(MENAFNEditorial)
Both life and non-life insurance in Slovakia are expected to show growth throughout the forecast period to 2018 though gains will be marginally more positive in the life sector. The market is highly competitive and generally dominated by local subsidiaries of multinational insurance firms. As such there is little scope for substantial expansion of the market at present.
Slovakia's economic outlook is more positive than many of its peers despite its vulnerability to a decline in the wider eurozone as the potential decrease in export demand should be offset by increased domestic consumer demand driven by higher wages and rising private financial consumption. It is this economic growth which is expected to lend weight to growth forecasts of around 5% per year for gross life insurance premiums (in euro terms) with most growth centred on investment products such as later in life savings. Smaller growth has also been seen in whole life products.
Growth is expected to be slower in the non-life sector. As exports contract we will see only limited growth in transport insurance and motor vehicle insurance premiums are expected to show the lowest growth of all. This is due primarily to intense competition in the market driving down premiums as auto sales are increasing. Health insurance which is compulsory is expected to show growth throughout the forecast period however uncertainty remains surrounding government plans to nationalise existing private health insurers in order to create a unitary health insurance provider. The biggest gains in non-life will be seen in credit and financial guarantee insurance - while still small premiums are expected to grow by around 8% per year throughout the forecast period.
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Overall Slovakia's insurance sector is unlikely to see any dramatic expansion in the near future. Competition in many sectors of the market is intense keeping premiums low and the dominance of many multinational insurers mean there is little...
The Slovakia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.
BMI's Slovakia Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Slovak insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Slovakia to test other views - a key input for successful budgeting and strategic business planning in Slovakia's insurance market.
* Target business opportunities and risks in Slovakia through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
Regional Outlook
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn) growth (% y-o-y) penetration (% of GDP) density (US$ per capita) for Life and Non-Life sectors and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor fire work).
Non-life: Data on gross written premiums for all major life segments (e.g. life retirement).
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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