Market Guide: Life Insurance and Pensions in Slovenia 2006

This report is most appropriate for companies looking for an overview of the life insurance and pensions markets in order to assess the level of market opportunity (using our market data and forecasts), regulatory barriers and opportunities, and level of competition in the market. For more detailed market data please refer to Datamonitor's European Life and Pensions Interactive Database 2006.

Report Highlights

Life insurance accounts for a tiny but growing percentage of the Slovakian life and pensions market. Premium income from life insurance has been steadily growing, while pensions growth has fallen slightly since 2001 64% of all insurance providers in Slovakia provide both life insurance and non-life insurance. Allianz Slovenská poistovna is the market leader in the Slovak insurance market, providing its clients with products and services in the fields of life, accident, property and liability insurance, and a wide range of commercial and industrial insurance solutions
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Overview 1
Catalyst 1
Summary 1
Executive Summary 2
Following compound annual growth of 45.0% in the last five years, between 2006 and 2010, growth in the Slovenian life and pensions market is set to slow to 24.3% 2
The Slovenian life and pensions market expanded by a compound annual rate of 45.0% between 2001 and 2005 2
Growth in premium income is set to slow between 2006 and 2010, although pensions will continue to grow faster than life insurance 2
The market is well-regulated by an independent authority 2
The market has over 200 subsidiaries of foreign firms 2
3 of the top 5 players in the life and pensions sector are domestic firms 2
Table of figures 5
Table of tables 6
MARKET OVERVIEW 7
The Slovenian life and pensions market expanded by a compound annual rate of 45.0% between 2001 and 2005 7
The Slovenian life and pensions market experienced compound annual growth of 45.0% between 2001 and 2005 7
Premium income from unit-linked insurance has increased significantly since 2001 9
MARKET FORECASTS 11
Growth in premium income is set to slow between 2006 and 2010, although pensions will continue to grow faster than life insurance 11
Over the next 5 years, premium income is set to grow at a compound annual rate of 24.3% 11
MARKET REGULATION 13
The market is well-regulated by an independent authority 13
The Slovenian National Bank has little influence over the life insurance and pensions sector 13
The Insurance Supervision Agency regulates the life and pensions sector in Slovenia 13
The Slovenian Insurance Association represents the interests of Slovenian insurers 14
Slovenia was referred to the European Commission for non-implementation of the Directive on Institutions for Occupational Retirement Provisions 14
The Insurance Mediation Directive has created a single market for insurance in Europe 15
Slovenia passed its major Insurance Act in January 2000 15
The Pension and Invalidity Insurance Act further regulated the industry 16
Proposed anti-money laundering legislation implies an additional administrative burden for insurers 16
COMPETITIVE MARKET STRUCTURE 17
The market has over 200 subsidiaries of foreign firms 17
The Slovenian life and pensions market is inundated by foreign subsidiaries 17
The top 5 life and pensions insurers control 84% of the market by gross premium income 18
MARKET LEADERS 20
3 of the top 5 players in the life and pensions sector are domestic firms 20
Zavarovalnica Triglav is the life insurance market leader, based on premium income in 2005 20
Maribor trails the market leader in the life insurance sector 20
Merkur ranks third among life insurance companies in Slovenia 21
NLB Vita is the fourth highest ranked life insurer by premium income 21
Grawe (Prima) rounds out the top 5 life insurers 22
APPENDIX 23
Definitions 23
Capital redemption policy / bond 23
Composite insurer 23
Defined contribution pension scheme 23
Defined benefits pension scheme 23
Group policy 23
Individual pension scheme 23
Individual policy 23
Life assurance 23
Occupational pension scheme 24
Pension insurance policy 24
Premium income 24
Regular premium 24
Single premium 24
Technical provisions 24
Traditional insurance 24
Unit-linked insurance 24
Further reading 24
Interactive Databases 24
Reports and Briefs 25
Ask the analyst 26
Datamonitor consulting 26
Disclaimer 26
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Table 1: Life and pensions insurance premium income, segmented by product, EURm, 2001-2005 8
Table 2: Life and pensions insurance premium income, segmented by product, in percentages, 2001-2005 8
Table 3: Life and pensions insurance premium income, segmented by investment risk, EURm, 2001-2005 9
Table 4: Life and pensions insurance premium income, segmented by investment risk, in percentages 10
Table 5: Life and pensions insurance premium income, segmented by product, EURm, 2006-2010 12
Table 6: Life and pensions insurance premium income, segmented by product, in percentages, 2006-2010 12
Table 7: Over 200 undertakings with registered offices in EU member states perform business in the Slovenian life and pensions market, although 3 of the top 5 insurers are domestic firms. 17
Table 8: Top 5 life and pensions insurers by gross premium income, as at Dec 2005 19


Figure 1: Pension premiums accounted for 62% of total premium income in 2005 7
Figure 2: Premium income from unit-linked insurance has increased significantly since 2001 9
Figure 3: Pension premiums will continue to account for around 80% of premium income up till 2010 11
Figure 4: The top 5 life and pensions insurers control 46% of the market, by premium income 18
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