Statistical Insurance Bulletin 2016 Statistical Insurance Bulletin 2016
Ljubljana, June 2016 Published by: SLOVENIAN INSURANCE ASSOCIATION Železna cesta 14, PO Box 5701 SI-1000 LJUBLJANA
Telephone: (+386) 1 300 93 81 Fax: (+386) 1 473 56 92 Website: www.zav-zdruzenje.si E-mail: [email protected]
Responsible person: Maja Krumberger, MSc, Director
STATISTICAL INSURANCE BULLETIN 2016 SIA, Ljubljana 2016
Bulletin Editorial Committee: Boštjan Jenko, Adriatic Slovenica, Zavarovalna družba d. d. Roman Klemenak, Zavarovalnica Triglav, d. d. Gregor Lednik, Zavarovalnica Maribor, d. d. Jana Mandelc, Sava Reinsurance Company d. d. Denis Stroligo, Merkur zavarovalnica, d. d.
Text, tables and graphs prepared by: Mateja Lamovšek, Slovenian Insurance Association Tanja Trampuž, Slovenian Insurance Association Danilo Antončič, Nuclear Insurance and Reinsurance Pool (Chapter 5.3)
Translation: Amidas, d. o. o. Production: Pegaz International, d. o. o., Ljubljana Design: Luka Mancini, MSc Photographs: 123RF, Postojna cave archive
All rights reserved. The information contained herein may be used in full or in part only with an appropriate indication of the source.
This publication is available only in electronic edition, also in Slovene. Publikacija je na voljo zgolj v elektronski obliki, tudi v slovenskem jeziku.
ISSN 2386-0766 statistical insurance bulletin 2016
CONTENTS
Methodological explanations 6 Statistical indicators, units of measure and abbreviations 6
Development of the insurance market 8 Foreword 11
1. Slovenian economy in 2015 15
2. Slovenian Insurance Association in 2015 19
3. Slovenian insurance market and SIA members (as at 27 June 2016) 23 Adriatic Slovenica, Zavarovalna družba d. d. 29 Allianz Insurance Company, Branch Office Ljubljana 30 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 31 ERGO zavarovalnica, podružnica v Sloveniji 32 ERGO Življenjska zavarovalnica d. d. 33 GENERALI zavarovalnica, d. d. 34 GRAWE Zavarovalnica, d. d. 35 Merkur zavarovalnica, d. d. 36 Modra zavarovalnica, d. d. 37 NLB Vita življenjska zavarovalnica d. d. 38 Pozavarovalnica Triglav Re, d. d. 39 Sava Reinsurance Company d. d. 40 SID – First Credit Insurance Company Inc. 41 Sklad obrtnikov in podjetnikov 42 Skupna pokojninska družba, d. d. 43 Triglav, Health insurance company, Ltd 44 Vzajemna Mutual Health Insurance Company, d. v. z. 45 Wiener Städtische zavarovalnica, Branch Office Ljubljana 46 Zavarovalnica Maribor, d. d. 47 Zavarovalnica Tilia, d. d. 48 Zavarovalnica Triglav, d. d. 49
4. Employees in 2015 51
statistical insurance bulletin 2016
5. Insurance and reinsurance activity in 2015 55
5.1 Insurance activity 56 5.1.1 Types of insurance by class 61 5.1.2 Life insurance 66 5.1.2.1 Pension insurance 68 5.1.3 Non-life insurance 70 5.1.3.1 Accident insurance 74 5.1.3.2 Health insurance 75 5.1.3.3 Land motor vehicle insurance 76 5.1.3.4 Railway rolling stock insurance 77 5.1.3.5 Aircraft insurance 78 5.1.3.6 Ship insurance 79 5.1.3.7 Goods in transit insurance 80 5.1.3.8 Fire and natural forces insurance 81 5.1.3.9 Other damage to property insurance 82 5.1.3.10 Motor vehicle liability insurance 84 5.1.3.11 Aircraft liability insurance 85 5.1.3.12 Liability for ship insurance 86 5.1.3.13 General liability insurance 87 5.1.3.14 Credit insurance 89 5.1.3.15 Suretyship insurance 90 5.1.3.16 Miscellaneous financial loss insurance 91 5.1.3.17 Legal expenses insurance 92 5.1.3.18 Assistance insurance 93 5.1.4 Distribution channels 94 5.2 Reinsurance activity 96 5.3 Nuclear Insurance and Reinsurance Pool 99
6. International position of the Slovenian insurance industry 101
Literature and data sources 107 List of photos 108 statistical insurance bulletin 2016 6
Methodological explanations Statistical indicators, units of measure and abbreviations
The Statistical Insurance Bulletin is based on annual ... not available data that the SIA has obtained from its members (with - no occurrence of event the exeption of Skupna pokojninska družba, d. d., 1 comment that became a member in May 2016). According to estimates, these data account for 99.3% of the bn billion Slovenian insurance market (96.5% taking the m million pension insurance marketed by non-SIA members % percentage into account). The data presented below are based on insurance companies’ reports to ISA and SIA, and may EUR euro differ from the cumulative data collected on a monthly GDP gross domestic product or quarterly basis. They are the most complete and NLI non-life insurance reliable because they were processed last. USD US dollar VSPI voluntary supplementary pension insurance Besides the members’ data the SIA obtained also the ZPIZ-1 Pension and Disability Insurance Act (OG RS data from other companies involved in the pension 109/06 – UPB and others) insurance segment. The Slovenian pension insurance ZPIZ-2 Pension and Disability Insurance Act (OG RS market is thus presented in full in the chapter 96/12 and others) regarding pension insurance. All other data relate solely ZZavar Insurance Act (OG RS 99/10 – UPB and others) to SIA members. ZZavar-1 Insurance Act (OG RS 93/15)
If other data sources are used, this is stated separately BS Bank of Slovenia in the text, tables and graphs. EU European Union Eurostat Statistical Office of the European Union The life insurance data include also VSPI. HIIS Health Insurance Institute of Slovenia IE Insurance Europe The benefits and claims paid data do not contain ISA Insurance Supervision Agency assessment costs. MH Ministry of Health MLFSAEO Ministry of Labour, Family, Social Affairs and The unit of currency used in this publication is the Equal Opportunities euro. The exchange rate at the end of a specific year SIA Slovenian Insurance Association was used to convert the domestic currency to euros SORS Statistical Office of the Republic of Slovenia for the period prior to the introduction of the euro. WHO World Health Organisation 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.
The data collection was completed on 27 June 2015. Unless otherwise stated, all data in this publication refer to the overall operations of the SIA members (in Slovenia and abroad). On Saturday, 30 January 2016, one of the guides at Postojna Cave noticed that an olm egg was affixed to the glass of the aquarium in the cave’s Concert Hall. Next to the egg was a gestating female that was guarding the egg. This is a very rare occurrence, almost a miracle of nature, since it was only for the first time in August 2013 that we witnessed an olm laying eggs in the tourist cave. At that time the female laid 22 eggs. statistical insurance bulletin 2016 8
Development of the insurance market
Insurance
Year PREMIUMS (in EUR) BENEFITS AND CLAIMS PAID (in EUR) TOTAL Life Non-life TOTAL Life Non-life 2005 1,549,167,096 464,833,571 1,084,333,525 874,789,651 136,243,782 738,545,869 2006 1,725,303,964 540,654,519 1,184,649,445 949,341,016 149,353,126 799,987,890 2007 1,893,979,650 609,265,438 1,284,714,212 1,023,300,031 161,827,691 861,472,340 2008 2,018,959,895 642,652,700 1,376,307,195 1,204,208,190 177,589,378 1,026,618,812 2009 2,072,923,129 630,089,177 1,442,833,952 1,240,000,802 188,495,547 1,051,505,255 2010 2,094,342,801 656,013,340 1,438,329,461 1,242,833,061 245,624,195 997,208,866 2011 2,053,443,380 599,359,672 1,454,083,708 1,288,695,975 344,742,146 943,953,829 2012 2,054,063,483 596,964,885 1,457,098,598 1,388,341,046 433,482,055 954,858,991 2013 1,977,545,488 552,968,835 1,424,576,653 1,360,861,970 391,714,655 969,147,315 2014 1,937,555,622 535,361,119 1,402,194,503 1,326,061,109 382,139,601 943,921,508 2015 1,975,358,246 565,922,839 1,409,435,407 1,350,878,503 411,240,098 939,638,405
Year CLAIMS RATIO (in %) PREMIUM GROWTH INDEX1 TOTAL Life Non-life TOTAL Life Non-life 2005 56.47 29.31 68.11 106.56 108.58 105.72 2006 55.02 27.62 67.53 111.37 116.31 109.25 2007 54.03 26.56 67.06 109.78 112.69 108.45 2008 59.64 27.63 74.59 106.60 105.48 107.13 2009 59.82 29.92 72.88 102.67 98.05 104.83 2010 59.34 37.44 69.33 101.03 104.11 99.69 2011 62.76 57.52 64.92 98.05 91.36 101.10 2012 67.59 72.61 65.53 100.03 99.60 100.21 2013 68.82 70.84 68.03 96.27 92.63 97.77 2014 68.44 71.38 67.32 97.98 96.82 98.43 2015 68.39 72.67 66.67 101.95 105.71 100.52
1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total insurance premium growth rate would be 102.46 and the real total insurance premiums EUR 1,985,284,669. Source: SIA, SORS statistical insurance bulletin 2016 9
Reinsurance
Year PREMIUMS (in EUR) CLAIMS PAID (in EUR) TOTAL Life Non-life TOTAL Life Non-life 2005 161,360,758 1,006,635 160,354,123 78,670,656 221,516 78,449,140 2006 180,619,058 641,738 179,977,320 101,766,784 252,153 101,514,630 2007 206,165,229 704,532 205,460,697 115,181,537 302,353 114,879,184 2008 241,737,838 724,041 241,013,797 200,375,022 162,440 200,212,582 2009 261,109,458 643,289 260,466,169 171,828,133 137,275 171,690,858 2010 263,029,025 793,774 262,235,251 139,930,258 179,043 139,751,215 2011 262,282,208 861,553 261,420,655 126,258,125 365,430 125,892,695 2012 269,180,708 1,693,484 267,487,224 131,808,884 276,044 131,532,840 2013 239,147,140 2,603,206 236,543,934 141,702,764 600,854 141,101,910 2014 236,521,960 3,139,112 233,382,848 120,708,196 1,471,150 119,237,046 2015 268,822,331 2,421,161 266,401,170 146,672,003 1,978,232 144,693,771
Year CLAIMS RATIO (in %) PREMIUM GROWTH INDEX1 TOTAL Life Non-life TOTAL Life Non-life 2005 48.75 22.01 48.92 108.60 105.90 108.60 2006 56.34 39.29 56.40 111.93 63.75 112.24 2007 55.87 42.92 55.91 114.14 109.79 114.16 2008 82.89 22.44 83.07 117.25 102.77 117.30 2009 65.81 21.34 65.92 108.01 88.85 108.07 2010 53.20 22.56 53.29 100.74 123.39 100.68 2011 48.14 42.42 48.16 99.72 108.54 99.69 2012 48.97 16.30 49.17 102.63 196.56 102.32 2013 59.25 23.08 59.65 88.84 153.72 88.43 2014 51.03 46.87 51.09 98.90 120.59 98.66 2015 54.56 81.71 54.31 113.66 77.13 114.15
1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total reinsurance premium growth rate would be 114.23 and the real total reinsurance premiums EUR 270,173,197. Source: SIA, SORS The olm (Proteus anguinus), referred to locally as a ‘human fish’, is an amphibian that inhabits the underground waters of the Dinaric Karst, ranging from the basin of the River Soča near Trieste in Italy, across southern Slovenia and south-western Croatia to the River Trebišnica in Herzegovina. It is the biggest cave-dwelling animal in the world, measuring 25 to 30 cm in length, and the only vertebrate in Europe tied entirely to an underground environment. statistical insurance bulletin 2016 11
Foreword
Of course the positive operating trends seen in 2015 were also reflected in the operations of the Slovenian insurance industry, i.e. in the operations of the SIA’s members. Those companies generated a profit and disclosed a healthy surplus in capital, which ensures the payment of claims in the future. Last year, notable growth was recorded in demand for insurance services for the first time in several years, in particular demand for long-term personal insurance. Life insurance premiums were up primarily as the result of the economic situation in Slovenia and the associated economic position of the individual. Non- life insurance premiums have remained at the same levels for several years. We should mention, however, the increased competition on the market (primarily in The Slovenian insurance market enjoyed a good year the motor vehicle insurance segment, which generates in 2015. It was a year without major natural disasters 22.4% of the written premiums of our members), to which Slovenia is otherwise exposed. It was also a which is not without basis. Our members have been year of economic recovery. Macroeconomic indicators working most intently for several years in the area were positive, GDP growth in Slovenia was one of of prevention, and on the introduction of various the highest among EU Member States and GDP per measures to reduce claims and thus improve the claims capita reached its pre-crisis level. Unemployment was ratio. At the same time, policyholders are increasingly down, the balance of trade was notably positive and more responsible, which is reflected in a reduced exports of services and products were up. All of the number of claims arising from unregistered vehicles in aforementioned elements also affected the operations the motor vehicle insurance segment. of the insurance industry. However, Slovenia is still far from the point where full confidence can be Our members took advantage of a peaceful year, expressed in the long-term financial sustainability of without catastrophic natural disasters, major the macroeconomic environment. The data presented storms, floods or other major external factors, to in brief in this introduction and in detail throughout make adjustments to new operating rules. Directive the remainder of this publication are data from the 2009/138/EC of the European Parliament and of the past. It is our duty to think first and foremost about Council of 25 November 2009 on the taking-up and the future. The insurance sector is an important part pursuit of the business of Insurance and Reinsurance of the financial system, not only as a generator of (Solvency II) was transposed into Slovenian law funds and a profitable activity, but also as an activity on 1 January 2016. The aforementioned directive that has a significant effect on the social security of introduced several changes in the operations of the individual. We must therefore focus our thoughts insurance companies, new methods for calculating for the most part on the future and on a critical capital requirements, new corporate governance rules assessment of the aforementioned long-term financial and new methods for reporting to both external and sustainability of the macroeconomic environment. internal users. Adaptations were extensive and all too statistical insurance bulletin 2016 12
frequently uncertain. Application of the Solvency II fluctuates somewhere in excess of 20% up to nearly Directive by EU Member States was supposed to begin 600%. in early 2016. Due to the extent of changes, those countries were bound to transpose the aforementioned The year 2015 was thus successful and new challenges directive and all accompanying regulations (secondary await us. Insurance companies must enhance their role and tertiary EU legislation) into local law by the end in the overall economy, not only as business entities of March 2015. Unfortunately, Slovenia found itself but also as an activity that cares for and ensures the delayed in the aforementioned process and the new long-term financial security of the individual. Our Insurance Act (ZZavar-1), which implements Solvency operations are determined in part by regulations. If II, was not adopted until the end of November the government decides it will cover all claims from 2015. Thus many solutions remained unclear for earthquake insurance, our opportunities to transact the insurance industry, in particular those defined in in that segment dry up. We must, however, take into secondary legislative acts issued by the ISA. Due to the account the fact that it will be increasingly difficult for late adoption of the aforementioned law, secondary the state to ensure the social security of the individual legislative acts were not completed until the end in the context of forecast demographic changes that are of March 2016, some three months following the likely to result in an ageing population, a continuous introduction of Solvency II. Nevertheless, insurance decline in the active population and an ever-increasing companies passed the test of implementation with life expectancy. And herein lie opportunities for the flying colours, both in substantive and operational insurance market. Exploiting those opportunities terms. Contributing to this was the insurance requires more than a mere presence on the market; it industry’s good cooperation with the market also requires close cooperation with the government supervisory authority, the ISA, which likewise was not and understanding of the link between the public and to blame for the late adoption of the law. commercial sectors in ensuring the social security of the individual. We must also give attention to other The first real tests of operations under Solvency II areas of operations such as the motor vehicle insurance conditions came during the drafting of this bulletin. segment. Statistics regarding the number of deaths We successfully completed the first round of reporting in road accidents this year are demoralising. The according to the new rules without major problems. number of deaths over the first half of this year has All members of the SIA are capitally adequate increased by half relative to the comparable period last according to Solvency II rules. According to figures year. Insurance companies are here to draw attention from the ISA, which relate to the entire insurance to those statistics, which are out of our control but market and not just the members of the SIA, the nevertheless affect our operations. Our responsibility, capital of the insurance sector as a whole amounted to however, is broader than responsibility for our EUR 1,471 m or 161% of the total solvency capital operations. We must also understand our role in requirement on the first day following the introduction providing security for the population. Slovenian roads of Solvency II. The capital adequacy of the entire are in poor condition. According to latest available industry according to the rules of the aforementioned data from the European Road Assessment Programme directive is even higher than capital adequacy under (EuroRAP), 27% of all state roads on which almost the rules of Solvency I. All insurance companies 90% of severe traffic accidents occur are designated are capitally adequate, while their surplus in capital as high or medium-high risk. Our role is more than statistical insurance bulletin 2016 13
raising insurance prices due to increased risks; we must always strategic solutions. We must take into account also provide constructive feedback to those responsible demographic changes, the ageing population, longevity about the threat to the safety of people. We must focus and healthcare inflation, which is not an issue of the on the future and life. future but a current issue. We must also take into account other elements of social security such as This introduction would be incomplete if we did pensions and long-term care. All of these systems must not mention supplementary health insurance. The achieve a long-term balance, with available revenues Ministry of Health prepared an extensive analysis in that are typically provided by the active population. 2015 that was carried out by the WHO. Part of that But the latter is in continuous decline. We must give analysis was supplementary health insurance. The thought to tomorrow and not short-term measures. WHO identified several deficiencies in supplementary health insurance, as well as a number of strengths such This is also the story behind the bulletin before you. as a high insurance coverage rate, accessibility to the The theme of this year’s publication is tomorrow, a new aforementioned service, relative cost effectiveness and life that begins in the dark of the largest underground above all the counter-cyclical role of supplementary cave in Slovenia. The olm (Proteus anguinus) is a health insurance, which was seen in Slovenia during symbol of great importance in Slovenia. Its uniqueness, the economic crisis. In the past, supplementary ability to live in extreme conditions, longevity and forms of insurance replaced the inequitable co- the mysticism it evokes in its dragon form, which pay healthcare system, which was only a burden to symbolises power, are traits with which Slovenians people in bad health, frequently as the result of poor identify. The olm or Proteus anguinus is a symbol social conditions. Supplementary health insurance of Slovenian national heritage. It is an endangered eliminated that inequity. Today we are being accused species, making new life that much more important. again of the same thing: inequity. Despite the findings The image of the human fish contributes to the of the analysis by the WHO, which is not proposing recognition of the Slovenian Karst region and Slovenia the abolishment of this form of insurance but rather itself. Today the human fish has an entirely different corrections, the government stated the transformation meaning for Slovenia: it means new life, the future. of supplementary health insurance into a compulsory And that is where the focus of the Slovenian insurance levy as a priority in the chapter ‘Health of the People’ industry must be, as well. On the life that tomorrow in the National Reform Programme for 2016/2017. brings. There are still no specific solutions. It should be noted however, that this form of insurance generates Maja Krumberger, MSc, Director annual premiums of EUR 470 m. Such a measure is a short-term reprieve. Short-term solutions are not In three weeks the olm laid at least 52 eggs in the aquarium at Postojna Cave, colouring the rock un- der which they were laid almost completely white. The olm fastens herself to the surface on which she will lay the egg, and after around 20 minutes of complete immobility the egg is laid. statistical insurance bulletin 2016 15
Slovenian economy 1.) in 2015
The slowdown in economic activity came to an end the highest growth rates in the EU. GDP was up by back in 2014, with the economic recovery continuing 2.9% in real terms, while real GDP growth in Europe last year. According to figures from the Institute of overall was 2%3. In absolute terms, GDP reached its Macroeconomic Analysis and Development, exports pre-crisis level for the first time. Annual growth was were the main factor in economic growth again last comparable with the previous year, at 3%. GDP per year in the context of a favourable economic climate in capita measured in current prices was up 3.3% and Slovenia’s main trading partners. Domestic demand is at EUR 18,679.90, nearly reached the level recorded becoming increasingly important. Private consumption in 2008 (but was down by nearly a quarter when has strengthened, which is partly reflected in growth converted into US dollars). Slovenian GDP per capita in value-added in trade, accommodation and food lagged behind the European average by 34.9%. service activities and other service activities. It is also having a stimulating effect on growth in household Thegovernment deficit4 reached its lowest level since lending. The consumer sentiment indicator, which 2008, and amounted to EUR 1,1 bn or 2.9% GDP. indicates willingness to spend, reached one of its The deficit was down by almoast 40% relative to 2014 highest levels ever last year. This was partly the result due to the favourable economic conditions. Growth in of continuing improvement on the labour market, as total government revenue was significantly higher than employment has risen for the last two years. Together growth in total government expenditure in nominal with higher growth in private investment in equipment terms due to an increase in total revenue from taxes and and machinery, the high level of production capacity social security contributions, an increase in transfers for utilisation, which already exceeds the pre-crisis level, investments from the rest of the world and the highest has resulted in higher profits in the private sector, the surplus in trade with the EU to date. The government improvement of indebtedness indicators and easier debt rose again to stand at EUR 32.1 bn or 83.2% of access to sources of financing. The decline in corporate GDP. The debt reached its highest level to date despite lending was thus less severe than the previous year. its lowest growth since the outbreak of the crisis (6.2%). Price and cost competitiveness have improved with the fall in the nominal effective exchange rate. In 2015 According to provisional figures from the SORS, the Slovenian economy generated its highest external industrial production5 rose by 5.6%. Manufacturing trade surplus to date. Consumer prices fell for the first contributed most to that increase. The results of the time since Slovenia’s independence. In the context of aforementioned sector strengthened relatively evenly all of this, the number of initiated corporate insolvency over the course of the year in the context of the proceedings was down by 11%, to stand at 1,4161. improved competitiveness of the Slovenian economy and under positive influences from the rest of the Slovenian GDP2 expressed in current prices was up world. Labour productivity in industry was up 4.2% 3.3% in nominal terms to reach EUR 38.5 bn, one of relative to 2014.
1 Agency of the RS for Public Legal Records and Related Services, http://www.ajpes.si/ 4 SORS, SI-STAT Data Portal, Economy, National Accounts, General government uradne_objave/eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016. accounts (ESA 2010), http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_ 2 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA 2010), racuni/25_03149_racuni_drzave/25_03149_racuni_drzave.asp, 15. 6. 2016. http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_racuni/05_03019_BDP_ 5 SORS, SI-STAT Data Portal, Economy, Mining and Manufacturing, Indices of industrial letni/05_03019_BDP_letni.asp, 15. 6. 2016. production, stocks and labour productivity in industry, http://pxweb.stat.si/pxweb/Database/ 3 Eurostat, Database, http://ec.europa.eu/eurostat/web/national-accounts/data/main-tables, Ekonomsko/17_rudarstvo_predel/17011_ind_proiz/17011_ind_proiz.asp, 15. 6. 2016. 15. 6. 2016. statistical insurance bulletin 2016 16
Exports and imports of merchandise and services6 absence of price pressures and the increased proportion generated a surplus of EUR 3,610.9 m, an increase of workers with lower wages. Public sector wages were of 23% relative to 2014. Foreign demand was the higher due to the payments of deferred promotions main factor in economic growth, with exports rising from 2014 and continued growth at public companies. by 5.2%. Domestic demand rose by 2.1% in the The average net wage increased by 0.8%, to EUR context of strengthening private consumptions as the 1,013.20, representing 65.1% of the gross wage, as it result of rising employment. Imports and exports thus did the previous year. achieved their highest nominal values to date. The surplus in foreign trade reached its highest level since The average unemployment rate9 was 12.3% overall, Slovenia joined the EU. EU Member States accounted but higher among women, at 13.7%. The average for around four fifths of trade. Russia accounted for number of unemployed totalled 112,726, down the majority of exports to other countries and China nearly 8,000 or 8.1% relative to 2014. The highest accounted for the majority of imports, while the unemployment rate was among people under 29 markets of the former Yugoslavia are also important years of age, at 20.1%, and among persons with in terms of exports and imports. Medicinal products primary school education or lower, at 27%. The accounted for the majority of exports, while oils highest registered unemployment rate among the obtained from crude oil and bituminous minerals active population was recorded in the Pomurje and accounted for the majority of imports. Podravje regions, while the lowest rate was recorded in the Posavje region. On the other hand, the number According to available figures from the SORS, of employees was up in all sectors, except the financial inflation7 was negative for the first time, with and insurance sector. The number of employees was up consumer prices declining by 0.5% relative to the by an average of 0.9%. previous year. Deflation was primarily the result of lower prices of refined petroleum products and the Thebanking sector10 felt the positive effects of associated transport (-5.2%), and lower prices of measures aimed at the stabilisation of banks and the recreational and cultural services, and housing and associated macroeconomic environment. The total household equipment. The most significant increase decline in loans in the amount of EUR 1.3 bn was was recorded in prices of communication services less evident than in previous years due to growth (5.3%). The prices of industrial goods and services, as in household lending and a minor fall in corporate well as import prices were also lower, while residential lending, although the drop in the latter has been real estate price index remained unchanged. drastic, from EUR 20.3 bn in 2008 to just EUR 8.3 bn last year. Deposits by the non-banking sector were The average gross wage8 increased by EUR 15.60, or up by 2.9%, around one half of the increase recorded 1%, to stand at EUR 1,555.90. Private sector wage last year, primarily on account of the outflow of growth was lower than the previous year due to the government deposits and a minor outflow of household
6 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA 9 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Labour 2010), http://pxweb.stat.si/pxweb/Dialog/varval.asp?ma=0301960S&ti=&path=../Database/ force, annually, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/05_akt_preb_po_ Ekonomsko/03_nacionalni_racuni/05_03019_BDP_letni/&lang=2, 15. 6. 2016. regis_virih/01_07753_aktivno_preb_letno_povp/01_07753_aktivno_preb_letno_povp.asp, 7 SORS, SI-STAT Data Portal, Economy, Prices, Consumer Price Indices, http://pxweb.stat. 15. 6. 2016. si/pxweb/Database/Ekonomsko/04_cene/04006_ICZP/04006_ICZP.asp, 15. 6. 2016. 10 Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http:// 8 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Average www.bsi.si/pxweb/dialog/Database/slo/serije/02_bilance_bank/02_bilance_bank.asp, Monthly Earnings, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/10_ 15. 6. 2016. place/01_07010_place/01_07010_place.asp, 15. 6. 2016. statistical insurance bulletin 2016 17
Selected macroeconomic indicators 2011 2012 2013 2014 2015 Population1 2,050,189 2,055,496 2,058,821 2,061,085 2,062,874 Men 1,014,563 1,016,731 1,019,061 1,020,874 1,022,229 Women 1,035,626 1,038,765 1,039,760 1,040,211 1,040,645 Slovenian citizens 1,967,443 1,969,941 1,967,436 1,964,477 1,961,342 Foreign citizens 82,746 85,555 91,385 96,608 101,532 Labour force 934,658 920,184 913,424 917,901 917,363 Employed persons 823,967 810,001 793,597 797,792 804,637 Registered unemployed persons 110,692 110,183 119,827 120,109 112,726 Registered unemployment rate (in %) 11.8 12.0 13.1 13.1 12.3 GDP (in EUR m) 36,896.3 35,988.3 35,907.5 37,303.2 38,543.2 GDP annual growth index (in %) 0.6 –2.7 –1.1 3.0 2.9 GDP per capita (in EUR) 17,973.3 17,497.5 17,434.6 18,092.5 18,679.9 GDP per capita (in USD) 25,018.8 22,480.8 23,155.0 24,035.9 20,725.4 Annual inflation rate2 (in %) 2.0 2.7 0.7 0.2 –0.5 Average monthly inflation (in %) 1.8 2.6 1.8 0.2 –0.5 Average monthly gross earnings (in EUR) 1,524.7 1,525.5 1,523.2 1,540.3 1,555.9 Average monthly net earnings (in EUR) 987.4 991.4 997.0 1,005.4 1,013.2 Government deficit (in EUR m) –2,456.4 –1,474.1 –5,395.2 –1,855.3 –1,131.2 Government deficit share in GDP (in %) –6.7 –4.1 –15.0 –5.0 –2.9 Government debt (in EUR m) 17,203.6 19,404.0 25,504.9 30,199.0 32,070.4 Government debt share in GDP (in %) 46.6 53.9 71.0 81.0 83.2 Exports of goods (in EUR m) 21,042.2 21,256.1 21,692.1 22,989.3 24,034.8 Imports of goods (in EUR m) 21,730.3 21,204.8 21,305.6 21,755.3 22,422.8 Exports as a percentage of imports (in %) 96.8 100.2 101.8 105.7 107.2 Exports of services (in EUR m) 4,923.2 5,124.4 5,312.8 5,557.6 5,965.6 Imports of services (in EUR m) 3,557.9 3,654.0 3,593.3 3,855.3 3,966.7 Exports as a percentage of imports (in %) 138.4 140.2 147.9 144.2 150.4 Industrial production index 101.3 98.9 99.1 102.2 105.63
1 As at 1 January. 2 Change in consumer price index (December each year/December of previous year). 3 Provisional data. Source: SORS deposits. Total assets of banks declined again, by EUR According to figures from the Securities Market 1.3 bn or 3.4%, to stand at EUR 37.4 bn. Agency, mutual fund12 assets were up by 7.8% to stand at EUR 2.3 bn. The equities of foreign issuers Following the extremely high level recorded in 2014, accounted for the highest proportion of assets, at turnover on the Ljubljana Stock Exchange11 was down 64.8% or EUR 1.5 bn. The number of investors by nearly a half, at EUR 393,1 m. Turnover in shares was up slightly to stand at 429,734. The assets of accounted for 84.9% of the aforementioned amount. mutual pension funds continue to increase. The The market capitalisation of all shares amounted aforementioned funds managed the assets of 259,606 to EUR 5.5 bn, a decrease of 11.1% relative to the investors totalling nearly EUR 1 bn last year. Debt previous year, while the market capitalisation of bonds securities were the prevailing form of investment. The was EUR 18.6 bn, an increase of 6.4% on the previous value of assets in units of investment funds (UCITS) year. Year-on-growth in the SBI TOP was negative from Member States with the authorisation to trade in (-11.2%), with the aforementioned index ending the Slovenia fluctuated significantly last year, and stood at year at 696.2 points. EUR 118.2 m in December 2015.
11 Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse. 12 Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016. si/media/Attachments/Statistika/Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016. Olms feed on stream crayfish, worms, snails and other aquatic invertebrates. They can live up to 100 years, and can even survive for several years without food. They reproduce through eggs which the female lays on the underside of flat rocks. Tiny amphipod stream crustaceans that hide between the eggs and the rock may represent a threat to the eggs. The olm is an animal species protected by law in Slovenia, and since 1982 it has been on the list of rare and endangered species. Their capture is prohibited without the express approval of the competent nature protection institutions. statistical insurance bulletin 2016 19
Slovenian Insurance 2.) Association in 2015
After several years of preparations, the Slovenian which began functioning on 1 January 2016. The insurance industry welcomed the new Insurance SIA participated in the drafting of the White Paper Act (ZZavar-1) in 2015, which implemented the on Pension Insurance, which was published by the Solvency II Directive (Directive 2009/138/EC of MLFSAEO in April 2016 and defines a set of measures the European Parliament and of the Council of 25 to ensure an appropriate level of pensions for all future November 2009 on the taking-up and pursuit of the generations, together with proposed tax incentives for business of Insurance and Reinsurance, OJ EU, L 335, supplementary pension insurance. 17 December 2009) and the associated European regulations. However, the late adoption of the With regard to health insurance, the MH drew up aforementioned law in November led to the even later strategic points for action last year and performed adoption of implementing acts in 2016. This represents an analysis of the healthcare system, which included additional problems for insurance and reinsurance an assessment of the feasibility of voluntary companies, which began operating under the new supplementary health insurance. The MH is not regime on 1 January 2016. The SIA continually against the latter, but is merely proposing some monitored preparations for the new law, and actively corrections. The SIA was afforded the opportunity collaborated with the Ministry of Finance and the to express its opinion on the subject, but the ISA in that regard. According to the findings of the government has not adopted a final decision on future latter, all insurance and reinsurance companies are arrangements. On the other hand, the Faculty of well-prepared for the new system. Because the system Economics at the University of Ljubljana, drew up introduces a completely new method of operations to a project, in conjunction with the SIA, to revise the which adjustments must be made in practice, the SIA economic aspects of the Slovenian healthcare system, set up a special phone line for questions and comments in which it proposed two healthcare baskets. However, relating to the new law and the implementation the MH has not responded. thereof. The fiscal verification of invoices paid in cash, by The change of insurance legislation continues with credit or debit card, check or other similar method further regulatory changes. The most important of payment was introduced on 2 January 2016 developments at the EU level, about which the SIA for all types of business in Slovenia. Following the regularly informes its members and calles on them to arrangements of other countries, the SIA strove to provide their comments, are: the directive on insurance achieve a special status for insurance companies, but distribution, general data protection regulation, the the legislator didn’t classify them in the extremely regulation on key information documents for packaged limited range of exceptions. Insurance companies were retail and insurance-based investment products, etc. thus forced to adapt their IT support and, in certain cases, their operating systems with the introduction Pension insurance represents an important element of fiscal cash registers, which represents a major of the Slovenian insurance market, but the associated problem for a complex activity such as the insurance regulations are amended frequently. According to industry due to the very short preparatory period and the most recent changes to pension legislation, simultaneous preparations for Solvency II. insurance and pension companies prepared in 2015 for the introduction of life-cycle funds, the most of Regulatory changes also had an indirect impact on statistical insurance bulletin 2016 20
the insurance industry in other areas. Additional cuts to the level of co-financing of agricultural insurance premiums, the late adoption of the new Law on Out- of-Court Consumer Dispute Resolution, the draft of the new Consumer Protection Act and the draft of the new Consumer Credit Act represent just a few of those changes.
Public awareness about insurance remains one of the SIA’s priority tasks. A brochure on life insurance was published in 2015 in conjunction with the Slovenian Consumers Association and was well-received by the public. The SIA’s aim is to respond to the growing number of questions received from consumers.
Together with the re-engineering of IT support for the guarantee fund and compensation office, which will help to facilitate and speed up the resolution of claims, the SIA began upgrading its entire IT support in 2015. The latter is expected to facilitate new activities in the future that will primarily benefit the SIA’s members (e.g. a natural disaster database and the more technologically advanced processing of statistical data).
International developments, particularly in Europe, also affect the Slovenian insurance industry. Given that the EU is adopting an increasing number of directly binding regulations, the SIA is increasingly involved in the activities of IE and Council of Bureaux. Close cooperation is thus being established with the insurance associations of certain other European countries.
Education and training remain one of the SIA’s core activities. In 2015 we organised traditional annual insurance conference, training for insurance agents and brokers, seminars regarding transportation and motor vehicle insurance, as well as ad-hoc seminars, for example on the introduction of fiscal cash registers. statistical insurance bulletin 2016 21
Organisational chart – graphic presentation of the SIA’s organisation
ASSEMBLY
COUNCIL
DIRECTOR
General and Organisational Affairs Arbitration Court1 Insurance Ombudsman1 Mediation Centre1 and Accounting Department
Green Card Bureau Guarantee Fund Compensation Body Information Centre
Green Card Bureau Guarantee Fund Expert Committee Write-Off Commission
Compliance Committee
Legal Section
Motor Insurance Legal Affairs and Property Insurance, Statistics and Analysis Training Department Personal Insurance Department Department Department
Motor Insurance Life and Accident In- Property Insurance Bulletin Editorial Committee surance Committee Committee Committee Training Committee
Transport and Credit Voluntary Health Liability Insurance Editorial Committee of Steering Committee Insurance Committee Insurance Committee Commission Magazine “Zavarovalniški of the Insurance Days horizonti” in Slovenia
Voluntary Pension Property Claims Risk Management Examination IT Committee Insurance Committee Commission Committee Committee
Insurance Fraud Money Laundering Burglary and Fire Accounting and Tax Consumer Awareness Prevention Commission Prevention Commission Insurance Affairs Commission and Public Relations Commission Committee
Insurance Legal Affairs Natural Disasters Actuarial Section Commission Commission
Agricultural SIA information system Financial Section Insurance Supervision Commission Section
Internal Audit Section 1 SIA provides only work assets. Postojna Cave is the largest karstic cave in Slovenia, with as much as 24,120 metres of underground passages. It is the most frequently visited tourist cave in Europe, with a 200-year tradition of visits, and has already welcomed 35 million visitors from all corners of the world. The first visitors actually entered the cave back in the 13th century, and the most attractive parts of the cave were discovered in 1818. statistical insurance bulletin 2016 23
Slovenian insurance market and 3.) SIA members (as at 27 June 2016)
Currently operating on the Slovenian insurance insurance premiums was generated this way in market are fifteen insurance companies, two 2014, the most in Croatia (36.7%), followed by the reinsurance companies and three pension companies Netherlands (29.1%) and Germany (18.1%). The registered in Slovenia, as well as six branch offices branch office of a Slovenian insurance company, of foreign insurance companies, two entities under established in Croatia by Adriatic Slovenica, the supervision of the ISA13 (Nuclear Insurance Zavarovalna družba d. d., began operating in 2015. and Reinsurance Pool and SIA – Guarantee Fund and Compensation Body) and Sklad obrtnikov in SIA members include thirteen insurance companies podjetnikov (Fund for Craftsmen and Entrepreneurs). registered in Slovenia and four branches of foreign The market comprise nine composite insurance insurance companies, two reinsurance companies and companies, four life insurance companies and eight the Fund for Craftsmen and Entrepreneurs, which non-life insurance companies. Of the latter, seven were joined by Skupna pokojninska družba, d. d. in are specialised in the marketing of individual types 2016. All of the companies and the fund are presented of insurance14: motor vehicle, suretyship, agriculture, below. Also operating on the market are the insurance credit, accident and/or health insurance, and legal companies PRVA, personal insurance company Plc, protection insurance. Only one insurance company CDA 40 zavarovalnica d. d., Porsche Versicherungs markets exclusively life insurance; the other three life AG, podružnica v Sloveniji, and Agro Zavarovalnica, insurance companies also underwrite accident and/or podružnica v Sloveniji, as well as the pension health insurance. companies Moja naložba pokojninska družba, d. d. and Pokojninska družba A, d. d. With the exception Despite the small size of the insurance market, the of PRVA, personal insurance company Plc and the number of insurance companies that may directly two pension companies, the aforementioned insurance perform insurance operations in Slovenia is growing companies do not account for a significant share of every year. A total of 716 companies notified sales on the insurance market. operations based on free movement of services at the end of 2015. Of those, only 119 were active a year Gross premiums written by SIA members were up earlier. Those companies generated EUR 13.6 m nearly 2% last year to reach EUR 1,975.4 m. Of the in insurance premiums on the Slovenian market in fourteen members that recorded positive growth, 201415, which is 5.5% less than the previous year and the most successful was Modra zavarovalnica, d. d., 0.7% of the premiums that policyholders paid to SIA which recorded growth of 23.5%. That was also the members during the same year. The same companies highest growth recorded in the life insurance class. paid claims in the amount of EUR 5.5 m. ERGO zavarovalnica, podružnica v Sloveniji recorded the highest growth in non-life insurance premiums Slovenian insurance companies also directly perform (32.5%). The most efficient in terms of operations insurance operations in other EU Member States, was NLB Vita življenjska zavarovalnica d. d., which but the scope of such operations is small. According generated premiums per employee of EUR 1.6 m. to figures from the ISA, a total of EUR 1.5 m in Both reinsurance companies also performed well
13 ISA, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016. 15 Report of the Insurance Supervision Agency, ISA, Ljubljana, June 2015. 14 Information about this is available on the ISA website https://www.a-zn.si/Default.aspx?id=4. statistical insurance bulletin 2016 24
SELECTED FIGURES FROM SIA MEMBERS IN 2015
DONATIONS EUR 1.3 m
SPONSORSHIPS EUR 7.1 m
Amount of tax paid on EUR 67 m insurance CONTRACTS Investments EUR 6,825.8 m
SHARE OF INVESTMENTS Share of investments for the benefit of life in land and buildings 82.2% 17.8% insurance policyholders and financial investments who assume investment risk
Comparison of investments to GDP 17.7%
EMPLOYEE PRODUCTIVITY of SIA members EUR 358 500 EMPLOYEE PRODUCTIVITY of the economy EUR 47 900 statistical insurance bulletin 2016 25
and generated total premiums of EUR 268.8 m, of assets in investments on behalf of policyholders who an increase of 13.7% relative to the previous year. assume the investment risk. Taking into account the level of GDP, the operations of SIA members represent Having accounted for 29.6% of total premiums of a major contribution to the development and growth all SIA members in 2015, Zavarovalnica Triglav, d. d. of the Slovenian economy. remains the leader among insurance companies, both in terms of non-life and life insurance. Vzajemna The majority of SIA members operate within their zdravstvena zavarovalnica, d. v. z. is the leader in own insurance groups. Nine members are part of health insurance. The concentration of the insurance groups whose parent companies are registered in market remains moderate, the indicator value has been EU Member States. Three members with registered around 1500 in recent years. The ten largest insurance offices in Slovenia control their own insurance groups. companies had a combined market share of 94.8% Zavarovalnica Triglav, d. d. is the parent company last year (while the five largest had a combined market of the largest of those groups: in addition to three share of 76.7%). The ranking of those companies subsidiary insurance and pension companies in remains unchanged. Sava Reinsurance Company d. d. Slovenia, the Triglav Group also included seven foreign and Pozavarovalnica Triglav Re, d. d. divided up subsidiaries at the end of 201516. The second group the reinsurance market, with the aforementioned comprises the parent company Sava Reinsurance two companies holding shares of 56.5% and 43.5% Company d. d., with three subsidiary insurance and respectively. pension companies in Slovenia and eight foreign insurance companies17. In the third group, Adriatic In terms of insurance and reinsurance premiums Slovenica, Zavarovalna družba d. d. is the controlling generated, the insurance industry, under the auspices company of one subsidiary insurance company, at of the SIA, represents an important economic sector, which activities to wind up the company were initiated accounting for 5.8% of GDP and contributing last December, and one foreign branch office18. All almoast EUR 67 m to the state budget from insurance three insurance groups operate on the markets of premium tax. The insurance sector supports the the former Yugoslavia and they generated written economy with the investments in land and buildings, premiums of EUR 1.7 bn in 2015 (EUR 1.5 bn as well as financial investments. Such contributions excluding reinsurance premiums), an increase of 2.7% exceeded EUR 5.6 bn last year. When providing on the previous year. statistics, we should not neglect life insurance, where insurance companies recorded more than EUR 1.2 bn
16 Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav. 18 Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited, eu/6bdc1dd0-c125-4a81-a491-f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final. http://www.as-skupina.si/documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de- pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0-c125-4a81-a491- 9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016. f780d908fa6b, 15. 6. 2016. 17 Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www.sava-re.si/media/objave/dokumenti/2016/ LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015. statistical insurance bulletin 2016 26
Number of insurance companies with regard to various criteria
2011 2012 2013 2014 2015 ACTIVE COMPANIES IN THE INSURANCE MARKET Insurance companies with their head office in Slovenia 16 15 14 14 15 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 5 5 6 6 TOTAL 26 27 26 27 28 Of which SIA members 21 21 20 20 20 Foreign insurance companies, authorised to directly perform operations 610 632 664 692 716 Of which the active insurance companies 110 117 102 119 … SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA By legislation Operate under the insurance act 18 18 17 17 17 Do not operate under the insurance act 1 1 1 1 1 By portfolio Composite 9 9 9 9 9 Life 5 5 4 4 4 Non-life 5 5 5 5 5 By organisational form Joint-stock companies 17 17 16 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 2015 (in EUR)
TOTAL Life Non-life COMPOSITE INSURANCE COMPANIES: Adriatic Slovenica, Zavarovalna družba d. d. 296,310,561 60,214,097 236,096,464 ERGO zavarovalnica, podružnica v Sloveniji 8,334,344 1,690,588 6,643,756 GENERALI zavarovalnica, d. d. 90,508,228 27,056,401 63,451,827 GRAWE Zavarovalnica, d. d. 35,801,539 20,005,400 15,796,139 Merkur zavarovalnica, d. d. 46,006,129 38,071,353 7,934,776 Wiener Städtische zavarovalnica, Branch Office Ljubljana 27,346,677 17,798,278 9,548,399 Zavarovalnica Maribor, d. d. 249,246,862 72,258,443 176,988,419 Zavarovalnica Tilia, d. d. 79,686,986 7,953,040 71,733,946 Zavarovalnica Triglav, d. d. 584,869,502 174,724,778 410,144,724 LIFE INSURANCE COMPANIES: ERGO Življenjska zavarovalnica d. d. 2,895,888 2,895,888 0 Modra zavarovalnica, d. d. 78,927,894 78,920,744 7,150 NLB Vita življenjska zavarovalnica d. d. 62,492,455 60,422,026 2,070,429 NON-LIFE INSURANCE COMPANIES: Allianz Insurance Company, Branch Office Ljubljana 7,282,081 0 7,282,081 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 2,038,935 0 2,038,935 SID – First Credit Insurance Company Inc. 15,474,671 0 15,474,671 Triglav, Health insurance company, Ltd 108,905,726 0 108,905,726 Vzajemna Mutual Health Insurance Company, d. v. z. 275,317,965 0 275,317,965 OTHER COMPANIES: Sklad obrtnikov in podjetnikov 3,911,803 3,911,803 0 REINSURANCE COMPANIES: Sava Reinsurance Company d. d. 151,982,420 1,972,900 150,009,520 Pozavarovalnica Triglav Re, d. d. 116,839,911 448,261 116,391,650
Source: SIA statistical insurance bulletin 2016 27
Share of SIA members with regard to collected premiums in 2015 (in %)
TOTAL Life Non-life INSURANCE – TOTAL 100 100 100 Zavarovalnica Triglav, d. d. 29.61 30.87 29.10 Adriatic Slovenica, Zavarovalna družba d. d. 15.00 10.64 16.75 Vzajemna Mutual Health Insurance Company, d. v. z. 13.94 – 19.53 Zavarovalnica Maribor, d. d. 12.62 12.77 12.56 Triglav, Health insurance company, Ltd 5.51 – 7.73 GENERALI zavarovalnica, d. d. 4.58 4.78 4.50 Zavarovalnica Tilia, d. d. 4.03 1.41 5.09 Modra zavarovalnica, d. d. 4.00 13.95 0.00 NLB Vita življenjska zavarovalnica d. d. 3.16 10.68 0.15 Merkur zavarovalnica, d. d. 2.33 6.73 0.56 GRAWE Zavarovalnica, d. d. 1.81 3.54 1.12 Wiener Städtische zavarovalnica, Branch Office Ljubljana 1.38 3.15 0.68 SID – First Credit Insurance Company Inc. 0.78 – 1.10 ERGO zavarovalnica, podružnica v Sloveniji 0.42 0.30 0.47 Allianz Insurance Company, Branch Office Ljubljana 0.37 – 0.52 Sklad obrtnikov in podjetnikov 0.20 0.69 – ERGO Življenjska zavarovalnica d. d. 0.15 0.51 – ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 0.10 – 0.14 REINSURANCE – TOTAL 100 100 100 Sava Reinsurance Company d. d. 56.54 81.49 56.31 Pozavarovalnica Triglav Re, d. d. 43.46 18.51 43.69
Source: SIA
Premium growth index of SIA members in 2015
TOTAL Life Non-life INSURANCE Modra zavarovalnica, d. d. 123.47 123.47 119.85 ERGO zavarovalnica, podružnica v Sloveniji 119.16 85.37 132.51 Sklad obrtnikov in podjetnikov 117.84 117.84 – ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 115.71 – 115.71 NLB Vita življenjska zavarovalnica d. d. 113.37 112.82 132.12 GRAWE Zavarovalnica, d. d. 110.34 102.03 123.02 Vzajemna Mutual Health Insurance Company, d. v. z. 106.68 – 106.68 Wiener Städtische zavarovalnica, Branch Office Ljubljana 106.39 106.53 106.14 GENERALI zavarovalnica, d. d. 103.12 110.11 100.40 Allianz Insurance Company, Branch Office Ljubljana 102.62 – 102.62 Insurance – TOTAL 101.95 105.71 100.52 Merkur zavarovalnica, d. d. 101.78 101.38 103.79 Triglav, Health insurance company, Ltd 101.43 – 101.43 Zavarovalnica Maribor, d. d. 99.71 97.08 100.82 Adriatic Slovenica, Zavarovalna družba d. d. 99.61 112.02 96.87 Zavarovalnica Triglav, d. d. 98.93 100.51 98.28 Zavarovalnica Tilia, d. d. 95.19 94.65 95.25 SID – First Credit Insurance Company Inc. 92.60 – 92.60 ERGO Življenjska zavarovalnica d. d. 77.64 77.64 – REINSURANCE Sava Reinsurance Company d. d. 115.73 71.92 116.67 Reinsurance – TOTAL 113.66 77.13 114.15 Pozavarovalnica Triglav Re, d. d. 111.07 113.23 111.06
Source: SIA statistical insurance bulletin 2016 28
SIA members with regard to life premium (excluding VSPI) in 2015
VSPI Life premiums Share with regard Growth index (in EUR) without VSPI to life premiums of life premiums (in EUR) without VSPI without VSPI (in %) TOTAL 77,236,658 488,686,181 100 103.14 Zavarovalnica Triglav, d. d. 14,613,360 160,111,418 32.76 100.35 Zavarovalnica Maribor, d. d. 0 72,258,443 14.79 97.08 NLB Vita življenjska zavarovalnica d. d. 0 60,422,026 12.36 112.82 Adriatic Slovenica, Zavarovalna družba d. d. 4,612,407 55,601,690 11.38 105.14 Merkur zavarovalnica, d. d. 0 38,071,353 7.79 101.38 Modra zavarovalnica, d. d. 54,376,278 24,544,466 5.02 118.46 GENERALI zavarovalnica, d. d. 3,634,613 23,421,788 4.79 109.53 GRAWE Zavarovalnica, d. d. 0 20,005,400 4.09 102.03 Wiener Städtische zavarovalnica, Branch Office Ljubljana 0 17,798,278 3.64 106.53 Zavarovalnica Tilia, d. d. 0 7,953,040 1.63 94.65 Sklad obrtnikov in podjetnikov 0 3,911,803 0.80 117.84 ERGO Življenjska zavarovalnica d. d. 0 2,895,888 0.59 77.64 ERGO zavarovalnica, podružnica v Sloveniji 0 1,690,588 0.35 85.37
Source: SIA
Operating efficiency of SIA members in 2015
Number of Premiums per Premiums per employees employee employee growth (as at 31 December) (in EUR) index INSURANCE NLB Vita življenjska zavarovalnica d. d. 40 1,562,311 116.20 Modra zavarovalnica, d. d. 56 1,409,427 119.06 Triglav, Health insurance company, Ltd 84 1,296,497 101.43 Wiener Städtische zavarovalnica, Branch Office Ljubljana 28 976,667 110.19 Vzajemna Mutual Health Insurance Company, d. v. z. 319 863,066 95.98 Allianz Insurance Company, Branch Office Ljubljana 12 606,840 111.17 Insurance – TOTAL 6,174 319,948 100.04 Zavarovalnica Maribor, d. d. 809 308,093 100.32 Merkur zavarovalnica, d. d. 161 285,752 104.95 Adriatic Slovenica, Zavarovalna družba d. d. 1,092 271,347 93.68 Zavarovalnica Triglav, d. d. 2,341 249,837 99.95 GENERALI zavarovalnica, d. d. 409 221,292 99.85 SID – First Credit Insurance Company Inc. 71 217,953 92.60 Zavarovalnica Tilia, d. d. 388 205,379 94.70 ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 11 185,358 105.19 GRAWE Zavarovalnica, d. d. 197 181,734 104.18 ERGO Življenjska zavarovalnica d. d. 21 137,899 85.04 Sklad obrtnikov in podjetnikov 38 102,942 89.93 ERGO zavarovalnica, podružnica v Sloveniji 97 85,921 94.59 REINSURANCE Pozavarovalnica Triglav Re, d. d. 46 2,539,998 108.65 Reinsurance – TOTAL 143 1,879,876 106.50 Sava Reinsurance Company d. d. 97 1,566,829 106.19
Source: SIA statistical insurance bulletin 2016 29
Adriatic Slovenica, Zavarovalna družba d. d.
Ljubljanska cesta 3a, SI-6503 Koper www.as.si, www.as-skupina.si T: (+386) 5 66 43 100 E: [email protected] F: (+386) 5 66 43 109 Tax number: SI63658011 Identification number: 5063361
Chairman of the supervisory board: Number of employees (31 December 2015): 1,092 Matjaž GANTAR, MSc Number of top-level business units: 11 Chairman of the board of management: Gabrijel ŠKOF Number of other business units: 46
Members of the board of management: Share of foreign capital (31 December 2015): 0% Varja DOLENC, MSc Matija ŠENK Biggest shareholders and their shares: KD Group, d. d., Ljubljana 100% Type of company: composite insurance company Gross written premiums 2015: EUR 296,310,561
Organisational form: joint-stock company
Date of registration: 20 November 1990
Breakdown of total insurance premiums in 2015 (in %)
5.65 Accident
33.97 Health
11.53 Land motor vehicle
5.33 Fire and natural forces 4.04 Other damage to property
13.52 Motor vehicle liability
2.48 General liability
18.76 Life
1.56 Pension 3.17 Other statistical insurance bulletin 2016 30
Allianz Insurance Company, Branch Office Ljubljana
Dimičeva ulica 16, SI-1000 Ljubljana www.allianz.si T: (+386) 1 58 09 480 E: [email protected] F: (+386) 1 58 09 481 Tax number: SI64656187 Identification number: 2345722
Director of the branch: Number of employees (31 December 2015): 12 Mateja GERONI Number of top-level business units: 1 Type of company: non-life insurance company Number of other business units: –
Organisational form: Share of foreign capital (31 December 2015): 100% branch of EU insurance company Biggest shareholders and their shares: Date of registration: Allianz Hungária Biztósitó Zártkörüen Müködő 22 November 2007 Részvénytársaság, Budapest 100%
Gross written premiums 2015: EUR 7,282,081
Breakdown of total insurance premiums in 2015 (in %)
22.89 Fire and natural forces
22.13 Other damage to property
51.01 General liability
1.88 Miscellaneous financial loss 2.08 Other statistical insurance bulletin 2016 31
ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia
Železna cesta 14, SI-1000 Ljubljana www.arag.si T: (+386) 1 23 64 181 E: [email protected] F: (+386) 1 43 64 391 Tax number: SI60153555 Identification number: 6186238
Director of the branch: Number of employees (31 December 2015): 11 Marko VONČINA Number of top-level business units: 1 Type of company: legal protection insurance company Number of other business units: 1
Organisational form: Share of foreign capital (31 December 2015): 100% branch of EU insurance company Biggest shareholders and their shares: Date of registration: ARAG SE, Düsseldorf 100% 4 July 2012 Gross written premiums 2015: EUR 2,038,935
Breakdown of total insurance premiums in 2015 (in %)
100.00 Legal expenses statistical insurance bulletin 2016 32
ERGO zavarovalnica, podružnica v Sloveniji
Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče www.ergo.si T: (+386) 1 60 05 800 E: [email protected] F: (+386) 1 60 05 806 Tax number: SI81287763 Identification number: 2118629
Director of the branch: Number of employees (31 December 2015): 97 Andrej KOCIČ, MSc Number of top-level business units: 1 Type of company: composite insurance company Number of other business units: –
Organisational form: Share of foreign capital (31 December 2015): 100% branch of EU insurance company Biggest shareholders and their shares: Date of registration: ERGO Austria International AG, Vienna 100% 25 May 2005 Gross written premiums 2015: EUR 8,334,344
Breakdown of total insurance premiums in 2015 (in %)
9.56 Accident
31.74 Land motor vehicle
8.73 Other damage to property
25.81 Motor vehicle liability
20.28 Life
3.88 Other statistical insurance bulletin 2016 33
ERGO Življenjska zavarovalnica d. d.
Šlandrova ulica 4, SI-1231 Ljubljana-Črnuče www.ergo.si T: (+386) 1 60 05 040 E: [email protected] F: (+386) 1 60 05 039 Tax number: SI33416133 Identification number: 3356493
Chairman of the supervisory board: Number of employees (31 December 2015): 21 Harald LONDER Number of top-level business units: 1 Chairman of the board of management: Andrej KOCIČ, MSc Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 100% Borut ERŽEN, PhD Biggest shareholders and their shares: Type of company: ERGO Austria International AG, Vienna 100% life insurance company Gross written premiums 2015: EUR 2,895,888 Organisational form: joint-stock company
Date of registration: 1 July 2008
Breakdown of total insurance premiums in 2015 (in %)
100.00 Life statistical insurance bulletin 2016 34
GENERALI zavarovalnica, d. d.
Kržičeva ulica 3, SI-1000 Ljubljana www.generali.si T: (+386) 1 47 57 100 E: [email protected] F: (+386) 1 47 57 103 Tax number: SI88725324 Identification number: 5186684
Chairman of the supervisory board: Number of employees (31 December 2015): 409 Martin VRECION Number of top-level business units: 10 Chairman of the board of management: Vanja HROVAT Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 100% Gregor PILGRAM Biggest shareholders and their shares: Type of company: Generali CEE Holding B.V., Prague 99.9 % composite insurance company Gross written premiums 2015: EUR 90,508,228 Organisational form: joint-stock company
Date of registration: 18 March 1997
Breakdown of total insurance premiums in 2015 (in %)
7.64 Accident
17.04 Land motor vehicle
11.90 Fire and natural forces
8.05 Other damage to property
19.02 Motor vehicle liability
3.91 General liability 1.26 Assistance
25.88 Life
4.02 Pension 1.29 Other statistical insurance bulletin 2016 35
GRAWE Zavarovalnica, d. d.
Gregorčičeva ulica 39, SI-2000 Maribor www.grawe.si T: (+386) 2 22 85 500 E: [email protected] F: (+386) 2 22 85 526 Tax number: SI59896469 Identification number: 5450900
Chairman of the supervisory board: Number of employees (31 December 2015): 197 Othmar EDERER, PhD Number of top-level business units: 2 Chairman of the board of management: Božo EMERŠIČ, MSc, MBA Number of other business units: 15
Members of the board of management: Share of foreign capital (31 December 2015): 100% Simon HUSAR Marko MIKIĆ Biggest shareholders and their shares: Helga RUDORFER, MSc Grazer Wechselseitige Versicherung AG, Graz 100%
Type of company: Gross written premiums 2015: EUR 35,801,539 composite insurance company
Organisational form: joint-stock company
Date of registration: 23 January 1991
Breakdown of total insurance premiums in 2015 (in %)
9.21 Accident
8.14 Land motor vehicle 2.51 Fire and natural forces
11.28 Other damage to property
10.21 Motor vehicle liability
1.50 General liability
55.88 Life
1.27 Other statistical insurance bulletin 2016 36
Merkur zavarovalnica, d. d.
Dunajska cesta 58, SI-1000 Ljubljana www.merkur-zav.si T: (+386) 1 30 05 450 E: [email protected] F: (+386) 1 43 61 092 Tax number: SI74079778 Identification number: 5648246
Chairman of the supervisory board: Number of employees (31 December 2015): 161 Christian KLADIVA Number of top-level business units: 2 Chairman of the board of management: Denis STROLIGO Number of other business units: 2
Member of the board of management: Share of foreign capital (31 December 2015): 100% Terence J. TAYLOR, MSc Biggest shareholders and their shares: Type of company: Merkur International Holding AG, Graz 100% composite insurance company Gross written premiums 2015: EUR 46,006,129 Organisational form: joint-stock company
Date of registration: 18 November 1992
Breakdown of total insurance premiums in 2015 (in %)
11.74 Accident
1.70 Fire and natural forces 2.27 Other damage to property
82.75 Life
1.53 Other statistical insurance bulletin 2016 37
Modra zavarovalnica, d. d.
Dunajska cesta 119, SI-1000 Ljubljana www.modra-zavarovalnica.si T: (+386) 1 47 46 800 E: [email protected] F: (+386) 1 47 46 754 Tax number: SI21026912 Identification number: 6031226
Chairman of the supervisory board: Number of employees (31 December 2015): 56 Aleš GROZNIK, PhD Number of top-level business units: 1 Chairman of the board of management: Borut JAMNIK Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 0% Matija DEBELAK, MSc Biggest shareholders and their shares: Type of company: Kapitalska družba pokojninskega in invalidskega pension insurance company zavarovanja, d. d., Ljubljana 100%
Organisational form: Gross written premiums 2015: EUR 78,927,894 joint-stock company
Date of registration: 3 October 2011
Breakdown of total insurance premiums in 2015 (in %) 0.01 Accident
31.10 Life
68.89 Pension statistical insurance bulletin 2016 38
NLB Vita življenjska zavarovalnica d. d.
Trg republike 3, SI-1520 Ljubljana www.nlbvita.si T: (+386) 1 47 65 800 E: [email protected] F: (+386) 1 47 65 818 Tax number: SI70292825 Identification number: 1834665
Chairman of the supervisory board: Number of employees (31 December 2015): 40 Johan B. P. DAEMEN Number of top-level business units: 1 Chairman of the board of management: Barbara SMOLNIKAR, PhD Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 50% Irena PRELOG, MSc Biggest shareholders and their shares: Type of company: KBC Insurance NV, Leuven 50% life insurance company Nova Ljubljanska banka, d. d., Ljubljana 50%
Organisational form: Gross written premiums 2015: EUR 62,492,455 joint-stock company
Date of registration: 4 June 2003
Breakdown of total insurance premiums in 2015 (in %)
2.62 Accident 0.69 Health
96.69 Life statistical insurance bulletin 2016 39
Pozavarovalnica Triglav Re, d. d.
Miklošičeva cesta 19, SI-1000 Ljubljana www.triglavre.si T: (+386) 1 47 47 900 E: [email protected] F: (+386) 1 43 31 419 Tax number: SI16465423 Identification number: 1362992
Chairman of the supervisory board: Number of employees (31 December 2015): 46 Andrej SLAPAR Number of top-level business units: 1 Chairman of the board of management: Gregor STRAŽAR, MSc Number of other business units: –
Members of the board of management: Share of foreign capital (31 December 2015): 0% Tomaž ROTAR Stanislav VRTUNSKI Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100% Type of company: reinsurance company Gross written premiums 2015: EUR 116,839,911
Organisational form: joint-stock company
Date of registration: 31 December 1998
Breakdown of total reinsurance premiums in 2015 (in %)
3.95 Accident
9.43 Land motor vehicle
2.41 Ship 1.58 Goods in transit
38.86 Fire and natural forces
25.06 Other damage to property
7.87 Motor vehicle liability 3.12 General liability 2.80 Credit 1.41 Miscellaneous financial loss 3.52 Other statistical insurance bulletin 2016 40
Sava Reinsurance Company d. d.
Dunajska cesta 56, SI-1000 Ljubljana www.sava-re.si T: (+386) 1 47 50 200 E: [email protected] F: (+386) 1 47 50 264 Tax number: SI17986141 Identification number: 5063825
Chairman of the supervisory board: Number of employees (31 December 2015): 97 Branko TOMAŽIČ Number of top-level business units: 1 Chairman of the board of management: Zvonko IVANUŠIČ, MSc Number of other business units: –
Members of the board of management: Share of foreign capital (31 December 2015): 29.9% Srečko ČEBRON Jošt DOLNIČAR Biggest shareholders and their shares: Mateja TREVEN, MSc Slovenian Sovereign Holding d. d., Ljubljana 25.0% Societe Generale – Splitska banka, d. d., Split – custody account 9.8% Type of company: European Bank for Reconstruction and Development, London 6.2% reinsurance company Raiffeisen Bank Austria, d. d., Dunaj – custody account 4.4% Sava Reinsurance Company d. d., Ljubljana (own shares) 4.3% Organisational form: joint-stock company Gross written premiums 2015: EUR 151,982,420
Date of registration: 28 December 1990
Breakdown of total reinsurance premiums in 2015 (in %)
6.19 Accident 1.42 Health
10.81 Land motor vehicle
2.48 Ship 3.27 Goods in transit
44.53 Fire and natural forces
14.06 Other damage to property
8.25 Motor vehicle liability 3.15 General liability 1.30 Life 4.55 Other statistical insurance bulletin 2016 41
SID – First Credit Insurance Company Inc.
Davčna ulica 1, SI-1000 Ljubljana www.sid-pkz.si T: (+386) 1 20 05 800. 20 05 810 E: [email protected] F: (+386) 1 42 58 445 Tax number: SI71824847 Identification number: 1903209
Chairman of the supervisory board: Number of employees (31 December 2015): 71 Jožef BRADEŠKO Number of top-level business units: 1 Chairman of the board of management: Ladislav ARTNIK Number of other business units: –
Members of the board of management: Share of foreign capital (31 December 2015): 0% Barbara KUNC Igor PIRNAT, MSc Biggest shareholders and their shares: SID – Slovenska izvozna in razvojna banka, d. d., Type of company: Ljubljana 100% credit insurance company Gross written premiums 2015: EUR 15,474,671 Organisational form: joint-stock company
Date of registration: 31 December 2004
Breakdown of total insurance premiums in 2015 (in %)
100.00 Credit statistical insurance bulletin 2016 42
Sklad obrtnikov in podjetnikov
Vošnjakova ulica 6, SI-1000 Ljubljana www.sop.si T: (+386) 1 30 03 611 E: [email protected] F: (+386) 1 43 18 303 Tax number: SI39155790 Identification number: 5147344
Chairman of the supervisory board: Number of employees (31 December 2015): 38 Jaka VADNJAL, PhD Number of top-level business units: 1 Chairman of the board of management: Bojan JEAN, MSc Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 0% Božidar MAROT, MSc Biggest shareholders and their shares: Type of company: not a joint-stock company pension fund Gross written premiums 2015: EUR 3,911,803 Organisational form: mutual company
Date of registration: 23 August 1956
Breakdown of total insurance premiums in 2015 (in %)
100.00 Life statistical insurance bulletin 2016 43
Skupna pokojninska družba, d. d.
Trg republike 3, SI-1000 Ljubljana www.skupna.si T: (+386) 1 47 00 840 E: [email protected] F: (+386) 1 47 00 853 Tax number: SI17849942 Identification number: 1584774
Chairman of the supervisory board: Number of employees (31 December 2015): 18 Tadej ČOROLI Number of top-level business units: 1 Chairman of the board of management: Aljoša URŠIČ Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 0% Peter KRASSNIG Biggest shareholders and their shares: Type of company: Zavarovalnica Triglav, d. d., Ljubljana 71.9% pension insurance company Nova Ljubljanska banka, d. d., Ljubljana 28.1%
Organisational form: Gross written premiums 2015: EUR 28,265,905 joint-stock company
Date of registration: 19 December 2000
Breakdown of total insurance premiums in 2015 (in %)
100.00 Pension statistical insurance bulletin 2016 44
Triglav, Health insurance company, Ltd
Pristaniška ulica 10, SI-6000 Koper www.zdravstvena.net T: (+386) 5 66 22 000 E: [email protected] F: (+386) 5 66 22 002 Tax number: SI50250957 Identification number: 5848091
Chairman of the supervisory board: Number of employees (31 December 2015): 84 Tadej ČOROLI Number of top-level business units: 14 Chairman of the board of management: Meta BERK SKOK, MSc Number of other business units: –
Member of the board of management: Share of foreign capital (31 December 2015): 0% Simon VIDMAR, MSc Biggest shareholders and their shares: Type of company: Zavarovalnica Triglav, d. d., Ljubljana 100% health insurance company Gross written premiums 2015: EUR 108,905,726 Organisational form: joint-stock company
Date of registration: 18 November 2002
Breakdown of total insurance premiums in 2015 (in %) 0.18 Accident
99.82 Health statistical insurance bulletin 2016 45
Vzajemna Mutual Health Insurance Company, d. v. z.
Vošnjakova ulica 2, SI-1000 Ljubljana www.vzajemna.si T: (+386) 1 47 18 700 E: [email protected] F: (+386) 1 47 18 850 Tax number: SI87984385 Identification number: 1430521
Chairman of the supervisory board: Number of employees (31 December 2015): 319 Aleksandra PODGORNIK, MSc Number of top-level business units: 9 Chairman of the board of management: Aleš MIKELN, MBA Number of other business units: 43
Members of the board of management: Share of foreign capital (31 December 2015): 0% Neven CVITANOVIĆ, MSc Katja JELERČIČ, MSc Biggest shareholders and their shares: not a joint-stock company Type of company: health insurance company Gross written premiums 2015: EUR 275,317,965
Organisational form: mutual company
Date of registration: 1 November 1999
Breakdown of total insurance premiums in 2015 (in %)
1.21 Accident
98.79 Health statistical insurance bulletin 2016 46
Wiener Städtische zavarovalnica, Branch Office Ljubljana
Masarykova cesta 14, SI-1000 Ljubljana www.wienerstaedtische.si T: (+386) 1 30 01 700 E: [email protected] F: (+386) 1 30 01 709 Tax number: SI35452846 Identification number: 1983652
Directors of the branch: Number of employees (31 December 2015): 28 Tomo MRĐEN, MSc Michael KÖPF Number of top-level business units: 2
Type of company: Number of other business units: – composite insurance company Share of foreign capital (31 December 2015): 100% Organisational form: branch of EU insurance company Biggest shareholders and their shares: Wiener Städtische Versicherung AG Vienna Insurance Group, Date of registration: Vienna 100% 24 August 2004 Gross written premiums 2015: EUR 27,346,677
Breakdown of total insurance premiums in 2015 (in %)
1.99 Accident 7.29 Fire and natural forces
10.05 Other damage to property
13.56 General liability
2.02 Miscellaneous financial loss
65.08 Life
0.01 Other statistical insurance bulletin 2016 47
Zavarovalnica Maribor, d. d.
Cankarjeva ulica 3, SI-2507 Maribor www.zav-mb.si T: (+386) 2 23 32 100 E: [email protected] F: (+386) 2 23 32 530 Tax number: SI44814631 Identification number: 5063400
Chairman of the supervisory board: Number of employees (31 December 2015): 809 Zvonko IVANUŠIČ Number of top-level business units: 10 Chairman of the board of management: David KASTELIC, MSc Number of other business units: 384
Members of the board of management: Share of foreign capital (31 December 2015): 0% Borut CELCER, MSc Rok MOLJK Biggest shareholders and their shares: Robert CIGLARIČ Sava Reinsurance Company d. d., Ljubljana 100%
Type of company: Gross written premiums 2015: EUR 249,246,862 composite insurance company
Organisational form: joint-stock company
Date of registration: 26 December 1990
Breakdown of total insurance premiums in 2015 (in %)
7.44 Accident
19.60 Land motor vehicle
9.03 Fire and natural forces
5.93 Other damage to property
18.90 Motor vehicle liability
4.14 General liability 2.65 Assistance
28.99 Life
3.31 Other statistical insurance bulletin 2016 48
Zavarovalnica Tilia, d. d.
Seidlova cesta 5, SI-8000 Novo mesto www.zav-tilia.si T: (+386) 7 39 17 200 E: [email protected] F: (+386) 7 39 17 310 Tax number: SI40090043 Identification number: 5063426
Chairman of the supervisory board: Number of employees (31 December 2015): 388 Zvonko IVANUŠIČ, MSc Number of top-level business units: 14 Chairman of the board of management: Tadej AVSEC, MSc Number of other business units: 39
Member of the board of management: Share of foreign capital (31 December 2015): 0% Jaka DOLENC Biggest shareholders and their shares: Type of company: Sava Reinsurance Company d. d., Ljubljana 100% composite insurance company Gross written premiums 2015: EUR 79,686,986 Organisational form: joint-stock company
Date of registration: 27 December 1990
Breakdown of total insurance premiums in 2015 (in %)
10.08 Accident
29.23 Land motor vehicle
9.16 Fire and natural forces
7.71 Other damage to property
26.92 Motor vehicle liability
3.83 General liability 1.96 Assistance 9.98 Life 1.12 Other statistical insurance bulletin 2016 49
Zavarovalnica Triglav, d. d.
Miklošičeva cesta 19, SI-1000 Ljubljana www.triglav.eu T: (+386) 1 47 47 200 E: [email protected] F: (+386) 1 43 26 302 Tax number: SI80040306 Identification number: 5063345
Chairman of the supervisory board: – Number of employees (31 December 2015): 2,341 Vice chairman: Gregor KASTELIC, MSc Number of top-level business units: 13 Chairman of the board of management: Andrej SLAPAR Number of other business units: 140
Members of the board of management: Share of foreign capital (31 December 2015): 17.1% Uroš IVANC Benjamin JOŠAR Biggest shareholders and their shares: Tadej ČOROLI Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Marica MAKOTER Ljubljana 34.5% Slovenska odškodninska družba, d. d., Ljubljana 28.1% Type of company: Hypo Alpe-Adria-Bank, d. d., Zagreb 6.3% composite insurance company Balkan Fund, Luksemburg 1.4% Hrvatska poštanska banka, d. d., Zagreb 1.4% Organisational form: joint-stock company Gross written premiums 2015: EUR 584,869,502
Date of registration: 28 December 1990
Breakdown of total insurance premiums in 2015 (in %)
5.00 Accident
16.09 Land motor vehicle
9.20 Fire and natural forces
11.71 Other damage to property
15.19 Motor vehicle liability
4.99 General liability 4.11 Credit 1.31 Assistance
27.38 Life
2.50 Pension 2.52 Other Speleobiology is the biological science of the life of animals in the underground environment. The olm is without doubt the best-known cave animal. It was also in Postojna Cave that the first cave beetle, the drobnovratnik (Leptodirus hochenwartii) was discovered. Biological literature refers to more than 130 species of animals inhabiting the Postojna-Planina cave system; of these, 84 are proper cave species, which is a world record. statistical insurance bulletin 2016 51 4.) Employees in 2015
The workforce in employment totalled 804,637 in 7 education was up 6%, with those persons accounting Slovenia last year. Close to 1% of those persons were for 21% (1,283) of all employees. In terms of the employed at insurance and reinsurance companies. formal level of education, the number of employees Given that they generate close to 6% of GDP, those with a master’s degree recorded the highest growth in companies contribute significantly to the performance previous years. However, that number fell last year for of the Slovenian economy. the second year in a row, by 14.8%. The average level of education is even better at reinsurance companies, Excluding their branch offices registered in the rest of where 80.4% of all employees have at least a Level 6 the world, SIA members had 6,260 employees as at education. 31 December 2015, of which 6,117 were employed by insurance companies. In the context of a contraction A total of 2,812 or 46% of all employees were involved in the workforce in employment and despite minor in the sale of insurance in 2015, an increase of 1.4 fluctuations, the number of employees at insurance percentage points on the previous year. In contrast to companies has been declining since 2008, although other employees, the number of sales staff was up by an increase of 59 or 1% was recorded last year. At 4.1%. The majority or 26.7% of those employees are 6.7%, growth in the number of employees was higher internal insurance agents, two thirds of whom are men. at reinsurance companies, which hired 143 people Women are prevalent in other forms of insurance sales. last year. There was a barely noticeable increase in the A total of 11.8% of sales staff performed counter sales, average number of employees at insurance companies while 2.3% were involved in distance marketing. Here relative to the previous year, while the average it should be noted that more than a quarter of sales number of employees was up by 11.9% at reinsurance staff were not classified to the previously stated groups. companies. More than 90% of employees were full-time, The majority of employees are women, who have permanent workers. Primarily the number of part- accounted for around 58% of total employees for time workers has increased in recent years, in part several years (57.8% at insurance companies and due to the exercising of a mother’s right to reduced 62.9% at reinsurance companies last year). The working hours until a child reaches the age of three or educational structure of both genders is similar, and enrols in school. Fluctuation is relativly low. Insurance is constantly improving. The majority of employees companies laid off 536 workers last year or 8.8% of the at insurance companies continues to be persons with total number of employees, which is one fifth less than general upper-secondary and/or secondary technical the previous year. The number of new employees was education (39.7%). That number was down 2.7% also down by a similar amount, with new employees on the previous year and down 7% relative to 2010. accounting for 9.8% of the average number of In contrast, the number of employees with at least a employees. post-secondary education is rising. Those employees comprise considerably more women than men. The The total number of hours worked by employees is number of employees with a Level 6 education was up increasing in line with the number of employees. by 5.5% relative to the previous year. Those persons However, the overall absenteeism rate at insurance accounted for 31.3% (1,914) of all employees in the companies rose last year following a better rate in year under review. The number of persons with a Level the previous three years. A total of 530,309 hours or statistical insurance bulletin 2016 52
Employees in 2014 and 2015 (31 December) – insurance1
2014 2015 Growth index TOTAL Men Women TOTAL Men Women Number of employees 6,058 2,562 3,496 6,117 2,584 3,533 100.97 Average number of employees 6,088 … … 6,100 … … 100.20 Number of employees by level of formal education 1–3 Primary and lower 42 18 24 33 10 23 78.57 4 Secondary 276 182 94 266 178 88 96.38 5 General upper secondary, secondary vocational-technical, secondary 2,495 1,054 1,441 2,428 1,027 1,401 97.31 technical or other vocational education 6/1 Higher education programme (until 1994) and higher vocational 832 350 482 867 376 491 104.21 education programme 6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic 982 349 633 1,047 367 680 106.62 higher education programme (Bologna first-cycle programme) 7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna 1,210 499 711 1,283 527 756 106.03 second-cycle programme) 8/1 Specialisation following academic degree and master of science study 209 100 109 178 90 88 85.17 programme 8/2 Doctorate of science and doctorate of science (Bologna third-cycle 12 10 2 15 9 6 125.00 programme) Number of employees by business function Sales employees 2,700 1,380 1,320 2,812 1,411 1,401 104.15 Employees on counter sales 299 40 259 331 48 283 110.70 Employees on telephone, internet sales 58 9 49 65 10 55 112.07 Internal agents 1,623 1,046 577 1,636 1,043 593 100.80 Other sales employees not indicated above 720 285 435 780 310 470 108.33 Other employees 3,358 1,182 2,176 3,305 1,173 2,132 98.42 Number of employees in terms of working time Full working time 5,722 2,476 3,246 5,776 2,499 3,277 100.94 Part working time 336 86 250 341 85 256 101.49 Number of employees by type of employment contract Permanent 5,559 2,350 3,209 5,584 2,353 3,231 100.45 Fixed-term 499 212 287 533 231 302 106.81 Employee turnover Number of new employees 622 … … 599 … … 96.30 Number of employees who left the company 658 … … 536 … … 81.46 Gross employee turnover rate (in %) 21.03 … … 18.61 … … 88.50 Net employee turnover rate (in %) –0.59 … … 1.03 … … 374.66 Absenteeism Total number of working hours of all employees 12,042,733 … … 12,186,644 … … 101.20 Overall share of absenteeism at company level (in %) 3.72 … … 4.35 … … 116.97 Share of absenteeism chargeable to company (in %) 2.11 … … 2.36 … … 111.75 Share of absenteeism chargeable to HIIS (in %) 1.61 … … 1.99 … … 123.84
1 Data of branches, established abroad by SIA members, are not included. Source: SIA
4.4% of total working hours were lost last year due to sickness and injuries. Primarily the number of long- term sick leaves, which are covered by the HIIS, was up. In contrast, the absenteeism rate has fallen over the last two years at reinsurance companies, despite an increase in absolute terms, and has been lower than at insurance companies for several years (the rate was 2.9% last year). statistical insurance bulletin 2016 53
Employees in 2014 and 2015 (31 December) – reinsurance
2014 2015 Growth index TOTAL Men Women TOTAL Men Women Number of employees 134 48 86 143 53 90 106.72 Average number of employees 125 … … 140 … … 111.94 Number of employees by level of formal education 1–3 Primary and lower 0 0 0 0 0 0 – 4 Secondary 9 2 7 8 2 6 88.89 5 General upper secondary, secondary vocational-technical, secondary 14 1 13 14 1 13 100.00 technical or other vocational education 6/1 Higher education programme (until 1994) and higher vocational 5 4 1 6 4 2 120.00 education programme 6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic 10 0 10 11 0 11 110.00 higher education programme (Bologna first-cycle programme) 7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna second- 69 28 41 76 32 44 110.14 cycle programme) 8/1 Specialisation following academic degree and master of science study 25 12 13 26 13 13 104.00 programme 8/2 Doctorate of science and doctorate of science (Bologna third-cycle 2 1 1 2 1 1 100.00 programme) Number of employees in terms of working time Full working time 117 44 73 124 48 76 105.98 Part working time 17 4 13 19 5 14 111.76 Number of employees by type of employment contract Permanent 129 46 83 139 51 88 107.75 Fixed-term 5 2 3 4 2 2 80.00 Employee turnover Number of new employees 19 … … 10 … … 52.63 Number of employees who left the company 1 … … 1 … … 100.00 Gross employee turnover rate (in %) 16.01 … … 7.87 … … 49.14 Net employee turnover rate (in %) 14.41 … … 6.44 … … 44.67 Absenteeism Total number of working hours of all employees 243,336 … … 262,598 … … 107.92 Overall share of absenteeism at company level (in %) 3.11 … … 2.89 … … 93.11 Share of absenteeism chargeable to company (in %) 1.77 … … 1.78 … … 100.83 Share of absenteeism chargeable to HIIS (in %) 1.34 … … 1.11 … … 82.92
Source: SIA statistical insurance bulletin 2016 54
The olm is fully adapted to life in the dark: its skin contains no protective pigment, it is very pale with a pinkish tint owing to the skin capillaries, and has atrophied eyes. It breathes through external gills, rudimentary lungs and its skin. It has a developed inner ear, which is both a balancing and auditory organ. It has two pairs of tiny legs that are set a long way apart, with three little digits on the front legs and two on the hind legs. It uses its fin-like tail to swim. statistical insurance bulletin 2016 55
Insurance and reinsurance 5.) activity in 2015
The economic crisis severely crippled the Slovenian Insurance companies wrote EUR 1,975.4 m in economy in previous years, and thus contributed to premiums last year, which is comparable with the deteriorating results of the Slovenian insurance the figure from penultimate year of the decline in industry. The economic recovery, which was followed premiums, i.e. 2013. Renewed growth was also last year by increased domestic demand and private recorded in the reinsurance segment, which at EUR consumption in the context of a rise in purchasing 268.8 m in written premiums made even more power, also affected insurance sales. The Slovenian progress, that figure being comparable with the level insurance market bottomed out in 2014 after several recorded in 2012. Despite occasional fluctuations, the years of decline, and recorded positive growth in proportion of the entire insurance industry accounted insurance premiums again in 2015. Favourable for by reinsurance has remained at a similar level, development can be seen primarily in life insurance, standing at 12% in 2015, the highest level of the last which is more dependent on the financial position five years. Given the above-stated facts, the insurance of households due to its personal, long-term and industry represents an important economic sector, with frequently savings-oriented nature. Social pressures SIA members generating 5.8% of GDP in 2015. have a lesser effect on non-life insurance. Thus the contraction in such forms of insurance began later and was less severe, while the economic recovery likewise has less of an impact.
Proportion of insurance and reinsurance premiums in 2015 (in %)
11.98 Reinsurance
88.02 Insurance
Source: SIA statistical insurance bulletin 2016 56
5.1 Insurance activity
According to expectations, the rise in household The ranking of premiums by insurance class was purchasing power and improving corporate unchanged for the most part during the economic creditworthiness contributed to new decisions to crisis, while the proportions accounted for by certain purchase insurance products in 2015. The value of insurance classes, such as motor vehicle casco and insurance premiums written thus rose for the first health insurance, are rising. Health insurance has been time after falling for several years, with that increase the leading insurance class for several years, followed amounting to EUR 37.8 m or 2%. The nominal value by classes unit-linked life insurance and life insurance. of premiums written amounted to EUR 1,975.4 m. Both insurance groups recorded positive growth, in The proportion of GDP accounted for by the particular the life insurance market, which is more insurance industry has failed to rise, despite its success. dependent on the economic situation and the financial Economic growth of 3.3% meant that insurance position of households. Life insurance premiums rose premiums only accounted for 5.1% of GDP last year, by 5.3% to stand at EUR 565.9 bn. the lowest figure since 2003. Increased household purchasing power fuelled by economic growth meant General economic activity has less of an impact on that a Slovenian citizen spent an average of EUR 957.6 non-life insurance. Last year’s increase helped to the on life and non-life insurance, an increase of 1.9% fact that non-life insurance remained at the level relative to the previous year. Insurance density thus recorded in 2014, at EUR 1,409.4 m, following two returned to the level recorded in 2013, but continues years of decline. Contributing to an increase of just to lag behind the highest level recorded to date, in 0.5% are relatively well-developed market and the 2010, by EUR 65.5. existence of stiff competition, particularly in the motor vehicle insurance segment. The year 2015 was kind to insurance companies in terms of catastrophic loss events. Nevertheless, Higher growth in life insurance premiums policyholders were paid claims for damages in the contributed to the increased proportion of total amount of EUR 1,350.9 m, or 1.9% more than a year premiums accounted for by that insurance group. earlier. Contributing most to that increase was a 7.6% That proportion rose to 28.7% following a four-year rise in life insurance claims, while non-life insurance decline, while its highest level of 32.2% was recorded claims continue to decline. The overall claims ratio for in 2007. An increase in the proportion accounted the insurance sector was similar to that of the previous for by life insurance can be expected in the future, as year, at 68.4%. The life insurance claims ratio was well, in the context of positive economic growth. We up 1.3 percentage points to stand at 72.7%, while can also expect other forms of personal insurance to the non-life insurance claims ratio fell 0.6 percentage develop, in particular new forms of health and pension points to stand at 66.7%. The personal insurance insurance, on account of the increased awareness of claims ratio also deteriorated, and reached its worst households regarding the importance of such insurance level of the last ten years at 75.7%. for their financial security. Last year’s total written personal insurance premiums were up 3.8% to stand at EUR 1,143.7 m or 57.9% of the total insurance industry. statistical insurance bulletin 2016 57
Insurance premiums, benefits and claims paid
Year Premiums Premiums Insurance Benefits and Benefits and (in EUR) growth index penetration claims paid claims paid (in %) (in EUR) growth index TOTAL 2011 2,053,443,380 98.05 5.57 1,288,695,975 103.69 2012 2,054,063,483 100.03 5.71 1,388,341,046 107.73 2013 1,977,545,488 96.27 5.51 1,360,861,970 98.02 2014 1,937,555,622 97.98 5.19 1,326,061,109 97.44 2015 1,975,358,246 101.95 5.13 1,350,878,503 101.87 LIFE 2011 599,359,672 91.36 1.62 344,742,146 140.35 2012 596,964,885 99.60 1.66 433,482,055 125.74 2013 552,968,835 92.63 1.54 391,714,655 90.36 2014 535,361,119 96.82 1.44 382,139,601 97.56 2015 565,922,839 105.71 1.47 411,240,098 107.62 NON-LIFE 2011 1,454,083,708 101.10 3.94 943,953,829 94.66 2012 1,457,098,598 100.21 4.05 954,858,991 101.16 2013 1,424,576,653 97.77 3.97 969,147,315 101.50 2014 1,402,194,503 98.43 3.76 943,921,508 97.40 2015 1,409,435,407 100.52 3.66 939,638,405 99.55
Source: SIA, SORS
Breakdown of insurance premiums (in %)
%
100
80
70.81 70.94 71.35 60 72.04 72.37
40
20
29.19 29.06 28.65 27.96 27.63 Non-life
0 Life
2011 2012 2013 2014 2015 Source: SIA statistical insurance bulletin 2016 58
Insurance premiums, benefits and claims paid by insurance class in 2015
Insurance class PREMIUMS BENEFITS AND CLAIMS PAID Claims ratio Amount Share in Growth Amount Share in total Growth (in %) (in EUR) total index (in EUR) benefits and index premiums claims paid (in %) (in %) TOTAL 1,975,358,246 100 101.95 1,350,878,503 100 101.87 68.39 NON-LIFE INSURANCE 1,409,435,407 71.35 100.52 939,638,405 69.56 99.55 66.67 Accident insurance 94,703,491 4.79 100.44 33,491,792 2.48 100.23 35.36 Health insurance 483,036,576 24.45 102.41 421,350,896 31.19 104.56 87.23 Land motor vehicle insurance 221,441,714 11.21 97.64 163,490,096 12.10 99.66 73.83 Railway rolling stock insurance 2,972,819 0.15 126.11 2,483,724 0.18 93.08 83.55 Aircraft insurance 1,051,538 0.05 144.94 167,842 0.01 213.11 15.96 Ship insurance 1,103,812 0.06 95.90 1,208,407 0.09 62.29 109.48 Goods in transit insurance 7,675,020 0.39 101.37 1,625,741 0.12 55.87 21.18 Fire and natural forces insurance 115,825,867 5.86 101.60 52,359,523 3.88 84.66 45.21 Other damage to property insurance 118,879,834 6.02 100.57 59,427,501 4.40 78.61 49.99 Motor vehicle liability insurance 220,505,334 11.16 97.63 136,709,337 10.12 102.06 62.00 Aircraft liability insurance 1,334,144 0.07 104.19 972,588 0.07 144.93 72.90 Liability for ship insurance 1,169,487 0.06 99.61 79,767 0.01 27.43 6.82 General liability insurance 61,556,810 3.12 100.08 22,646,282 1.68 95.34 36.79 Credit insurance 43,735,163 2.21 103.75 25,183,049 1.86 105.95 57.58 Suretyship insurance 1,952,377 0.10 115.19 384,814 0.03 64.20 19.71 Miscellaneous financial loss insurance 5,553,553 0.28 85.08 3,824,869 0.28 111.21 68.87 Legal expenses insurance 3,775,044 0.19 107.80 539,099 0.04 116.26 14.28 Assistance insurance 23,162,824 1.17 106.70 13,693,078 1.01 119.18 59.12 LIFE INSURANCE 565,922,839 28.65 105.71 411,240,098 30.44 107.62 72.67 Life assurance 257,539,681 13.04 98.66 211,021,759 15.62 101.75 81.94 Marriage assurance, birth assurance 310,250 0.02 88.15 734,629 0.05 89.51 236.79 Unit-linked life insurance 286,800,560 14.52 111.39 189,635,713 14.04 116.07 66.12 Tontine 0 0.00 – 0 0.00 – – Capital redemption insurance 21,272,348 1.08 129.02 9,847,997 0.73 93.37 46.29 Insurance of income loss due to accident 0 0.00 – 0 0.00 – – or illness Pension insurance under ZPIZ-11 77,236,658 3.91 125.51 54,063,452 4.00 125.90 70.00 Copayment health insurance2 472,353,045 23.91 102.06 417,944,415 30.94 104.23 88.48 Supplementary insurance3 53,881,755 2.73 101.66 18,632,861 1.38 99.49 34.58
1 Included in life insurance group. 2 Included in health insurance class. 3 Included in life insurance class. Source: SIA statistical insurance bulletin 2016 59
Insurance premiums, benefits and claims paid by insurance class in 2015 (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
0 100 200 300 400 500 600 EUR m
Premiums
Benefits and claims paid
Source: SIA statistical insurance bulletin 2016 60
Personal Insurance1
Year Premiums Premiums Benefits and Benefits and Claims ratio (in EUR) growth index claims paid claims paid (in %) (in EUR) growth index 2011 1,131,489,734 96.49 757,868,132 116.37 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 97.36 818,547,674 97.27 74.32 2015 1,143,662,906 103.84 866,082,786 105.81 75.73
1 Life, health and accident insurance included. Source: SIA
Net insurance premiums, benefits and claims paid (in EUR)
Year NET PREMIUMS NET BENEFITS AND CLAIMS PAID TOTAL Life Non-life TOTAL Life Non-life 2011 1,842,043,700 588,572,004 1,253,471,696 1,189,869,357 340,142,270 849,727,087 2012 1,810,661,375 583,715,974 1,226,945,401 1,295,643,731 428,053,472 867,590,259 2013 1,753,436,032 539,962,741 1,213,473,291 1,252,763,252 385,270,485 867,492,767 2014 1,719,689,953 520,898,695 1,198,791,258 1,232,614,773 375,385,924 857,228,849 2015 1,784,003,886 549,940,099 1,234,063,787 1,256,271,342 403,715,399 852,555,943
Source: SIA
Insurance density
Year Population1 INSURANCE DENSITY (in EUR) INSURANCE DENSITY GROWTH INDEX TOTAL Life Non-life TOTAL Life Non-life 2004 1,996,433 728.18 214.43 513.75 116.74 143.72 108.26 2005 1,997,590 775.52 232.70 542.82 106.50 108.52 105.66 2006 2,003,358 861.21 269.87 591.33 111.05 115.98 108.94 2007 2,010,377 942.10 303.06 639.04 109.39 112.30 108.07 2008 2,025,866 996.59 317.22 679.37 105.78 104.67 106.31 2009 2,032,362 1,019.96 310.03 709.93 102.34 97.73 104.50 2010 2,046,976 1,023.14 320.48 702.66 100.31 103.37 98.98 2011 2,050,189 1,001.59 292.34 709.24 97.89 91.22 100.94 2012 2,055,496 999.30 290.42 708.88 99.77 99.34 99.95 2013 2,058,821 960.52 268.59 691.94 96.12 92.48 97.61 2014 2,061,085 940.07 259.75 680.32 97.87 96.71 98.32 2015 2,062,874 957.58 274.34 683.24 101.86 105.62 100.43
1 As at 1 January. Source: SIA, SORS statistical insurance bulletin 2016 61
5.1.1 Types of insurance by class
Presented below are the insurance classes and types set out in the Regulation on the submission of insurance statistical data (Official Gazette of the Republic of Slovenia, Nos. 125/2006, 118/2007, 120/2008, 8/2009, 37/2009, 104/2009, 4/2010 and 62/2013). statistical insurance bulletin 2016 62
Types of insurance by class and by SIA members in 2015
Insurance types by class Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia Sloveniji v podružnica zavarovalnica, ERGO ERGO Življenjska zavarovalnica d. d. d. d. GENERALI zavarovalnica, GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. SID – First Credit Insurance Company Inc. podjetnikov in obrtnikov Sklad Triglav, Health insurance company, Ltd Vzajemna Mutual Health Insurance Company, z. d. v. Wiener Städtische zavarovalnica, Branch Office Ljubljana Zavarovalnica Maribor, d. d. 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 • • • • • 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 statistical insurance bulletin 2016 63
Insurance types by class Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia Sloveniji v podružnica zavarovalnica, ERGO ERGO Življenjska zavarovalnica d. d. d. d. GENERALI zavarovalnica, GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. SID – First Credit Insurance Company Inc. podjetnikov in obrtnikov Sklad Triglav, Health insurance company, Ltd Vzajemna Mutual Health Insurance Company, z. d. v. Wiener Städtische zavarovalnica, Branch Office Ljubljana Zavarovalnica Maribor, d. d. Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d. 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 • • 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 • • • • • • • statistical insurance bulletin 2016 64
Insurance types by class Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia Sloveniji v podružnica zavarovalnica, ERGO ERGO Življenjska zavarovalnica d. d. d. d. GENERALI zavarovalnica, GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. SID – First Credit Insurance Company Inc. podjetnikov in obrtnikov Sklad Triglav, Health insurance company, Ltd Vzajemna Mutual Health Insurance Company, z. d. v. Wiener Städtische zavarovalnica, Branch Office Ljubljana Zavarovalnica Maribor, d. d. Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d. 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 • • • • Performance insurance • • • • Advance repayment insurance • • statistical insurance bulletin 2016 65
Insurance types by class Adriatic Slovenica, Zavarovalna družba d. d. Allianz Insurance Company, Branch Office Ljubljana ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia Sloveniji v podružnica zavarovalnica, ERGO ERGO Življenjska zavarovalnica d. d. d. d. GENERALI zavarovalnica, GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. SID – First Credit Insurance Company Inc. podjetnikov in obrtnikov Sklad Triglav, Health insurance company, Ltd Vzajemna Mutual Health Insurance Company, z. d. v. Wiener Städtische zavarovalnica, Branch Office Ljubljana Zavarovalnica Maribor, d. d. Zavarovalnica Tilia, d. d. Zavarovalnica Triglav, d. d. 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 2016 66
5.1.2 Life insurance
Information is more accessible today than it was by life insurance. Following several years of decline twenty years ago. The average wage is higher, as is the in premiums from unit-linked insurance, which was proportion of the population with highest level of the most popular class of life insurance between 2006 education, while awareness about the importance of and 2013, interest in the aforementioned insurance personal financial security, now and in the future, has class increased again in 2015. Unit-linked insurance also increased. All of the aforementioned facts have premiums rose by 12% and once again account for contributed to the recent increased attractiveness of life the highest proportion of life insurance group, at insurance. Life insurance, including VSPI, represents 50.7%. In contrast, premiums from life insurance the fastest growing and developing group of insurance, class (endowment insurance, insurance in the event except during the economic crisis when it experienced of death, mixed life insurance, annuity insurance, the first and most significant contraction in the life insurance with the repayment of premiums) were insurance portfolio due to increased social pressures. down by 3.3% following several years of growth and In the context of a recovery in private consumption, thus lost their first position in the group. insurance companies once again wrote more life insurance premiums in 2015 than in the previous Growth in premiums in 2015 was accompanied by a year. Those premiums totalled EUR 565.9 m and 7.6% increase in benefits. Insurance companies paid were driven by growth of EUR 30.5 m or 5.3%. The out EUR 411.2 m in benefits to policyholders, the national economic importance of the aforementioned majority from classes life insurance and unit-linked premiums thus increased, as they accounted for 1.5% insurance. Other benefits were down. The claims of GDP last year, which is still 0.2 percentage points ratio for life insurance group deteriorated by 1.3 lower than ten years ago. an An average of EUR percentage points to 72.7%, where the claims ratio 274.3 per capita was spent on this type of insurance for marriage and birth assurance has stood out since or EUR 14.5 more than in 2014. The importance of 2010 and reached 236.8% last year. It should be this insurance for consumers can also be seen in the borne in mind that life insurance benefits are usually increased proportion of total premiums accounted for paid in the amount of the agreed sum insured (with by life insurance premiums (28.7%). all of its customizations and attributable profit) and from events, which are generally unique and when Primarily unit-linked insurance and capital redemption they occure insurance contract expires (e.g. death, insurance contributed to the positive results generated endowment, marriage).
Life premiums and benefits paid (in EUR m)
EUR m 700 600 500 400 300 200 100 Premiums 0 Benefits paid 2011 2012 2013 2014 2015 Source: SIA statistical insurance bulletin 2016 67
Life insurance in 20151
Insurance class, insurance type INSURANCE CONTRACTS BENEFITS Number Number of Premiums Number of Benefits paid of policies insureds (in EUR) benefits (in EUR) TOTAL 139,288 235,650 565,922,839 311,498 411,240,098 Life assurance2 91,121 185,822 265,513,076 251,187 211,151,988 Death insurance 52,818 145,295 39,556,615 6,888 13,739,451 Endowment insurance 3,459 3,459 4,284,077 1,663 1,958,544 Mixed insurance 24,923 27,156 133,153,244 36,367 143,005,051 Annuity insurance (other than payments under pension schemes referred to ZPIZ-1) 2,183 2,183 13,856,254 109,146 13,885,557 Annuity insurance (payments under pension schemes referred to ZPIZ-1) 2,690 2,681 25,735,649 61,763 12,282,488 Insurance with premium refund 0 0 0 0 0 All other life insurance 5,048 5,048 2,168,920 9,178 9,798,683 Additional insurance2 55,938 80,377 46,758,317 26,182 16,482,214 Marriage assurance, birth assurance 0 0 310,250 128 734,629 Marriage assurance 0 0 310,250 128 734,629 Birth assurance 0 0 0 0 0 Unit-linked life insurance 43,099 43,813 278,827,165 57,425 189,505,484 Life assurance linked to units of investment funds with guarantee 6,516 6,462 32,501,559 6,765 13,100,158 Life assurance linked to units of investment funds without guarantee 26,995 27,717 171,209,170 49,045 133,173,797 Life assurance linked to the unit of internal fund with guarantee 4,675 4,675 58,010,891 181 40,574,083 Life assurance linked to the unit of internal fund without guarantee 4,913 4,959 17,105,545 1,434 2,657,446 Tontine 0 0 0 0 0 Capital redemption insurance 5,068 6,015 21,272,348 2,758 9,847,997 Voluntary supplementary pension insurance in accordance with the ZPIZ-1 1,370 2,317 19,225,767 2,677 9,776,150 All other capital redemption insurance 3,698 3,698 2,046,581 81 71,847 Insurance of income loss due to accident or illness 0 0 0 0 0
1 Premiums and benefits paid of each insurance class are different from those on page 58, but total amounts match, because of the differences between actuarial and accounting records of one of the SIA members. 2 Number of policies and number of insured of additional insurance are not included in life assurance class. Source: SIA
Breakdown of life premiums in 2015 (in %)
3.76 Capital redemption
50.68 Unit-linked
0.05 Marriage, birth assurance
45.51 Life assurance
Source: SIA statistical insurance bulletin 2016 68
5.1.2.1 Pension insurance
The life expectancy of the Slovenian population The recession had a significant impact on pension and the average age are rising. At the same time, the insurance in recent years, while increased economic active working life of the population is lengthening, activity has led to the easing of conditions in this while there are 20% more pensioners than a decade area. The number of participants in second-pillar ago. The number of centenarians has doubled to 236 pensions funds (supplementary pension insurance) since 2005, while twenty years ago there were only was up by more than 1% in 2015. The total amount 2919. Long-term projections indicate that the existing of paid-in premiums rose by 5% to stand at EUR pension insurance fund is only sustainable until 2023. 156.4 m, while that growth was even more evident at Problems associated with the ageing population and SIA members. The average amount that individuals the resulting financial pressure on the compulsory spend on premiums thus rose by EUR 16 to stand pension system have been addressed in part by the at EUR 436.3 annually or EUR 36.4 per month. White Paper on Pensions issued in April 2016 by the Collective insurance, of which SIA members hold a MLFSAEO20. The aforementioned paper lays out 44.2% market share, remains prevalent. The recovering possible measures to ensure the sustainability of the financial stability of households is also reflected in pension system and an appropriate level of income the continued decline in the number and value of during old age. redemptions. Given that the three-pillar pension system has existed now for several years, the number In accordance with the ZZvar-1 and ZPIZ-2, of persons who receive a supplementary pension rises insurance companies market voluntary pension every year. Those persons begin receiving a pension at and annuity insurance, which provide life-long the average age of 61 years. payments, and voluntary supplementary pension insurance, which is also provided by specialised The volume of third-pillar pension and annuity pension companies and banks. The data below have insurance according to the ZZavar is significantly been obtained directly from all providers, including lower than second-pillar. The number of policyholders those that were not members of the SIA in 2015: was up by 2.9% in 2015, paid-in premiums were PRVA personal insurance company Plc, Moja naložba down by 3.9% and annuities were up by 3.6% on the pokojninska družba, d. d., Pokojninska družba A, d. previous year. There is a notable difference in the age d., Skupna pokojninska družba, d. d., Abanka Vipa, at which persons begin to receive annuities: that age d. d. and Banka Koper, d. d. (with the exception of is higher for annuities from supplementary pension Kapitalska družba pokojninskega in invalidskega insurance (61 years) than from third-pillar insurance zavarovanja, d. d., which provides compulsory (56 years). supplementary pension insurance).
19 SORS, SI-STAT Data Portal, Demography and social statistics, Number of Population, 20 Key findings of the White Paper on Pensions, MLFSAEO, http://www.mddsz.gov.si/ Slovenia and cohesion regions, http://pxweb.stat.si/pxweb/Database/Dem_soc/05_ fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_ prebivalstvo/10_stevilo_preb/05_05C10_prebivalstvo_kohez/05_05C10_prebivalstvo_kohez. Bele_knjige_o_pokojninah_130416.pdf, 16. 5. 2016. asp, 15. 6. 2016. statistical insurance bulletin 2016 69
Voluntary supplementary pension insurance in 20151
Collective Individual TOTAL Of which GROWTH INDEX SIA members TOTAL SIA members Number of members (all) 472,714 26,110 498,824 287,651 101.77 104.31 Number of members paying 340,365 18,003 358,368 229,871 101.11 104.68 Premiums (in EUR) 145,267,080 11,094,407 156,361,487 69,086,485 104.98 112.56 Mathematical provision or net fund value (in EUR) 1,851,632,277 109,274,571 1,960,906,849 1,115,388,313 103.93 104.35 Number of surrenders 20,453 1,215 21,668 7,030 73.00 79.97 Number of ordinary terminations 4,398 278 4,676 2,379 97.32 112.91 Number of extraordinary terminations 8,617 779 9,396 4,002 71.23 84.82 Number of payouts according to ZPIZ-1 7,438 158 7,596 649 65.01 33.01 Surrenders (in EUR) 94,530,071 5,669,945 100,200,016 38,258,499 75.54 87.97 Ordinary termination (in EUR) 28,437,741 1,835,608 30,273,349 15,828,477 103.96 115.93 Extraordinary termination (in EUR) 31,718,419 3,198,666 34,917,085 17,674,422 77.08 94.54 Payouts according to ZPIZ-1 (in EUR) 34,373,910 635,671 35,009,581 4,755,600 60.12 42.68
1 The data on supplementary pension insurance of civil servants is also taken into consideration. Source: SIA
Voluntary supplementary pension insurance – payouts in 20151
Men Women TOTAL Of which GROWTH INDEX SIA members TOTAL SIA members Number of insureds 9,845 7,279 17,124 10,841 139.50 147.60 Average age of insured at the beginning of annuity 62 59 61 61 99.81 99.77 payments Premiums (in EUR) … … 39,425,342 28,824,517 117.23 120.23 Mathematical provision (in EUR) … … 97,606,834 71,185,979 130.27 132.85 Payouts (in EUR) … … 18,112,727 12,259,062 119.29 117.62
1 Long-term business fund for payments. Source: SIA
Pension and annuity insurance according to the Insurance Act (ZZavar) providing life annuity payouts in 20151
Men Women TOTAL Of which GROWTH INDEX SIA members TOTAL SIA members Number of insureds 5,520 5,934 11,454 11,454 102.91 102.91 Average age of insured at the beginning of annuity 57 55 56 56 106.14 106.14 payments Premiums (in EUR) … … 5,556,674 5,556,674 96.07 96.07 Mathematical provision (in EUR) … … 142,559,191 142,559,191 101.68 101.68 Payouts (in EUR) … … 7,931,939 7,931,939 103.60 103.60
1 Branches dealing in these forms of insurance are unable to obtain the data. Source: SIA statistical insurance bulletin 2016 70
5.1.3 Non-life insurance
Non-life insurance accounts for 71.4% of the thus higher in 2015 than the previous year, which was Slovenian insurance market. Given the basic security it reflected in the cumulative growth of this insurance provides in the present, non-life insurance is affected class in 2015. less by economic trends. Its development is therefore more stable than life insurance, although a minor The number of policies underwritten in certain smaller decline was recorded during the recent recession. Two insurance classes, such as assistance insurance, the other factors are also important in this respect: the insurance of miscellaneous financial losses and general non-life insurance market is more developed and is liability insurance, is rising slowly. Particularly notable highly competitive, particularly in the motor vehicle growth was recorded over the last year in the number insurance segment. of credit insurance policies. Average premiums are declining in the context of a disproportionate increase SIA members generated non-life insurance premiums in the premium income of a specific insurance class. of EUR 1,409.4 m in 2015, an increase of 0.5% on Contributing further to this is the competition on the previous year. The proportion of the insurance the market, which is particularly evident in motor portfolio accounted for by non-life insurance vehicle insurance where the average premium has been premiums was down in the context of a notable rise in decline for the last decade. Railway rolling stock in life insurance premiums. The national economic insurance recorded the highest average premium in importance of non-life insurance has fallen in part due 2015, at EUR 165,157. A small number of insurance to significant growth in GDP, and accounted for 3.7% policies and the high value of insured items are of economic activity in Slovenia. An average of EUR characteristic of this insurance class. 683.2 per capita was spent on this type of insurance in 2015 or 0.4% more than the previous year. There were no catastrophic natural disasters in Slovenia in 2015, while the several major industrial fires that Positive growth was recorded by thirteen insurance occurred did not contribute significantly to the total classes in the non-life insurance group, an increase value of claims paid. Insurance companies paid non- of five on the previous year. The most notable life insurance policyholders a total of EUR 939.6 m, growth of 44.9% was recorded in aircraft insurance which represents 69.6% of total claims paid or a premiums, while growth in railway rolling stock decrease of 0.4% relative to the previous year. The insurance premiums was slightly lower. By motor claims ratio thus improved slightly. vehicle insurance casco insurance premiums continue to rise, while the liability insurance premiums are Claims paid were up in nine insurance classes last in decline, but their nominal values are practically year. The most significant increase, expressed in the same. Health insurance continues to rank first percentages, was recorded in aircraft insurance place, accounting for one third of non-life insurance (113.1%). Significant increase, as the result of certain premiums written. Growth of 2.4% was recorded major insurance claims that have been in the process last year, but that figure is not realistic. There was no of settlement for some time, was also notable in claims change in copayment health insurance in 2015, the in aircraft liability insurance, where the highest average aforementioned insurance accounting for by far the claim in the non-life insurance class (EUR 162,098) highest proportion of the health insurance segment. was recorded. Declining accident insurance claims over Growth was the result of the partial repayment of the last several years has proven even more favourable premiums by Vzajemna zdravstvena zavarovalnica, for insurance companies. At 72.6%, liability for ship d. v. z. in December 2014 in the form of a reduction insurance accounted for the highest decline of claims in December premiums. December premiums were paid in 2015. The aforementioned class is the smallest statistical insurance bulletin 2016 71
in the non-life insurance segment, and also records the insurance is prevalent. The insurance types presented best claims ratio (6.8%) and claims frequency (0.2%). only include those that insurance companies must Ship insurance recorded the worst ratio of premiums disclose in accordance with regulations and for to claims paid (109.5%). Standing out among major which they recorded written premiums or claims last insurance classes is the increase in the payment of year. At 96.8% of turnover, compulsory insurance claims for copayment health insurance, as the result in traffic is the most important, while the scope of of a decision by the MH, which implemented an other compulsory insurance types is very minor. Total unplanned increase in the prices of healthcare services. premiums of EUR 222.7 m were written last year, a decrease of 2.4% on the previous year. Total claims The non-life insurance group also includes the were up by 2.5%, resulting in a deterioration in the majority of compulsory insurance, where liability claims ratio by 2.9 percentage points.
Non-life insurance premiums and claims paid (in EUR m)
EUR m
1,600
1,400
1,200
1,000
800
600
400
200 Premiums
Claims paid 0 2011 2012 2013 2014 2015 Source: SIA statistical insurance bulletin 2016 72
Non-life insurance in 2015
Insurance class INSURANCE CONTRACTS CLAIMS Number of Premiums Share in Number of Claims paid Share in contracts1 (in EUR) NLI claims (in EUR) NLI premiums claims paid (in %) (in %) TOTAL 10,713,684 1,409,435,407 100 22,597,056 939,638,405 100 Accident insurance 2,416,678 94,703,491 6.72 48,674 33,491,792 3.56 Health insurance 1,662,489 483,036,576 34.27 21,993,695 421,350,896 44.84 Land motor vehicle insurance 1,221,794 221,441,714 15.71 253,445 163,490,096 17.40 Railway rolling stock insurance 18 2,972,819 0.21 166 2,483,724 0.26 Aircraft insurance 224 1,051,538 0.07 8 167,842 0.02 Ship insurance 3,531 1,103,812 0.08 323 1,208,407 0.13 Goods in transit insurance 19,429 7,675,020 0.54 5,406 1,625,741 0.17 Fire and natural forces insurance 701,388 115,825,867 8.22 38,086 52,359,523 5.57 Other damage to property insurance 1,069,030 118,879,834 8.43 100,771 59,427,501 6.32 Motor vehicle liability insurance 1,743,372 220,505,334 15.64 56,957 136,709,337 14.55 Aircraft liability insurance 824 1,334,144 0.09 6 972,588 0.10 Liability for ship insurance 10,540 1,169,487 0.08 25 79,767 0.01 General liability insurance 372,987 61,556,810 4.37 10,140 22,646,282 2.41 Credit insurance 105,426 43,735,163 3.10 5,984 25,183,049 2.68 Suretyship insurance 3,146 1,952,377 0.14 198 384,814 0.04 Miscellaneous financial loss insurance 51,600 5,553,553 0.39 1,816 3,824,869 0.41 Legal expenses insurance 327,912 3,775,044 0.27 3,233 539,099 0.06 Assistance insurance 1,003,296 23,162,824 1.64 78,123 13,693,078 1.46
1 Accident and health insurance include number of policies. Source: SIA
Breakdown of non-life premiums in 2015 (in %)
6.72 Accident
34.27 Health
15.71 Land motor vehicle
8.22 Fire and natural forces
8.43 Other damage to property
15.64 Motor vehicle liability
4.37 General liability 3.10 Credit 3.53 Other Source: SIA statistical insurance bulletin 2016 73
Compulsory insurance in 20151
Insurance type PREMIUMS Claims paid Claims Claim (in EUR) ratio frequency2 Amount Growth (in %) (in %) (in EUR) index TOTAL 222,748,318 97.61 136,560,197 61.31 3.38 Advocate compulsory liability insurance 1,442,459 96.76 368,568 25.55 18.28 Aircraft owners' liability insurance for damage to third parties 1,024,365 93.89 972,588 94.95 0.73 Compulsory accident insurance of passengers in public transport 416,173 98.81 900 0.22 0.12 Compulsory professional liability insurance for accounting and audit companies 322,485 103.03 47,959 14.87 1.95 Designer compulsory liability insurance 934,068 97.15 260,992 27.94 1.31 Geodesic companies compulsory liability insurance 35,743 95.82 1,500 4.20 0.77 Insurance brokerage companies compulsory liability insurance 375,298 82.64 84,722 22.57 3.47 Judicial enforcement officers compulsory liability insurance 9,788 94.38 0 0.00 - Maritime transport liability insurance 1,081,339 99.82 52,886 4.89 0.20 Medical products and devices manufacturers' compulsory liability insurance 22,275 49.86 0 0.00 - Notary compulsory liability insurance 112,910 100.62 8 0.01 1.25 Physician compulsory liability insurance 1,292,800 93.01 495,353 38.32 9.09 Road motor vehicle liability insurance for damage to third parties (MTPL) 215,678,615 97.69 134,274,721 62.26 3.41
1 Included are only types of compulsory insurance for which premiums were written or claims were paid. 2 Calculation of claim frequency by accident insurance is made with number of policies. Source: SIA statistical insurance bulletin 2016 74
5.1.3.1 Accident insurance
Accident insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Number of Premiums Number of Claims paid policies insureds (in EUR) claims (in EUR) TOTAL 2,416,678 12,089,901 94,703,491 48,674 33,491,792 Personal accident insurance against accidents at and outside regular work 439,996 1,301,328 49,594,064 32,863 21,646,304 Personal accident insurance against risks to passengers in motor vehicles and in 652,882 4,350,681 7,129,101 794 933,129 performing special activities Children and schoolchildren accident insurance and other accident insurance of the 134,623 142,301 3,494,482 10,042 2,313,680 youth Guests, visitors and tourist group accident insurance 3,288 3,794,186 384,285 97 11,999 Consumer and customer group accident insurance 12,761 994,883 2,302,845 1,071 750,882 Other special accident insurance 1,343 75,811 567,657 10 6,289 Compulsory accident insurance of passengers in public transport 4,140 58,305 416,173 5 900 Car owner and driver accident insurance 1,146,685 1,282,386 28,257,073 2,192 6,545,497 All other accident insurance 20,960 90,020 2,557,811 1,600 1,283,112
Source: SIA
Accident insurance
2011 2012 2013 2014 2015 number Number of policies 2,486,938 2,301,558 2,307,765 2,266,932 2,416,678 Number of insureds 28,669,434 12,116,057 11,508,548 11,960,375 12,089,901 Number of claims 57,629 53,840 50,258 49,638 48,674 EUR Premiums 103,608,161 101,566,335 96,217,719 94,286,851 94,703,491 Claims paid 37,690,284 35,160,405 34,299,783 33,414,420 33,491,792 Average premium 42 44 42 42 39 Average claim paid 654 653 682 673 688 Insurance density 50.54 49.41 46.73 45.75 45.91 index Number of policies growth index 103.90 92.55 100.27 98.23 106.61 Number of insureds growth index 277.04 42.26 94.99 103.93 101.08 Number of claims growth index 92.28 93.43 93.35 98.77 98.06 Premiums growth index 96.82 98.03 94.73 97.99 100.44 Claims paid growth index 94.31 93.29 97.55 97.42 100.23 Average premium growth index 93.18 105.93 94.48 99.76 94.22 Average claim paid growth index 102.20 99.85 104.51 98.64 102.22 Insurance density growth index 96.67 97.78 94.58 97.89 100.35 % Claims ratio 36.38 34.62 35.65 35.44 35.36 Claims frequency 2.32 2.34 2.18 2.19 2.01 Insurance penetration 0.28 0.28 0.27 0.25 0.25 Share in NLI premiums 7.13 6.97 6.75 6.72 6.72 Share in NLI claims paid 3.99 3.68 3.54 3.54 3.56 Share in total premiums 5.05 4.94 4.87 4.87 4.79 Share in total benefits and claims paid 2.92 2.53 2.52 2.52 2.48
Source: SIA, SORS statistical insurance bulletin 2016 75
5.1.3.2 Health insurance
Health insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Number of Premiums Number of Claims paid policies insureds (in EUR) claims (in EUR) TOTAL 1,662,489 1,757,594 483,036,576 21,993,695 421,350,896 Copayment health insurance 1,241,270 1,249,766 472,353,045 21,981,121 417,944,415 Substitutional health insurance 4 4 1,477 43 7,026 Supplementary health insurance on travel outside of Slovenia 50,307 123,118 2,088,600 489 594,757 Other supplementary and parallel health insurance 315,442 317,731 5,682,198 11,434 2,552,440 All other health insurance 55,466 66,975 2,911,256 608 252,258
Source: SIA
Health insurance
2011 2012 2013 2014 2015 number Number of policies 1,310,385 1,314,466 1,333,673 1,438,755 1,662,489 Number of insureds 1,421,917 1,388,762 1,406,059 1,838,604 1,757,594 Number of claims 27,320,581 27,604,326 28,287,928 25,849,517 21,993,695 EUR Premiums 428,521,902 468,366,140 481,950,474 471,678,512 483,036,576 Claims paid 375,435,702 400,407,268 415,506,493 402,993,653 421,350,896 Average premium 327 356 361 328 291 Average claim paid 14 15 15 16 19 Insurance density 209.02 227.86 234.09 228.85 234.16 index Number of policies growth index 95.92 100.31 101.46 107.88 115.55 Number of insureds growth index 90.78 97.67 101.25 130.76 95.59 Number of claims growth index 102.44 101.04 102.48 91.38 85.08 Premiums growth index 104.60 109.30 102.90 97.87 102.41 Claims paid growth index 102.67 106.65 103.77 96.99 104.56 Average premium growth index 109.05 108.96 101.42 90.72 88.63 Average claim paid growth index 100.22 105.56 101.26 106.14 122.89 Insurance density growth index 104.44 109.02 102.73 97.76 102.32 % Claims ratio 87.61 85.49 86.21 85.44 87.23 Claims frequency 2,084.93 2,100.04 2,121.05 1,796.66 1,322.94 Insurance penetration 1.16 1.30 1.34 1.26 1.25 Share in NLI premiums 29.47 32.14 33.83 33.64 34.27 Share in NLI claims paid 39.77 41.93 42.87 42.69 44.84 Share in total premiums 20.87 22.80 24.37 24.34 24.45 Share in total benefits and claims paid 29.13 28.84 30.53 30.39 31.19
Source: SIA, SORS statistical insurance bulletin 2016 76
5.1.3.3 Land motor vehicle insurance
Land motor vehicle insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 1,221,794 221,441,714 253,445 163,490,096 Self-propelled land motor vehicle casco, other then railway rolling stock 1,220,769 221,289,035 253,377 163,348,718 Other land vehicle casco (non-self-propelled land vehicle) 130 7,431 12 8,614 All other insurance of land motor vehicle 895 145,248 56 132,764
Source: SIA
Land motor vehicle insurance
2011 2012 2013 2014 2015 number Number of contracts 916,048 977,888 1,063,791 1,075,649 1,221,794 Number of claims 264,740 264,306 265,414 251,360 253,445 EUR Premiums 254,494,781 239,352,324 226,409,530 226,799,727 221,441,714 Claims paid 167,728,998 174,946,026 177,266,026 164,051,176 163,490,096 Average premium 278 245 213 211 181 Average claim paid 634 662 668 653 645 Insurance density 124.13 116.45 109.97 110.04 107.35 index Number of contracts growth index 101.78 106.75 108.78 101.11 113.59 Number of claims growth index 94.45 99.84 100.42 94.70 100.83 Premiums growth index 100.11 94.05 94.59 100.17 97.64 Claims paid growth index 85.82 104.30 101.33 92.55 99.66 Average premium growth index 98.36 88.10 86.95 99.07 85.96 Average claim paid growth index 90.86 104.47 100.90 97.72 98.84 Insurance density growth index 99.95 93.81 94.44 100.06 97.55 % Claims ratio 65.91 73.09 78.29 72.33 73.83 Claims frequency 28.90 27.03 24.95 23.37 20.74 Insurance penetration 0.69 0.67 0.63 0.61 0.57 Share in NLI premiums 17.50 16.43 15.89 16.17 15.71 Share in NLI claims paid 17.77 18.32 18.29 17.38 17.40 Share in total premiums 12.39 11.65 11.45 11.71 11.21 Share in total benefits and claims paid 13.02 12.60 13.03 12.37 12.10
Source: SIA, SORS statistical insurance bulletin 2016 77
5.1.3.4 Railway rolling stock insurance
Railway rolling stock insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 18 2,972,819 166 2,483,724 Railway rolling stock casco 18 2,972,819 166 2,483,724 All other railway rolling stock insurance 0 0 0 0
Source: SIA
Railway rolling stock insurance
2011 2012 2013 2014 2015 number Number of contracts 43 179 161 10 18 Number of claims 70 160 160 168 166 EUR Premiums 2,050,269 2,681,636 2,407,560 2,357,261 2,972,819 Claims paid 1,166,016 3,095,373 2,839,468 2,668,384 2,483,724 Average premium 47,681 14,981 14,954 235,726 165,157 Average claim paid 16,657 19,346 17,747 15,883 14,962 Insurance density 1.00 1.30 1.17 1.14 1.44 index Number of contracts growth index 42.57 416.28 89.94 6.21 180.00 Number of claims growth index 76.09 228.57 100.00 105.00 98.81 Premiums growth index 781.27 130.79 89.78 97.91 126.11 Claims paid growth index 133.70 265.47 91.73 93.97 93.08 Average premium growth index 1,835.07 31.42 99.82 1,576.36 70.06 Average claim paid growth index 175.72 116.14 91.73 89.50 94.20 Insurance density growth index 780.04 130.46 89.63 97.80 126.00 % Claims ratio 56.87 115.43 117.94 113.20 83.55 Claims frequency 162.79 89.39 99.38 1,680.00 922.22 Insurance penetration 0.01 0.01 0.01 0.01 0.01 Share in NLI premiums 0.14 0.18 0.17 0.17 0.21 Share in NLI claims paid 0.12 0.32 0.29 0.28 0.26 Share in total premiums 0.10 0.13 0.12 0.12 0.15 Share in total benefits and claims paid 0.09 0.22 0.21 0.20 0.18
Source: SIA, SORS statistical insurance bulletin 2016 78
5.1.3.5 Aircraft insurance
Aircraft insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 224 1,051,538 8 167,842 Aircraft casco 224 1,051,538 8 167,842 All other aircraft insurance 0 0 0 0
Source: SIA
Aircraft insurance
2011 2012 2013 2014 2015 number Number of contracts 298 296 264 213 224 Number of claims 10 11 16 6 8 EUR Premiums 1,272,799 679,081 839,875 725,501 1,051,538 Claims paid 102,608 116,681 403,616 78,760 167,842 Average premium 4,271 2,294 3,181 3,406 4,694 Average claim paid 10,261 10,607 25,226 13,127 20,980 Insurance density 0.62 0.33 0.41 0.35 0.51 index Number of contracts growth index 62.87 99.33 89.19 80.68 105.16 Number of claims growth index 62.50 110.00 145.45 37.50 133.33 Premiums growth index 78.79 53.35 123.68 86.38 144.94 Claims paid growth index 8.77 113.72 345.91 19.51 213.11 Average premium growth index 125.32 53.71 138.67 107.07 137.82 Average claim paid growth index 14.03 103.38 237.82 52.04 159.83 Insurance density growth index 78.67 53.22 123.48 86.29 144.81 % Claims ratio 8.06 17.18 48.06 10.86 15.96 Claims frequency 3.36 3.72 6.06 2.82 3.57 Insurance penetration 0.003 0.002 0.002 0.002 0.003 Share in NLI premiums 0.09 0.05 0.06 0.05 0.07 Share in NLI claims paid 0.01 0.01 0.04 0.01 0.02 Share in total premiums 0.06 0.03 0.04 0.04 0.05 Share in total benefits and claims paid 0.01 0.01 0.03 0.01 0.01
Source: SIA, SORS statistical insurance bulletin 2016 79
5.1.3.6 Ship insurance
Ship insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 3,531 1,103,812 323 1,208,407 Sea vessels casco 3,501 1,088,485 322 1,205,749 Lake and river vessels casco 28 11,643 0 0 All other ship insurance 2 3,684 1 2,658
Source: SIA
Ship insurance
2011 2012 2013 2014 2015 number Number of contracts 4,411 5,406 4,625 3,639 3,531 Number of claims 347 428 367 322 323 EUR Premiums 1,480,828 1,391,256 1,227,512 1,151,048 1,103,812 Claims paid 986,771 1,345,314 1,307,671 1,940,066 1,208,407 Average premium 336 257 265 316 313 Average claim paid 2,844 3,143 3,563 6,025 3,741 Insurance density 0.72 0.68 0.60 0.56 0.54 index Number of contracts growth index 74.11 122.56 85.55 78.68 97.03 Number of claims growth index 78.33 123.34 85.75 87.74 100.31 Premiums growth index 85.43 93.95 88.23 93.77 95.90 Claims paid growth index 69.23 136.33 97.20 148.36 62.29 Average premium growth index 115.27 76.66 103.13 119.18 98.83 Average claim paid growth index 88.39 110.53 113.36 169.09 62.09 Insurance density growth index 85.30 93.71 88.09 93.67 95.81 % Claims ratio 66.64 96.70 106.53 168.55 109.48 Claims frequency 7.87 7.92 7.94 8.85 9.15 Insurance penetration 0.004 0.004 0.003 0.003 0.003 Share in NLI premiums 0.10 0.10 0.09 0.08 0.08 Share in NLI claims paid 0.10 0.14 0.13 0.21 0.13 Share in total premiums 0.07 0.07 0.06 0.06 0.06 Share in total benefits and claims paid 0.08 0.10 0.10 0.15 0.09
Source: SIA, SORS statistical insurance bulletin 2016 80
5.1.3.7 Goods in transit insurance
Goods in transit insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 19,429 7,675,020 5,406 1,625,741 Goods insurance in international transport 16,535 4,636,961 2,979 1,112,502 Goods insurance in domestic transport 1,927 2,550,291 2,411 479,141 All other cargo insurance 967 487,768 16 34,098
Source: SIA
Goods in transit insurance
2011 2012 2013 2014 2015 number Number of contracts 13,525 15,421 13,597 11,489 19,429 Number of claims 5,663 4,856 4,758 5,035 5,406 EUR Premiums 8,229,602 8,783,242 7,908,961 7,571,440 7,675,020 Claims paid 2,554,395 2,485,548 1,519,112 2,909,962 1,625,741 Average premium 608 570 582 659 395 Average claim paid 451 512 319 578 301 Insurance density 4.01 4.27 3.84 3.67 3.72 index Number of contracts growth index 125.30 114.02 88.17 84.50 169.11 Number of claims growth index 106.35 85.75 97.98 105.82 107.37 Premiums growth index 108.87 106.73 90.05 95.73 101.37 Claims paid growth index 128.52 97.30 61.12 191.56 55.87 Average premium growth index 86.88 93.61 102.13 113.30 59.94 Average claim paid growth index 120.85 113.48 62.38 181.02 52.03 Insurance density growth index 108.70 106.45 89.90 95.63 101.28 % Claims ratio 31.04 28.30 19.21 38.43 21.18 Claims frequency 41.87 31.49 34.99 43.82 27.82 Insurance penetration 0.02 0.02 0.02 0.02 0.02 Share in NLI premiums 0.57 0.60 0.56 0.54 0.54 Share in NLI claims paid 0.27 0.26 0.16 0.31 0.17 Share in total premiums 0.40 0.43 0.40 0.39 0.39 Share in total benefits and claims paid 0.20 0.18 0.11 0.22 0.12
Source: SIA, SORS statistical insurance bulletin 2016 81
5.1.3.8 Fire and natural forces insurance
Fire and natural forces insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 701,388 115,825,867 38,086 52,359,523 Fire and certain other risks insurance outside industry and craft 586,694 74,813,019 35,228 34,298,497 Fire and certain other risks insurance in industry and craft 28,981 20,864,659 2,345 14,441,692 Electricity supply enterprises' property fire insurance 948 7,875,597 262 2,987,906 All other fire insurance 84,765 12,272,592 251 631,428 Nuclear risks insurance 0 0 0 0
Source: SIA
Fire and natural forces insurance
2011 2012 2013 2014 2015 number Number of contracts 639,976 1,104,277 1,140,882 686,292 701,388 Number of claims 30,935 39,082 44,533 43,938 38,086 EUR Premiums 98,803,799 111,094,345 111,932,518 114,004,682 115,825,867 Claims paid 40,136,769 46,619,406 54,563,946 61,847,188 52,359,523 Average premium 154 101 98 166 165 Average claim paid 1,297 1,193 1,225 1,408 1,375 Insurance density 48.19 54.05 54.37 55.31 56.15 index Number of contracts growth index 118.86 172.55 103.31 60.15 102.20 Number of claims growth index 90.47 126.34 113.95 98.66 86.68 Premiums growth index 104.33 112.44 100.75 101.85 101.60 Claims paid growth index 77.23 116.15 117.04 113.35 84.66 Average premium growth index 87.78 65.16 97.52 169.32 99.41 Average claim paid growth index 85.37 91.94 102.71 114.88 97.67 Insurance density growth index 104.17 112.15 100.59 101.74 101.51 % Claims ratio 40.62 41.96 48.75 54.25 45.21 Claims frequency 4.83 3.54 3.90 6.40 5.43 Insurance penetration 0.27 0.31 0.31 0.31 0.30 Share in NLI premiums 6.79 7.62 7.86 8.13 8.22 Share in NLI claims paid 4.25 4.88 5.63 6.55 5.57 Share in total premiums 4.81 5.41 5.66 5.88 5.86 Share in total benefits and claims paid 3.11 3.36 4.01 4.66 3.88
Source: SIA, SORS statistical insurance bulletin 2016 82
5.1.3.9 Other damage to property insurance
Other damage to property insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 1,069,030 118,879,834 100,771 59,427,501 Machinery breakdown insurance 85,662 23,817,833 15,719 16,477,041 Machinery breakdown insurance for electricity supply enterprises' equipment 382 4,196,157 514 1,734,768 Civil construction projects insurance 1,305 4,537,148 427 1,793,481 Civil installation projects insurance 430 1,265,221 115 942,728 Film production insurance 20 33,314 12 6,369 Computer insurance 5,146 2,858,532 1,439 1,981,347 Food-in-freezer insurance 183 128,021 215 284,204 Household insurance 407,561 41,875,600 38,869 18,062,855 Ore and coal mines insurance 1 166,727 0 0 Telecom and post office risks insurance 1 6 0 0 Burglary and theft insurance 128,588 7,243,474 2,517 3,134,599 Glass insurance 152,873 4,629,009 8,787 1,771,085 Crops and fruit insurance 3,459 4,565,372 816 2,845,046 Livestock insurance 9,934 3,816,430 22,414 3,547,645 Home assistance insurance 148,754 1,067,545 756 54,684 Equipment leasing insurance 1,400 802,819 134 458,890 Combined property insurance 12,168 13,187,311 2,180 3,480,151 Insurance of goods against mechanical damages 317 280,716 488 329,158 Satellite and cable television distribution and reception equipment insurance 26 69,690 62 40,655 Travel insurance 40,473 1,508,688 1,216 439,920 All other property insurance 70,347 2,830,221 4,091 2,042,875
Source: SIA statistical insurance bulletin 2016 83
Other damage to property insurance
2011 2012 2013 2014 2015 number Number of contracts 1,032,815 1,143,071 1,228,407 1,064,527 1,069,030 Number of claims 124,921 119,714 109,097 113,024 100,771 EUR Premiums 142,776,407 125,463,573 117,802,880 118,209,699 118,879,834 Claims paid 72,644,965 75,593,813 65,012,365 75,594,338 59,427,501 Average premium 138 110 96 111 111 Average claim paid 582 631 596 669 590 Insurance density 69.64 61.04 57.22 57.35 57.63 index Number of contracts growth index 102.86 110.68 107.47 86.66 100.42 Number of claims growth index 108.11 95.83 91.13 103.60 89.16 Premiums growth index 104.38 87.87 93.89 100.35 100.57 Claims paid growth index 87.26 104.06 86.00 116.28 78.61 Average premium growth index 101.47 79.40 87.37 115.79 100.14 Average claim paid growth index 80.72 108.59 94.37 112.24 88.17 Insurance density growth index 104.21 87.65 93.74 100.24 100.48 % Claims ratio 50.88 60.25 55.19 63.95 49.99 Claims frequency 12.10 10.47 8.88 10.62 9.43 Insurance penetration 0.39 0.35 0.33 0.32 0.31 Share in NLI premiums 9.82 8.61 8.27 8.43 8.43 Share in NLI claims paid 7.70 7.92 6.71 8.01 6.32 Share in total premiums 6.95 6.11 5.96 6.10 6.02 Share in total benefits and claims paid 5.64 5.44 4.78 5.70 4.40
Source: SIA, SORS statistical insurance bulletin 2016 84
5.1.3.10 Motor vehicle liability insurance
Motor vehicle liability insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 1,743,372 220,505,334 56,957 136,709,337 Road motor vehicle liability insurance for damage to third parties (MTPL) 1,615,659 215,678,615 55,095 134,274,721 Carrier liability-for-freight insurance in land transport 5,151 4,302,841 1,825 2,410,270 Railway third party liability insurance 9 2,314 0 0 All other land motor vehicle liability insurance 122,553 521,564 37 24,346
Source: SIA
Motor vehicle liability insurance
2011 2012 2013 2014 2015 number Number of contracts 1,761,253 1,776,011 1,759,492 1,718,160 1,743,372 Number of claims 59,956 54,204 55,087 54,648 56,957 EUR Premiums 283,413,868 264,528,097 242,254,948 225,863,017 220,505,334 Claims paid 155,164,427 143,814,503 144,333,191 133,946,204 136,709,337 Average premium 161 149 138 131 126 Average claim paid 2,588 2,653 2,620 2,451 2,400 Insurance density 138.24 128.69 117.67 109.58 106.89 index Number of contracts growth index 101.14 100.84 99.07 97.65 101.47 Number of claims growth index 94.58 90.41 101.63 99.20 104.23 Premiums growth index 93.58 93.34 91.58 93.23 97.63 Claims paid growth index 91.79 92.69 100.36 92.80 102.06 Average premium growth index 92.52 92.56 92.44 95.48 96.22 Average claim paid growth index 97.05 102.52 98.75 93.55 97.93 Insurance density growth index 93.43 93.10 91.43 93.13 97.54 % Claims ratio 54.75 54.37 59.58 59.30 62.00 Claims frequency 3.40 3.05 3.13 3.18 3.27 Insurance penetration 0.77 0.74 0.67 0.61 0.57 Share in NLI premiums 19.49 18.15 17.01 16.11 15.64 Share in NLI claims paid 16.44 15.06 14.89 14.19 14.55 Share in total premiums 13.80 12.88 12.25 11.66 11.16 Share in total benefits and claims paid 12.04 10.36 10.61 10.10 10.12
Source: SIA, SORS statistical insurance bulletin 2016 85
5.1.3.11 Aircraft liability insurance
Aircraft liability insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 824 1,334,144 6 972,588 Aircraft owners' liability insurance for damage to third parties 822 1,024,365 6 972,588 Carrier liability-for-freight insurance in air transport 0 0 0 0 All other aircraft liability insurance 2 309,779 0 0
Source: SIA
Aircraft liability insurance
2011 2012 2013 2014 2015 number Number of contracts 1,008 1,123 1,007 749 824 Number of claims 10 6 3 7 6 EUR Premiums 1,174,311 1,120,585 920,006 1,280,490 1,334,144 Claims paid 271,030 659,540 418,418 671,087 972,588 Average premium 1,165 998 914 1,710 1,619 Average claim paid 27,103 109,923 139,473 95,870 162,098 Insurance density 0.57 0.55 0.45 0.62 0.65 index Number of contracts growth index 85.86 111.41 89.67 74.38 110.01 Number of claims growth index 200.00 60.00 50.00 233.33 85.71 Premiums growth index 98.02 95.42 82.10 139.18 104.19 Claims paid growth index 42.52 243.35 63.44 160.39 144.93 Average premium growth index 114.17 85.65 91.56 187.13 94.71 Average claim paid growth index 21.26 405.58 126.88 68.74 169.08 Insurance density growth index 97.87 95.18 81.97 139.03 104.10 % Claims ratio 23.08 58.86 45.48 52.41 72.90 Claims frequency 0.99 0.53 0.30 0.93 0.73 Insurance penetration 0.003 0.003 0.003 0.003 0.003 Share in NLI premiums 0.08 0.08 0.06 0.09 0.09 Share in NLI claims paid 0.03 0.07 0.04 0.07 0.10 Share in total premiums 0.06 0.05 0.05 0.07 0.07 Share in total benefits and claims paid 0.02 0.05 0.03 0.05 0.07
Source: SIA, SORS statistical insurance bulletin 2016 86
5.1.3.12 Liability for ship insurance
Liability for ship insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 10,540 1,169,487 25 79,767 Maritime transport liability insurance 10,447 1,081,339 21 52,886 Inland waterways transport liability insurance 86 3,818 0 0 Ship-repairer liability insurance 2 2,557 1 0 Marina liability insurance 5 81,773 3 26,881 Carrier liability-for-freight insurance in maritime and inland waterways transport 0 0 0 0 All other liability for ship insurance 0 0 0 0
Source: SIA
Liability for ship insurance
2011 2012 2013 2014 2015 number Number of contracts 11,019 13,497 11,665 10,041 10,540 Number of claims 33 37 136 33 25 EUR Premiums 1,218,185 1,227,418 1,155,016 1,174,081 1,169,487 Claims paid 165,325 208,095 200,327 290,853 79,767 Average premium 111 91 99 117 111 Average claim paid 5,010 5,624 1,473 8,814 3,191 Insurance density 0.59 0.60 0.56 0.57 0.57 index Number of contracts growth index 103.90 122.49 86.43 86.08 104.97 Number of claims growth index 80.49 112.12 367.57 24.26 75.76 Premiums growth index 103.08 100.76 94.10 101.65 99.61 Claims paid growth index 58.63 125.87 96.27 145.19 27.43 Average premium growth index 99.21 82.26 108.88 118.09 94.89 Average claim paid growth index 72.84 112.26 26.19 598.36 36.20 Insurance density growth index 102.92 100.50 93.95 101.54 99.52 % Claims ratio 13.57 16.95 17.34 24.77 6.82 Claims frequency 0.30 0.27 1.17 0.33 0.24 Insurance penetration 0.003 0.003 0.003 0.003 0.003 Share in NLI premiums 0.08 0.08 0.08 0.08 0.08 Share in NLI claims paid 0.02 0.02 0.02 0.03 0.01 Share in total premiums 0.06 0.06 0.06 0.06 0.06 Share in total benefits and claims paid 0.01 0.01 0.01 0.02 0.01
Source: SIA, SORS statistical insurance bulletin 2016 87
5.1.3.13 General liability insurance
General liability insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 372,987 61,556,810 10,140 22,646,282 General liability insurance 317,857 44,274,868 7,381 17,955,271 Manufacturer liability-for-product insurance 2,632 8,321,962 617 2,208,748 Building contractor contractual liability insurance 114 78,596 15 191,188 Installation contractor contractual liability insurance 56 71,340 5 9,974 Manufacturer, dealer and contractor guarantee insurance 1,506 113,187 85 130,898 Forwarding agent liability in international transport 76 214,829 16 37,238 Forwarding agent liability in domestic transport 2 4,389 0 0 Management board and supervisory board liability insurance 124 1,230,172 7 48,457 Real estate agent liability insurance 460 218,009 1 0 Film producer liability insurance 8 2,304 0 0 Compulsory professional liability insurance for accounting and audit companies 565 322,485 11 47,959 Designer compulsory liability insurance 1,988 934,068 26 260,992 Advocate compulsory liability insurance 279 1,442,459 51 368,568 Physician compulsory liability insurance 1,684 1,292,800 153 495,353 Notary compulsory liability insurance 80 112,910 1 8 Medical products and devices manufacturers' compulsory liability insurance 7 22,275 0 0 Insurance brokerage companies compulsory liability insurance 144 375,298 5 84,722 Judicial enforcement officers compulsory liability insurance 43 9,788 0 0 Verifiers of qualified certificates of electronic signature compulsory liability insurance 0 0 0 0 Alpine guides compulsory liability insurance 0 0 0 0 Geodesic companies compulsory liability insurance 259 35,743 2 1,500 Certifying authorities for compliance of construction products verifications compulsory 0 0 0 0 liability insurance Firing range managers compulsory liability insurance 0 0 0 0 Guards liability insurance 51 260,323 8 39,695 All other general liability insurance 45,052 2,219,005 1,756 765,711
Source: SIA statistical insurance bulletin 2016 88
General liability insurance
2011 2012 2013 2014 2015 number Number of contracts 72,858 234,470 257,171 253,810 372,987 Number of claims 11,472 10,108 10,039 9,265 10,140 EUR Premiums 52,744,816 57,783,544 58,766,339 61,505,107 61,556,810 Claims paid 27,922,888 26,015,088 28,274,039 23,753,734 22,646,282 Average premium 724 246 229 242 165 Average claim paid 2,434 2,574 2,816 2,564 2,233 Insurance density 25.73 28.11 28.54 29.84 29.84 index Number of contracts growth index 106.90 321.82 109.68 98.69 146.96 Number of claims growth index 97.41 88.11 99.32 92.29 109.44 Premiums growth index 105.40 109.55 101.70 104.66 100.08 Claims paid growth index 104.88 93.17 108.68 84.01 95.34 Average premium growth index 98.60 34.04 92.72 106.05 68.11 Average claim paid growth index 107.67 105.74 109.43 91.03 87.11 Insurance density growth index 105.23 109.27 101.54 104.55 100.00 % Claims ratio 52.94 45.02 48.11 38.62 36.79 Claims frequency 15.75 4.31 3.90 3.65 2.72 Insurance penetration 0.14 0.16 0.16 0.16 0.16 Share in NLI premiums 3.63 3.97 4.13 4.39 4.37 Share in NLI claims paid 2.96 2.72 2.92 2.52 2.41 Share in total premiums 2.57 2.81 2.97 3.17 3.12 Share in total benefits and claims paid 2.17 1.87 2.08 1.79 1.68
Source: SIA, SORS statistical insurance bulletin 2016 89
5.1.3.14 Credit insurance
Credit insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 105,426 43,735,163 5,984 25,183,049 International trade credit insurance 530 12,956,565 146 10,238,562 Domestic trade credit insurance 0 5,577,434 127 2,818,421 Consumers credit insurance 36,126 15,983,274 2,762 7,016,157 Housing credit insurance 1,583 3,081,156 102 877,329 Loan insurance (sole traders) 101 543,345 71 334,207 Loan insurance (legal entities) 168 120,784 2 17,284 Overdraft insurance (sole traders) 309 107,453 74 122,510 Overdraft insurance (personal accounts) 23 3,308,251 1,934 3,449,333 Lease agreement insurance 2 –926 0 0 Insurance of receivables from credit/debit cards 59,286 708,506 359 153,918 All other credit insurance 7,298 1,349,321 407 155,328
Source: SIA
Credit insurance
2011 2012 2013 2014 2015 number Number of contracts 48,904 38,607 41,838 52,077 105,426 Number of claims 6,647 6,602 6,781 7,303 5,984 EUR Premiums 44,414,514 42,762,552 43,092,724 42,153,600 43,735,163 Claims paid 38,105,026 31,704,999 29,784,621 23,769,457 25,183,049 Average premium 908 1,108 1,030 809 415 Average claim paid 5,733 4,802 4,392 3,255 4,208 Insurance density 21.66 20.80 20.93 20.45 21.20 index Number of contracts growth index 86.58 78.94 108.37 124.47 202.44 Number of claims growth index 88.34 99.32 102.71 107.70 81.94 Premiums growth index 96.22 96.28 100.77 97.82 103.75 Claims paid growth index 83.02 83.20 93.94 79.80 105.95 Average premium growth index 111.14 121.96 92.99 78.59 51.25 Average claim paid growth index 93.97 83.77 91.46 74.10 129.30 Insurance density growth index 96.07 96.03 100.61 97.71 103.66 % Claims ratio 85.79 74.14 69.12 56.39 57.58 Claims frequency 13.59 17.10 16.21 14.02 5.68 Insurance penetration 0.12 0.12 0.12 0.11 0.11 Share in NLI premiums 3.05 2.93 3.02 3.01 3.10 Share in NLI claims paid 4.04 3.32 3.07 2.52 2.68 Share in total premiums 2.16 2.08 2.18 2.18 2.21 Share in total benefits and claims paid 2.96 2.28 2.19 1.79 1.86
Source: SIA, SORS statistical insurance bulletin 2016 90
5.1.3.15 Suretyship insurance
Suretyship insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 3,146 1,952,377 198 384,814 Customs debt insurance 119 196,917 3 34,673 Tour operators' insolvency insurance 480 139,142 1 9,541 Tender guarantee insurance 508 82,530 0 0 Performance insurance 803 337,727 5 86,300 Advance repayment insurance 17 12,311 0 0 Repair in warranty period insurance 997 924,520 5 117,658 Guarantee for credit cards insurance 151 120,993 10 81,114 Carnet insurance 36 94,937 52 42,271 All other suretyship insurance 35 43,300 122 13,257
Source: SIA
Suretyship insurance
2011 2012 2013 2014 2015 number Number of contracts 1,408 4,933 4,799 3,066 3,146 Number of claims 83 84 89 126 198 EUR Premiums 1,039,479 1,378,278 1,703,055 1,694,929 1,952,377 Claims paid 1,141,081 630,569 195,645 599,353 384,814 Average premium 738 279 355 553 621 Average claim paid 13,748 7,507 2,198 4,757 1,944 Insurance density 0.51 0.67 0.83 0.82 0.95 index Number of contracts growth index 124.05 350.36 97.28 63.89 102.61 Number of claims growth index 96.51 101.20 105.95 141.57 157.14 Premiums growth index 111.20 132.59 123.56 99.52 115.19 Claims paid growth index 115.35 55.26 31.03 306.35 64.20 Average premium growth index 89.64 37.85 127.01 155.78 112.26 Average claim paid growth index 119.52 54.60 29.28 216.39 40.86 Insurance density growth index 111.02 132.25 123.36 99.41 115.09 % Claims ratio 109.77 45.75 11.49 35.36 19.71 Claims frequency 5.89 1.70 1.85 4.11 6.29 Insurance penetration 0.003 0.004 0.005 0.005 0.005 Share in NLI premiums 0.07 0.09 0.12 0.12 0.14 Share in NLI claims paid 0.12 0.07 0.02 0.06 0.04 Share in total premiums 0.05 0.07 0.09 0.09 0.10 Share in total benefits and claims paid 0.09 0.05 0.01 0.05 0.03
Source: SIA, SORS statistical insurance bulletin 2016 91
5.1.3.16 Miscellaneous financial loss insurance
Miscellaneous financial loss insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 51,600 5,553,553 1,816 3,824,869 Business continuity insurance – fire 6,061 2,953,001 61 2,217,260 Business continuity insurance – machinery breakdown 437 637,788 33 543,862 Show and event insurance 84 147,761 4 12,808 Insurance against purchasing counterfeit currency 13 33,859 160 7,605 Insurance against risk of cancellation of tourist trips 18,223 1,346,230 1,377 898,311 Business continuity insurance – services 65 66,484 7 27,659 All other business continuity insurance 26,717 368,430 174 117,364
Source: SIA
Miscellaneous financial loss insurance
2011 2012 2013 2014 2015 number Number of contracts 34,422 39,842 38,406 45,855 51,600 Number of claims 2,353 2,246 1,928 1,849 1,816 EUR Premiums 6,477,981 5,912,069 6,199,316 6,527,504 5,553,553 Claims paid 3,716,244 2,441,515 2,563,164 3,439,376 3,824,869 Average premium 188 148 161 142 108 Average claim paid 1,579 1,087 1,329 1,860 2,106 Insurance density 3.16 2.88 3.01 3.17 2.69 index Number of contracts growth index 126.52 115.75 96.40 119.40 112.53 Number of claims growth index 86.89 95.45 85.84 95.90 98.22 Premiums growth index 108.05 91.26 104.86 105.29 85.08 Claims paid growth index 75.54 65.70 104.98 134.18 111.21 Average premium growth index 85.40 78.85 108.78 88.19 75.61 Average claim paid growth index 86.94 68.83 122.30 139.92 113.23 Insurance density growth index 107.88 91.03 104.69 105.18 85.01 % Claims ratio 57.37 41.30 41.35 52.69 68.87 Claims frequency 6.84 5.64 5.02 4.03 3.52 Insurance penetration 0.02 0.02 0.02 0.02 0.01 Share in NLI premiums 0.45 0.41 0.44 0.47 0.39 Share in NLI claims paid 0.39 0.26 0.26 0.36 0.41 Share in total premiums 0.32 0.29 0.31 0.34 0.28 Share in total benefits and claims paid 0.29 0.18 0.19 0.26 0.28
Source: SIA, SORS statistical insurance bulletin 2016 92
5.1.3.17 Legal expenses insurance
Legal expenses insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 327,912 3,775,044 3,233 539,099 Legal expenses and costs of litigation insurance 327,912 3,775,044 3,233 539,099 All other legal expenses insurance 0 0 0 0
Source: SIA
Legal expenses insurance
2011 2012 2013 2014 2015 number Number of contracts 327,026 329,473 324,838 314,319 327,912 Number of claims 2,773 2,637 3,243 3,086 3,233 EUR Premiums 4,117,375 3,705,908 3,581,235 3,501,958 3,775,044 Claims paid 253,617 353,668 405,645 463,714 539,099 Average premium 13 11 11 11 12 Average claim paid 91 134 125 150 167 Insurance density 2.01 1.80 1.74 1.70 1.83 index Number of contracts growth index 104.50 100.75 98.59 96.76 104.32 Number of claims growth index 134.09 95.10 122.98 95.16 104.76 Premiums growth index 105.67 90.01 96.64 97.79 107.80 Claims paid growth index 108.39 139.45 114.70 114.32 116.26 Average premium growth index 101.11 89.34 98.01 101.06 103.33 Average claim paid growth index 80.83 146.64 93.26 120.13 110.97 Insurance density growth index 105.50 89.77 96.48 97.68 107.70 % Claims ratio 6.16 9.54 11.33 13.24 14.28 Claims frequency 0.85 0.80 1.00 0.98 0.99 Insurance penetration 0.01 0.01 0.01 0.01 0.01 Share in NLI premiums 0.28 0.25 0.25 0.25 0.27 Share in NLI claims paid 0.03 0.04 0.04 0.05 0.06 Share in total premiums 0.20 0.18 0.18 0.18 0.19 Share in total benefits and claims paid 0.02 0.03 0.03 0.03 0.04
Source: SIA, SORS statistical insurance bulletin 2016 93
5.1.3.18 Assistance insurance
Assistance insurance in 2015 – data within insurance class
Insurance type INSURANCE CONTRACTS CLAIMS Number of Premiums Number of Claims paid contracts (in EUR) claims (in EUR) TOTAL 1,003,296 23,162,824 78,123 13,693,078 Car assistance insurance 802,654 18,192,144 74,767 12,370,972 Medical assistance insurance 93,759 3,819,529 2,276 1,124,610 All other assistance insurance 106,883 1,151,151 1,080 197,496
Source: SIA
Assistance insurance
2011 2012 2013 2014 2015 number Number of contracts 847,704 889,342 925,953 946,130 1,003,296 Number of claims 35,036 52,818 58,834 66,241 78,123 EUR Premiums 18,205,946 19,302,215 20,206,985 21,709,096 23,162,824 Claims paid 6,968,680 9,261,180 10,253,785 11,489,783 13,693,078 Average premium 21 22 22 23 23 Average claim paid 199 175 174 173 175 Insurance density 8.88 9.39 9.81 10.53 11.23 index Number of contracts growth index 112.95 104.91 104.12 102.18 106.04 Number of claims growth index 87.40 150.75 111.39 112.59 117.94 Premiums growth index 145.64 106.02 104.69 107.43 106.70 Claims paid growth index 102.11 132.90 110.72 112.05 119.18 Average premium growth index 128.94 101.06 100.55 105.14 100.62 Average claim paid growth index 116.83 88.16 99.40 99.52 101.05 Insurance density growth index 145.41 105.75 104.52 107.32 106.60 % Claims ratio 38.28 47.98 50.74 52.93 59.12 Claims frequency 4.13 5.94 6.35 7.00 7.79 Insurance penetration 0.05 0.05 0.06 0.06 0.06 Share in NLI premiums 1.25 1.32 1.42 1.55 1.64 Share in NLI claims paid 0.74 0.97 1.06 1.22 1.46 Share in total premiums 0.89 0.94 1.02 1.12 1.17 Share in total benefits and claims paid 0.54 0.67 0.75 0.87 1.01
Source: SIA, SORS statistical insurance bulletin 2016 94
5.1.4 Distribution channels
Slovenian insurance companies market their services capital redemption insurance, and also represent an for the most part through their own networks of important sales channel for ship casco and liability insurance agents. Those agents wrote two thirds of insurance. Broker sales represent an important channel insurance premiums, while a fifth of insurance sales for sales of following classes: goods in transit, general were conducted over the counter. Despite rapid liability, miscellaneous financial loss and aircraft technological development, other sales channels are liability insurance. only slowly gaining in significance. The proportion of sales via agents in the life insurance segment remains When reviewing sales in the individual sales channels it considerably higher, but has declined in recent years is evident that counter sales are used primarily for the due to notable growth in sales via the banking and sale of health insurance and accounted for four fifths postal network. In contrast, sales via agents in the of turnover in the aforementioned insurance class. Life non-life insurance segment are rising on account of insurance is prevalent in sale through the banking and over-the-counter sales. postal network, with a proportion of 87.1%. Brokers generate two thirds of insurance premiums through Some forms of insurance deviate from the sales of fire and other damage to property insurance, aforementioned pattern. Over-the-counter sales are and other liability insurance, while agents generate prevalent in both co-payment health insurance and a third of premium via motor insurance sales. statistical insurance bulletin 2016 95
Breakdown of premiums by insurance class with regard to distribution channels in 2015 (in %)
Insurance class TOTAL Employed Agents Brokers Banc- Other assurance Counter Telephone, Internal External sales internet TOTAL 100 19.92 0.95 35.81 33.12 4.14 4.66 1.40 NON-LIFE INSURANCE 100 25.79 1.23 35.33 29.13 5.71 0.85 1.96 Accident insurance 100 11.11 1.41 42.92 34.10 3.93 4.30 2.23 Health insurance 100 64.55 1.58 3.03 29.92 0.05 0.39 0.49 Land motor vehicle insurance 100 4.89 0.31 52.61 36.92 3.74 0.48 1.06 Railway rolling stock insurance 100 0.00 0.00 100.00 0.00 0.00 0.00 0.00 Aircraft insurance 100 1.38 6.20 76.06 0.60 15.76 0.00 0.00 Ship insurance 100 20.81 0.05 35.11 37.10 6.73 0.02 0.20 Goods in transit insurance 100 9.33 0.03 49.11 1.67 39.87 0.00 0.00 Fire and natural forces insurance 100 5.02 1.30 56.90 18.64 17.22 0.90 0.02 Other damage to property insurance 100 4.04 0.91 65.21 13.54 15.33 0.95 0.02 Motor vehicle liability insurance 100 4.88 0.72 46.63 41.89 3.12 0.58 2.19 Aircraft liability insurance 100 7.39 3.43 67.13 1.04 21.02 0.00 0.00 Liability for ship insurance 100 21.16 0.01 31.76 39.98 6.94 0.06 0.08 General liability insurance 100 8.15 4.73 47.34 11.93 27.47 0.37 0.00 Credit insurance 100 0.00 0.00 62.83 0.00 1.94 1.46 33.78 Suretyship insurance 100 12.98 4.85 76.91 1.52 3.74 0.00 0.00 Miscellaneous financial loss insurance 100 17.63 2.39 23.47 18.33 27.04 5.87 5.27 Legal expenses insurance 100 2.07 0.05 25.58 56.15 1.40 1.21 13.54 Assistance insurance 100 5.76 1.18 44.85 45.16 0.98 0.83 1.24 LIFE INSURANCE 100 5.30 0.26 37.01 43.06 0.20 14.17 0.00 Life assurance 100 2.71 0.53 41.74 42.24 0.17 12.60 0.00 Marriage assurance, birth assurance 100 0.21 0.00 30.37 69.42 0.00 0.00 0.00 Unit-linked life insurance 100 2.89 0.02 35.17 45.74 0.23 15.95 0.00 Tontine – – – – – – – – Capital redemption insurance 100 69.11 0.09 4.75 16.43 0.25 9.37 0.00 Insurance of income loss due to accident or illness – – – – – – – – Pension insurance under ZPIZ-1 100 22.36 0.03 72.68 4.93 0.00 0.00 0.00 Copayment health insurance 100 65.84 0.57 2.95 30.24 0.05 0.30 0.05 Supplementary insurance1 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 2016 96
5.2 Reinsurance activity
In the time of recession reinsurance activity recorded the five smallest classes is barely 0.8%. There were a sustained stagnation that lasted several years and sharp fluctuations in certain insurance classes, which a notable decline in 2013 and 2014, while in 2015 recorded a notable drop in 2014, but recorded reinsurance premiums were up by 13.7%. At EUR strong growth again in 2015 (e.g. health insurance, 268.8 m, the latter rose to the level recorded in 2012 miscellaneous financial loss insurance, goods in transit and accounted for 0.7% of GDP. Non-life insurance insurance). contributed most to the aforementioned increase, as it accounts for 98.7% or nearly the entire reinsurance Two reinsurance companies paid out EUR 144.7 m portfolio. The 14.2% increase in the aforementioned in claims in 2015, mainly related to fire and natural premiums thus prevailed over the 22.8% decline in life forces and other property damage. After recording reinsurance premiums. their lowest level of the last seven years in 2014, growth in claims paid was positive in 2015 and was While motor vehicle liability reinsurance was significantly higher than growth in premiums. The predominant in the past, property reinsurance has claims ratio thus deteriorated by 3.5 percentage points led the way in recent years. At 42.1%, fire and to stand at 54.6%. While the non-life claims ratio was natural forces reinsurance accounts for the highest similar to that, the situation in the life reinsurance proportion of reinsurance premiums in 2015, followed segment is significantly worse: claims paid were up by other damage to property reinsurance at 18.8% by one third in the content of a sharp decline in and land motor vehicle reinsurance at 10.2%. The premiums, with the claims ratio nearly doubling as reinsurance of other insurance classes is weaker, as a result. the total proportion of premiums accounted for by
Reinsurance premiums and claims paid
Year Premiums Premiums Insurance penetration Claims paid Claims paid (in EUR) growth index (in %) (in EUR) growth index TOTAL 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 0.67 141,702,764 107.51 2014 236,521,960 98.90 0.63 120,708,196 85.18 2015 268,822,331 113.66 0.70 146,672,003 121.51 LIFE 2011 861,553 108.54 0.002 365,430 204.10 2012 1,693,484 196.56 0.005 276,044 75.54 2013 2,603,206 153.72 0.007 600,854 217.67 2014 3,139,112 120.59 0.008 1,471,150 244.84 2015 2,421,161 77.13 0.006 1,978,232 134.47 NON-LIFE 2011 261,420,655 99.69 0.71 125,892,695 90.08 2012 267,487,224 102.32 0.74 131,532,840 104.48 2013 236,543,934 88.43 0.66 141,101,910 107.28 2014 233,382,848 98.66 0.63 119,237,046 84.50 2015 266,401,170 114.15 0.69 144,693,771 121.35
Source: SIA, SORS statistical insurance bulletin 2016 97
Reinsurance premiums and claims paid by insurance class in 2015 (in EUR m)
Legal expenses
Assistance
Aircraft liability
Railway rolling stock
Liability for ship
Suretyship
Aircraft
Health
Life
Credit
Miscellaneous financial loss
Ship
Goods in transit
General liability
Accident
Motor vehicle liability
Land motor vehicle
Other damage to property
Fire and natural forces
0 20 40 60 80 100 120 EUR m
Premiums
Claims paid
Source: SIA statistical insurance bulletin 2016 98
Reinsurance premiums and claims paid by insurance class in 2015
Insurance class PREMIUMS CLAIMS PAID Claims ratio Amount Share in Growth Amount Share in Growth (in %) (in EUR) total index (in EUR) total claims index premiums paid (in %) (in %) TOTAL 268,822,331 100 113.66 146,672,003 100 121.51 54.56 NON-LIFE INSURANCE 266,401,170 99.10 114.15 144,693,771 98.65 121.35 54.31 Accident insurance 14,031,807 5.22 122.50 8,377,599 5.71 161.24 59.70 Health insurance 2,223,661 0.83 3,194.78 1,555,057 1.06 198.26 69.93 Land motor vehicle insurance 27,446,913 10.21 101.21 17,040,300 11.62 114.55 62.08 Railway rolling stock insurance 640,380 0.24 123.07 2,529 0.00 226.61 0.39 Aircraft insurance 1,887,515 0.70 153.22 373,556 0.25 272.07 19.79 Ship insurance 6,592,481 2.45 103.43 4,317,363 2.94 104.70 65.49 Goods in transit insurance 6,816,325 2.54 130.95 2,259,811 1.54 146.06 33.15 Fire and natural forces insurance 113,080,654 42.07 115.65 62,247,430 42.44 127.17 55.05 Other damage to property insurance 50,640,367 18.84 111.96 26,935,718 18.36 114.79 53.19 Motor vehicle liability insurance 21,733,645 8.08 105.75 15,315,093 10.44 105.94 70.47 Aircraft liability insurance 551,360 0.21 86.18 190,285 0.13 29.53 34.51 Liability for ship insurance 669,868 0.25 116.18 186,511 0.13 123.60 27.84 General liability insurance 8,429,154 3.14 86.99 2,866,957 1.95 102.38 34.01 Credit insurance 3,868,825 1.44 123.33 312,233 0.21 34.60 8.07 Suretyship insurance 673,411 0.25 79.61 718,541 0.49 241.92 106.70 Miscellaneous financial loss insurance 6,574,220 2.45 263.25 1,573,991 1.07 288.23 23.94 Legal expenses insurance 50,569 0.02 121.59 1,807 0.00 451.75 3.57 Assistance insurance 490,015 0.18 115.65 418,990 0.29 116.19 85.51 LIFE INSURANCE 2,421,161 0.90 77.13 1,978,232 1.35 134.47 81.71 Life assurance 2,122,670 0.79 76.01 1,849,172 1.26 139.69 87.12 Marriage assurance, birth assurance 0 0.00 – 0 0.00 – – Unit-linked life insurance 298,491 0.11 86.18 129,060 0.09 87.54 43.24 Tontine 0 0.00 – 0 0.00 – – Capital redemption insurance 0 0.00 – 0 0.00 – – Insurance of income loss due to accident or illness 0 0.00 – 0 0.00 – – Pension insurance under ZPIZ-11 0 0.00 – 0 0.00 – – Copayment health insurance2 0 0.00 – 0 0.00 – – Supplementary insurance3 0 0.00 – 0 0.00 – –
1 Included in life insurance group. 2 Included in health insurance class. 3 Included in life assurance class. Source: SIA statistical insurance bulletin 2016 99
5.3 Nuclear Insurance and Reinsurance Pool
The purpose of the Nuclear Insurance and Reinsurance entered into force on 4 April 2011. Under the Pool is to insure and reinsure against nuclear dangers. aforementioned policy, the Nuclear Insurance and It was established in 1994 when eight members Reinsurance Pool covers the dangers set out in the law, (insurance and reinsurance companies headquartered and thus provides for payments to injured parties in in Slovenia) signed an agreement on the establishment the event of a nuclear accident, and also covers costs, of the Nuclear Insurance and Reinsurance Pool. The interest and expenditure that the policyholder must pay following insurance and reinsurance companies were to a claimant in connection with a nuclear accident. members in 2015: Zavarovalnica Triglav, d. d., Sava The insurance covers the legally prescribed liability Reinsurance Company d. d., Adriatic Slovenica, deriving from the insured’s operations and the assets Zavarovalna družba d. d., Pozavarovalnica Triglav Re, in its possession if damage is caused by an accident d. d., Zavarovalnica Maribor, d. d., Zavarovalnica at nuclear power plants during the duration of cover. Tilia, d. d. and Merkur zavarovalnica, d. d. The largest In 2015 the Nuclear Insurance and Reinsurance Pool proportion was accounted for by Zavarovalnica Triglav, participated intensively in the implementation of d. d., Sava Reinsurance Company d. d., Pozavarovalnica the protocol to the Paris Convention on Third Party Triglav Re, d. d. and Adriatic Slovenica, Zavarovalna Liability in the Field of Nuclear Energy, of which družba d. d. Slovenia is a signatory. That protocol will result in significantly higher limits on liability and an expanded The Nuclear Insurance and Reinsurance Pool insures set of risks for which the nuclear power plant manager the Slovenian nuclear power plant, and reinsures is liable and against which it must be insured. foreign nuclear power plants in the scope of capacities and shares that members provide separately every year. In terms of liability insurance for nuclear damage, the Nuclear Insurance and Reinsurance Pool was party In Slovenia, the liability of the nuclear power plant to risk up to the amount of its capacities; the amount manager is insured in accordance with the applicable exceeding those capacities was reinsured via foreign Nuclear Damage Liability Act (ZOJed-1), which insurance and reinsurance pools. And so there was a miracle. On 30 May 2016 at 10.48 am, exactly four months from the day the olm laid its first egg in the aquarium, the first larva hatched at Postojna Cave. Although there was very little likelihood of us witnessing the drama of the development of eggs to the hatching of larvae in an artificial environment, this is precisely what happened. This is a major success in our study of the Proteus anguinus, which remains today a great mystery, given its secretive life in the depths of dark caves, entirely hidden from humans. A total of 13 larvae have now hatched as of the date of this publication. statistical insurance bulletin 2016 101
The Slovenian insurance industry 6.) on the international stage
In the context of favourable economic growth in the Among the key indicators down on the previous year majority of EU Member States, 2014 (according to were premiums as a proportion of GDP. With an the last available IE figures21 at the time of issue of this insurance penetration rate of 5.1%, SIA members publication) was a successful year for the European achieved just 67.3% of the penetration rate in Europe, insurance market, which generated EUR 1,167 bn where the proportion of GDP accounted for by the or 29.7% of global written premiums. Taking into insurance industry was down 0.1 percentage point account other European countries such as Russia to stand at 7.6% due to higher economic growth. and Ukraine, that proportion is even higher, at The worst insurance penetration rate is recorded by around 35%. Excluding the branch offices of foreign Romania at 1.2% while the Netherlands recorded the companies, Slovenian insurance companies (members best rate, at 11.3%. of the SIA) generated written premiums of EUR 1,896 m, representing 0.05% of global written premiums and Slovenia’s weaker position in 2014 was also seen in 0.2% of written premiums in Europe. The five largest premium per capita, which failed to achieve even one European markets together accounted for a 72.7% half of the European average. Premium per capita was of the overall market, with the highest concentration up by EUR 81 or 4.3% to stand at EUR 1,964. At being recorded in the life insurance segment. EUR 6,000 per capita, Switzerland stands out with an insurance density three times higher than the European A total of 4,863 insurance companies operated under average and six times higher than in Slovenia. the auspices of IE in Europe in 2014. Despite a 9.1% decline in their number, European insurance The average written premium of a European insurance companies generated 3.4% more premiums than company rose to EUR 240 m. In the context of the previous year. A third of the 32 members of IE negative growth in total premiums, the average recorded negative annual growth, a trend that even the premium of SIA members fell further behind the largest markets (e.g. the Netherlands and UK) could European average, which was 43.8% higher. In not avoid. Life insurance, which accounted for 61.1% contrast, Italy records double the growth and achieves of all European insurance, recorded growth of 5.5%, by far the best result (EUR 1,158 m). while non-life insurance recorded growth of 0.4%. Average premium per employee was down by 2.9% in At EUR 953.3 bn, the amount of all benefits and Europe (and by 1.4% in Slovenia) in the context of claims paid was at the same level recorded in 2013. a significant increase in the number of employees at Life insurance accounted for 67% of that amount, insurance companies. At the same time, the average followed by motor vehicle and health insurance, both number of employees has risen to 205. The Slovenian at 10%. Claims from property insurance recorded the average remains twice that of the European average. sharpest drop. Among the selected countries, Hungary (624), Germany (535), France (468) and Croatia (455) The position of Slovenian insurance companies relative recorded even higher indicators, while Cyprus recorded to other European countries deteriorated in 2014. the best indicator (42).
21 Insurance Europe, Insurance Data, European insurance industry database, http://www. insuranceeurope.eu/insurancedata, 15. 6. 2016. statistical insurance bulletin 2016 102
Insurance business in Europe in 2014 and in Slovenia in 2014 and 20151
Indicators Europe Slovenia Slovenia Share of 2014 2014 2015 Slovenia 2014 (in %) Number of insurance companies 4,863 14 14 0.29 Number of insurance employees 994,688 5,929 6,026 0.60 Average number of insurance employees per company 205 424 430 207.05 Total premiums (in EUR m) 1,167,057 1,896 1,930 0.16 Life premiums (in EUR m) 713,021 517 546 0.07 Non-life premiums (in EUR m) 454,036 1,379 1,384 0.30 Total premiums per capita (in EUR m) 1,964 920 936 46.84 Life premiums per capita (in EUR m) 1,200 251 265 20.89 Non-life premiums per capita (in EUR m) 764 669 671 87.59 Share of total premiums in GDP (in %) 7.56 5.08 5.01 67.27 Share of life premiums in GDP (in %) 4.62 1.39 1.42 30.01 Share of non-life premiums in GDP (in %) 2.94 3.70 3.59 125.80 Total benefits and claims paid (in EUR m) 953,258 1,312 1,335 0.14 Life benefits paid (in EUR m) 636,917 379 406 0.06 Non-life claims paid (in EUR m) 316,340 934 929 0.30
1 Data of SIA members excluding the branches of foreign insurance companies. Source: IE, SIA, SORS
Insurance business in selected countries in 20141
Country Number of Number of PREMIUMS insurance insurance TOTAL Life Share of Non-life Share of companies employees (in EUR m) (in EUR m) life (in EUR m) non-life (in %) (in %) Switzerland 155 47,800 48,838 27,146 55.58 21,693 44.42 Denmark 110 17,057 26,550 17,498 65.90 9,053 34.10 Netherlands 170 50,000 73,761 17,460 23.67 56,301 76.33 Sweden 327 19,701 31,327 25,097 80.11 6,230 19.89 France 313 146,600 197,248 128,948 65.37 68,300 34.63 Belgium 80 23,334 27,041 16,193 59.88 10,848 40.12 Germany 548 293,500 192,577 93,673 48.64 98,904 51.36 Italy 124 47,452 142,943 110,518 77.32 32,425 22.68 Austria 68 26,521 17,143 6,754 39.40 10,389 60.60 Europe 4,863 994,688 1,167,057 713,021 61.10 454,036 38.90 Portugal 45 11,168 13,597 10,183 74.89 3,414 25.11 Spain 255 45,876 54,440 25,178 46.25 29,262 53.75 Slovenia (2015) 14 6,026 1,930 546 28.31 1,384 71.69 Slovenia (2014) 14 5,929 1,896 517 27.25 1,379 72.75 Cyprus 33 1,400 745 304 40.81 441 59.19 Greece 49 7,500 3,759 1,878 49.96 1,881 50.04 Hungary 32 19,975 2,693 1,436 53.32 1,257 46.68 Croatia 25 11,384 1,118 344 30.81 773 69.19 Turkey 69 19,353 9,178 1,158 12.62 8,020 87.38 Romania 37 9,346 1,804 365 20.25 1,438 79.75
1 Data of branches included in the country of the parent company's domicile. Source: IE, SIA statistical insurance bulletin 2016 103
Insurance business in selected countries in 20141
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 36,931 23,017 13,914 6,000 3,335 2,665 6.28 75.62 Denmark 23,394 17,094 6,300 4,718 3,109 1,609 10.31 88.11 Netherlands 75,369 25,487 49,882 4,383 1,037 3,345 11.25 102.18 Sweden 14,740 8,393 6,347 3,248 2,602 646 7.28 47.05 France 153,847 106,347 47,500 2,996 1,959 1,037 9.25 78.00 Belgium 23,686 17,478 6,208 2,414 1,445 968 6.73 87.59 Germany 155,571 85,399 70,172 2,384 1,160 1,225 6.63 80.78 Italy 87,280 64,577 22,703 2,352 1,818 533 8.84 61.06 Austria 14,075 7,155 6,920 2,015 794 1,221 5.21 82.10 Europe 953,258 636,917 316,340 1,964 1,200 764 7.4 4 81.68 Portugal 12,210 8,967 3,243 1,304 977 327 7.86 89.80 Spain 46,283 26,936 19,347 1,170 541 629 5.14 85.02 Slovenia (2015) 1,335 406 929 936 265 671 5.01 69.15 Slovenia (2014) 1,312 379 934 920 251 669 5.09 69.21 Cyprus 444 247 197 868 354 514 4.26 59.60 Greece 2,278 1,517 761 345 172 173 2.10 60.60 Hungary 1,749 1,060 690 273 145 127 2.61 64.95 Croatia 576 200 376 263 81 182 2.59 51.54 Turkey 4,736 737 3,999 120 15 105 1.49 51.60 Romania 998 98 900 90 18 72 1.20 55.36
1 Data of branches included in the country of the parent company's domicile. Source: Eurostat, IE, SIA, SORS
Growth in premiums in selected countries in 2014 (in %)
Italy 20.71 Sweden 16.40 Portugal 9.60 Turkey 7.29 Denmark 6.73 France 6.08 Hungary 4.90 Europe 3.41 Austria 3.29 Germany 2.74 Belgium 0.79 Switzerland 0.19 Romania –0.48 Greece –0.58 Spain –1.45 Slovenia –2.14 Netherlands –2.25 Cyprus –2.93 Croatia –5.67 –10 –5 0 5 10 15 20 25 %
Source: IE, SIA statistical insurance bulletin 2016 104
Growth in insurance density and penetration in selected countries in 2014 (in %)
18.54 Italy 20.21 15.33 Sweden 18.05 10.23 Portugal 7.29 6.26 Denmark 4.86 5.83 Turkey 7.29 5.64 France 5.29 5.24 Hungary 2.18 4.34 Germany –0.59 3.15 Europe –0.88 2.62 Austria 1.31 0.41 Belgium –0.91 0.21 Greece 1.28 –0.12 Romania –4.29 –0.99 Spain –2.32 –1.05 Switzerland –33.54 –2.04 Cyprus 0.47 –2.25 Slovenia –5.04 –2.53 Netherlands –4.11 –5.33 Croatia –4.63 –40 –30 –20 –10 0 10 20 30 %
Insurance density 2014/2013
Insurance penetration 2014/2013
Source: Eurostat, IE, SIA, SORS statistical insurance bulletin 2016 105
Premiums per insurance company in selected countries in 2014 (in EUR m)
Italy 1,153 France 630 Netherlands 434 Germany 351 Belgium 338 Switzerland 315 Portugal 302 Austria 252 Denmark 241 Europe 240 Spain 213 Slovenia 135 Turkey 133 Sweden 96 Hungary 84 Greece 77 Romania 49 Croatia 45 Cyprus 23 0 200 400 600 800 1,000 1,200 EUR m
Source: IE, SIA
Premiums per insurance employee in selected countries in 2014 (in EUR)
Italy 3,012,373 Sweden 1,590,114 Denmark 1,556,559 Netherlands 1,475,220 France 1,345,484 Portugal 1,217,524 Spain 1,186,668 Europe 1,173,289 Belgium 1,158,877 Switzerland 1,021,719 Germany 656,140 Austria 646,393 Cyprus 532,143 Greece 501,185 Turkey 474,240 Slovenia 319,784 Romania 192,977 Hungary 134,841 Croatia 98,201
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 EUR
Source: IE, SIA statistical insurance bulletin 2016 106
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 1,174.8 907.8 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 1,845.4 677.1 620.2 425.0 123.2 2014 2,186.4 825.9 735.0 478.0 147.6 NON-LIFE 2010 1,335.9 474.2 225.4 539.8 96.5 2011 1,498.7 529.9 272.8 579.3 116.7 2012 1,497.9 499.5 287.0 588.8 122.5 2013 1,485.5 497.7 287.7 577.6 122.5 2014 1,749.2 572.3 350.3 679.9 146.8
Source: BS, Swiss Re statistical insurance bulletin 2016 107
Literature and data sources
1. Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited, http://www.as-skupina.si/ documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de-9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016. 2. Agency of the Republic of Slovenia for Public Legal Records and Related Services, http://www.ajpes.si/uradne_objave/ eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016. 3. Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http://www.bsi.si/pxweb/dialog/Database/ slo/serije/02_bilance_bank/02_bilance_bank.asp, 15. 6. 2016. 4. Eurostat, Database, http://ec.europa.eu/eurostat/data/database, 15. 6. 2016. 5. Institute of Macroeconomic Analysis and Development, Public info, Press Releases, http://www.umar.gov.si/informacije_za_ javnost/obvestila_in_sporocila_za_javnost/, 16. 5. 2016. 6. Insurance Act (ZZavar), Official Gazette of the Republic of Slovenia, Nos. 99/10 – UPB, 90/12, 56/13, 63/13 – ZS-K in 93/15 – ZZavar-1. 7. Insurance Act (ZZavar-1), Official Gazette of the Republic of Slovenia, No. 93/15. 8. Insurance Europe, Insurance Data, European insurance industry database, http://www.insuranceeurope.eu/insurancedata, 15. 6. 2016. 9. Insurance Supervision Agency, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016. 10. Key findings of the White Paper on Pensions, Ministry of Labour, Family, Social Affairs and Equal Opportunities, http:// www.mddsz.gov.si/fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_Bele_ knjige_o_pokojninah_130416.pdf, 16. 5. 2016. 11. Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse.si/media/Attachments/Statistika/ Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016. 12. Pension and Invalidity Insurance Act, ZPIZ-1, Official Gazette of the Republic of Slovenia, Nos. 109/06 – UPB, 114/06 – ZUTPG, 10/08 – ZVarDod, 98/09 – ZIUZGK, 38/10 – ZUKN, 61/10 – ZSVarPre, 79/10 – ZPKDPIZ, 94/10 – ZIU, 94/11 – odl. US, 105/11 – odl. US, 110/11 – ZDIU12, 40/12 – ZUJF in 96/12 – ZPIZ-2. 13. Pension and Invalidity Insurance Act, ZPIZ-2, Official Gazette of the Republic of Slovenia, Nos. 96/12, 39/13, 99/13 – ZSVarPre-C, 101/13 – ZIPRS1415, 44/14 – ORZPIZ206, 85/14 – ZUJF-B, 95/14 – ZUJF-C, 90/15 – ZIUPTD, 102/15. 14. Report of the Insurance Supervision Agency, Insurance Supervision Agency, Ljubljana, June 2015. 15. Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016. 16. Slovenian Economic Mirror No. 1, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana. 17. Slovenian Economic Mirror No. 2, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana. 18. Slovenian Insurance Association. 19. Statistical Office of the Republic of Slovenia, SI-STAT Data Portal, http://pxweb.stat.si/pxweb/Dialog/statfile2.asp, 15. 6. 2016. 20. Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www. sava-re.si/media/objave/dokumenti/2016/LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015. 21. Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav.eu/6bdc1dd0-c125-4a81-a491- f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0- c125-4a81-a491-f780d908fa6b, 15. 6. 2016. statistical insurance bulletin 2016 108
List of photos
Slovenia received the surprising news at the beginning Just as the proteus carefully guards its eggs, insurance of 2016 that the proteus or olm laid an egg within companies provide their policyholders a sense of the confines of the world famous Postojna Cave. security. This issue of the Statistical Insurance Bulletin The first egg was followed by more than 60 more is therefore dedicated to this symbol of Slovenian eggs. This represents a globally important event, as the natural heritage. proteus only reproduces an average of every ten years. Never before has the proteus been subject to such The text accompanying the photographs has been study during its reproductive cycle. The amphibian, taken from the websites of Postojna Cave, Wikipedia described by Janez Vajkard Valvazor back in 1689 in Slovenija, portal MMC RTVSLO and portal Slovenia his work The Glory of the Duchy of Carniola, is on info. the list of endangered and closely protected animal species in both Slovenia and the EU.
Page 1, author: Iztok Medja Page 7, author: Iztok Medja Page 10, author: Arne Hodalič Page 14, Postojna cave archive
Page 14, Postojna cave archive Page18, Postojna cave archive Page 22, 123rf,com Page 50, author: Dragan Arrigler
Page 54, author: Iztok Medja Page 61, Postojna cave archive Page 73, author: Dragan Arrigler Page 83, author: Iztok Medja
Page 88, author: Arne Hodalič Page 94, Postojna cave archive Page 100, Postojna cave archive Page 106, author: Valter Leban statistical insurance bulletin 2016 109
SLOVENIAN INSURANCE ASSOCIATION Železna cesta 14, PO Box 5701 SI-1000 LJUBLJANA
Telephone: (+386) 1 300 93 81 Fax: (+386) 1 473 56 92 Website: www.zav-zdruzenje.si E-mail: [email protected]