Slovakia Insurance Report Q1 2016
BMI View: The insurance market in Slovakia is one of the more developed in the Central and EasternEurope region and benefits from the strong presence of major regional and global insurers, which bringhigh levels of expertise and capitalisation to the industry. Both the life and non-life insurance sectors areexpected to grow throughout our forecast period, benefiting from wider economic growth in the country andrelatively high levels of disposable income, although we do note that currency movements against thestrengthening US dollar will result in a short-term contraction in premiums written when measured in USdollar terms.
Key Updates and Forecasts
Slovakia's slightly more developed life insurance industry is expected to see steady growth throughoutthe forecast period, recovering from a short-term contraction caused by currency movements to seepremiums grow from USD1.38bn in 2015 to USD1.88bn in 2019.
Growth will be slower in the non-life sector, which is hampered by price competition and limited demandfor non-motor and property lines. As such premiums are expected to increase from USD1.05bn in 2015 toUSD1.29bn at the end of the current forecast period.
While the government has increased the minimum wage to EUR405 from 2016 the basic wage level foremployer exemptions for contributions to public health insurance plans will remain at EUR380mn.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook