Property and Casualty Insurance Market in Slovenia - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Property and casualty insurance market in Slovenia. The market is segmented by Insurance type (Home, Motor, and Others) by Distribution Channel (Direct, Agency, Banks, and Others)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2021
CAGR: <7 %

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Market Overview

  • The Property and casualty insurance market in Slovenia is estimated to grow at a CAGR of approximately 7% during the forecast period.
  • Key macroeconomic indicators improved in 2018, thereby affecting the insurance industry positively. The 5.1% share of insurance premiums in GDP (Gross domestic product) maintains insurance as one of the major industries. The amount of the overall insurance premiums rose by 7.4% or 161.8 million euros, the highest since 2008. Both insurance groups had growth, the larger life insurance market. 
  • In 2018, the Slovenian population spent an average of EUR 1,132.7 on insurance for property and life, the highest ever. In 2018, Insurance penetration in Slovenia is 5.1%, Non-Life insurance penetration hold the highest penetration in the market (3.54%) and Life insurance penetration is at 1.56%. In 2018, Non-Life Insurance hold 69.39% share in the market, Non-Life insurance market recorded a growth rate of 6.47%, Non-Life insurance premium was at EUR 1,624.40 million.

 

Scope of the Report

This report aims to provide a detailed analysis of the Property and casualty insurance market in Slovenia. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property and casualty insurance market in Slovenia

By Insurance type
Home
Motor
Others
By Distribution Channel
Direct
Agency
Banks
Others

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Key Market Trends

Increase in Non-Life insurance density in the country:

Insurance density is used as an indicator for the development of insurance within a country, Non-Life insurance density is soaring year on year. The insurance industry is industry able to make substantial financial contributions to a national economy. It contributes to the formation of national revenue by creating added value through compensation and its role as an institutional investor. As a country develops and its gross domestic product rises, insurance demand increases considerably as the macro-economic focus starts to shift or deviate from its earlier incarnation. As a result of this kind of transition, in a developing country, the amount of disposable income is often increasing. When income increases so do the rate of consumption and the degree of affluence, this can have a direct effect on population growth, density and urbanization; this, in turn, has resulting socio-cultural consequences and an enhanced sense of risk aversion.

Land Motor vehicle insurance share is highest in the Non-Life segment:

At the end of 2018, the insurance of land motor vehicles was contracted by nine insurance companies in Slovenia, which together generated EUR 284.2 million in premiums. It is the second-largest insurance class in the non-life insurance group on the Slovenian insurance market (the largest is still health insurance). With its positive growth trend, its importance is increasing especially at the expense of the decline in the volume of AO (Car Insurance) insurance, which exceeded last year for the fifth consecutive year. Its total insurance portfolio of SIA (Slovenia Insurance Association) members was 12.1% last year, the highest share in the last two decades. The number of motor insured motor vehicles is unknown, as more than one vehicle can be insured with one insurance policy. In addition, some insurance companies include partial-term insurance in the number of insureds, The average annual increase in the number of AK (Motor Vehicles) policies taken out over the ten-year period amounts to 1.3%, which is only 0.1 of a percentage point higher than the average increase in the number of claims of these policies. The loss rate dropped by 0.3 of percentage points last year but was still below the 10-year average of 25.4% from 23.7%.

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Competitive Landscape

The report covers the major players operating in the Property and casualty insurance market in Slovenia. The market is Consolidated, the market is expected to grow in the forecast period due to an increase in the number of motor vehicle insurance, which has the highest share in non-life and other few factors.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Insurance type

      1. 5.1.1 Home

      2. 5.1.2 Motor

      3. 5.1.3 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agency

      3. 5.2.3 Banks

      4. 5.2.4 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Mergers & Acquisitions

    3. 6.3 Company Profiles

      1. 6.3.1 Zavarovalnica Sava, d.d.

      2. 6.3.2 VZAJEMNA d.v.z.

      3. 6.3.3 ZAVAROVALNICA TRIGLAV, d.d.

      4. 6.3.4 Grawe

      5. 6.3.5 GENERALI d.d.

      6. 6.3.6 NLB Vita d.d. Ljubljana

      7. 6.3.7 MERKUR ZAVAROVALNICA d.d.

      8. 6.3.8 Wiener Städtische Insurance Company

      9. 6.3.9 ERGO Insurance Company

      10. 6.3.10 Allianz Insurance Company

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Property and Casualty Insurance Market market is studied from 2016 - 2026.

The Property and Casualty Insurance Market is growing at a CAGR of <7% over the next 5 years.

Zavarovalnica Sava, d.d., VZAJEMNA d.v.z., ZAVAROVALNICA TRIGLAV, d.d., GENERALI d.d., NLB Vita d.d. Ljubljana are the major companies operating in Property and Casualty Insurance Market.

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