Market Guide: Life Insurance and Pensions in Slovakia 2006

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • The Slovakian life and pensions market expanded by a compound annual rate of 12.2% between 2001 and 2005
    • Life premiums will grow to account for around 99% of the Slovakian life and pensions market by 2010
    • The Slovakian market is up-to-date with its EU accession legislation
    • 64% of all insurance providers in Slovakia provide both life and non-life insurance
    • The top 5 life insurance market leaders in Slovakia are all subsidiaries of foreign companies
• Table of Contents
• Table of figures
• Table of tables
• MARKET OVERVIEW
  • The Slovakian life and pensions market expanded by a compound annual rate of 12.2% between 2001 and 2005
    • The Slovakian life and pensions market experienced compound annual growth of 12.2% between 2001 and 2005
    • Non-unit-linked premiums dominate the Slovakian life and pensions market
• MARKET FORECASTS
  • Life premiums will grow to account for around 99% of the Slovakian life and pensions market by 2010
    • Over the next 5 years, premium income is set to grow at a compound annual rate of 37.4%, compared to 12.2% between 2001-2005
• MARKET REGULATION
  • The Slovakian market is up-to-date with its EU accession legislation
    • The Slovakian National Bank now regulates the life insurance and pensions sector
    • The Slovak Insurance Association represents the interest of insurance firms in Slovakia
    • The Slovak Association of Insurance Brokers controls independent intermediary activity in the insurance industry
    • In 2002 Slovakia introduced a new Insurance Act to bring its legislation in line with the EU standard
      • There is some doubt as to the level of consumer protection provided by Slovakian insurance regulation
    • Slovakia adopted the EU Directive on Insurance Mediation in 2005 and as a result adopted new categorization of intermediaries
    • Slovakia has so far adopted only the Second EU Anti-Money Laundering Directive
• COMPETITIVE MARKET STRUCTURE
  • 64% of all insurance providers in Slovakia provide both life and non-life insurance
    • Almost two thirds of insurance providers in Slovakia provide both life and non-life insurance
    • The top 5 life and pensions insurers control 73% of the market by gross premium income
• MARKET LEADERS
  • The top 5 life insurance market leaders in Slovakia are all subsidiaries of foreign companies
    • Allianz is the life insurance market leader based on 2005 premium income
    • AMSLICO AIG is the second largest life insurer in Slovakia
    • ING Ζivotná poisťovňa ranks fourth among life insurance companies
    • KONTINUITA poisťovňa rounds out the top 5 life insurers
• APPENDIX
  • Definitions
    • Capital redemption policy / bond
    • Composite insurer
    • Defined contribution pension scheme
    • Defined benefits pension scheme
    • Group policy
    • Individual pension scheme
    • Individual policy
    • Life assurance
    • Occupational pension scheme
    • Pension insurance policy
    • Premium income
    • Regular premium
    • Single premium
    • Technical provisions
    • Traditional insurance
    • Unit-linked insurance
  • Further reading
    • Interactive Databases
    • Reports and Briefs
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005
    • Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005
    • Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2002-2005
    • Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages
    • Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010
    • Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010
    • Table 7: Number of life insurance providers, as at Dec 31 2005
    • Table 8: Top 5 life and pensions insurers by premium income, as at Dec 2005
  • List of Figures
    • Figure 1: Life premiums accounted for around 97% of total premium income in 2005
    • Figure 2: Over the last 4 years, compound annual growth in premium income from unit-linked insurance has been quadruple that of non-unit linked growth
    • Figure 3: Life premiums will grow to account for 99% of premium income by 2010
    • Figure 4: Life insurance companies comprise a fifth of the total Slovakian insurance market
    • Figure 5: Allianz controls around a quarter of the Slovakian life and pensions sector