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: [email protected] 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 STATISTICAL INSURANCE BULLETIN 2015 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. ISSN 2386-0766 Denis Stroligo, Merkur zavarovalnica, d. d. 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 1. Slovenian economy in 2014 12 5.1.3.3 Land motor vehicle insurance 67 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 Goods in transit insurance 71 Adriatic Slovenica, Zavarovalna družba d. d. 23 5.1.3.8 Fire and natural forces insurance 72 Allianz Insurance Company, Branch Office Ljubljana24 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 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 taking the pension insurance marketed by non-SIA 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 complete and reliable because they were processed last. c. century 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.
STATISTICAL INSURANCE BULLETIN 2015 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 2004 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 1,023,300,031 161,8 27,691 861,472,340 2008 2,018,959,895 642,652,700 1,376,307,195 1,204,208,190 17 7,5 8 9,378 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 9 97,2 0 8,8 6 6 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) BENEFITS AND CLAIMS PAID (in EUR) TOTAL Life 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 1,693,484 267,4 87,2 24 131,808,884 276,044 131,532,840 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
STATISTICAL INSURANCE BULLETIN 2015 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 37.4 4 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 97.7 7 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 Non-life 2004 54.94 25.33 55.13 108.06 96.77 108.14 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 83.07 117.25 102.77 117.3 0 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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 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%.
STATISTICAL INSURANCE BULLETIN 2015 13 Selected macroeconomic indicators
2010 2011 2012 2013 2014 Population(1) 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 1,9 67,4 43 1,969,941 1,9 67,43 6 1,964,477 Foreign citizens 82,316 82,746 85,555 91,385 96,608 Labour force(2) 935,543 934,659 920,184 913,424 917,9 01 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 Registered unemployment rate (in %) 10.74 11.84 11.99 13.13 13.09 GDP(3) (in EUR m) 36,219.6 36,868.4 36,006.0 36,144.0 37,24 6.4 GDP annual growth index (in %) 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 2 3,3 07.5 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 Average monthly gross earnings (in EUR) 1,494.88 1,524.65 1,525.47 1,523.18 1,540.25 Average monthly net earnings (in EUR) 966.62 987.39 991.44 9 97.01 1,005.41 Government deficit (in EUR m) -2,044.2 -2,451.3 -1,444.6 -5,379.7 -1,819.3 Government deficit share in GDP (in %) -5.6 -6.6 -4.0 -14.9 -4.9 Government debt (in EUR m) 13,839.9 17,133.9 19,336.4 25,427.1 30,132.6 Government debt share in GDP (in %) 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 23,0 97.4 Imports of goods (in EUR m) 19,266.9 21,692.3 21,159.7 21,250.9 21,745.3 Exports as a percentage of imports (in %) 96.65 96.99 100.42 102.06 106.22 Industrial production index 107.13 101.30 98.89 99.06 102.02(5)
(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
STATISTICAL INSURANCE BULLETIN 2015 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.
STATISTICAL INSURANCE BULLETIN 2015 16 Organisational chart – graphic presentation of the SIA’s organisation (as at 22 June 2015)
ASSEMBLY
COUNCIL
DIRECTOR
General and (1) Insurance (1) Organisational Affairs Arbitration Court (1) Mediation Centre and Accounting Ombudsman Department
Green Card Bureau Guarantee Fund Compensation Body Information Centre
Green Card Bureau Guarantee Fund Write- Expert Committee Off Commission
Compliance Committee
Legal Section
Motor Insurance Property Insurance, Statistics and Analysis Legal Affairs and Training Department Department Personal Insurance Department Department
Motor Insurance Property Insurance Bulletin Editorial Training Committee Committee Life and Accident Committee Committee Insurance Committee
Transport and Credit Liability Insurance Editorial Committee Steering Committee of Insurance Committee Voluntary Health Commission of Magazine the Slovenian Insurance Committee “Zavarovalniški Insurance Days horizonti” Property Claims IT Committee Voluntary Pension Commission Examination Insurance Committee Risk Management Committee Committee Insurance Fraud Burglary and Fire Prevention Commission Money Laundering Insurance Consumer Awareness Prevention Commission Commission Accounting and Tax and Public Relations Affairs Commission Committee Insurance Legal Affairs Commission Natural Disasters Commission Actuarial Section
SIA information system Supervision Commission Agricultural Insurance Section Financial Section
Internal Audit Section
(1) SIA provides only work assets.
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 19 Number of insurance companies with regard to various criteria
2010 2011 2012 2013 2014 ACTIVE COMPANIES IN THE INSURANCE MARKET Insurance companies with their head office in Slovenia 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 TOTAL 26 26 27 26 27 Of which SIA members 21 21 21 20 20 Foreign insurance companies, authorised to directly perform operations 547 610 632 664 692 Of which the active insurance companies … 110 117 102 … SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA By legislation Operate under the insurance act 17 18 18 17 17 Do not operate under the insurance act 2 1 1 1 1 By portfolio Composite 9 9 9 9 9 Life 5 5 5 4 4 Non-life 5 5 5 5 5 By organisational form Joint-stock companies 17 17 17 16 16 Of which with the majority share of foreign capital 9 9 9 9 9 Mutual companies 1 1 1 1 1 Other 1 1 1 1 1
Source: ISA, SIA SIA members with regard to type of company and their written premiums in 2014 (in EUR)
TOTAL Life Non-life COMPOSITE INSURANCE COMPANIES: Adriatic Slovenica, Zavarovalna družba d. d. 297,477,0 63 53,753,315 243,723,748 ERGO zavarovalnica, podružnica v Sloveniji 6,994,192 1,980,302 5,013,890 GENERALI zavarovalnica, d. d. 87,767,26 4 24,571,086 63,196,178 GRAWE Zavarovalnica, d. d. 32,446,567 19,606,779 12,839,788 Merkur zavarovalnica, d. d. 45,199,438 37,554,539 7,644,899 Wiener Städtische zavarovalnica, Branch Office Ljubljana 25,702,984 16,707,228 8,995,756 Zavarovalnica Maribor, d. d. 249,981,546 74,429,840 175,551,706 Zavarovalnica Tilia, d. d. 83,716,117 8,402,690 75,313,427 Zavarovalnica Triglav, d. d. 591,166,708 173,829,628 417,337,0 8 0 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 1,5 67,05 7 NON-LIFE INSURANCE COMPANIES: Allianz Insurance Company, Branch Office Ljubljana 7,0 9 6,4 42 0 7,0 9 6,4 42 ARAG SE - Zavarovalnica pravne zaščite branch in Slovenia 1,762,172 0 1,762,172 SID – First Credit Insurance Company Inc. 16,712,025 0 16,712,025 Triglav, Health insurance company, Ltd 107,3 67,952 0 107,3 67,952 Vzajemna Mutual Health Insurance Company, d. v. z. 258,066,417 0 258,066,417 OTHER COMPANIES: Sklad obrtnikov in podjetnikov 3,319,662 3,319,662 0 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
STATISTICAL INSURANCE BULLETIN 2015 20 Market share of SIA members with regard to collected premiums in 2014 (in %)
TOTAL Life Non-life INSURANCE – TOTAL 100 100 100 Zavarovalnica Triglav, d. d. 30.51 32.47 29.76 Adriatic Slovenica, Zavarovalna družba d. d. 15.35 10.04 17.3 8 Vzajemna Mutual Health Insurance Company, d. v. z. 13.32 - 18.40 Zavarovalnica Maribor, d. d. 12.90 13.90 12.52 Triglav, Health insurance company, Ltd 5.54 - 7.6 6 GENERALI zavarovalnica, d. d. 4.53 4.59 4.51 Zavarovalnica Tilia, d. d. 4.32 1.57 5.37 Modra zavarovalnica, d. d. 3.30 11.94 0.00 NLB Vita življenjska zavarovalnica d. d. 2.85 10.00 0.11 Merkur zavarovalnica, d. d. 2.33 7.01 0.55 GRAWE Zavarovalnica, d. d. 1.67 3.66 0.92 Wiener Städtische zavarovalnica, Branch Office Ljubljana 1.33 3.12 0.64 SID – First Credit Insurance Company Inc. 0.86 - 1.19 Allianz Insurance Company, Branch Office Ljubljana 0.37 - 0.51 ERGO zavarovalnica, podružnica v Sloveniji 0.36 0.37 0.36 ERGO Življenjska zavarovalnica d. d. 0.19 0.70 - Sklad obrtnikov in podjetnikov 0.17 0.62 - ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 0.09 - 0.13 REINSURANCE – TOTAL 100 100 100 Sava Reinsurance Company d. d. 55.52 87.39 55.09 Pozavarovalnica Trigav Re, d. d. 44.48 12.61 44.91
Source: SIA
Premium growth index of SIA members in 2014
TOTAL Life Non-life INSURANCE Sklad obrtnikov in podjetnikov 130.11 130.11 - NLB Vita življenjska zavarovalnica d. d. 125.00 125.75 103.81 Allianz Insurance Company, Branch Office Ljubljana 124.20 - 124.20 Wiener Städtische zavarovalnica, Branch Office Ljubljana 105.18 105.31 104.94 Triglav, Health insurance company, Ltd 103.19 - 103.19 GENERALI zavarovalnica, d. d. 103.04 108.16 101.18 GRAWE Zavarovalnica, d. d. 99.74 102.35 96.01 Zavarovalnica Maribor, d. d. 99.20 98.58 99.46 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 99.06 - 99.06 Insurance – TOTAL 97.98 96.82 98.43 Zavarovalnica Triglav, d. d. 97.91 97.0 0 98.29 Merkur zavarovalnica, d. d. 97.45 96.40 102.98 Zavarovalnica Tilia, d. d. 97.17 90.48 97.98 Adriatic Slovenica, Zavarovalna družba d. d. 97.16 94.58 97.75 Vzajemna Mutual Health Insurance Company, d. v. z. 96.66 - 96.66 SID – First Credit Insurance Company Inc. 86.13 - 86.13 ERGO zavarovalnica, podružnica v Sloveniji 85.83 93.57 83.12 Modra zavarovalnica, d. d. 77.19 7 7.19 99.07 ERGO Življenjska zavarovalnica d. d. 69.23 69.23 - REINSURANCE Pozavarovalnica Trigav Re, d. d. 100.17 99.97 100.18 Reinsurance – TOTAL 98.90 120.59 98.66 Sava Reinsurance Company d. d. 97.91 124.28 97.4 6
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 21 SIA members with regard to life premiums (excluding VSPI) in 2014
VSPI Life premiums Market share Growth index of (in EUR) without VSPI with regard to life premiums (in EUR) life premiums without VSPI without VSPI (2014/2013) (in %) TOTAL 61,538,784 473,822,335 100 101.16 Zavarovalnica Triglav, d. d. 14,281,171 159,548,457 33.67 96.99 Zavarovalnica Maribor, d. d. 0 74,429,840 15.71 98.58 NLB Vita življenjska zavarovalnica d. d. 0 53,557,341 11.30 125.75 Adriatic Slovenica, Zavarovalna družba d. d. 870,294 52,883,021 11.16 94.13 Merkur zavarovalnica, d. d. 0 37,554,539 7.93 96.40 GENERALI zavarovalnica, d. d. 3,188,092 21,382,994 4.51 108.50 Modra zavarovalnica, d. d. 43,199,227 20,719,735 4.37 124.92 GRAWE Zavarovalnica, d. d. 0 19,606,779 4.14 102.35 Wiener Städtische zavarovalnica, Branch Office Ljubljana 0 16,707,228 3.53 105.31 Zavarovalnica Tilia, d. d. 0 8,402,690 1.77 90.48 ERGO Življenjska zavarovalnica d. d. 0 3,729,747 0.79 69.23 Sklad obrtnikov in podjetnikov 0 3,319,662 0.70 130.11 ERGO zavarovalnica, podružnica v Sloveniji 0 1,980,302 0.42 93.57
Source: SIA
Operating efficiency of SIA members in 2014
Number Premiums Premiums per of employees per employee employee growth (as at 31 December) (in EUR) index (2014/2013) INSURANCE NLB Vita življenjska zavarovalnica d. d. 41 1,344,498 121.95 Triglav, Health insurance company, Ltd 84 1,278,190 99.51 Modra zavarovalnica, d. d. 54 1,183,795 78.62 Vzajemna Mutual Health Insurance Company, d. v. z. 287 899,186 99.35 Wiener Städtische zavarovalnica, Branch Office Ljubljana 29 886,310 105.18 Allianz Insurance Company, Branch Office Ljubljana 13 545,880 114.65 Insurance – TOTAL 6,058 319,834 98.32 Zavarovalnica Maribor, d. d. 814 3 07,103 105.54 Adriatic Slovenica, Zavarovalna družba d. d. 1,027 289,656 99.34 Merkur zavarovalnica, d. d. 166 272,286 92.76 Zavarovalnica Triglav, d. d. 2,365 249,965 98.24 SID – First Credit Insurance Company Inc. 71 235,381 82.49 GENERALI zavarovalnica, d. d. 396 221,635 98.10 Zavarovalnica Tilia, d. d. 386 216,881 96.16 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 10 176,217 99.06 GRAWE Zavarovalnica, d. d. 186 174,444 94.91 ERGO Življenjska zavarovalnica d. d. 23 162,163 54.18 Sklad obrtnikov in podjetnikov 29 114,471 134.59 ERGO zavarovalnica, podružnica v Sloveniji 77 90,834 64.65 REINSURANCE Pozavarovalnica Trigav Re, d. d. 45 2,337,749 93.50 Reinsurance – TOTAL 134 1,765,089 85.62 Sava Reinsurance Company d. d. 89 1,475,542 81.41
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 22 Adriatic Slovenica, Zavarovalna družba d. d.
Address: Ljubljanska cesta 3a, SI-6503 Koper Website: www.as.si, www.as-skupina.si E-mail: [email protected] 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
Other damage to property 4.09 Life 18.07
Fire and natural forces 5.31
Other 3.09
Land motor vehicle 11.61 Accident 5.34
Health 36.37
STATISTICAL INSURANCE BULLETIN 2015 23 Allianz Insurance Company, Branch Office Ljubljana
Address: Dunajska cesta 167, SI-1000 Ljubljana Website: www.allianz.si E-mail: [email protected] Telephone: (+386) 1 58 09 480 Fax: (+386) 1 58 09 481 Tax number: 64656187 Identification form: 2345722
Director of the branch: Number of all-level business units: Mateja GERONI 1
Type of company: Number of top-level business units: non-life insurance company 1 head office
Organisational form: Share of foreign capital (31 December 2014): branch of EU insurance company 100%
Date of registration: Biggest shareholders and their shares: 22 November 2007 Allianz Hungária Biztósitó Zártkörüen Müködő Részvénytársaság, Budapest 100% Number of employees (31 December 2014): 13 Gross written premiums 2014: EUR 7,096,442
Breakdown of total insurance premiums in 2014 (in %)
General liability 53.92
Miscellaneous financial loss 2.83 Other 1.89
Fire and natural forces 20.66
Other damage to property 20.69
STATISTICAL INSURANCE BULLETIN 2015 24 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Address: Železna cesta 14, SI-1000 Ljubljana Website: www.arag.si E-mail: [email protected] Telephone: (+386) 1 23 64 181 Fax: (+386) 1 43 64 391 Tax number: 60153555 Identification form: 6186238
Director of the branch: Number of all-level business units: Marko VONČINA 1
Type of company: Number of top-level business units: legal protection insurance company 1 head office
Organisational form: Share of foreign capital (31 December 2014): branch of EU insurance company 100%
Date of registration: Biggest shareholders and their shares: 4 July 2012 ARAG SE, Düsseldorf 100%
Number of employees (31 December 2014): Gross written premiums 2014: 10 EUR 1,762,172
Breakdown of total insurance premiums in 2014 (in %)
Legal expenses 100.00
STATISTICAL INSURANCE BULLETIN 2015 25 ERGO zavarovalnica, podružnica v Sloveniji
Address: Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče Website: www.ergo.si E-mail: [email protected] Telephone: (+386) 1 60 05 800 Fax: (+386) 1 60 05 806 Tax number: 81287763 Identification form: 2118629
Director of the branch: Number of all-level business units: Andrej KOCIČ, MSc 1
Type of company: Number of top-level business units: composite insurance company 1 head office
Organisational form: Share of foreign capital (31 December 2014): branch of EU insurance company 100%
Date of registration: Biggest shareholders and their shares: 25 May 2005 ERGO Austria International AG, Vienna 100%
Number of employees (31 December 2014): Gross written premiums 2014: 77 EUR 6,994,192
Breakdown of total insurance premiums in 2014 (in %)
Life 28.31
Motor vehicle liability 23.34
Other 3.19
Accident 9.68
Other damage to property 6.81
Land motor vehicle 28.66
STATISTICAL INSURANCE BULLETIN 2015 26 ERGO Življenjska zavarovalnica d. d.
Address: Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče Website: www.ergo.si E-mail: [email protected] Telephone: (+386) 1 60 05 040 Fax: (+386) 1 60 05 039 Tax number: 33416133 Identification form:3356493
Chairman of the supervisory board: Number of employees (31 December 2014): Harald LONDER 23
Chairman of the board of management: Number of all-level business units: Andrej KOCIČ, MSc 1
Member of the board of management: Number of top-level business units: Borut ERŽEN, PhD 1 head office
Type of company: Share of foreign capital (31 December 2014): life insurance company 100%
Organisational form: Biggest shareholders and their shares: joint-stock company ERGO Austria International AG, Vienna 100%
Date of registration: Gross written premiums 2014: 1 July 2008 EUR 3,729,747
Breakdown of total insurance premiums in 2014 (in %)
Life 100.00
STATISTICAL INSURANCE BULLETIN 2015 27 GENERALI zavarovalnica, d. d.
Address: Kržičeva ulica 3, SI-1000 Ljubljana Website: www.generali.si E-mail: [email protected] Telephone: (+386) 1 47 57 100 Fax: (+386) 1 47 57 103 Tax number: 88725324 Identification form: 5186684
Chairman of the supervisory board: Number of employees (31 December 2014): Carlo SCHIAVETTO 396
Chairman of the board of management: Number of all-level business units: Vanja HROVAT 9
Member of the board of management: Number of top-level business units: Gregor PILGRAM 1 head office
Type of company: Share of foreign capital (31 December 2014): composite insurance company 100%
Organisational form: Biggest shareholders and their shares: joint-stock company Generali CEE Holding B.V., Prague 99.9%
Date of registration: Gross written premiums 2014: 18 March 1997 EUR 87,767,264
Breakdown of total insurance premiums in 2014 (in %)
Other 1.16 Accident 7.67
Land motor vehicle 17.71 Life 28.00
Assistance 1.28 Fire and natural forces 12.06 General liability 3.55
Other damage to property 8.04 Motor vehicle liability 20.53
STATISTICAL INSURANCE BULLETIN 2015 28 GRAWE Zavarovalnica, d. d.
Address: Gregorčičeva ulica 39, SI-2000 Maribor Website: www.grawe.si E-mail: [email protected] Telephone: (+386) 2 22 85 500 Fax: (+386) 2 22 85 526 Tax number: 59896469 Identification form: 5450900
Chairman of the supervisory board: Number of employees (31 December 2014): Othmar EDERER, PhD 186
Chairman of the board of management: Number of all-level business units: Božo EMERŠIČ, MSc, MBA 15
Members of the board of management: Number of top-level business units: Simon HUSAR 1 branch office Marko MIKIĆ Helga RUDORFER, MSc Share of foreign capital (31 December 2014): 100% Type of company: composite insurance company Biggest shareholders and their shares: Grazer Wechselseitige Versicherung AG, Graz 100% Organisational form: joint-stock company Gross written premiums 2014: EUR 32,446,567 Date of registration: 23 January 1991
Breakdown of total insurance premiums in 2014 (in %)
Other 0.75 Accident 9.60
Land motor vehicle 5.21
Fire and natural forces 3.18
Other damage to property 11.97
Life 60.43
Motor vehicle liability 7.27
General liability 1.60
STATISTICAL INSURANCE BULLETIN 2015 29 Merkur zavarovalnica, d. d.
Address: Dunajska cesta 58, SI-1000 Ljubljana Website: www.merkur-zav.si E-mail: [email protected] Telephone: (+386) 1 30 05 450 Fax: (+386) 1 43 61 092 Tax number: 74079778 Identification form: 5648246
Chairman of the supervisory board: Number of employees (31 December 2014): Christian KLADIVA 166
Chairman of the board of management: Number of all-level business units: Denis STROLIGO 2
Members of the board of management: Number of top-level business units: Andrea RAUSCHER, MSc 1 branch office Terence J. TAYLOR, MSc Share of foreign capital (31 December 2014): Type of company: 100% composite insurance company Biggest shareholders and their shares: Organisational form: Merkur International Holding AG, Graz 100% joint-stock company Gross written premiums 2014: Date of registration: EUR 45,199,438 18 November 1992
Breakdown of total insurance premiums in 2014 (in %)
Life 83.09
Other 1.30
Accident 11.70
Fire and natural forces 1.69 Other damage to property 2.22
STATISTICAL INSURANCE BULLETIN 2015 30 Modra zavarovalnica, d. d.
Address: Dunajska cesta 119, SI-1000 Ljubljana Website: www.modra-zavarovalnica.si E-mail: [email protected] Telephone: (+386) 1 47 46 800 Fax: (+386) 1 47 46 754 Tax number: 21026912 Identification form: 6031226
Chairman of the supervisory board: Number of employees (31 December 2014): Branimir ŠTRUKELJ 54
Chairman of the board of management: Number of all-level business units: Borut JAMNIK 1
Member of the board of management: Number of top-level business units: Matija DEBELAK, MSc 1 head office
Type of company: Share of foreign capital (31 December 2014): pension insurance company 0%
Organisational form: Biggest shareholders and their shares: joint-stock company Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., Ljubljana 100% Date of registration: 3 October 2011 Gross written premiums 2014: EUR 63,924,928
Breakdown of total insurance premiums in 2014 (in %)
Life 99.99 Accident 0.01
STATISTICAL INSURANCE BULLETIN 2015 31 NLB Vita življenjska zavarovalnica d. d.
Address: Trg republike 3, SI-1520 Ljubljana Website: www.nlbvita.si E-mail: [email protected] Telephone: (+386) 1 47 65 800 Fax: (+386) 1 47 65 818 Tax number: 70292825 Identification form:1834665
Chairman of the supervisory board: Number of employees (31 December 2014): Johan B. P. DAEMEN 41
Chairman of the board of management: Number of all-level business units: Barbara SMOLNIKAR, MSc 1
Member of the board of management: Number of top-level business units: Irena PRELOG, MSc 1 head office
Type of company: Share of foreign capital (31 December 2014): life insurance company 50%
Organisational form: Biggest shareholders and their shares: joint-stock company KBC Insurance NV, Leuven 50% Nova Ljubljanska banka, d. d., Ljubljana 50% Date of registration: 4 June 2003 Gross written premiums 2014: EUR 55,124,398
Breakdown of total insurance premiums in 2014 (in %)
Life 97.16 Accident 2.83 Health 0.01
STATISTICAL INSURANCE BULLETIN 2015 32 Pozavarovalnica Trigav Re, d. d.
Address: Miklošičeva cesta 19, SI-1000 Ljubljana Website: www.triglavre.si E-mail: [email protected] Telephone: (+386) 1 47 47 900 Fax: (+386) 1 43 31 419 Tax number: 16465423 Identification form: 1362992
Chairman of the supervisory board: Number of employees (31 December 2014): Andrej SLAPAR 45
Chairman of the board of management: Number of all-level business units: Gregor STRAŽAR, MSc 1
Members of the board of management: Number of top-level business units: Tomaž ROTAR 1 head office Stanislav VRTUNSKI Share of foreign capital (31 December 2014): Type of company: 0% reinsurance company Biggest shareholders and their shares: Organisational form: Zavarovalnica Triglav, d. d., Ljubljana 100% joint-stock company Gross written premiums 2014: Date of registration: EUR 105,198,716 31 December 1998
Breakdown of total reinsurance premiums in 2014 (in %)
Other damage to property 21.47 Motor vehicle liability 7.81
General liability 4.02 Credit 2.62 Miscellaneous financial loss 1.82 Other 3.62
Accident 3.94
Land motor vehicle 10.21 Fire and natural forces 40.60 Ship 2.27 Goods in transit 1.62
STATISTICAL INSURANCE BULLETIN 2015 33 Sava Reinsurance Company d. d.
Address: Dunajska cesta 56, SI-1000 Ljubljana Website: www.sava-re.si E-mail: [email protected] Telephone: (+386) 1 47 50 200 Fax: (+386) 1 47 50 264 Tax number: 17986141 Identification form: 5063825
Chairman of the supervisory board: Number of employees (31 December 2014): Branko TOMAŽIČ 89
Chairman of the board of management: Number of all-level business units: Zvonko IVANUŠIČ, MSc 1
Members of the board of management: Number of top-level business units: Srečko ČEBRON 1 head office Jošt DOLNIČAR Mateja TREVEN, MSc Share of foreign capital (31 December 2014): 29.6% Type of company: reinsurance company Biggest shareholders and their shares: Slovenian Sovereign Holding, d. d., Ljubljana 25.0% Organisational form: Societe Generale – Splitska banka, d. d., Split 9.9% joint-stock company European Bank for Reconstruction and Development, London 6.2% Date of registration: Raiffeisen Bank Austria, d. d., Vienna 4.4% 28 December 1990 Modra zavarovalnica, d. d., Ljubljana 4.1%
Gross written premiums 2014: EUR 131,323,244
Breakdown of total reinsurance premiums in 2014 (in %)
Other damage to property 17.25
Motor vehicle liability 9.39
General liability 4.16 Life 2.09 Other 1.44
Accident 5.56 Fire and natural forces 41.93
Land motor vehicle 12.47
Ship 3.04 Goods in transit 2.67
STATISTICAL INSURANCE BULLETIN 2015 34 SID – First Credit Insurance Company Inc.
Address: Davčna ulica 1, SI-1000 Ljubljana Website: www.sid-pkz.si E-mail: [email protected] Telephone: (+386) 1 20 05 800, 20 05 810 Fax: (+386) 1 42 58 445 Tax number: 71824847 Identification form: 1903209
Chairman of the supervisory board: Number of employees (31 December 2014): Jožef BRADEŠKO 71
Chairman of the board of management: Number of all-level business units: Ladislav ARTNIK 1
Members of the board of management: Number of top-level business units: Barbara KUNC 1 head office Igor PIRNAT, MSc Share of foreign capital (31 December 2014): Type of company: 0% credit insurance company Biggest shareholders and their shares: Organisational form: SID – Slovenska izvozna in razvojna banka, d. d., joint-stock company Ljubljana 100%
Date of registration: Gross written premiums 2014: 31 December 2004 EUR 16,712,025
Breakdown of total insurance premiums in 2014 (in %)
Credit 100.00
STATISTICAL INSURANCE BULLETIN 2015 35 Sklad obrtnikov in podjetnikov
Address: Vošnjakova ulica 6, SI-1000 Ljubljana Website: www.sop.si E-mail: [email protected] Telephone: (+386) 1 30 03 611 Fax: (+386) 1 43 18 303 Tax number: 39155790 Identification form: 5147344
Chairman of the supervisory board: Number of employees (31 December 2014): Jaka VADNJAL, PhD 29
Chairman of the board of management: Number of all-level business units: Bojan JEAN, MSc 1
Member of the board of management: Number of top-level business units: Božidar MAROT, MSc 1 head office
Type of company: Share of foreign capital (31 December 2014): pension fund 0%
Organisational form: Biggest shareholders and their shares: mutual company not a joint-stock company
Date of registration: Gross written premiums 2014: 23 August 1956 EUR 3,319,662
Breakdown of total insurance premiums in 2014 (in %)
Life 100.00
STATISTICAL INSURANCE BULLETIN 2015 36 Triglav, Health insurance company, Ltd
Address: Pristaniška ulica 10, SI-6000 Koper Website: www.zdravstvena.net E-mail: [email protected] Telephone: (+386) 5 66 22 000 Fax: (+386) 5 66 22 002 Tax number: 50250957 Identification form: 5848091
Chairman of the supervisory board: Number of employees (31 December 2014): Tadej ČOROLI 84
Chairman of the board of management: Number of all-level business units: Meta BERK SKOK, MSc 14
Member of the board of management: Number of top-level business units: Simon VIDMAR, MSc 2 branch offices (central office in Koper, central office in Ljubljana) Type of company: health insurance copmany Share of foreign capital (31 December 2014): 0% Organisational form: joint-stock company Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100% Date of registration: 18 November 2002 Gross written premiums 2014: EUR 107,367,952
Breakdown of total insurance premiums in 2014 (in %)
Health 99.79 Accident 0.21
STATISTICAL INSURANCE BULLETIN 2015 37 Vzajemna Mutual Health Insurance Company, d. v. z.
Address: Vošnjakova ulica 2, SI-1000 Ljubljana Website: www.vzajemna.si E-mail: [email protected] Telephone: (+386) 1 47 18 700 Fax: (+386) 1 47 18 850 Tax number: 87984385 Identification form: 1430521
Chairman of the supervisory board: Number of employees (31 December 2014): Aleksandra PODGORNIK, MSc 287
Chairman of the board of management: Number of all-level business units: Aleš MIKELN, MBA 50
Members of the board of management: Number of top-level business units: Neven CVITANOVIĆ, MSc 1 head office + 8 branch offices Katja JELERČIČ, MSc Share of foreign capital (31 December 2014): Type of company: 0% health insurance copmany Biggest shareholders and their shares: Organisational form: not a joint-stock company mutual company Gross written premiums 2014: Date of registration: EUR 258,066,417 1 November 1999
Breakdown of total insurance premiums in 2014 (in %)
Health 99.00 Accident 1.00
STATISTICAL INSURANCE BULLETIN 2015 38 Wiener Städtische zavarovalnica, Branch Office Ljubljana
Address: Masarykova cesta 14, SI-1000 Ljubljana Website: www.wienerstaedtische.si E-mail: [email protected] Telephone: (+386) 1 30 01 700 Fax: (+386) 1 30 01 709 Tax number: 35452846 Identification form:1983652
Directors of the branch: Number of all-level business units: Tomo MRĐEN, MSc 2 Michael KÖPF Number of top-level business units: Type of company: 1 head office composite insurance company Share of foreign capital (31 December 2014): Organisational form: 100% branch of EU insurance company Biggest shareholders and their shares: Date of registration: Wiener Städtische Versicherung AG Vienna Insurance 24 August 2004 Group, Vienna 100%
Number of employees (31 December 2014): Gross written premiums 2014: 29 EUR 25,702,984
Breakdown of total insurance premiums in 2014 (in %)
Other 0.01 Life 65.00 Accident 2.36
Fire and natural forces 7.01
Other damage to property 10.54
General liability 13.26 Miscellaneous financial loss 1.83
STATISTICAL INSURANCE BULLETIN 2015 39 Zavarovalnica Maribor, d. d.
Address: Cankarjeva ulica 3, SI-2507 Maribor Website: www.ZavarovalnicaMaribor.si E-mail: [email protected] Telephone: (+386) 2 23 32 100 Fax: (+386) 2 23 32 530 Tax number: 44814631 Identification form: 5063400
Chairman of the supervisory board: Number of employees (31 December 2014): Jošt DOLNIČAR 814
Chairman of the board of management: Number of all-level business units: David KASTELIC, Msc 384
Members of the board of management: Number of top-level business units: Borut CELCER, MSc 9 branch offices Rok MOLJK Robert CIGLARIČ Share of foreign capital (31 December 2014): 0% Type of company: composite insurance company Biggest shareholders and their shares: Sava Reinsurance Company d. d., Ljubljana 100% Organisational form: joint-stock company Gross written premiums 2014: EUR 249,981,546 Date of registration: 26 December 1990
Breakdown of total insurance premiums in 2014 (in %)
Other 2.39 Accident 7.47
Life 29.77 Land motor vehicle 20.61
Fire and natural forces 8.60 Assistance 2.44
General liability 4.20 Other damage to property 5.99
Motor vehicle liability 18.52
STATISTICAL INSURANCE BULLETIN 2015 40 Zavarovalnica Tilia, d. d.
Address: Seidlova cesta 5, SI-8000 Novo mesto Website: www.zav-tilia.si E-mail: [email protected] Telephone: (+386) 7 39 17 200 Fax: (+386) 7 39 17 310 Tax number: 40090043 Identification form: 5063426
Chairman of the supervisory board: Number of employees (31 December 2014): Zvonko IVANUŠIČ, MSc 386
Chairman of the board of management: Number of all-level business units: Andrej KAVŠEK 39
Members of the board of management: Number of top-level business units: Tadej AVSEC, MSc 13 representative offices Jaka DOLENC Share of foreign capital (31 December 2014): Type of company: 0% composite insurance company Biggest shareholders and their shares: Organisational form: Sava Reinsurance Company d. d., Ljubljana 100% joint-stock company Gross written premiums 2014: Date of registration: EUR 83,716,117 20 December 1990
Breakdown of total insurance premiums in 2014 (in %)
Motor vehicle liability 27.15 General liability 4.38 Assistance 1.88
Life 10.04
Other damage to property 7.26 Other 1.15
Accident 10.07 Fire and natural forces 8.65
Land motor vehicle 29.42
STATISTICAL INSURANCE BULLETIN 2015 41 Zavarovalnica Triglav, d. d.
Address: Miklošičeva cesta 19, SI-1000 Ljubljana Website: www.triglav.eu E-mail: [email protected] Telephone: (+386) 1 47 47 200 Fax: (+386) 1 43 26 302 Tax number: 80040306 Identification form: 5063345
Chairman of the supervisory board: Number of all-level business units: Matej RUNJAK 140
Chairman of the board of management: Number of top-level business units: Andrej SLAPAR 12 regional offices
Members of the board of management: Share of foreign capital (31 December 2014): Benjamin JOŠAR 17.56% Uroš IVANC Tadej ČOROLI Biggest shareholders and their shares: Marica MAKOTER Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Ljubljana 34.47% Type of company: Slovenska odškodninska družba, d. d., Ljubljana composite insurance company 28.09% Hypo Alpe-Adria-Bank, d. d., Zagreb 6.04% Organisational form: Skandinaviska Enskilda Banken S.A., Luxembourg joint-stock company 2.04% Hrvatska poštanska banka, d. d., Zagreb 1.53% Date of registration: 28 December 1990 Gross written premiums 2014: EUR 591,166,708 Number of employees (31 December 2014): 2,365
Breakdown of total insurance premiums in 2014 (in %)
Life 29.40
Other 2.42 Assistance 1.24 Accident 5.16 Credit 3.92
General liability 4.89
Land motor vehicle 16.39
Motor vehicle liability 15.94
Fire and natural forces 9.07 Other damage to property 11.57
STATISTICAL INSURANCE BULLETIN 2015 42 •
Mature deciduous trees can have up to 700,000 leaves, which on average amount to 850 m². Employees in 2014 4.
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.
STATISTICAL INSURANCE BULLETIN 2015 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 Number of employees by level of formal education(1) (2) 1–3 Primary and lower 42 18 24 311 203 108 102.25 4 Secondary 276 182 94 5 General upper secondary, secondary vocational-technical, 2,566 1,064 1,502 2,495 1,054 1,441 97.2 3 secondary technical or other vocational education 6/1 Higher education programme (until 1994) and higher 832 350 482 vocational education programme
6/2 Specialisation following a short-cycle higher education 863 359 504 210.20 programme and professional higher education, and professional 982 349 633 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 2,103 809 1,294 1,210 499 711 57.5 4 master’s degree (Bologna second-cycle programme)(3) 8/1 Specialisation following academic degree and master of 224 106 118 209 100 109 93.30 science study programme 8/2 Doctorate of science and doctorate of science (Bologna 12 9 3 12 10 2 100.00 third-cycle programme) Number of employees by business function Sales employees 3,218 1,520 1,698 2,700 1,380 1,320 83.90 Employees on counter sales 303 35 268 299 40 259 98.68 Employees on telephone, internet sales 54 5 49 58 9 49 107.41 Internal agents 1,640 1,046 594 1,623 1,046 577 98.96 Other sales employees not indicated above 1,221 434 787 720 285 435 58.97 Other employees 2,861 1,030 1,831 3,358 1,182 2,176 117.37 Number of employees in terms of working time Full working time 5,792 2,484 3,308 5,722 2,476 3,246 98.79 Part working time 287 66 221 336 86 250 117.07 Number of employees by type of employment contract 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 Employee turnover Number of new employees 625 … … 622 … … 99.52 Number of employees who left the company 560 … … 658 … … 117.5 0 Gross employee turnover rate (in %) 19.70 … … 21.26 … … 107.87 Net employee turnover rate (in %) 1.08 … … -0.60 … … -55.31 Absenteeism Total number of working hours of all employees 12,078,951 … … 12,042,733 … … 99.70 Overall share of absenteeism at company level (in %) 3.62 … … 3.72 … … 102.87 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
STATISTICAL INSURANCE BULLETIN 2015 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 Number of employees by level of formal education(1) (2) 1–3 Primary and lower 0 0 0 0 0 0 - 4 Secondary 9 2 7 5 General upper secondary, secondary vocational-technical, 27 3 24 14 1 13 51.85 secondary technical or other vocational education 6/1 Higher education programme (until 1994) and higher 5 4 1 vocational education programme
6/2 Specialisation following a short-cycle higher education 4 3 1 375.00 programme and professional higher education, and professional 10 0 10 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 64 24 40 69 28 41 107.81 master’s degree (Bologna second-cycle programme)(3) 8/1 Specialisation following academic degree and master of 20 11 9 25 12 13 125.00 science study programme 8/2 Doctorate of science and doctorate of science (Bologna 1 1 0 2 1 1 200.00 third-cycle programme) Number of employees in terms of working time Full working time 103 37 66 117 44 73 113.59 Part working time 13 5 8 17 4 13 130.77 Number of employees by type of employment contract Permanent 112 40 72 129 46 83 115.18 Fixed-term 4 2 2 5 2 3 125.00 Employee turnover Number of new employees 7 … … 19 … … 271.43 Number of employees who left the company 6 … … 1 … … 16.67 Gross employee turnover rate (in %) 11.21 … … 16.00 … … 142.77 Net employee turnover rate (in %) 0.86 … … 14.40 … … 1,670.40 Absenteeism Total number of working hours of all employees 224,416 … … 243,336 … … 108.43 Overall share of absenteeism at company level (in %) 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
(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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 49 Insurance premiums, benefits and claims paid
Year Premiums Premium growth Insurance Benefits and Benefits and (in EUR) index penetration(1) claims paid(2) claims paid (in %) (in EUR) 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 1,97 7,5 45,4 8 8 96.27 5.47 1,360,861,970 98.02 2014 1,937,555,622 97.98 5.20 1,326,061,109 97.4 4 LIFE 2010 656,013,340 104.11 1.81 245,624,195 130.31 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 97.5 6 NON-LIFE 2010 1,438,329,461 99.69 3.97 9 97,2 0 8,8 6 6 94.84 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 97.7 7 3.94 969,147,315 101.50 2014 1,402,194,503 98.43 3.76 943,921,508 97.4 0
(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
68.68 70.81 70.94 72.04 72.37 80
70
60
50
40
30
20
Non-life 31.32 29.19 29.06 27.96 27.63 10
Life 0
Source: SIA 2010 2011 2012 2013 2014
STATISTICAL INSURANCE BULLETIN 2015 50 Insurance premiums, benefits and claims paid by insurance class in 2014
Insurance class PREMIUMS BENEFITS AMD CLAIMS PAID(1) Claims ratio Amount Share in Growth Amount Share in total Growth (in %) (in EUR) total index (in EUR) benefits and index premiums (2014/2013) claims paid (2014/2013) (in %) (in %) TOTAL 1,937,555,622 100 97.98 1,326,061,109 100 97.4 4 68.44 NON-LIFE INSURANCE 1,402,194,503 72.37 98.43 943,921,508 71.18 97.4 0 67.32 Accident insurance 94,286,851 4.87 97.9 9 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 Railway rolling stock insurance 2,357,261 0.12 97.91 2,668,384 0.20 93.97 113.20 Aircraft insurance 725,501 0.04 86.38 78,760 0.01 19.51 10.86 Ship insurance 1,151,048 0.06 93.77 1,940,066 0.15 148.36 168.55 Goods in transit insurance 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 61,8 47,18 8 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 6,527,504 0.34 105.29 3,439,376 0.26 134.18 52.69 insurance Legal expenses insurance 3,501,958 0.18 97.79 463,714 0.03 114.32 13.24 Assistance insurance 21,709,096 1.12 107.43 11,489,783 0.87 112.05 52.93 LIFE INSURANCE 535,361,119 27.63 96.82 382,139,601 28.82 97.5 6 71.38 Life assurance 261,047,188 13.47 105.16 207,385,362 15.64 99.64 79.44
Marriage assurance, birth assurance 351,953 0.02 88.21 820,693 0.06 116.27 233.18 Unit-linked life insurance 2 5 7,474,3 6 4 13.29 89.21 163,385,814 12.32 101.41 63.46 Tontine 0 0.00 - 0 0.00 - - Capital redemption insurance 16,487,614 0.85 105.01 10,5 47,732 0.80 48.47 63.97 Insurance of income loss due to 0 0.00 - 0 0.00 - - accident or illness Pension insurance under ZPIZ-1(2) 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 Supplementary insurance(4) 53,000,931 2.74 103.06 18,727,467 1.41 98.95 35.33
(1) Assessment costs excluded. (2) Included in life insurance group. (3) Included in health insurance class. (4) Included in life insurance class.
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
Miscellaneous financial loss
Goods in transit
Assistance
Credit
General liability
Accident
Fire and natural forces
Other damage to property
Motor vehicle liability
Land motor vehicle
Health
Life
0 50 100 150 200 250 300 350 400 450 500 550 EUR m
Premiums
Benefits and claims paid
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 52 Personal insurance(1)
Year Premiums Premium growth Benefits and Benefits and Claims ratio (in EUR) index claims paid(2) claims paid (in %) (in EUR) growth index 2010 1,172,690,495 101.53 651,247,248 113.84 55.53 2011 1,131,489,734 96.49 75 7,8 6 8,132 116.37 66.98 2012 1,166,897,360 103.13 869,049,728 114.67 74.48 2013 1,131,137,028 96.94 841,520,931 96.83 74.40 2014 1,101,326,482 97.3 6 818,5 47,674 97.27 74.32
(1) Life, health and accident insurance included. (2) Assessment costs excluded.
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 8 49,7 27,0 87 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 85 7,2 2 8,8 49
(1) Assessment costs excluded.
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 1,9 97,59 0 775.52 232.70 542.82 106.50 108.52 105.66 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 2,025,866 996.59 317.2 2 679.37 105.78 104.67 106.31 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
STATISTICAL INSURANCE BULLETIN 2015 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 and by SIA members in 2014 ffice Ljubljana ffice Ljubljana
Insurance types by class ealth Insurance Company, z. d. v. aribor, d. d. utual H ealth insurance company, Ltd ita življenjska zavarovalnica d. d. zavarovalnica, podružnica Sloveniji v G SE – Zavarovalnica pravne zaščite branch in Slovenia GO GO Življenjska zavarovalnica d. d. odra zavarovalnica, d. d. D – First Credit Insurance Company Inc. ENERALI zavarovalnica, d. d. RAWE Zavarovalnica, d. d. zajemna M Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch O ARA ER ER G G d. d. zavarovalnica, M erkur M NLB V SI obrtnikovSklad podjetnikov in Triglav, H V Wiener Städtische zavarovalnica, Branch O Zavarovalnica M Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d.
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 • • • • •
STATISTICAL INSURANCE BULLETIN 2015 54 ffice Ljubljana ffice Ljubljana
Insurance types by class ealth Insurance Company, z. d. v. aribor, d. d. utual H ealth insurance company, Ltd ita življenjska zavarovalnica d. d. zavarovalnica, podružnica Sloveniji v G SE – Zavarovalnica pravne zaščite branch in Slovenia GO GO Življenjska zavarovalnica d. d. odra zavarovalnica, d. d. D – First Credit Insurance Company Inc. ENERALI zavarovalnica, d. d. RAWE Zavarovalnica, d. d. zajemna M Sklad obrtnikovSklad podjetnikov in Triglav, H V Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch O ARA ER ER G G d. d. zavarovalnica, M erkur M NLB V SI Wiener Städtische zavarovalnica, Branch O Zavarovalnica M Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d. 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 • •
STATISTICAL INSURANCE BULLETIN 2015 55 ffice Ljubljana ffice Ljubljana
Insurance types by class ealth Insurance Company, z. d. v. aribor, d. d. utual H ealth insurance company, Ltd ita življenjska zavarovalnica d. d. zavarovalnica, podružnica Sloveniji v G SE – Zavarovalnica pravne zaščite branch in Slovenia GO GO Življenjska zavarovalnica d. d. odra zavarovalnica, d. d. D – First Credit Insurance Company Inc. ENERALI zavarovalnica, d. d. RAWE Zavarovalnica, d. d. zajemna M Sklad obrtnikovSklad podjetnikov in Triglav, H V Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch O ARA ER ER G G d. d. zavarovalnica, M erkur M NLB V SI Wiener Städtische zavarovalnica, Branch O Zavarovalnica M Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d.
Carrier liability-for-freight insurance in maritime and inland waterways transport
All other liability for ship insurance
GENERAL LIABILITY INSURANCE General liability insurance • • • • • • • • • Manufacturer liability-for-product insurance • • • • • • • Building contractor contractual liability insurance • • • • 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 • • • •
STATISTICAL INSURANCE BULLETIN 2015 56 ffice Ljubljana ffice Ljubljana
Insurance types by class ealth Insurance Company, z. d. v. aribor, d. d. utual H ealth insurance company, Ltd ita življenjska zavarovalnica d. d. zavarovalnica, podružnica Sloveniji v G SE – Zavarovalnica pravne zaščite branch in Slovenia GO GO Življenjska zavarovalnica d. d. odra zavarovalnica, d. d. D – First Credit Insurance Company Inc. ENERALI zavarovalnica, d. d. RAWE Zavarovalnica, d. d. zajemna M Sklad obrtnikovSklad podjetnikov in Triglav, H V Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch O ARA ER ER G G d. d. zavarovalnica, M erkur M NLB V SI Wiener Städtische zavarovalnica, Branch O Zavarovalnica M Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d. 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
STATISTICAL INSURANCE BULLETIN 2015 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 100
Benefits paid 0
Source: SIA 2010 2011 2012 2013 2014
STATISTICAL INSURANCE BULLETIN 2015 58 Life insurance in 2014(1)
Insurance class, insurance type INSURANCE CONTRACTS BENEFITS Number of Number of Premiums Number of Benefits paid(2) policies insured (in EUR) benefits paid (in EUR) TOTAL 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 7,75 0 13,066,425 Endowment insurance 1,869 1,940 2,788,902 727 1,925,303 Mixed insurance 27,631 30,372 13 4,927,52 5 37,5 0 6 142,429,740 Annuity insurance (other than payments under 2,066 2,066 12,911,227 106,644 13,012,055 pension schemes referred to ZPIZ-1) Annuity insurance (payments under pension 2,593 2,580 21,479,778 51,368 10,446,562 schemes referred to ZPIZ-1) 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 87,2 14 45,786,422 27,426 16,507,116 Marriage assurance, birth assurance 0 0 351,953 150 820,693 Marriage assurance 0 0 351,953 150 820,693 Birth assurance 0 0 0 0 0
Unit-linked life insurance 35,245 35,992 24 8,837,3 6 4 60,319 163,537,622 Life assurance linked to units of investment funds 6,698 6,647 34,465,765 7,310 15,122,035 with guarantee Life assurance linked to units of investment funds 23,113 23,777 15 4,8 67,43 0 51,156 117,752,452 without guarantee Life assurance linked to the unit of internal fund 4,504 4,504 46,387,319 213 28,242,124 with guarantee Life assurance linked to the unit of internal fund 930 1,064 13,116,850 1,640 2,421,011 without guarantee Tontine 0 0 0 0 0 Capital redemption insurance 4,212 4,451 16,487,614 2,424 10,547,732 Voluntary supplementary pension insurance in 1,051 1,290 15,151,465 2,339 10,450,431 accordance with the ZPIZ-1 All other capital redemption insurance 3,161 3,161 1,336,149 85 97,3 01 Insurance of income loss due to accident or 0 0 0 0 0 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. (2) Assessment costs excluded. (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
STATISTICAL INSURANCE BULLETIN 2015 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 GROWTH INDEX members (2014/2013) TOTAL SIA members Number of members (all) 4 67,332 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 Premiums (in EUR) 139,957,377 9,886,448 150,286,804 62,715,772 85.66 74.07 Mathematical provision or net fund value 1,765,665,157 102,429,861 1,886,772,365 1,068,940,463 107.42 109.13 (in EUR) Number of surrenders 27,8 2 2 1,578 29,769 8,879 68.76 68.36 Number of ordinary terminations 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 Surrenders (in EUR) 1 2 3,517,8 42 7,107,037 132,743,879 43,588,522 62.84 68.26 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) 5 7,4 03,2 17 825,017 58,228,234 11,143,037 62.89 57.6 0
(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
STATISTICAL INSURANCE BULLETIN 2015 60 Voluntary supplementary pension insurance – payouts in 2014(1)
Men Women TOTAL Of which SIA GROWTH INDEX members (2014/2013) TOTAL SIA members Number of insured 7,207 5,068 12,275 7,3 45 135.40 132.25 Average age of insured at the beginning of 62 59 61 61 99.62 99.54 annuity payments 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
(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 GROWTH INDEX members (2014/2013) TOTAL SIA members Number of insured 757 579 1,336 1,336 111.33 111.33 Average age of insured at the beginning of 52 48 51 51 123.12 123.12 annuity payments Premiums (in EUR) … … 1,796,355 1,796,355 104.15 104.15 Mathematical provision (in EUR) … … 40,167,948 4 0,167,9 4 8 143.54 143.54 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
STATISTICAL INSURANCE BULLETIN 2015 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.
STATISTICAL INSURANCE BULLETIN 2015 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 Premiums Share Number Claims paid(2) Share in NLI contracts(1) (in EUR) in NLI of (in EUR) claims paid premiums claims (in %) (in %) TOTAL 9,891,713 1,402,194,503 100 26,455,566 943,921,508 100 Accident insurance 2,266,932 94,286,851 6.72 49,638 33,414,420 3.54 Health insurance 1,438,755 471,678,512 33.64 25,849,517 402,993,653 42.69 Land motor vehicle insurance 1,075,649 226,799,727 16.17 251,360 164,051,176 17.3 8 Railway rolling stock insurance 10 2,357,261 0.17 168 2,668,384 0.28 Aircraft insurance 213 725,501 0.05 6 78,760 0.01 Ship insurance 3,639 1,151,048 0.08 322 1,940,066 0.21 Goods in transit insurance 11,489 7,571,440 0.54 5,035 2,909,962 0.31 Fire and natural forces insurance 686,292 114,004,682 8.13 43,938 61,8 47,18 8 6.55 Other damage to property insurance 1,064,527 118,209,699 8.43 113,024 75,594,338 8.01
Motor vehicle liability insurance 1,718,160 225,863,017 16.11 54,648 133,946,204 14.19 Aircraft liability insurance 749 1,280,490 0.09 7 671,087 0.07 Liability for ship insurance 10,041 1,174,081 0.08 33 290,853 0.03 General liability insurance 253,810 61,505,107 4.39 9,265 23,753,734 2.52 Credit insurance 52,077 42,153,600 3.01 7,3 03 23,769,457 2.52 Suretyship insurance 3,066 1,694,929 0.12 126 599,353 0.06 Miscellaneous financial loss insurance 45,855 6,527,504 0.47 1,849 3,439,376 0.36 Legal expenses insurance 314,319 3,501,958 0.25 3,086 463,714 0.05 Assistance insurance 946,130 21,709,096 1.55 66,241 11,489,783 1.22
(1) Accident and health insurance include number of policies. (2) Assessment costs excluded.
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 PREMIUMS Claims Claims Claim paid(2) ratio frequency(3) Amount Growth index (in EUR) (in %) (in %) (in EUR) (2014/2013) TOTAL 228,191,896 93.55 133,189,213 58.37 3.28 Notary compulsory liability insurance 112,218 112.30 0 0.00 1.20
Geodesic companies compulsory liability insurance 37,3 02 129.63 3,822 10.25 1.20 Medical products and devices manufacturers' 44,672 1,412.33 0 0.00 - compulsory liability insurance Compulsory professional liability insurance for 312,995 89.71 39,071 12.48 1.07 accounting and audit companies Judicial enforcement officers compulsory liability 10,371 121.28 0 0.00 - insurance Insurance brokerage companies compulsory liability 454,114 103.04 0 0.00 - insurance Advocate compulsory liability insurance 1,490,783 114.09 520,103 34.89 14.23 Compulsory accident insurance of passengers in 421,206 99.16 4,079 0.97 0.17 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 Road motor vehicle liability insurance for damage to 220,782,443 93.19 131,114,916 59.39 3.31 third parties (MTPL) Aircraft owners' liability insurance for damage to 1,091,055 118.59 671,087 61.51 0.94 third parties Maritime transport liability insurance 1,083,290 100.40 62,049 5.73 0.28
(1) Included are only types of compulsory insurance for which premiums were written and/or claims were paid in 2014. (2) Assessment costs excluded. (3) Calculation of claim frequency by accident insurance is made with number of policies.
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 107,012,303 97.0 4 39,963,230 94.90 37.3 4 2.61 2011 103,608,161 96.82 37,69 0,2 8 4 94.31 36.38 2.32 2012 101,566,335 98.03 35,160,405 93.29 34.62 2.34 2013 9 6,2 17,7 19 94.73 34,299,783 97.55 35.65 2.18 2014 94,286,851 97.9 9 33,414,420 97.42 35.44 2.19
(1) Assessment costs excluded.
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
Car owner and driver 30.95 Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 409,664,852 98.79 365,659,823 107.0 8 89.26 1,952.14 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of health premiums in 2014 (in %)
Copayment 98.12 Other 1.88
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
Land motor vehicle insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 254,215,483 104.87 195,454,108 90.71 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of land motor vehicle premiums in 2014 (in %)
Land motor vehicles casco 99.91 Other 0.09
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
Railway rolling stock insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 262,428 11.08 872,107 89.76 332.32 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 91.73 117.9 4 99.38 2014 2,357,261 97.91 2,668,384 93.97 113.20 1,680.00
(1) Assessment costs excluded.
Source: SIA
Breakdown of railway rolling stock premiums in 2014 (in %)
Railway rolling stock casco 100.00
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 1,615,418 97.47 1,170,400 3 87.95 72.45 3.38 2011 1,272,799 78.79 102,608 8.77 8.06 3.36 2012 679,081 53.35 116,681 113.72 17.18 3.72 2013 839,875 123.68 403,616 345.91 48.06 6.06 2014 725,501 86.38 78,760 19.51 10.86 2.82
(1) Assessment costs excluded.
Source: SIA
Breakdown of aircraft premiums in 2014 (in %)
Aircraft casco 100.00
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 1,733,397 88.45 1,425,263 61.54 82.22 7.4 4 2011 1,480,828 85.43 986,771 69.23 66.64 7.87 2012 1,391,256 93.95 1,345,314 136.33 96.70 7.92 2013 1,2 27,51 2 88.23 1,3 07,67 1 97.20 106.53 7.9 4 2014 1,151,048 93.77 1,940,066 148.36 168.55 8.85
(1) Assessment costs excluded.
Source: SIA
Breakdown of ship premiums in 2014 (in %)
Other 1.38 Sea vessels casco 98.62
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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.
Goods in transit insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 7,559,4 05 107.75 1,9 87,519 58.53 26.29 49.33 2011 8,229,602 108.87 2,554,395 128.52 31.04 41.87 2012 8,783,242 106.73 2,485,548 97.3 0 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of goods in transit premiums in 2014 (in %)
Other 7.14
Domestic transport 36.51 International transport 56.35
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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.
Fire and natural forces insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 94,700,663 105.79 51,971,056 84.13 54.88 6.35 2011 98,803,799 104.33 40,136,769 7 7.2 3 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 54,563,946 117.0 4 48.75 3.90 2014 114,004,682 101.85 61,8 47,18 8 113.35 54.25 6.40
(1) Assessment costs excluded.
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
STATISTICAL INSURANCE BULLETIN 2015 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
Other damage to property insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 136,788,960 98.04 83,246,624 69.61 60.86 11.51 2011 142,776,407 104.38 72,644,965 87.26 50.88 12.10 2012 125,463,573 87.87 75,593,813 104.06 60.25 10.47 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
(1) Assessment costs excluded.
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 Civil construction 2.36 Civil installation 1.31 Equipment leasing 0.60 Computers 2.83 Home assistance 0.89 Livestock 3.34
Crops and fruit 5.09
Glass 4.00
Burglary and theft 6.21 Household 35.12
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
Motor vehicle liability insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 302,868,100 93.77 169,048,385 91.60 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of motor vehicle liability premiums in 2014 (in %)
Carrier 1.96 MTPL 97.75 Other 0.29
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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.
Aircraft liability insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 1,197,9 93 79.28 637,39 8 210.49 53.21 0.43 2011 1,174,311 98.02 271,030 42.52 23.08 0.99 2012 1,120,585 95.42 659,540 243.35 58.86 0.53 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of aircraft liability premiums in 2014 (in %)
Other 14.79 Aircraft owners 85.21
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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.
Liability for ship insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 1,181,786 102.69 281,996 118.41 23.86 0.39 2011 1,218,185 103.08 165,325 58.63 13.57 0.30 2012 1,2 27,418 100.76 208,095 125.87 16.95 0.27 2013 1,155,016 94.10 200,327 96.27 17.3 4 1.17 2014 1,174,081 101.65 290,853 145.19 24.77 0.33
(1) Assessment costs excluded.
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
STATISTICAL INSURANCE BULLETIN 2015 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
General liability insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 50,044,066 100.84 26,624,420 81.93 53.20 17.2 8 2011 52,744,816 105.40 27,922,888 104.88 52.94 15.75 2012 5 7,783,5 4 4 109.55 26,015,088 93.17 45.02 4.31 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
(1) Assessment costs excluded.
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 Advocate 2.42 General 69.32 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
STATISTICAL INSURANCE BULLETIN 2015 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 Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 46,157,019 120.21 45,899,673 132.27 99.44 13.32 2011 44,414,514 96.22 38,105,026 83.02 85.79 13.59 2012 42,762,552 96.28 31,704,999 83.20 74.14 17.10 2013 43,092,724 100.77 29,784,621 93.94 69.12 16.21 2014 42,153,600 97.82 23,769,457 79.80 56.39 14.02
(1) Assessment costs excluded.
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 Loan – legal entities 0.22 Domestic trade credit 13.75 Loan – sole traders 1.17 Housing credit 4.58
Consumers credit 35.85 Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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%.
Suretyship insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 934,817 86.79 989,234 67.8 0 105.82 7.5 8 2011 1,039,479 111.20 1,141,081 115.35 109.77 5.89 2012 1,378,278 132.59 630,569 55.26 45.75 1.70 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of suretyship premiums in 2014 (in %)
Other 2.62 Customs debt 12.14 Carnet 6.17 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
STATISTICAL INSURANCE BULLETIN 2015 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
Miscellaneous financial loss insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 5,995,284 97.11 4,919,298 103.29 82.05 9.95 2011 6,47 7,9 81 108.05 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of miscellaneous financial loss premiums in 2014 (in %)
Other 4.68 Business interruption – services 1.02
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
STATISTICAL INSURANCE BULLETIN 2015 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.
Legal expenses insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 3,896,501 104.96 233,982 116.19 6.00 0.66 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
(1) Assessment costs excluded.
Source: SIA
Breakdown of legal expenses premiums in 2014 (in %)
Legal expenses and costs 100.00
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
Assistance insurance
Year PREMIUMS CLAIMS PAID(1) Claims Claims ratio frequency Amount Growth Amount Growth (in %) (in %) (in EUR) index (in EUR) index 2010 12,500,986 130.29 6,824,350 141.48 54.59 5.34 2011 18,205,946 145.64 6,968,680 102.11 38.28 4.13 2012 19,302,215 106.02 9,261,180 132.90 47.98 5.94 2013 20,206,985 104.69 10,253,785 110.72 50.74 6.35 2014 21,709,096 107.43 11,489,783 112.05 52.93 7.0 0
(1) Assessment costs excluded.
Source: SIA
Breakdown of assistance premiums in 2014 (in %)
Other 5.82
Medical assistance 16.90
Car assistance 77.28
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 83 Breakdown of premiums by insurance class with regard to distribution channels in 2014 (in %)
Insurance class TOTAL Employed Agents Brokers Banc- Other assurance Counter Telephone, Internal External sales internet TOTAL 100 20.92 1.19 35.39 31.85 5.06 4.14 1.44 NON-LIFE INSURANCE 100 27.13 1.56 34.98 26.77 6.89 0.68 1.99 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 Land motor vehicle insurance 100 6.05 0.23 52.31 36.27 3.81 0.42 0.91 Railway rolling stock insurance 100 0.00 0.00 99.18 0.00 0.82 0.00 0.00 Aircraft insurance 100 1.44 4.21 81.20 1.40 11.75 0.00 0.00 Ship insurance 100 23.90 0.00 30.87 38.43 6.67 0.00 0.13 Goods in transit insurance 100 18.90 0.00 41.89 1.18 38.03 0.00 0.00
Fire and natural forces insurance 100 6.84 0.62 57.25 18.66 15.77 0.82 0.04 Other damage to property insurance 100 5.95 0.63 62.44 13.49 16.61 0.87 0.02
Motor vehicle liability insurance 100 6.00 0.51 46.62 41.18 3.14 0.48 2.06 Aircraft liability insurance 100 0.64 2.19 61.51 1.11 34.56 0.00 0.00 Liability for ship insurance 100 21.44 0.00 29.60 41.91 6.95 0.05 0.05 General liability insurance 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 37.9 9 Suretyship insurance 100 14.68 0.02 79.04 2.00 4.26 0.00 0.00 Miscellaneous financial loss insurance 100 17.0 8 2.09 30.30 16.14 25.26 4.10 5.03 Legal expenses insurance 100 2.37 0.06 28.33 55.24 1.36 0.33 12.31 Assistance insurance 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 37.6 8 0.20 16.96 0.00
Marriage assurance, birth assurance 100 0.41 0.00 29.14 70.46 0.00 0.00 0.00 Unit-linked life insurance 100 2.24 0.02 33.42 54.17 0.34 9.81 0.00 Tontine ------Capital redemption insurance 100 63.63 0.01 5.90 22.35 0.57 7.53 0.00 Insurance of income loss due to ------accident or illness Pension insurance under ZPIZ-1 100 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 … … … … … … …
(1) Only total data is available by one of the members, so the breakdown by distribution channels cannot be made.
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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 Premium Insurance Benefits and Benefits and (in EUR) growth index penetration(1) claims paid(2) claims paid (in %) (in EUR) growth index TOTAL 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 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 2 17.67 2014 3,139,112 120.59 0.008 1,471,150 244.84 NON-LIFE 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 267,4 87,2 24 102.32 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
(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
STATISTICAL INSURANCE BULLETIN 2015 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
Miscellaneous financial loss
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
STATISTICAL INSURANCE BULLETIN 2015 86 Reinsurance premiums, benefits and claims paid by insurance class in 2014
Insurance class PREMIUMS BENEFITS AMD CLAIMS PAID(1) Claims ratio Amount Share in Growth Amount Share in Growth (in %) (in EUR) total index (in EUR) total benefits index premiums (2014/2013) and claims paid (2014/2013) (in %) (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 Accident insurance 11,454,896 4.84 112.45 5,195,776 4.30 95.35 45.36 Health insurance 69,603 0.03 10.58 784,369 0.65 104.73 1,126.92 Land motor vehicle insurance 27,118,496 11.47 100.17 14,875,739 12.32 92.29 54.85 Railway rolling stock insurance 520,336 0.22 99.34 1,116 0.00 41.15 0.21 Aircraft insurance 1,231,903 0.52 208.26 137,2 9 9 0.11 26.31 11.15 Ship insurance 6,373,986 2.69 99.22 4,123,661 3.42 107.8 0 64.70 Goods in transit insurance 5,205,203 2.20 93.91 1,5 47,175 1.28 68.42 29.72
Fire and natural forces insurance 97,7 74,859 41.34 95.73 48,948,879 40.55 7 7.8 8 50.06 Other damage to property insurance 45,229,313 19.12 107.33 23,464,320 19.44 99.94 51.88
Motor vehicle liability insurance 20,552,183 8.69 85.40 14,456,608 11.98 93.95 70.34 Aircraft liability insurance 639,755 0.27 164.77 644,378 0.53 149.40 100.72 Liability for ship insurance 576,565 0.24 121.24 150,901 0.13 5 07.16 26.17 General liability insurance 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 Suretyship insurance 845,891 0.36 89.27 2 97,018 0.25 215.39 35.11 Miscellaneous financial loss insurance 2,497,3 6 4 1.06 92.29 546,092 0.45 45.07 21.87 Legal expenses insurance 41,589 0.02 95.86 400 0.00 84.73 0.96 Assistance insurance 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 47.4 0
Marriage assurance, birth assurance 0 0.00 - 0 0.00 - - Unit-linked life insurance 346,376 0.15 92.65 147,428 0.12 106.81 42.56 Tontine 0 0.00 - 0 0.00 - - Capital redemption insurance 0 0.00 - 0 0.00 - - Insurance of income loss due to 0 0.00 - 0 0.00 - - accident or illness Pension insurance under ZPIZ-1(2) 0 0.00 - 0 0.00 - - Copayment health insurance(3) 0 0.00 - 0 0.00 - - Supplementary insurance(4) 0 0.00 - 0 0.00 - -
(1) Assessment costs excluded. (2) Included in life insurance group. (3) Included in health insurance class. (4) Included in life insurance class.
Source: SIA
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 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
STATISTICAL INSURANCE BULLETIN 2015 90 Insurance business in Europe in 2013 and in Slovenia in 2013 and 2014(1)
Indicators Europe Slovenia Slovenia Share of 2013 2013 2014 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 Average number of insurance employees per company 173 426 424 246.73 Total premiums (in EUR m) 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) 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) 1,124 260 251 23.13 Non-life premiums per capita (in EUR m) 759 681 669 89.74 Share of total premiums in GDP (in %) 7.6 8 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 Number of PREMIUMS insurance insurance TOTAL Life Share of life Non-life Share of non-life companies employees (in EUR m) (in EUR m) (in %) (in EUR m) (in %) Switzerland 147 47,832 47,9 4 6 26,609 55.50 21,338 44.50 Netherlands 189 52,000 75,455 18,269 24.21 5 7,18 6 75.79 Denmark 138 17,3 67 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 395 147,10 0 188,200 118,700 63.07 69,500 36.93 Belgium 146 23,662 27,789 16,545 59.54 11,244 40.46 Germany 560 212,700 187,3 0 9 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 77 11,135 13,105 9,247 70.56 3,858 29.44 Spain 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 27.9 6 857 72.04 Hungary 30 20,361 2,727 1,457 53.41 1,271 46.59 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
STATISTICAL INSURANCE BULLETIN 2015 91 Insurance business in selected countries in 2013(1)
Country BENEFITS AND CLAIMS PAID INSURANCE DENSITY Insurance Claims penetration ratio TOTAL Life Non-life TOTAL Life Non-life (in %) (in %) (in EUR m) (in EUR m) (in EUR m) (in EUR) (in EUR) (in EUR) Switzerland 35,925 22,496 13,429 5,964 3,310 2,654 9.29 74.93 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 France 156,507 108,007 48,500 2,870 1,810 1,060 8.90 83.16 Belgium 24,440 17,9 61 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 7.3 8 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 7.6 8 (2) 85.27 Portugal 12,533 9,177 3,356 1,250 882 368 7.74 95.64 Spain 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) 1,312 379 934 920 251 669 5.09 69.21 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 -14.25
Source: IE, SIA % -20 -15 -10 -5 0 5 10 15 20 25
STATISTICAL INSURANCE BULLETIN 2015 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 -6.84 -14.77 Belgium -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
STATISTICAL INSURANCE BULLETIN 2015 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
Source: IE, SIA 0 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 103,187
Source: IE, SIA 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 EUR
STATISTICAL INSURANCE BULLETIN 2015 94 Worldwide insurance premiums (in EUR bn)
Year TOTAL Europe Asia North Other America TOTAL 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 2012 3,487.4 1,167.5 1,010.7 1,059.9 249.2 2013 3,330.9 1,174.8 9 07.8 1,002.6 245.6 2014 3,935.6 1,398.2 1,085.2 1,157.9 294.3 LIFE 2010 1,883.5 717.1 646.7 417.2 102.5 2011 2,024.1 727.9 713.1 460.6 122.4 2012 1,989.5 668.0 723.7 471.1 126.7 2013 1,845.4 67 7.1 620.2 425.0 123.2 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 2 87.0 588.8 122.5 2013 1,485.5 497.7 2 87.7 57 7.6 122.5 2014 1,749.2 572.3 350.3 679.9 146.8
Source: BS, Swiss Re
STATISTICAL INSURANCE BULLETIN 2015 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 Maritime loans entered in notary records in Piran Piran 14th c. Brotherhood of St. Nicholas founded Trieste 1370 Furriers’ guild founded; one of the first whose statute prescribed the members’ obligation of mutual assistance Ljubljana 1452 Slovenian Brotherhood of St. Hieronymus founded (reciprocity of members determined in statute) Udine
Founding of the first insurance companies 1766 First insurance company founded on Slovenian ethnic territory under the Austro-Hungarian Empire – Compagnia di assicurazione Trieste 1776 First initiative to establish an insurance company in Ljubljana Ljubljana 1812 Founding of an insurance company for navigation on the Sava river Ljubljana 1829 Founding of Imperial-Royal privileged insurance company for fire damage in Styria, Carinthia and Carniola Graz 1853 Carniolan agriculture association proposes founding of insurance company for compulsory insurance against fire and other accidents Ljubljana 1871 Initiative to establish Danica reinsurance company in Celje Celje 1871 Founding of the first general insurance bank Slovenija (first modern Slovenian insurance company based in Ljubljana) Ljubljana 1889 Founding of Workers’ Accident Insurance Company for Trieste, Littoral and Carniola Trieste 1898–1910 Founding of several associations (insurance companies) for insuring livestock in Littoral and certain other areas Trieste 1900 Founding of Mutual Insurance Company for fire damage and damage to the church bells in Ljubljana 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 Ljubljana 1927 Founding of People’s Self-Assistance in Maribor Maribor 1932 Founding of the Society of St. Florian insurance cooperative against fire damage Ljubljana 1939 Founding of Drava commercial insurance company Maribor
DFRY, FPRY, SFR YUGOSLAVIA (1945–1990) 1946 State Institute of Insurance and Reinsurance renamed State Insurance Institute Belgrade 1956 Founding of Fund for Mutual Assistance of Independent Tradesmen of Slovenia (renamed Fund for Craftsmen and Entrepreneurs (Sklad 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
STATISTICAL INSURANCE BULLETIN 2015 97 III. Period of independent Slovenia (since 1991)
1991 Founding of Prima, zavarovalna družba, d. d. (renamed GRAWE Zavarovalnica, d. d., in 2001) Maribor 1991 Founding of Zavarovalnica Mercator, d. d. (renamed Krekova zavarovalnica, d. d., in 1999; dissolved in 2006) Ljubljana 1991 Founding of Pozavarovalnica Inter, d. d. (dissolved in 2001) Maribor 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 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 in 2012) Maribor 2005 Merger of Adriatic, zavarovalna družba d. d. and Slovenica, zavarovalniška hiša d. d. into Adriatic Slovenica, Zavarovalna družba d. d. Koper 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 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. Koper 2014 Founding of Agro Zavarovalnica, podružnica v Sloveniji Ljubljana 2015 Founding of CDA 40 zavarovalnica, d. d. Koper
STATISTICAL INSURANCE BULLETIN 2015 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 Author: Maruša Račić Author: Maruša Račić Source text: Vladimir Vilman, IN SILVA Source text: Vladimir Vilman, IN SILVA Source text: Staša Tome, SKRIVNOSTI SALUS, REŠITEV JE V GOZDU [THE SALUS, REŠITEV JE V GOZDU [THE GOZDA [SECRETS OF THE FOREST], SOLUTION IS IN THE FOREST], Bistra SOLUTION IS IN THE FOREST], Bistra Slovenian Museum of Natural History pri Vrhniki, Technical Museum of pri Vrhniki, Technical Museum of Slovenia, 2013 Slovenia, 2013
STATISTICAL INSURANCE BULLETIN 2015 99 Symbiosis between tree Fallen leaves, Polhov Gradec Among the tree canopies, species, Rakitna Author: Maruša Račić Ribnica Author: Maruša Račić Source text: Vladimir Vilman, IN SILVA Author: Maruša Račić Source text: Vladimir Vilman, IN SILVA SALUS, REŠITEV JE V GOZDU [THE Source text: Vladimir Vilman, IN SILVA SALUS, REŠITEV JE V GOZDU [THE SOLUTION IS IN THE FOREST], Bistra SALUS, REŠITEV JE V GOZDU [THE SOLUTION IS IN THE FOREST], Bistra pri Vrhniki, Technical Museum of SOLUTION IS IN THE FOREST], Bistra pri Vrhniki, Technical Museum of Slovenia, 2013 pri Vrhniki, Technical Museum of 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: Maruša Račić Author: Maruša Račić 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=Teden- slovenskih-gozdov
STATISTICAL INSURANCE BULLETIN 2015 100 SLOVENIAN INSURANCE ASSOCIATION Železna cesta 14, PO Box 2512 SI-1000 LJUBLJANA
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