79
Consumer and customer group 2.39
Children and schoolchildren 3.93
Personal – risks to passengers 7.86
Source: SIA
Car owner and driver 30.95
65
5.1.3.2 Health insurance
At 24.3%, health insurance accounts for the second
nearly the entire premiums written. Last year saw
highest proportion of the entire insurance market.
claims paid falling for the first time, namely by
In 2014, gross premiums written amounted to
3% to EUR 403 m. The average claim paid stood
EUR 471.7 m. Last year, although the number of
at EUR 15.6, which is the highest to date. Owing
insurance companies offering such products
to the fact that the premiums and claims paid
rose to seven, the number of premiums written
fell by nearly the same amount, the claims ratio
fell by 2.1%. In contrast, the number of insurance
deteriorated only slightly. Due to the significantly
policies concluded rose significantly, resulting
higher number of claims, the claims frequency
in the average premiums written falling by ten
stood at 1,796.7%, which is the lowest figure in the
percent to EUR 327.8 after several years of positive
past five year. Last year, insurance penetration
growth. Copayment health insurance is the most
stood at 1.3%.
important class of insurance, accounting for
Health insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
89.26
1,952.14
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
409,664,852
98.79
365,659,823
107.08
2011
428,521,902
104.60
375,435,702
102.67
87.61
2,084.93
2012
468,366,140
109.30
400,407,268
106.65
85.49
2,100.04
2013
481,950,474
102.90
415,506,493
103.77
86.21
2,121.05
2014
471,678,512
97.87
402,993,653
96.99
85.44
1,796.66
2010
Source: SIA
Breakdown of health premiums in 2014 (in %)
Copayment 98.12
Other 1.88
Source: SIA
66
5.1.3.3 Land motor vehicle insurance
Land motor vehicle insurance, slightly less than
our members changed the methodology it uses
100% of which is represented by casco insurance
to record the number of concluded insurance
of self-propelled road motor vehicles, was offered
last year, which is reflected in the higher average
by eight of our members and is one of the most
premium when compared to last year’s Statistical
widespread classes of insurance on the Slovenian
Insurance Bulletin. After two years of growth, the
market. It is the third most important class of
overall amount of claims paid fell by 7.4%, as did
insurance, which has maintained its market share
their average value, which stood at EUR 652.7. As a
over the past few years (11.7% considering the
result, the claims ratio improved by 6 percentage
life insurance segment), while the value of the
points, while the claims frequency improved by 1.6
premiums written remained the same as the year
percentage points. Last year, the insurance density
before (EUR 226.8 m). The decline in the average
of this insurance class stood at EUR 110, while
premium, which stood at EUR 210.9, also slowed.
insurance penetration stood at 0.6%.
According to the instructions of the ISA, one of
Year
PREMIUMS
CLAIMS PAID(1)
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
254,215,483
104.87
195,454,108
90.71
Claims
ratio
(in %)
Claims
frequency
(in %)
76.89
31.14
2011
254,494,781
100.11
167,728,998
85.82
65.91
28.90
2012
239,352,324
94.05
174,946,026
104.30
73.09
27.03
2013
226,409,530
94.59
177,266,026
101.33
78.29
24.95
2014
226,799,727
100.17
164,051,176
92.55
72.33
23.37
Source: SIA
Breakdown of land motor vehicle premiums in 2014 (in %)
Land motor vehicles casco 99.91
Other 0.09
Source: SIA
67
5.1.3.4 Railway rolling stock insurance
The lowest number of insurance policies was
of claims, which has remained virtually unchanged
recorded in the class of railway rolling stock
over the past three years, the individual claims
insurance. In terms of premiums written, they
paid can be very high. Last year, due to the small
have been ranked in fourteenth place for the entire
decline in their total value, average claims paid fell
insurance industry in past years. Premiums worth
to EUR 15,883.2. Considering the low number of
approximately EUR 2 m are written every year;
insurance policies concluded and the resulting low
last year the two insurance companies wrote 2.1%
number of claims, the claim statistics are more
less premiums than a year before. The number of
pronounced, as reflected in the fluctuation of the
concluded policies is low due to the nature of the
claims frequency and claims ratio over several
insurance in question, while the average premium
years. The claims ratio has now been negative for
set a record for the insurance industry, last year
the third consecutive year.
standing at EUR 235,726.1. Despite the low number
Year
PREMIUMS
CLAIMS PAID(1)
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
262,428
11.08
872,107
89.76
Claims
ratio
(in %)
Claims
frequency
(in %)
332.32
91.09
2011
2,050,269
781.27
1,166,016
133.70
56.87
162.79
2012
2,681,636
130.79
3,095,373
265.47
115.43
89.39
2013
2,407,560
89.78
2,839,468
91.73
117.94
99.38
2014
2,357,261
97.91
2,668,384
93.97
113.20
1,680.00
Source: SIA
Breakdown of railway rolling stock premiums in 2014 (in %)
Railway rolling stock casco 100.00
Source: SIA
68
5.1.3.5 Aircraft insurance
For the third consecutive year, aircraft insurance
which also affect the claims ratio due to the
was the smallest insurance class in the non-life
frequently high amount of claims paid. Last year, in
insurance group. Due to the luxurious nature of
light of the 62.5% decline, there were only 6 claims,
the insurance object, this insurance class has been
while claims values fell by 80.5%, significantly
significantly affected by the economic situation
below the average recorded in the past decade.
and has more than halved compared to past years.
Average claim paid stood at EUR 13,126.7. In terms
Last year’s 13.6% drop in premiums recorded by
of claims frequency, aircraft insurance records one
the five insurance companies is a result of the
of the best results of all insurance classes over the
continued deterioration of the already low number
past years. The claims ratio has fluctuated more
of insurance policies, which stood at 213 in 2014.
markedly as it depends of movements in claims
The average premium rose slightly to EUR 3,406.1.
paid. Last year, at 10.9%, it was even the best in the
Claims are closely correlated with loss events,
segment of non-life insurance.
Aircraft insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
72.45
3.38
8.77
8.06
3.36
113.72
17.18
3.72
345.91
48.06
6.06
19.51
10.86
2.82
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
1,615,418
97.47
1,170,400
387.95
2011
1,272,799
78.79
102,608
2012
679,081
53.35
116,681
2013
839,875
123.68
403,616
2014
725,501
86.38
78,760
Source: SIA
Breakdown of aircraft premiums in 2014 (in %)
Aircraft casco 100.00
Source: SIA
69
5.1.3.6 Ship insurance
Ship insurance is the second smallest insurance
value of certain vessels, individual loss events can
class. Every year, five insurance companies
significantly impact the overall amount of claims
generate slightly more than EUR 1 m of insurance
paid. Although the number of claims was down
premiums. Considering the fact that luxury
one eighth last year, the claims paid were up by
goods are the object of such insurance policies,
nearly one half, while average claim paid nearly
and in light of the general economic conditions
doubled to EUR 6,025.1, and thus significantly
in Slovenia, the number of policies has been
exceeded the average recorded in the past decade.
gradually declining since 2009, as has the
This impacted the claims ratio, which stood at
premiums written, which has fallen by one
168.6% and was the worst in the past decade.
third in the same period. The average premium,
Similar applies to claims frequency. The claims
which stood at EUR 316.3 last year, has been
ratio recorded last year was the worst in the entire
fluctuating in this period. In light of the high
insurance industry.
Ship insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
61.54
82.22
7.44
986,771
69.23
66.64
7.87
1,345,314
136.33
96.70
7.92
1,307,671
97.20
106.53
7.94
1,940,066
148.36
168.55
8.85
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
1,733,397
88.45
1,425,263
2011
1,480,828
85.43
2012
1,391,256
93.95
2013
1,227,512
88.23
2014
1,151,048
93.77
Source: SIA
Breakdown of ship premiums in 2014 (in %)
Sea vessels casco 98.62
Other 1.38
Source: SIA
70
5.1.3.7 Goods in transit insurance
Compared to other insurance classes, the growth
share, while after slow growth in the past decade,
in goods in transit insurance premium fluctuates
the share of cargo insurance in domestic transport
every few years. Despite this, its constant
stagnated again last year. In total, as a result
market share of 0.4% ranks it eleventh in the
of individual major loss events, policyholders
insurance portfolio. Seven insurance companies
received 91,6% more claims paid than last year.
collected a total of EUR 7.6 m in premiums in
Consequently, the average claim has risen
2014, a decrease of 4.3% on the previous year.
significantly to EUR 577.9, while the claims ratio,
Since this decrease is significantly lower than the
which in the previous year was one of the best
decrease in the number of policies concluded,
in the entire insurance industry, has significantly
the average premium is up 13.4% to EUR 659. The
deteriorated. On the other hand, the claims
structure chart reveals that insurance of goods
frequency of this class of insurance was one of the
in international transit accounts for the greatest
worst in the non-life insurance segment.
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
26.29
49.33
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
7,559,405
107.75
1,987,519
58.53
2011
8,229,602
108.87
2,554,395
128.52
31.04
41.87
2012
8,783,242
106.73
2,485,548
97.30
28.30
31.49
2013
7,908,961
90.05
1,519,112
61.12
19.21
34.99
2014
7,571,440
95.73
2,909,962
191.56
38.43
43.82
Source: SIA
Breakdown of goods in transit premiums in 2014 (in %)
Other 7.14
Domestic transport 36.51
International transport 56.35
Source: SIA
71
5.1.3.8 Fire and natural forces insurance
While certain insurance classes are heavily
assume that such insurance is accessible to most
dependent on economic conditions, fire
building owners. Despite this, estimates show
insurance is the most stable insurance class,
that many buildings in Slovenia remain uninsured.
and the premiums gathered have been growing
A per capita amount of EUR 55.3 was spent on
more or less steadily every year. This insurance
fire insurance in 2014. Although the number of
class ranks sixth with a 5.9% market share. Last
claims was down slightly, the value of claims is up
year, ten insurance companies collected the
13.4%, standing on average at EUR 1,407.6. Because
most premiums in this insurance class to date
growth in claims paid again exceeded growth in
(EUR 114 m), of which two thirds were collected
premiums, the claims ratio deteriorated by 5.5
from fire insurance not linked to industry and
percentage points to stand at 54.3%. Due to the
crafts. Considering the average premium paid
significant decline in the number of policies, the
by policyholders (last year: EUR 166.1), we can
claims frequency was up two-thirds.
Year
2010
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
84.13
54.88
6.35
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
94,700,663
105.79
51,971,056
2011
98,803,799
104.33
40,136,769
77.23
40.62
4.83
2012
111,094,345
112.44
46,619,406
116.15
41.96
3.54
2013
111,932,518
100.75
54,563,946
117.04
48.75
3.90
2014
114,004,682
101.85
61,847,188
113.35
54.25
6.40
Source: SIA
Breakdown of fire and natural forces premiums in 2014 (in %)
Other 11.44
Electricity supply enterprises' property 4.39
In industry and craft 18.93
Outside industry and craft 65.24
Source: SIA
72
5.1.3.9 Other damage to property insurance
With over a million insurance policies concluded,
prevails (the latter contributed one quarter of all
other damage to property insurance is one of the
premiums). Due to natural disasters such as the
most extensive of all insurance classes. Despite
sleet which gripped half of Slovenia in February,
annual fluctuations in premiums, the broad range
insurance companies paid out 16.3% more claims
of insurance products ensures this insurance class
than the year before. As a result, the claims ratio
has a constant (around 6%) share of the entire
deteriorated by 8.8 percentage points to stand at
insurance market. In 2014, written premiums
63.9%, and thus continues to fluctuate as it has
remained unchanged from the year before,
done over the past five years. Not counting mining
while the average premium was up EUR 15.1 to
insurance (where only one policy was concluded
stand at EUR 111. An annual per capita amount of
and there were no claims), home assistance
EUR 57.4 was thus collected. Household insurance
insurance again achieved the best claims ratio
(in the past year, their share fell by one fifth to
of 5.4%.
35.3%) and machinery breakdown insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
60.86
11.51
87.26
50.88
12.10
104.06
60.25
10.47
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
136,788,960
98.04
83,246,624
69.61
2011
142,776,407
104.38
72,644,965
2012
125,463,573
87.87
75,593,813
2010
2013
117,802,880
93.89
65,012,365
86.00
55.19
8.88
2014
118,209,699
100.35
75,594,338
116.28
63.95
10.62
Source: SIA
Breakdown of other damage to property premiums in 2014 (in %)
Other 3.24
Machinery breakdown 24.67
Travel 1.77
Combined property 8.56
Equipment leasing 0.60
Home assistance 0.89
Livestock 3.34
Civil construction 2.36
Civil installation 1.31
Computers 2.83
Crops and fruit 5.09
Glass 4.00
Burglary and theft 6.21
Household 35.12
Source: SIA
73
5.1.3.10 M
otor vehicle liability insurance
In 2014, motor vehicle liability insurance products
(EUR 109.6). Most of the premiums, or EUR 220.8
were offered by eight insurance companies. In
m, were generated by compulsory motor vehicle
terms of the premiums collected, motor vehicle
liability insurance. In the past decade, the number
liability insurance is fourth in the entire insurance
of traffic accidents has fallen by more than half,
portfolio, falling one place after several years.
which has had a positive effect on claims paid
Since the number of policies concluded is relatively
from the insurance companies’ perspective. Claims
stable, strong competition took its toll in the form
have been declining for some years, as has the
of lower premiums, which are down one third
average claim paid, which stood at EUR 2,451.1 last
since 2008. As a result, in the same period, the
year. In contrast, claims frequency has been on
average premium is also down one third (standing
the rise recently, while the claims ratio remains
at EUR 131.5 last year), as are the insurance
unchanged.
penetration (0.6% of GDP) and insurance density
Year
2010
PREMIUMS
CLAIMS PAID(1)
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
302,868,100
93.77
169,048,385
91.60
Claims
ratio
(in %)
Claims
frequency
(in %)
55.82
3.64
2011
283,413,868
93.58
155,164,427
91.79
54.75
3.40
2012
264,528,097
93.34
143,814,503
92.69
54.37
3.05
2013
242,254,948
91.58
144,333,191
100.36
59.58
3.13
2014
225,863,017
93.23
133,946,204
92.80
59.30
3.18
Source: SIA
Breakdown of motor vehicle liability premiums in 2014 (in %)
MTPL 97.75
Carrier 1.96
Other 0.29
Source: SIA
74
5.1.3.11 Aircraft liability insurance
Aircraft liability insurance recorded a 39.2% growth
fluctuation was therefore even more pronounced.
in premiums – the highest growth in the insurance
Last year, with a rise of 60.4%, claims paid were
industry – and climbed two places on the structure
the highest in the past decade. Despite this,
ladder. The declining trend, which began in 2008,
average claim paid is down one third (and stands
has thus stopped. Six insurance companies wrote
at EUR 95,869.6), which is still by far the highest
EUR 1.3 m of insurance premiums in this insurance
average claim among all insurance classes. The
class, which is now the fourth smallest. Most
claims ratio fluctuates similarly to the claims; last
of this (85.2%) was collected from compulsory
year, the claims ratio deteriorated 6.9 percentage
aircraft owners’ liability insurance pursuant to
points to stand at 52.4%. Due to the very low
the act governing compulsory insurance in traffic.
number of claims (7), the claims frequency
Since there were a low number of claims and a
continues to be one of the lowest in the entire
low number of policies concluded, the claims
insurance industry.
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
53.21
0.43
42.52
23.08
0.99
243.35
58.86
0.53
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
1,197,993
79.28
637,398
210.49
2011
1,174,311
98.02
271,030
2012
1,120,585
95.42
659,540
2010
2013
920,006
82.10
418,418
63.44
45.48
0.30
2014
1,280,490
139.18
671,087
160.39
52.41
0.93
Source: SIA
Breakdown of aircraft liability premiums in 2014 (in %)
Aircraft owners 85.21
Other 14.79
Source: SIA
75
5.1.3.12 Liability for ship insurance
The third smallest insurance class is liability
the significant increase in 2013, the number of
for ship insurance, which, apart from 2013,
claims fell to the usual level, resulting in a notable
has recorded constant growth. Five insurance
improvement in the claims frequency, which last
companies collected nearly EUR 1.2 m of
year stood at 0.3% and was the lowest among
premiums, of which EUR 1.1 m was collected
all the insurance classes. Claims paid were
from compulsory third party liability insurance
significantly up (45.2%) on account of individual
for boat owners. In contrast to casco insurance,
major losses, as was the average claim paid. At
which is significantly affected by the general
EUR 8,813.7, the average claim paid is the highest
economic situation in the country, the number of
it has ever been. The claims ratio deteriorated by
liability insurance policies is fairly stable despite
7.4 percentage points to stand at 24.8%, but it was
minor fluctuations. However, the same cannot
nonetheless the third best ratio on the insurance
be said for the average premium. Last year, after
market last year.
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
118.41
23.86
0.39
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
1,181,786
102.69
281,996
2011
1,218,185
103.08
165,325
58.63
13.57
0.30
2012
1,227,418
100.76
208,095
125.87
16.95
0.27
2013
1,155,016
94.10
200,327
96.27
17.34
1.17
2014
1,174,081
101.65
290,853
145.19
24.77
0.33
Source: SIA
Breakdown of liability for ship premiums in 2014 (in %)
Inland waterways transport 0.38
Marina 7.27
Ship-repairer 0.08
Maritime transport 92.27
Source: SIA
76
5.1.3.13 General liability insurance
General liability insurance is one of the three
insurance classes have only small shares in
insurance classes that have seen constant
the entire structure. Last year, ten insurance
growth. With EUR 61.5 m of premiums written,
companies paid a total of EUR 23.8 m of claims,
they account for 3.2% (eighth position) of the
a year-on-year decrease of 16%. Considering the
insurance portfolio. General liability insurance
fact that the amount of claims paid fluctuates
prevails in this group of numerous different types
significantly year-on-year, while the number of
of insurance and in the past year, its scope has
claims is gradually declining, average claim values
not changed; however, due to the increase in
also fluctuate significantly. Owing to the decline
scope of other insurance in this insurance class,
in claims paid and the 4.7% growth in premiums,
general liability insurance share has fallen by 3.4
the claims ratio improved by 9.5 percentage points
percentage points. The manufacturer’s product
to stand at 38.6%. The claims frequency has also
liability is also a significant type of insurance in
improved.
terms of premiums written, while the remaining
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
81.93
53.20
17.28
27,922,888
104.88
52.94
15.75
26,015,088
93.17
45.02
4.31
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
50,044,066
100.84
26,624,420
2011
52,744,816
105.40
2012
57,783,544
109.55
2013
58,766,339
101.70
28,274,039
108.68
48.11
3.90
2014
61,505,107
104.66
23,753,734
84.01
38.62
3.65
Source: SIA
Breakdown of general liability premiums in 2014 (in %)
Other 3.54
Guards 0.41
Geodesic companies 0.06
Brokerage companies 0.74
Notary 0.18
Physician 2.26
General 69.32
Advocate 2.42
Designer 1.56
Accounting and audit companies 0.51
Real estate agent 0.33
Management and supervisory board 2.61
Forwarding agent 0.27
Manufacturer, dealer and contractor guarantee 2.20
Source: SIA
Installation contractor 0.06
Building contractor 0.11
Manufacturer (for product) 13.41
77
5.1.3.14 Credit insurance
Credit insurance was one of the first classes of
year (EUR 15.1 m). This year, the former number
insurance in which the insurance companies
one – international trade credit insurance – ranked
began to feel the impact of the failure of
second with EUR 13.7 m of premiums collected.
companies and increased unemployment, and
There was a 20.2% year-on-year drop in claims
the resulting credit crunch. In 2014, five insurance
paid in 2014. Despite the occasional increase in
companies collected EUR 42.2 m of credit
the number of claims, the declining trend has
insurance premiums, which was 2.2% down on the
continued for the fourth consecutive year. During
previous year. As a proportion of all the premiums,
this period, the average claim paid also fell by
the share of credit insurance was also 2.2%.
almost 50% to EUR 3,254.8. The claims ratio has
Consumer credit insurance is the predominant
been improving in line with the above; last year, it
insurance product in this class, where the value
fell by 12.7 percentage points to stand at 56.4%.
of the premiums collected was the same as last
Credit insurance
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
132.27
99.44
13.32
38,105,026
83.02
85.79
13.59
31,704,999
83.20
74.14
17.10
93.94
69.12
16.21
79.80
56.39
14.02
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
46,157,019
120.21
45,899,673
2011
44,414,514
96.22
2012
42,762,552
96.28
2013
43,092,724
100.77
29,784,621
2014
42,153,600
97.82
23,769,457
2010
Source: SIA
Breakdown of credit premiums in 2014 (in %)
International trade credit 32.58
Other 2.40
Receivables from credit/debit cards 1.58
Overdraft – personal accounts 7.30
Overdraft – sole traders 0.57
Domestic trade credit 13.75
Loan – legal entities 0.22
Loan – sole traders 1.17
Housing credit 4.58
Source: SIA
Consumers credit 35.85
78
5.1.3.15 Suretyship insurance
Suretyship insurance is one of the lowest-
paid a total of EUR 0.6 m of claims, accounting
performing insurance classes. After three years
for a record-breaking increase in the entire
of growth, only EUR 1.7 m of premiums were
insurance industry of 206.4%. As the increase in
collected in 2014, which is the same as last year. At
the number of claims was not so noticeable, the
the same time, the number of policies fell by one
average claim paid has more than doubled to EUR
third, while the average premium was up by more
4,756.8, as has the claims frequency (4.1%). The
than one half. Most premium (EUR 0.6 m) was
claims frequency is still better than it was years
collected from repair in warranty period insurance,
ago, when it regularly exceeded 10%. There was a
while EUR 0.4 m was collected from performance
significant improvement in the claims ratio, which
insurance. The shares of the remaining insurance
fluctuated at around, or even above, 100% until
products were much lower. In 2014, the four
2011. Although it increased again in 2014, it only
insurance companies offering these products
increased to 35.4%.
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
67.80
105.82
7.58
1,141,081
115.35
109.77
5.89
630,569
55.26
45.75
1.70
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
934,817
86.79
989,234
2011
1,039,479
111.20
2012
1,378,278
132.59
2013
1,703,055
123.56
195,645
31.03
11.49
1.85
2014
1,694,929
99.52
599,353
306.35
35.36
4.11
2010
Source: SIA
Breakdown of suretyship premiums in 2014 (in %)
Other 2.62
Carnet 6.17
Customs debt 12.14
Guarantee for credit cards 6.59
Tour operators’ insolvency 7.16
Tender guarantee 5.78
Repair in warranty period 36.69
Performance 22.30
Advance repayment 0.55
Source: SIA
79
5.1.3.16 Miscellaneous financial loss insurance
In 2014, nine insurance companies collected EUR
continues to fall alongside the constant fall in the
6.5 m of premiums from miscellaneous financial
number of loss events, while the average claim
loss insurance. Financial risk insurance therefore
amount rose for the second year in a row. Business
accounts for just 0.3% of the entire insurance
interruption fire insurance (where EUR 3.6 m of
portfolio. Miscellaneous financial loss insurance is
premiums was collected) accounts for a significant
one of only eight insurance classes that recorded
share of this insurance class, while only half of
an increase in premiums last year, although
that amount was collected from insurance against
premiums and claims have both fluctuated
risk of cancellation of tourist trips. The business
over the years. Last year, the 34.2% rise in claims
interruption – machinery breakdown insurance
paid significantly exceeded the 5.3% growth in
recorded the best claims ratio of 20.6%, while the
premiums, which reduced the gap between both
show and event insurance recorded the worst
and resulted in the claims ratio deteriorating
claims ratio (146.6%).
by 11.3 percentage points. The claims frequency
Year
PREMIUMS
2010
CLAIMS PAID(1)
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
5,995,284
97.11
4,919,298
103.29
Claims
ratio
(in %)
Claims
frequency
(in %)
82.05
9.95
2011
6,477,981
108.05
3,716,244
75.54
57.37
6.84
2012
5,912,069
91.26
2,441,515
65.70
41.30
5.64
2013
6,199,316
104.86
2,563,164
104.98
41.35
5.02
2014
6,527,504
105.29
3,439,376
134.18
52.69
4.03
Source: SIA
Breakdown of miscellaneous financial loss premiums in 2014 (in %)
Business interruption – services 1.02
Other 4.68
Risk of cancellation of tourist trips 22.19
Business interruption – fire 55.53
Purchasing counterfeit currency 0.71
Show and event 2.13
Business interruption – machinery breakdown 13.74
Source: SIA
80
5.1.3.17 Legal expenses insurance
Legal expenses insurance is developing slowly
companies paid claims of EUR 0.5 m, and this
on the Slovenian insurance market, as the
amount has doubled in the past few years. The
premium collected in 2014 accounted for only
number of policies is significantly greater than the
0.2% of that collected by the entire industry.
number of claims. Both display a growing trend,
The rise in the number of policies concluded,
although a slight decline was recorded last year.
however, is more apparent, as there were only a
Despite stagnating last year, the frequency of
few thousand twenty years ago, while there has
claims is constantly on the rise, albeit only slightly.
been over 300,000 in the past few years. Last
Given that claims have risen and premiums have
year, the premiums collected amounted to EUR
fallen, the claims ratio deteriorated again last year.
3.5 m, reflecting a decline of 2.2%. Legal expenses
Despite this, at 13.2%, it continues to be the second
and costs of litigation insurance generated the
best claims ratio among all the insurance classes
entirety of the collected premiums. Six insurance
in 2014.
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
6.00
0.66
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
3,896,501
104.96
233,982
116.19
2011
4,117,375
105.67
253,617
108.39
6.16
0.85
2012
3,705,908
90.01
353,668
139.45
9.54
0.80
2013
3,581,235
96.64
405,645
114.70
11.33
1.00
2014
3,501,958
97.79
463,714
114.32
13.24
0.98
2010
Source: SIA
Breakdown of legal expenses premiums in 2014 (in %)
Legal expenses and costs 100.00
Source: SIA
81
5.1.3.18 Assistance insurance
In the past, assistance insurance recorded the
the rise, the average premium is slowly growing
greatest growth among all insurance classes. The
(EUR 22.9 last year). The number and amount of
market share for this class of insurance is therefore
claims paid has also been growing for the past
growing – from 0.4% in 2005 to 1.1% in 2014.
few years. Compared to 2013, claims paid last year
Seven (years before there were only six) insurance
were up 12.1%. Because the growth in claims has
companies collected a total of EUR 21.7 m in
exceeded the growth in premiums in recent years,
premiums in 2014, a year-on-year decrease of 7.4%.
the claims ratio deteriorated by 2.2 percentage
The vast majority of this amount (77.3% or EUR
points to stand at 52.9% last year. The frequency
16.8 m) was collected on car assistance insurance,
of claims was up 0.6 percentage points to stand
whose share of the total claims is even higher.
at 7%.
Since the number of policies is also constantly on
Year
PREMIUMS
CLAIMS PAID(1)
Claims
ratio
(in %)
Claims
frequency
(in %)
141.48
54.59
5.34
6,968,680
102.11
38.28
4.13
9,261,180
132.90
47.98
5.94
110.72
50.74
6.35
112.05
52.93
7.00
Amount
(in EUR)
Growth
index
Amount
(in EUR)
Growth
index
2010
12,500,986
130.29
6,824,350
2011
18,205,946
145.64
2012
19,302,215
106.02
2013
20,206,985
104.69
10,253,785
2014
21,709,096
107.43
11,489,783
Source: SIA
Breakdown of assistance premiums in 2014 (in %)
Other 5.82
Medical assistance 16.90
Car assistance 77.28
Source: SIA
82
5.1.4 Distribution channels
The choice of sales channels is very important
constant proportion generated by the banking
for any insurance company. In this regard, the
and postal network has risen. Some 5.1% of
policyholder’s satisfaction with the service offered
insurance premium was collected by brokers, the
or performed must be considered, as well as the
share of which has remained constant for several
costs of a certain sales channel. Since both factors
years. Telephone and internet sales have been
differ among countries, various sales channels
fluctuating for years and are gathering pace only
prevail in different countries. While in continental
slowly.
Europe most insurance policies are sold through
insurance agents, sales through insurance brokers
All insurance is sold in a similar manner, usually
prevail in Anglo-Saxon countries. In all countries,
through agents. Both copayment health insurance
insurance brokerage is most developed with
and capital redemption insurance stand out as
respect to nonlife insurance, while banks often act
they are sold mainly over-the-counter. Such sales
as brokers of life-insurance products.
are also an important sales channel for ship casco
and liability insurance. Broker sales represent an
In Slovenia, as a traditional Central-European
important distribution channel in sales of goods in
country, insurance companies usually offer
transit insurance, aircraft liability, general liability
services through their own network of agents,
and miscellaneous financial loss insurance.
while smaller amount represents premiums
collected through direct sales over the counter.
Health insurance accounts for three quarters
Despite rapid technological development, other
of the collected premiums generated through
sales channels are only slowly gathering pace as
counter sales, and also accounts for the majority
their shares have not significantly increased since
in sales made over the telephone and internet.
Slovenia’s independence.
Insurance agents generate nearly one third of the
insurance premium collected from car insurance
Similar to previous years, the insurance agents
products, while brokers generate more than half
of Slovenian insurance companies generated
of the premiums through sales of fire and other
two thirds of the total insurance premiums in
damage to property insurance, and other liability
2014. This proportion is considerably higher in
insurance. The network of banks and post offices
the life insurance segment. Over-the-counter
is mainly used to sell life-insurance, with which it
sales have fallen slightly to one fifth of the total
accounted for 88.2% of premium last year.
premiums collected. In contrast, the small, but
83
Breakdown of premiums by insurance class with regard to distribution channels in 2014 (in %)
Insurance class
TOTAL
Employed
Agents
Counter Telephone,
sales
internet
TOTAL
100
Internal
External
Brokers
Bancassurance
Other
20.92
1.19
35.39
31.85
5.06
4.14
1.44
1.99
NON-LIFE INSURANCE
100
27.13
1.56
34.98
26.77
6.89
0.68
Accident insurance
100
12.57
1.39
41.91
33.84
4.26
4.10
1.93
Health insurance
100
66.70
3.22
3.06
23.30
3.00
0.21
0.50
100
6.05
0.23
52.31
36.27
3.81
0.42
0.91
100
0.00
0.00
99.18
0.00
0.82
0.00
0.00
0.00
Aircraft insurance
100
1.44
4.21
81.20
1.40
11.75
0.00
Ship insurance
100
23.90
0.00
30.87
38.43
6.67
0.00
0.13
100
18.90
0.00
41.89
1.18
38.03
0.00
0.00
100
6.84
0.62
57.25
18.66
15.77
0.82
0.04
100
5.95
0.63
62.44
13.49
16.61
0.87
0.02
100
6.00
0.51
46.62
41.18
3.14
0.48
2.06
100
0.64
2.19
61.51
1.11
34.56
0.00
0.00
100
21.44
0.00
29.60
41.91
6.95
0.05
0.05
100
11.30
2.98
43.36
11.98
30.19
0.20
0.00
Credit insurance
100
0.05
0.01
59.33
0.19
2.37
0.05
37.99
0.00
100
14.68
0.02
79.04
2.00
4.26
0.00
100
17.08
2.09
30.30
16.14
25.26
4.10
5.03
100
2.37
0.06
28.33
55.24
1.36
0.33
12.31
100
6.44
0.96
45.85
44.13
0.91
0.77
0.94
LIFE INSURANCE
100
4.67
0.22
36.45
45.16
0.28
13.22
0.00
Life assurance
100
3.35
0.44
41.38
37.68
0.20
16.96
0.00
100
0.41
0.00
29.14
70.46
0.00
0.00
0.00
100
2.24
0.02
33.42
54.17
0.34
9.81
0.00
-
-
-
-
-
-
-
-
100
63.63
0.01
5.90
22.35
0.57
7.53
0.00
accident or illness
-
-
-
-
-
-
-
-
100
21.09
0.01
72.45
6.45
0.00
0.00
0.00
Copayment health insurance
100
67.14
3.05
3.02
23.58
2.95
0.21
0.04
Supplementary insurance (1)
100
…
…
…
…
…
…
…
Tontine
(1) Only total data is available by one of the members, so the breakdown by distribution channels cannot be made.
Source: SIA
84
5.2 Reinsurance activity
The economic and financial crisis has also had a
compared to 2013. In terms of premiums written,
delayed impact on reinsurance activity. While 8%
fire and natural forces reinsurance comes first
growth was recorded as recently as in 2009, the
(with a share of 41.3%), followed by other damage
industry began stagnating one year later, which
to property reinsurance (19.1% share) and land
has continued until today with minor fluctuations.
motor vehicle reinsurance (11.5% share). It is
Due to a decline in the number of insurance
interesting to note that motor liability insurance
transactions, insurance companies are allocating
was the leading class of reinsurance ten years ago,
increasingly less funds for the reinsurance of their
but today ranks only fourth. The reinsurance of
own risks. Compared to 2013, when the decline
other insurance classes is less significant, as the
in premiums was even more pronounced, last
total share of the eight smallest classes does not
year the two reinsurance companies managed
exceed a low 2%. Life reinsurance is slowly but
to keep the premiums almost at the same
surely climbing the ladder – last year, it rose two
level. The reinsurance premium fell for 1.1% to
places and came ninth.
EUR 236.5 m, which is slightly less than in 2008.
Non-life insurance contributed mostly to this fall,
The volume of claims paid has fluctuated in recent
as its 98.7% share gives it a strong position in the
years. Last year claims paid were nearly 15% down
reinsurance portfolio. The 1.3% drop in non-life
and reached the lowest value in the past seven
reinsurance premiums thus prevailed over the
years, marked by several natural disasters. When
20.6% rise in life reinsurance premiums. The latter
comparing reinsurance claims paid to reinsurance
has been growing since 2007, and its growth is
premiums, it can be seen that the premiums have
surprisingly high considering the decline of life
fallen more slowly; as a result, the claims ratio
insurance policies.
improved by 8.1 percentage points in 2014. The life
reinsurance situation is significantly worse, where
The structure of reinsurance premiums by
claims have more than doubled, as has the claims
insurance class has not changed significantly
ratio.
Reinsurance premiums, benefits and claims paid
Year
Premiums
(in EUR)
Premium
growth index
Insurance
penetration(1)
(in %)
Benefits and
claims paid(2)
(in EUR)
Benefits and
claims paid
growth index
2010
263,029,025
100.74
0.73
139,930,258
81.44
2011
262,282,208
99.72
0.71
126,258,125
90.23
2012
269,180,708
102.63
0.75
131,808,884
104.40
2013
239,147,140
88.84
0.66
141,702,764
107.51
2014
236,521,960
98.90
0.64
120,708,196
85.18
TOTAL
LIFE
2010
793,774
123.39
0.002
179,043
130.43
2011
861,553
108.54
0.002
365,430
204.10
2012
1,693,484
196.56
0.005
276,044
75.54
2013
2,603,206
153.72
0.007
600,854
217.67
2014
3,139,112
120.59
0.008
1,471,150
244.84
2010
262,235,251
100.68
0.72
139,751,215
81.40
2011
261,420,655
99.69
0.71
125,892,695
90.08
2012
267,487,224
102.32
0.74
131,532,840
104.48
2013
236,543,934
88.43
0.65
141,101,910
107.28
2014
233,382,848
98.66
0.63
119,237,046
84.50
NON-LIFE
(1) GDP is taken into consideration in the calculation, in accordance with the revised European methodology (European system of national accounts 2010).
Source: SIA, SORS
85
Reinsurance premiums, benefits and claims paid by insurance class in 2014 (in EUR m)
Legal expenses
Health
Assistance
Railway rolling stock
Liability for ship
Aircraft liability
Suretyship
Aircraft
Credit
Life
Goods in transit
Ship
General liability
Accident
Motor vehicle liability
Land motor vehicle
Other damage to property
Fire and natural forces
0
10
20
30
40
50
60
70
80
90
100
110
EUR m
Premiums
Benefits and claims paid
Source: SIA
86
Reinsurance premiums, benefits and claims paid by insurance class in 2014
Insurance class
PREMIUMS
Amount
(in EUR)
Share in
total
premiums
(in %)
BENEFITS AMD CLAIMS PAID(1)
Growth
index
(2014/2013)
Amount
(in EUR)
Share in
Growth
total benefits
index
and claims paid (2014/2013)
(in %)
Claims
ratio
(in %)
TOTAL
236,521,960
100
98.90
120,708,196
100
85.18
51.03
NON-LIFE INSURANCE
233,382,848
98.67
98.66
119,237,046
98.78
84.50
51.09
11,454,896
4.84
112.45
5,195,776
4.30
95.35
45.36
Accident insurance
Health insurance
69,603
0.03
10.58
784,369
0.65
27,118,496
11.47
100.17
14,875,739
12.32
104.73 1,126.92
92.29
54.85
520,336
0.22
99.34
1,116
0.00
41.15
0.21
Aircraft insurance
1,231,903
0.52
208.26
137,299
0.11
26.31
11.15
Ship insurance
6,373,986
2.69
99.22
4,123,661
3.42
107.80
64.70
5,205,203
2.20
93.91
1,547,175
1.28
68.42
29.72
97,774,859
41.34
95.73
48,948,879
40.55
77.88
50.06
45,229,313
19.12
107.33
23,464,320
19.44
99.94
51.88
11.98
93.95
70.34
100.72
20,552,183
8.69
85.40
14,456,608
639,755
0.27
164.77
644,378
0.53
149.40
576,565
0.24
121.24
150,901
0.13
507.16
26.17
9,690,313
4.10
106.45
2,800,305
2.32
42.29
28.90
Credit insurance
3,136,902
1.33
102.07
902,414
0.75
54.54
28.77
845,891
0.36
89.27
297,018
0.25
215.39
35.11
2,497,364
1.06
92.29
546,092
0.45
45.07
21.87
41,589
0.02
95.86
400
0.00
84.73
0.96
423,691
0.18
91.66
360,596
0.30
97.71
85.11
LIFE INSURANCE
3,139,112
1.33
120.59
1,471,150
1.22
244.84
46.87
Life assurance
2,792,736
1.18
125.27
1,323,722
1.10
286.01
47.40
0
0.00
-
0
0.00
-
42.56
346,376
0.15
92.65
147,428
0.12
106.81
Tontine
0
0.00
-
0
0.00
-
-
0
0.00
-
0
0.00
-
-
accident or illness
0
0.00
-
0
0.00
-
-
0
0.00
-
0
0.00
-
-
Copayment health insurance (3)
0
0.00
-
0
0.00
-
-
Supplementary insurance
0
0.00
-
0
0.00
-
-
(2)
(4)
(2) Included in life insurance group.
(3) Included in health insurance class.
(4) Included in life insurance class.
Source: SIA
87
5.3 Nuclear Insurance and Reinsurance Pool
In 2014 the Nuclear Insurance and Reinsurance
operation and the profitability of various types of
Pool operated in similar economic conditions to
electricity plants.
those of the year before.
Two things should be noted with respect to
The Nuclear Insurance and Reinsurance Pool has
nuclear energy in Slovenia, and will also affect the
operated as a commercial interest association
existence and functioning of the Nuclear Insurance
since 1994. Throughout its existence, it has
and Reinsurance Pool:
brought together the capacities of Slovenia’s
– the prolongation of the useful life of the first
largest insurance and reinsurance companies for
unit of the Krško Nuclear Plant. In this respect,
the purpose of insuring nuclear risks in Slovenia; it
a significant agreement was reached in 2014 as
has also participated in the reinsurance of facilities
all formal procedures (which had been pending
located in other countries.
for several years) were concluded to prolong the
useful life of the first unit of the Krško Nuclear
The Nuclear Insurance and Reinsurance Pool was
Plant for a further 20 years (i.e. until 2043);
primarily established in order to insure property
– construction of the second unit of the Krško
and liabilities in relation to the operation of the
Nuclear Plant, which has been discussed for
sole nuclear power plant located in Slovenia. The
several years, although efforts did not intensify
written premiums associated with this account
in 2014.
for around half of all the Nuclear Insurance and
Reinsurance Pool written insurance premiums;
In both international and national circles,
the other half comes from foreign reinsurance
intensive discussions on the implementation
transactions. The insurance premiums relate to
of the revised Paris Convention on Third Party
fire insurance, machinery breakdown insurance
Liability in the Field of Nuclear Energy which has
and liability insurance.
also been ratified by Slovenia took place. The
ratification of this revised convention would
As a result of political and economic events (the
significantly affect the functioning of the Nuclear
crisis in Russia, the Ukraine, the Islamic State,
Insurance and Reinsurance Pool, as it would
changes to aggregate demand), 2014 witnessed
result in significantly higher insured amounts and
major shifts in the various energy markets,
additional risks insured. Despite the expectations
especially those of crude oil and natural gas. These
that the revised convention would come into force
extraordinary events also affected electricity, as
in 2014, this did not happen.
electricity prices were fairly low, which affects the
88
•
The exceptional importance of forests for
mitigating the effects of climate change in
Europe is underscored by the ratio between the
carbon contained in trees and soil and annual
emissions, which is approximately 22:1 in
Europe as a whole, approximately 10:1 in
highly industrialised Germany, and a full
35:1 in highly forested Slovenia.
International position of the
Slovenian insurance industry
6.
According to the IE, Slovenia ranked 24th in Europe
insurance companies operated on the European
in 2013 for the total number of insurance premiums
insurance market (totalling 5,347), they employed
collected. Given that the European insurance market
5.1% fewer people. Following an increase in the total
is the largest insurance market in the world, the
insurance premiums collected, their amount per
above information demonstrates the importance
capita rose by EUR 40 in the IE members, amounting
of the Slovenian insurance industry's contribution
to an average of EUR 1,882.7. The amount per capita
on the international stage. Insurance premiums
also increased in life insurance to EUR 1,123.6,
collected in 32 European countries were up 1.4%
whereas non-life insurance density remained
year on year, or EUR 1,116.9 bn of premiums. The
unchanged at EUR 759.1. A positive growth in the
countries with the strongest insurance industries
European insurance industry is also evident by its
– the United Kingdom, France, Germany, Italy and
share of GDP, which increased by 0.1 of a percentage
the Netherlands –managed to overcome the latest
point to 7.7%.
global economic crisis relatively quickly, having
again recorded several years of economic growth.
In Slovenia, however, most of the indicators are
Along with Slovenia, only nine countries recorded
still negative, resulting in a decline of Slovenia’s
negative annual growth of premiums – ten countries
share in the European insurance market. In 2013,
less than in 2012. When comparing the insurance
SIA members, excluding the branches of foreign
segments in certain European countries, Switzerland
insurance companies, accounted for 0.3% of all
stands out with an insurance density three times
insurance companies in Europe and generated
higher than the European average and six times
only 0.2% of all European insurance premiums, or
higher than in Slovenia.
0.01 of a percentage point less than a decade ago.
The average collected premiums of an insurance
In the year under consideration, the life
company in Slovenia approached by 10 percentage
insurance group, which was still affected by poor
points the European level, exceeding by only
macroeconomic circumstances, held a 60% share
33.8% the level in Slovenia. The average number of
in Europe or EUR 666.6 bn. The non-life insurance
insurance company employees in Slovenia has been
group collected EUR 450.3 bn, with the largest
growing for quite some now, and is increasingly
amount recorded in motor vehicle insurance (28.8%
surpassing the European level (by as much as 146.7%
or EUR 129.5 bn), followed by health insurance
in 2013). The level of premiums per capita is falling
(25.8% or EUR 116 bn) and property insurance (20% or
in Slovenia, but still achieves half the insurance
EUR 89.9 bn). The four largest European insurance
density in Europe. The development of life insurance
markets held a 70% market share in the life insurance
is considerably higher in Europe, as can be seen in
segment and a 63.8% market share in non-life
the much higher insurance density and penetration.
insurance segment. In comparison with 2012, the
Slovenia's non-life insurance penetration of 3.9% is
amount of all claims paid fell by 1% to EUR 952.4 bn.
better, exceeding that of Europe for a quarter.
In 2013, despite a 9% increase in the number of
90
Insurance business in Europe in 2013 and in Slovenia in 2013 and 2014(1)
Indicators
Europe
2013
Slovenia
2013
Slovenia
2014
Share of
Slovenia 2013
(in %)
Number of insurance companies
5,347
14
14
0.26
Number of insurance employees
924,146
5,970
5,929
0.65
246.73
Average number of insurance employees per company
173
426
424
1,116,883
1,937
1,896
0.17
Life premiums (in EUR m)
666,580
535
517
0.08
Non-life premiums (in EUR m)
Total premiums (in EUR m)
450,303
1,402
1,379
0.31
Total premiums per capita (in EUR m)
1,883
941
920
49.98
Life premiums per capita (in EUR m)
23.13
1,124
260
251
Non-life premiums per capita (in EUR m)
759
681
669
89.74
Share of total premiums in GDP (in %)
7.68
5.36
5.09
69.83
Share of life premiums in GDP (in %)
4.58
1.48
1.39
32.31
Share of non-life premiums in GDP (in %)
3.09
3.88
3.70
125.37
Total benefits and claims paid (in EUR m)
952,357
1,350
1,312
0.14
Life benefits paid (in EUR m)
625,762
388
379
0.06
Non-life claims paid (in EUR m)
326,595
962
934
0.29
(1) Data from members of IE and SIA without branches.
Source: IE, SIA, SORS
Insurance business in selected countries in 2013(1)
Country
Number of
insurance
companies
Number of
insurance
employees
PREMIUMS
TOTAL
(in EUR m)
Life
(in EUR m)
Share of life
(in %)
Non-life Share of non-life
(in EUR m)
(in %)
Switzerland
147
47,832
47,946
26,609
55.50
21,338
44.50
Netherlands
189
52,000
75,455
18,269
24.21
57,186
75.79
Denmark
138
17,367
23,606
16,877
71.50
6,729
28.50
Sweden
329
20,710
28,534
22,769
79.80
5,765
20.20
France
395
147,100
188,200
118,700
63.07
69,500
36.93
Belgium
146
23,662
27,789
16,545
59.54
11,244
40.46
Germany
560
212,700
187,309
90,829
48.49
96,480
51.51
Italy
225
47,936
118,787
85,100
71.64
33,687
28.36
Austria
69
26,124
16,616
6,499
39.11
10,117
60.89
Europe
5,347
924,146
1,116,883
666,580
59.68
450,303
40.32
Portugal
Spain
77
11,135
13,105
9,247
70.56
3,858
29.44
264
46,485
55,225
25,859
46.82
29,366
53.18
Slovenia (2013)
14
5,970
1,937
535
27.62
1,402
72.38
Slovenia (2014)
14
5,929
1,896
517
27.27
1,379
72.73
Cyprus
34
1,706
768
319
41.59
448
58.41
Greece
66
8,000
3,781
1,675
44.30
2,106
55.70
Croatia
26
11,533
1,190
333
27.96
857
72.04
46.59
Hungary
30
20,361
2,727
1,457
53.41
1,271
Turkey
68
18,153
8,183
1,147
14.01
7,037
85.99
Romania
38
12,299
1,817
366
20.12
1,452
79.88
(1) The figures do not include branches.
Source: IE, SIA
91
Insurance business in selected countries in 2013(1)
Country
BENEFITS AND CLAIMS PAID
INSURANCE DENSITY
Insurance
penetration
(in %)
Claims
ratio
(in %)
2,654
9.29
74.93
TOTAL
(in EUR m)
Life
(in EUR m)
Non-life
(in EUR m)
TOTAL
(in EUR)
Life
(in EUR)
Non-life
(in EUR)
Switzerland
35,925
22,496
13,429
5,964
3,310
Netherlands
73,951
23,842
50,109
4,497
1,089
3,408
11.74
98.01
Denmark
19,912
15,007
4,906
4,213
3,012
1,201
9.33
84.35
Sweden
14,719
8,631
6,088
2,986
2,383
603
6.54
51.59
156,507
108,007
48,500
2,870
1,810
1,060
8.90
83.16
Belgium
France
24,440
17,961
6,479
2,490
1,482
1,007
7.03
87.95
Germany
153,310
79,401
73,909
2,284
1,107
1,176
6.67
81.85
Italy
90,823
66,582
24,241
1,990
1,426
564
7.38
76.46
Austria
12,974
6,343
6,631
1,966
769
1,197
5.15
78.08
Europe
952,357
625,762
326,595
1,883
1,124
759
Portugal
12,533
9,177
3,356
1,250
882
368
Spain
(2)
85.27
7.74
95.64
7.68
44,608
23,815
20,793
1,182
553
628
5.26
80.78
Slovenia (2013)
1,350
388
962
941
260
681
5.36
69.71
Slovenia (2014)
69.21
1,312
379
934
920
251
669
5.09
Cyprus
572
399
173
886
369
518
4.24
74.53
Greece
2,642
1,750
892
342
151
190
2.07
69.88
Croatia
614
205
409
279
78
201
2.73
51.56
Hungary
1,857
1,243
614
275
147
128
2.71
68.08
Turkey
3,989
693
3,296
108
15
93
1.32(2)
48.74
Romania
1,017
73
943
91
18
73
1.26
55.94
(1) The figures do not include branches.
(2) The revised European methodology (European system of national accounts 2010) was not yet taken into consideration in the calculation.
Source: Eurostat, IE, SIA, SORS
Growth in premiums in selected countries in 2013 (in %)
Portugal
20.11
Italy
12.99
Denmark
12.57
Romania
11.76
Sweden
8.26
Hungary
3.83
France
3.76
Germany
3.15
Austria
1.99
Switzerland
1.51
Europe
1.35
Turkey
0.47
Netherlands
0.41
Croatia
-0.49
Spain
-2.45
Slovenia
-4.06
Cyprus
-8.19
Greece
-12.48
Belgium
Source: IE, SIA
-14.25
-20
-15
-10
-5
0
5
10
15
20
25
%
92
Growth in insurance density and penetration in selected countries in 2013 (in %)
24.38
Turkey
-0.40
20.74
Portugal
19.41
13.46
Romania
3.64
12.44
Italy
13.39
12.09
Denmark
11.61
10.92
Sweden
5.04
5.87
Hungary
1.93
3.31
France
2.65
2.91
Germany
0.96
2.14
Switzerland
1.93
2.04
Europe
0.62
1.44
Austria
0.29
0.80
Croatia
0.36
0.11
Netherlands
0.07
-2.25
Spain
-1.90
-4.19
Slovenia
-4.43
-8.62
Cyprus
-1.65
-11.91
Greece
Belgium
-6.84
-14.77
-15.78
-20
-15
-10
-5
0
5
10
15
20
25
30
%
Insurance density 2013/2012
Insurance penetration 2013/2012
Source: Eurostat, IE, SIA, SORS
93
Premiums per insurance company in selected countries in 2013 (in EUR m)
Italy
528
France
476
Netherlands
399
Germany
334
Switzerland
326
Austria
241
Spain
209
Europe
209
Belgium
190
Denmark
171
Portugal
170
Slovenia
138
Turkey
120
Hungary
91
Sweden
87
Greece
57
Romania
48
Croatia
46
Cyprus
23
0
Source: IE, SIA
50
100
150
200
250
300
350
400
450
500
550
EUR m
Premiums per insurance employee in selected countries in 2013 (in EUR)
Italy
2,478,033
Netherlands
1,451,058
Sweden
1,377,802
Denmark
1,359,243
France
1,279,402
Europe
1,208,556
Spain
1,188,018
Portugal
1,176,920
Belgium
1,174,415
Switzerland
1,002,392
Germany
880,625
Austria
636,043
Greece
472,625
Turkey
450,802
Cyprus
449,883
Slovenia
324,456
Romania
147,750
Hungary
133,954
Croatia
Source: IE, SIA
103,187
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
EUR
94
Worldwide insurance premiums (in EUR bn)
Year
TOTAL
Europe
Asia
North
America
Other
2010
3,219.4
1,191.3
872.1
956.9
199.0
2011
3,522.8
1,257.7
986.0
1,040.0
239.1
TOTAL
2012
3,487.4
1,167.5
1,010.7
1,059.9
249.2
2013
3,330.9
1,174.8
907.8
1,002.6
245.6
2014
3,935.6
1,398.2
1,085.2
1,157.9
294.3
2010
1,883.5
717.1
646.7
417.2
102.5
2011
2,024.1
727.9
713.1
460.6
122.4
2012
1,989.5
668.0
723.7
471.1
126.7
LIFE
2013
1,845.4
677.1
620.2
425.0
123.2
2014
2,186.4
825.9
735.0
478.0
147.6
NON-LIFE
2010
1,335.9
474.2
225.4
539.8
96.5
2011
1,498.7
529.9
272.8
579.3
116.7
2012
1,497.9
499.5
287.0
588.8
122.5
2013
1,485.5
497.7
287.7
577.6
122.5
2014
1,749.2
572.3
350.3
679.9
146.8
Source: BS, Swiss Re
95
•
The largest-diameter tree in Slovenia is the
Najev lime (actually a small-leaved lime)
with a trunk diameter of 1,080 cm at chest
height, and a height of 24 m .
Chronological overview of insurance
activities in Slovenian ethnic
territory
7.
I. Period up to 1918
Precursors to insurance companies (maritime loans, brotherhoods, guilds)
1291
14 c.
th
Piran
Maritime loans entered in notary records in Piran
Trieste
Brotherhood of St. Nicholas founded
1370
Furriers’ guild founded; one of the first whose statute prescribed the members’ obligation of mutual assistance
1452
Slovenian Brotherhood of St. Hieronymus founded (reciprocity of members determined in statute)
Ljubljana
Udine
Founding of the first insurance companies
Trieste
1766
First insurance company founded on Slovenian ethnic territory under the Austro-Hungarian Empire – Compagnia di assicurazione
1776
First initiative to establish an insurance company in Ljubljana
Ljubljana
Ljubljana
1812
Founding of an insurance company for navigation on the Sava river
1829
Founding of Imperial-Royal privileged insurance company for fire damage in Styria, Carinthia and Carniola
1853
Carniolan agriculture association proposes founding of insurance company for compulsory insurance against fire and other accidents
1871
Initiative to establish Danica reinsurance company in Celje
1871
Founding of the first general insurance bank Slovenija (first modern Slovenian insurance company based in Ljubljana)
1889
1898–1910
1900
Graz
Ljubljana
Celje
Ljubljana
Trieste
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 areas
Ljubljana
Founding of Mutual Insurance Company for fire damage and damage to the church bells in Ljubljana
II. Period of Yugoslavia (from 1918 to 1990)
Kingdom of Serbs, Croats and Slovenes, and Kingdom of Yugoslavia (1918–1945)
1922
Founding of Slavija, Yugoslav insurance bank in Ljubljana
1927
Founding of People’s Self-Assistance in Maribor
1932
Founding of the Society of St. Florian insurance cooperative against fire damage
1939
Founding of Drava commercial insurance company
Ljubljana
Maribor
Ljubljana
Maribor
DFRY, FPRY, SFR YUGOSLAVIA (1945–1990)
1946
State Institute of Insurance and Reinsurance renamed State Insurance Institute
1956
Founding of Fund for Mutual Assistance of Independent Tradesmen of Slovenia (renamed Fund for Craftsmen and Entrepreneurs (Sklad
Belgrade
obrtnikov in podjetnikov) in 2000)
Ljubljana
1961
Founding of several municipal insurance companies and Insurance Community of Slovenia
Ljubljana
1967
Merger of all Slovenian insurance companies, except Maribor Insurance Company, into Sava Insurance Company
Ljubljana
1977
Merger of insurance companies Sava and Maribor into Triglav Insurance Community
Ljubljana
1976
Founding of Sava Reinsurance Community
Ljubljana
1990
Transformation of Triglav Insurance Community and some of its regional units into joint-stock insurance companies – Zavarovalnica
Triglav, d. d., Zavarovalnica Maribor, d. d., Adriatic, zavarovalna družba d. d. and Zavarovalnica Tilia, d. d.
Ljubljana
1990
Transformation of Sava Reinsurance Community into Sava Reinsurance Company d. d.
Ljubljana
1990
Transformation of organisational unit of Dunav Insurance Community in Ljubljana into Ljubljanska zavarovalnica, d. d.
Ljubljana
97
III. Period of independent Slovenia (since 1991)
1991
Founding of Prima, zavarovalna družba, d. d. (renamed GRAWE Zavarovalnica, d. d., in 2001)
1991
Founding of Zavarovalnica Mercator, d. d. (renamed Krekova zavarovalnica, d. d., in 1999; dissolved in 2006)
Maribor
Ljubljana
1991
Founding of Pozavarovalnica Inter, d. d. (dissolved in 2001)
1992
Founding of Slovenian Insurance Bureau (renamed SIA in 1997)
Ljubljana
1992
Founding of Merkur zavarovalnica, d. d.
Ljubljana
1992
Transformation of organisational unit of Zavarovalnica Croatia in Ljubljana into Slovenica, zavarovalniška hiša d. d.
Ljubljana
1992
Founding of Slovenska izvozna družba, d. d.
Ljubljana
1994
Founding of Concordia, pokojninska zavarovalnica, d. d. (renamed Triglav, Health insurance company, Ltd, in 2002)
Ljubljana
1994
Founding of Slovenian Nuclear Insurance and Reinsurance Pool
Ljubljana
1994
Founding of Office of Insurance Supervision (renamed ISA in 2000)
Ljubljana
1996
Founding of Capital Fund for Supplementary Pension and Disability Insurance (renamed Kapitalska družba pokojninskega in invalidskega
Ljubljana
Maribor
zavarovanja, d. d., in 2000)
1997
Founding of GENERALI zavarovalnica, d. d.
Ljubljana
1998
Founding of the Supplementary Pension and Disability Insurance Fund (merged with the Capital Fund for Supplementary Pension and
Ljubljana
Disability Insurance in 2000)
1998
Founding of Pozavarovalnica Triglav Re, d. d.
Ljubljana
1999
Founding of Vzajemna Mutual Health Insurance Company, d. v. z.
Ljubljana
2003
Founding of NLB Vita življenjska zavarovalnica d. d.
Ljubljana
2004
Founding of ARAG, zavarovanje pravne zaščite, d. d. (transformed into ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia in 2012)
Ljubljana
2004
Founding of Wiener Städtische zavarovalnica, Branch Office Ljubljana
Ljubljana
2004
Founding of SID – First Credit Insurance Company Inc.
Ljubljana
2004
Founding of Slovenica, Življenje, d. d. (renamed KD Življenje, zavarovalnica, d. d., in 2007)
Ljubljana
2005
Founding of Victoria-Volksbanken zavarovalniška delniška družba, Slovenia branch (renamed ERGO zavarovalnica, podružnica v Sloveniji
Maribor
in 2012)
2005
Merger of Adriatic, zavarovalna družba d. d. and Slovenica, zavarovalniška hiša d. d. into Adriatic Slovenica, Zavarovalna družba d. d.
2007
Founding of Allianz Hungaria Zrt., Ljubljana branch (renamed Allianz Insurance Company, Branch Office Ljubljana in 2013)
Ljubljana
2007
Founding of PRVA, personal insurance company Plc
Ljubljana
2008
Koper
Founding of ERGO zavarovalnica, d. d. (renamed ERGO Življenjska zavarovalnica d. d. in 2012)
Ljubljana
2011
Founding of Modra zavarovalnica, d. d.
Ljubljana
2012
Founding of Porsche Versicherungs AG, podružnica v Sloveniji
Ljubljana
2013
Merger of KD Življenje, zavarovalnica, d. d., with Adriatic Slovenica, Zavarovalna družba d. d.
2014
Founding of Agro Zavarovalnica, podružnica v Sloveniji
2015
Founding of CDA 40 zavarovalnica, d. d.
Koper
Ljubljana
Koper
98
Literature and data sources
1. Bank of Slovenia
2. Insurance Europe
3. Insurance Supervision Agency
4. Ljubljanska borza vrednostnih papirjev, d. d.
5. Official Gazette of the Republic of Slovenia (various numbers)
6. Slovenian Insurance Association
7. Statistical Office of the European Union
8. Statistical Office of the Republic of Slovenia
9. Swiss Re Ltd
10. Škufca, F.: Zavarovalstvo na Slovenskem [Insurance in Slovenia]. Ljubljana: SIA, 2003
List of photos
The United Nations Educational, Scientific and Cultural Organization (UNESCO) proclaimed 2015 as the
International Year of Light. Light plays an important role in our lives. It gives life through photosynthesis,
a process which enables forests to perform an increasingly vital task for humanity: generating oxygen
from carbon dioxide. Forests retain rainwater, protect the soil from erosion and prevent landslides. They
influence temperature and atmospheric humidity. Forests are also the source of one of the world's most
important raw materials and, at the same time, are home to many species of plant and animal. It is for
this reason, therefore, that forests – our most precious asset – are the focus of this issue of the Statistical
Insurance Bulletin.
Rainbow skies above the
Autumn colours, Rožnik in
In pristine forest, Kočevski rog
forest, Blegoš
Ljubljana
Author: Maruša Račić
Source text: Vladimir Vilman, IN SILVA
Source text: Staša Tome, SKRIVNOSTI
SALUS, REŠITEV JE V GOZDU [THE
GOZDA [SECRETS OF THE FOREST],
SOLUTION IS IN THE FOREST], Bistra
Slovenian Museum of Natural History
pri Vrhniki, Technical Museum of
Slovenia, 2013
Slovenia, 2013
99
Symbiosis between tree
Fallen leaves, Polhov Gradec
Among the tree canopies,
species, Rakitna
Ribnica
Slovenia, 2013
Slovenia, 2013
Slovenia, 2013
Fallen trees caused by an ice
Forest in the autumn fog, Stari
Najevnik lime tree, Ludranski
storm, Rožnik in Ljubljana
vrh nad Škofjo Loko
Vrh above Črna na Koroškem
Author: Tomo Jeseničnik
Source text: Statistical Office of
Source text: Niko Torelli, Director of
Source text: Staša Tome, SKRIVNOSTI
the Republic of Slovenia, http://
the Slovenian Forestry Institute, http://
GOZDA [SECRETS OF THE FOREST],
www.stat.si/StatWeb/prikazi-
www.gibanje.org/?id=2775
Slovenian Museum of Natural History
novico?id=5197&naslov=Tedenslovenskih-gozdov
100
SLOVENIAN INSURANCE ASSOCIATION
Železna cesta 14, PO Box 2512
SI-1000 LJUBLJANA
Telephone: (+386) 1 473 56 99
Fax: (+386) 1 473 56 92
Website: www.zav-zdruzenje.si
E-mail: info@zav-zdruzenje.si

STATISTICAL INSURANCE BULLETIN 2015

Transcription

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