Slovakia Insurance

The global financial crisis as well as the Euro zone crisis has affected the insurance industry in Slovakia, which declined on the face of these crisis but now it shows signs of revival . Slovakia has a small insurance market and has grown considerable less compared too other European Countries.

The market has less amount of competition and the insurance penetration rate is small in Slovakia as compared to many European countries, this shows that there is a lot of opportunities to grow. Slovakia registered a faster economic which powered the customers by providing them the disposable income which mainly drove the consumers to buy insurance products.

Life insurance constitutes a major part of insurance premium and market segment .There are both whole life insurance and term life insurance available. But there is more growth to the investment related life insurances and unit-linked life insurance products that provides more benefits to the customer.

There are 23 insurance companies in Slovakia. Foreign companies have a stronghold of the market due their technological background, wide range of innovative products and distribution channel.

Public Healthcare insurance is mandatory for in Slovakia. It is funded by the employee working in Slovakia, the employer, the self- employed person and the state. There is talk on putting regulations to the healthcare sector to make significant improvements in the healthcare facility.

The motor vehicle insurance is the major contributor in the non life insurance. Rise in the sale of the cars has forced the growth of the motor vehicle insurance.

The ministry of finance in Slovakia has undertaken many steps in regulation, governance and control to enhance the finance sector of the country. The Slovaak Insurers Bureau is the regulatory body of insurance in this country.

Major life insurance companies in Slovakia are :
Allianz Slovenska Poistovna Insurance
AMSLICO Aig Life Insurance
ING Zivotna Insurance
CSOB Poistovna Insurance
Poistovna Slovenskej Sporitelne Insurance
Ceska Poistovna Insurance
UNIQA Poistovna Insurance

Major Non-Life insurance companies in Slovakia are :
Allianz Slovenska Poistovna Insurance
Ceska Poistovna Insurance
UNIQA Poistovna Insurance
Generali Poistovna Insurance
Union Poistovna Insurance
CSOB Poistovna Insurance


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Last Updated on : 26th August 2013

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