Slovakia Insurance Market Intelligence - Market Research Report On Aarkstore Enterprise.
Slovakia Insurance Market Intelligence "Slovakia is ranked among one of the top EU
countries to register fastest economic growth rate, as result of which, its insurance market has witnessed an impressive growth over the years. The insurance market is dominated by non-life segment that mainly consists of motor third party liability insurance, insurance of damages or loss to land vehicles, property insurance, general liability insurance and others. Throughout the year 2008, the life insurance segment grew at a rate faster than that of the non-life segment. The decline in premiums of non-life was as a result of shrinking third party car insurance market. The structure of Slovakias insurance market is slowly converging to the EU structure.Death and endowment assurance held the dominant share of the life insurance segment followed by the investment life insurance. Car insurance market held the largest share of the non-life sector. The penetration rate in Slovakia is much less than that of other EU nations, which presents good prospects for further growth. The non-life insurance segment in Slovakia is more concentrated than the life insurance segment. The top three players in non-life collectively accounted for more than one-third of the segments market share, whereas in life the top three had a collective market share of about 50%. Strong economic growth, increasing working class population, rising per capita income, growing export oriented motor vehicle sales, introduction of new product classes, such as insurance in case of unemployment, covering payments of bank loans, will be driving the insurance market of Slovakia in future years.
The present report gives an overview of Slovakias insurance market along with an analysis of the countrys political structure and economic growth. The report provides an insight into the market size and trends in insurance premiums of life and non-life insurance sectors. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests." "1. Industry Snapshot
Table of Contents :
Table of Content
1.1 Industry Structure
1.1.1 Adoption of the EU Insurance Structure of 60:40 Life to Non-Life Ratio
1.1.2 Supervision of Financial Markets Transferred to the National Bank of Slovakia
1.1.3 Contribution of Pillar- II and Pillar- III to the Pension Market
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Increase in Annual Premiums Due to Growth in Life Insurance Business
1.2.1.2 Decline in Third Party Car Insurance Affected Non-Life Sector
1.2.1.3 Fall in Profitability Ratios in Terms of ROA, ROE
1.2.2 Market Segments
1.2.2.1 Life Insurance Segment Dominated by Death and Endowment Assurance
1.2.2.2 Sharp Decline in Unit Linked Policies
1.2.2.3 Slower Growth in Non-Life Premiums
1.2.3 Market Density & Penetration
1.2.3.1 Low Insurance Penetration Offers New Opportunities for New Entrants
1.2.4 Market Share
1.2.4.1 Non-Life Segment More Concentrated than Life Insurance Segment
1.2.4.2 Allianz- Slovenska Poistovna (ASP) Leads the Overall Insurance Market
2. Industry Analysis
2.1 Industry Developments
Merger of Two Largest State-Owned Insurance Companies
Slovakian Parliament Rejects Controversial Law
Insurers Komunalna Poistovna and Kontinuita to Merge by Year End
2.2 Market Drivers
Strong Economic Growth
Increasing Working Class Population
Rising Per Capita Income
Growing Export Oriented Motor Vehicle Sales
Innovative Products Driving the Market
Housing Boom in Slovakia
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-Economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 Annual Premiums Expected to Decline Primarily Due to the Slowdown in Euro Zone
4.2 Declining Property and Motor Insurance to Affect the Growth of Non-Life Sector
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