Slovakian insurance market

The top 5 insurance groups generated around 75% of the premium volume in the first three quarters of 2018. The two largest insurance groups generated around 55%.

Market growth in the 1ST TO 3RD Quarters of 2018 compared to the previous year

Slovakia – Market growth in the 1st to 3rd quarters of 2018 compared to the previous year (bar chart)

Source: Slovak Insurance Association

The Slovakian insurance market grew 5.4% in the 1st to 3rd quarters of 2018. The non-life and life sectors recorded positive growth, although slightly slower than the previous year.

Non-life insurance premiums rose 9.1%. The 8% levy that was introduced for all non-life products sold after 1 January 2017 is being replaced by an 8% levy on insurance premiums at the beginning of 2019. The tax will be charged for all non-life policies, both new and old. Motor third party liability insurance was the only line of business affected by the tax levy prior to 2017. Motor premiums grew 9.3%. A small upward price trend can be seen for motor third party liability in particular. Insurers are increasingly differentiating between risk groups, introducing both a bonus system and a malus system and investing in assistance services.

Life insurance recorded an increase of 1.8% during the reporting period. While demand fell for products with profit participation (-6.4%), a double-digit increase in premiums (30.5%) was recorded for health insurance products.

According to Axco Global Statistics, the insurance density was an average of EUR 585 per capita in 2017. EUR 397 of this amount was spent on non-life insurance and EUR 201 on life insurance.

VIG companies in Slovakia

Market shares of the major insurance groups

Slovakia – Market shares of the major insurance groups (ring chart)

Source: Slovak Insurance Association; as of 9M 2018

After the successful merger of Kooperativa and PSLSP in April 2018, Vienna Insurance Group is now represented by two insurers, Kooperativa and Komunálna, in the Slovakian insurance market.

With a market share of 30.6%, VIG is at the top of the ranking of the largest insurance groups in the country. It holds second place in the non-life market and is the market leader in life insurance.

Financial performance indicators in the Slovakia segment

Premium development

Premiums by line of business

Slovakia – Premiums by line of business (ring chart)

Values for 2017 in parentheses

Vienna Insurance Group companies in the Slovakia segment wrote a total of EUR 799.6 million in premiums in 2018 (2017: EUR 810.0 million). This year-on-year decrease of 1.3% was primarily due to the decrease in single-premium life insurance business. When adjusted for this, an increase of 3.8% was recorded. Net earned premiums were EUR 670.2 million, which represented a decrease of 1.3%.

Expenses for claims and insurance benefits

Expenses for claims and insurance benefits (less reinsurance) were EUR 529.5 million in 2018. This represents a year-on-year decrease of 5.1%, which was mainly due to a significant reduction in single-premium life insurance business.

Acquisition and administrative expenses

Vienna Insurance Group recorded EUR 123.6 million in acquisition and administrative expenses in the Slovakia segment in 2018 (2017: EUR 107.4 million). The 15.2% increase is the result of higher commission expenses.

Result before taxes

The Slovakian companies generated a result before taxes of EUR 47.2 million in 2018 (2017: EUR 55.7 million). This corresponds to a year-on-year decrease of 15.3%, which was caused by a deterioration in the combined ratio due to an increase in reserves performed in the 1st quarter of 2018 and additional levies in the non-motor lines of business.

Combined Ratio

The combined ratio of 97.3% for the Slovakian VIG companies in 2018 was higher than the previous year (2017: 95.4%).

Vienna Insurance Group in the Slovakia segment

in EUR millions



∆ in %

∆ absolute

Premiums written





Motor own damage insurance (Casco)





Motor third party liability insurance





Other property and casualty insurance





Life insurance – regular premium





Life insurance – single premium





Health insurance





Result before taxes