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StatisticalInsuranceBulletin 2016

Ljubljana, June 2016

StatisticalInsuranceBulletin 2016

Published by:SLOVENIAN INSURANCE ASSOCIATIONŽelezna cesta 14, PO Box 5701SI-1000 LJUBLJANA

Telephone: (+386) 1 300 93 81Fax: (+386) 1 473 56 92Website: www.zav-zdruzenje.siE-mail: [email protected]

Responsible person: Maja Krumberger, MSc, Director

STATISTICAL INSURANCE BULLETIN 2016SIA, Ljubljana 2016

Bulletin Editorial Committee:Boštjan Jenko, Adriatic Slovenica, Zavarovalna družba d. d.Roman Klemenak, Zavarovalnica Triglav, d. d.Gregor Lednik, Zavarovalnica Maribor, d. d.Jana Mandelc, Sava Reinsurance Company d. d.Denis Stroligo, Merkur zavarovalnica, d. d.

Text, tables and graphs prepared by :Mateja Lamovšek, Slovenian Insurance AssociationTanja Trampuž, Slovenian Insurance AssociationDanilo Antončič, Nuclear Insurance and Reinsurance Pool (Chapter 5.3)

Translation: Amidas, d. o. o.Production: Pegaz International, d. o. o., LjubljanaDesign: Luka Mancini, MScPhotographs: 123RF, Postojna cave archive

All rights reserved.The information contained herein may be used in full or in part only with an appropriate indication of the source.

This publication is available only in electronic edition, also in Slovene.Publikacija je na voljo zgolj v elektronski obliki, tudi v slovenskem jeziku.

ISSN 2386-0766

statistical insurance bulletin 2016

Methodological explanations 6Statistical indicators, units of measure and abbreviations 6

Development of the insurance market 8Foreword 11

1. Slovenian economy in 2015 15

2. Slovenian Insurance Association in 2015 19

3. Slovenian insurance market and SIA members (as at 27 June 2016) 23Adriatic Slovenica, Zavarovalna družba d. d.Allianz Insurance Company, Branch Office LjubljanaARAG SE – Zavarovalnica pravne zaščite branch in SloveniaERGO zavarovalnica, podružnica v SlovenijiERGO Življenjska zavarovalnica d. d. GENERALI zavarovalnica, d. d. GRAWE Zavarovalnica, d. d. Merkur zavarovalnica, d. d. Modra zavarovalnica, d. d. NLB Vita življenjska zavarovalnica d. d. Pozavarovalnica Triglav Re, d. d.Sava Reinsurance Company d. d.SID – First Credit Insurance Company Inc.Sklad obrtnikov in podjetnikovSkupna pokojninska družba, d. d.Triglav, Health insurance company, LtdVzajemna Mutual Health Insurance Company, d. v. z.Wiener Städtische zavarovalnica, Branch Office LjubljanaZavarovalnica Maribor, d. d.Zavarovalnica Tilia, d. d.Zavarovalnica Triglav, d. d.

4. Employees in 2015 51

293031323334353637383940414243444546

4748

49

CONTENTS

statistical insurance bulletin 2016

5. Insurance and reinsurance activity in 2015 55

5.1 5.1.1 5.1.2 5.1.2.15.1.3 5.1.3.1 5.1.3.2 5.1.3.3 5.1.3.4 5.1.3.5 5.1.3.6 5.1.3.7 5.1.3.8 5.1.3.9 5.1.3.10 5.1.3.11 5.1.3.12 5.1.3.13 5.1.3.14 5.1.3.15 5.1.3.16 5.1.3.17 5.1.3.18 5.1.4 5.2 5.3

6. International position of the Slovenian insurance industry 101

Literature and data sources 107List of photos 108

Insurance activityTypes of insurance by classLife insurancePension insuranceNon-life insuranceAccident insuranceHealth insuranceLand motor vehicle insuranceRailway rolling stock insuranceAircraft insuranceShip insuranceGoods in transit insuranceFire and natural forces insuranceOther damage to property insuranceMotor vehicle liability insuranceAircraft liability insuranceLiability for ship insuranceGeneral liability insuranceCredit insuranceSuretyship insuranceMiscellaneous financial loss insuranceLegal expenses insuranceAssistance insuranceDistribution channelsReinsurance activityNuclear Insurance and Reinsurance Pool

566166

6870747576777879808182848586878990

9192

9394

9699

statistical insurance bulletin 2016 6

Methodological explanations

The Statistical Insurance Bulletin is based on annual data that the SIA has obtained from its members (with the exeption of Skupna pokojninska družba, d. d., that became a member in May 2016). According to estimates, these data account for 99.3% of the Slovenian insurance market (96.5% taking the pension insurance marketed by non-SIA members into account). The data presented below are based on insurance companies’ reports to ISA and SIA, and may differ from the cumulative data collected on a monthly or quarterly basis. They are the most complete and reliable because they were processed last.

Besides the members’ data the SIA obtained also the data from other companies involved in the pension insurance segment. The Slovenian pension insurance market is thus presented in full in the chapter regarding pension insurance. All other data relate solely to SIA members.

If other data sources are used, this is stated separately in the text, tables and graphs.

The life insurance data include also VSPI.

The benefits and claims paid data do not contain assessment costs.

The unit of currency used in this publication is the euro. The exchange rate at the end of a specific year was used to convert the domestic currency to euros for the period prior to the introduction of the euro. In some tables, the amounts are shown in millions or billions of euros, which is marked separately.

The growth index rates are calculated as the ratio between the data for the selected year and the data for the previous year, without taking inflation into account.

The data collection was completed on 27 June 2015. Unless otherwise stated, all data in this publication refer to the overall operations of the SIA members (in Slovenia and abroad).

Statistical indicators, units of measure and abbreviations

... not available- no occurrence of event1 comment

bn billionm million% percentage

EUR euroGDP gross domestic productNLI non-life insuranceUSD US dollarVSPI voluntary supplementary pension insuranceZPIZ-1 Pension and Disability Insurance Act (OG RS

109/06 – UPB and others)ZPIZ-2 Pension and Disability Insurance Act (OG RS

96/12 and others)ZZavar Insurance Act (OG RS 99/10 – UPB and others)ZZavar-1 Insurance Act (OG RS 93/15)

BS Bank of Slovenia EU European UnionEurostat Statistical Office of the European UnionHIIS Health Insurance Institute of SloveniaIE Insurance EuropeISA Insurance Supervision AgencyMH Ministry of HealthMLFSAEO Ministry of Labour, Family, Social Affairs and

Equal OpportunitiesSIA Slovenian Insurance AssociationSORS Statistical Office of the Republic of SloveniaWHO World Health Organisation

On Saturday, 30 January 2016, one of the guides at Postojna Cave noticed that an olm egg was affixed to the glass of the aquarium in the cave’s Concert Hall. Next to the egg was a gestating female that was guarding the egg. This is a very rare occurrence, almost a miracle of nature, since it was only for the first time in August 2013 that we witnessed an olm laying eggs in the tourist cave. At that time the female laid 22 eggs.


Year PREMIUMS (in EUR) BENEFITS AND CLAIMS PAID (in EUR)

TOTAL Life Non-life TOTAL Life Non-life

2005 1,549,167,096 464,833,571 1,084,333,525 874,789,651 136,243,782 738,545,869

2006 1,725,303,964 540,654,519 1,184,649,445 949,341,016 149,353,126 799,987,890

2007 1,893,979,650 609,265,438 1,284,714,212 1,023,300,031 161,827,691 861,472,340

2008 2,018,959,895 642,652,700 1,376,307,195 1,204,208,190 177,589,378 1,026,618,812

2009 2,072,923,129 630,089,177 1,442,833,952 1,240,000,802 188,495,547 1,051,505,255

2010 2,094,342,801 656,013,340 1,438,329,461 1,242,833,061 245,624,195 997,208,866

2011 2,053,443,380 599,359,672 1,454,083,708 1,288,695,975 344,742,146 943,953,829

2012 2,054,063,483 596,964,885 1,457,098,598 1,388,341,046 433,482,055 954,858,991

2013 1,977,545,488 552,968,835 1,424,576,653 1,360,861,970 391,714,655 969,147,315

2014 1,937,555,622 535,361,119 1,402,194,503 1,326,061,109 382,139,601 943,921,508

2015 1,975,358,246 565,922,839 1,409,435,407 1,350,878,503 411,240,098 939,638,405

Insurance

Year CLAIMS RATIO (in %) PREMIUM GROWTH INDEX1


2005 56.47 29.31 68.11 106.56 108.58 105.72

2006 55.02 27.62 67.53 111.37 116.31 109.25

2007 54.03 26.56 67.06 109.78 112.69 108.45

2008 59.64 27.63 74.59 106.60 105.48 107.13

2009 59.82 29.92 72.88 102.67 98.05 104.83

2010 59.34 37.44 69.33 101.03 104.11 99.69

2011 62.76 57.52 64.92 98.05 91.36 101.10

2012 67.59 72.61 65.53 100.03 99.60 100.21

2013 68.82 70.84 68.03 96.27 92.63 97.77

2014 68.44 71.38 67.32 97.98 96.82 98.43

2015 68.39 72.67 66.67 101.95 105.71 100.52

Development of the insurance market

1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total insurance premium growth rate would be 102.46 and the real total insurance premiums EUR 1,985,284,669.Source: SIA, SORS


Reinsurance

Year PREMIUMS (in EUR) CLAIMS PAID (in EUR)


2005 161,360,758 1,006,635 160,354,123 78,670,656 221,516 78,449,140

2006 180,619,058 641,738 179,977,320 101,766,784 252,153 101,514,630

2007 206,165,229 704,532 205,460,697 115,181,537 302,353 114,879,184

2008 241,737,838 724,041 241,013,797 200,375,022 162,440 200,212,582

2009 261,109,458 643,289 260,466,169 171,828,133 137,275 171,690,858

2010 263,029,025 793,774 262,235,251 139,930,258 179,043 139,751,215

2011 262,282,208 861,553 261,420,655 126,258,125 365,430 125,892,695

2012 269,180,708 1,693,484 267,487,224 131,808,884 276,044 131,532,840

2013 239,147,140 2,603,206 236,543,934 141,702,764 600,854 141,101,910

2014 236,521,960 3,139,112 233,382,848 120,708,196 1,471,150 119,237,046

2015 268,822,331 2,421,161 266,401,170 146,672,003 1,978,232 144,693,771

Year CLAIMS RATIO (in %) PREMIUM GROWTH INDEX1


2005 48.75 22.01 48.92 108.60 105.90 108.60

2006 56.34 39.29 56.40 111.93 63.75 112.24

2007 55.87 42.92 55.91 114.14 109.79 114.16

2008 82.89 22.44 83.07 117.25 102.77 117.30

2009 65.81 21.34 65.92 108.01 88.85 108.07

2010 53.20 22.56 53.29 100.74 123.39 100.68

2011 48.14 42.42 48.16 99.72 108.54 99.69

2012 48.97 16.30 49.17 102.63 196.56 102.32

2013 59.25 23.08 59.65 88.84 153.72 88.43

2014 51.03 46.87 51.09 98.90 120.59 98.66

2015 54.56 81.71 54.31 113.66 77.13 114.15

1 Inflation is excluded from the premium growth index. Including inflation of –0.5% in 2015 the total reinsurance premium growth rate would be 114.23 and the real total reinsurance premiums EUR 270,173,197.Source: SIA, SORS

The olm (Proteus anguinus), referred to locally as a ‘human fish’, is an amphibian that inhabits the underground waters of the Dinaric Karst, ranging from the basin of the River Soča near Trieste in Italy, across southern Slovenia and south-western Croatia to the River Trebišnica in Herzegovina. It is the biggest cave-dwelling animal in the world, measuring 25 to 30 cm in length, and the only vertebrate in Europe tied entirely to an underground environment.


The Slovenian insurance market enjoyed a good year in 2015. It was a year without major natural disasters to which Slovenia is otherwise exposed. It was also a year of economic recovery. Macroeconomic indicators were positive, GDP growth in Slovenia was one of the highest among EU Member States and GDP per capita reached its pre-crisis level. Unemployment was down, the balance of trade was notably positive and exports of services and products were up. All of the aforementioned elements also affected the operations of the insurance industry. However, Slovenia is still far from the point where full confidence can be expressed in the long-term financial sustainability of the macroeconomic environment. The data presented in brief in this introduction and in detail throughout the remainder of this publication are data from the past. It is our duty to think first and foremost about the future. The insurance sector is an important part of the financial system, not only as a generator of funds and a profitable activity, but also as an activity that has a significant effect on the social security of the individual. We must therefore focus our thoughts for the most part on the future and on a critical assessment of the aforementioned long-term financial sustainability of the macroeconomic environment.

Of course the positive operating trends seen in 2015 were also reflected in the operations of the Slovenian insurance industry, i.e. in the operations of the SIA’s members. Those companies generated a profit and disclosed a healthy surplus in capital, which ensures the payment of claims in the future. Last year, notable growth was recorded in demand for insurance services for the first time in several years, in particular demand for long-term personal insurance. Life insurance premiums were up primarily as the result of the economic situation in Slovenia and the associated economic position of the individual. Non-life insurance premiums have remained at the same levels for several years. We should mention, however, the increased competition on the market (primarily in the motor vehicle insurance segment, which generates 22.4% of the written premiums of our members), which is not without basis. Our members have been working most intently for several years in the area of prevention, and on the introduction of various measures to reduce claims and thus improve the claims ratio. At the same time, policyholders are increasingly more responsible, which is reflected in a reduced number of claims arising from unregistered vehicles in the motor vehicle insurance segment.

Our members took advantage of a peaceful year, without catastrophic natural disasters, major storms, floods or other major external factors, to make adjustments to new operating rules. Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) was transposed into Slovenian law on 1 January 2016. The aforementioned directive introduced several changes in the operations of insurance companies, new methods for calculating capital requirements, new corporate governance rules and new methods for reporting to both external and internal users. Adaptations were extensive and all too

Foreword


frequently uncertain. Application of the Solvency II Directive by EU Member States was supposed to begin in early 2016. Due to the extent of changes, those countries were bound to transpose the aforementioned directive and all accompanying regulations (secondary and tertiary EU legislation) into local law by the end of March 2015. Unfortunately, Slovenia found itself delayed in the aforementioned process and the new Insurance Act (ZZavar-1), which implements Solvency II, was not adopted until the end of November 2015. Thus many solutions remained unclear for the insurance industry, in particular those defined in secondary legislative acts issued by the ISA. Due to the late adoption of the aforementioned law, secondary legislative acts were not completed until the end of March 2016, some three months following the introduction of Solvency II. Nevertheless, insurance companies passed the test of implementation with flying colours, both in substantive and operational terms. Contributing to this was the insurance industry’s good cooperation with the market supervisory authority, the ISA, which likewise was not to blame for the late adoption of the law.

The first real tests of operations under Solvency II conditions came during the drafting of this bulletin. We successfully completed the first round of reporting according to the new rules without major problems. All members of the SIA are capitally adequate according to Solvency II rules. According to figures from the ISA, which relate to the entire insurance market and not just the members of the SIA, the capital of the insurance sector as a whole amounted to EUR 1,471 m or 161% of the total solvency capital requirement on the first day following the introduction of Solvency II. The capital adequacy of the entire industry according to the rules of the aforementioned directive is even higher than capital adequacy under the rules of Solvency I. All insurance companies are capitally adequate, while their surplus in capital

fluctuates somewhere in excess of 20% up to nearly 600%.

The year 2015 was thus successful and new challenges await us. Insurance companies must enhance their role in the overall economy, not only as business entities but also as an activity that cares for and ensures the long-term financial security of the individual. Our operations are determined in part by regulations. If the government decides it will cover all claims from earthquake insurance, our opportunities to transact in that segment dry up. We must, however, take into account the fact that it will be increasingly difficult for the state to ensure the social security of the individual in the context of forecast demographic changes that are likely to result in an ageing population, a continuous decline in the active population and an ever-increasing life expectancy. And herein lie opportunities for the insurance market. Exploiting those opportunities requires more than a mere presence on the market; it also requires close cooperation with the government and understanding of the link between the public and commercial sectors in ensuring the social security of the individual. We must also give attention to other areas of operations such as the motor vehicle insurance segment. Statistics regarding the number of deaths in road accidents this year are demoralising. The number of deaths over the first half of this year has increased by half relative to the comparable period last year. Insurance companies are here to draw attention to those statistics, which are out of our control but nevertheless affect our operations. Our responsibility, however, is broader than responsibility for our operations. We must also understand our role in providing security for the population. Slovenian roads are in poor condition. According to latest available data from the European Road Assessment Programme (EuroRAP), 27% of all state roads on which almost 90% of severe traffic accidents occur are designated as high or medium-high risk. Our role is more than


raising insurance prices due to increased risks; we must also provide constructive feedback to those responsible about the threat to the safety of people. We must focus on the future and life.

This introduction would be incomplete if we did not mention supplementary health insurance. The Ministry of Health prepared an extensive analysis in 2015 that was carried out by the WHO. Part of that analysis was supplementary health insurance. The WHO identified several deficiencies in supplementary health insurance, as well as a number of strengths such as a high insurance coverage rate, accessibility to the aforementioned service, relative cost effectiveness and above all the counter-cyclical role of supplementary health insurance, which was seen in Slovenia during the economic crisis. In the past, supplementary forms of insurance replaced the inequitable co-pay healthcare system, which was only a burden to people in bad health, frequently as the result of poor social conditions. Supplementary health insurance eliminated that inequity. Today we are being accused again of the same thing: inequity. Despite the findings of the analysis by the WHO, which is not proposing the abolishment of this form of insurance but rather corrections, the government stated the transformation of supplementary health insurance into a compulsory levy as a priority in the chapter ‘Health of the People’ in the National Reform Programme for 2016/2017. There are still no specific solutions. It should be noted however, that this form of insurance generates annual premiums of EUR 470 m. Such a measure is a short-term reprieve. Short-term solutions are not

always strategic solutions. We must take into account demographic changes, the ageing population, longevity and healthcare inflation, which is not an issue of the future but a current issue. We must also take into account other elements of social security such as pensions and long-term care. All of these systems must achieve a long-term balance, with available revenues that are typically provided by the active population. But the latter is in continuous decline. We must give thought to tomorrow and not short-term measures.

This is also the story behind the bulletin before you. The theme of this year’s publication is tomorrow, a new life that begins in the dark of the largest underground cave in Slovenia. The olm (Proteus anguinus) is a symbol of great importance in Slovenia. Its uniqueness, ability to live in extreme conditions, longevity and the mysticism it evokes in its dragon form, which symbolises power, are traits with which Slovenians identify. The olm or Proteus anguinus is a symbol of Slovenian national heritage. It is an endangered species, making new life that much more important. The image of the human fish contributes to the recognition of the Slovenian Karst region and Slovenia itself. Today the human fish has an entirely different meaning for Slovenia: it means new life, the future. And that is where the focus of the Slovenian insurance industry must be, as well. On the life that tomorrow brings.

Maja Krumberger, MSc, Director

In three weeks the olm laid at least 52 eggs in the aquarium at Postojna Cave, colouring the rock un-der which they were laid almost completely white. The olm fastens herself to the surface on which she will lay the egg, and after around 20 minutes of complete immobility the egg is laid.


The slowdown in economic activity came to an end back in 2014, with the economic recovery continuing last year. According to figures from the Institute of Macroeconomic Analysis and Development, exports were the main factor in economic growth again last year in the context of a favourable economic climate in Slovenia’s main trading partners. Domestic demand is becoming increasingly important. Private consumption has strengthened, which is partly reflected in growth in value-added in trade, accommodation and food service activities and other service activities. It is also having a stimulating effect on growth in household lending. The consumer sentiment indicator, which indicates willingness to spend, reached one of its highest levels ever last year. This was partly the result of continuing improvement on the labour market, as employment has risen for the last two years. Together with higher growth in private investment in equipment and machinery, the high level of production capacity utilisation, which already exceeds the pre-crisis level, has resulted in higher profits in the private sector, the improvement of indebtedness indicators and easier access to sources of financing. The decline in corporate lending was thus less severe than the previous year. Price and cost competitiveness have improved with the fall in the nominal effective exchange rate. In 2015 the Slovenian economy generated its highest external trade surplus to date. Consumer prices fell for the first time since Slovenia’s independence. In the context of all of this, the number of initiated corporate insolvency proceedings was down by 11%, to stand at 1,4161.

Slovenian GDP2 expressed in current prices was up 3.3% in nominal terms to reach EUR 38.5 bn, one of

the highest growth rates in the EU. GDP was up by 2.9% in real terms, while real GDP growth in Europe overall was 2%3. In absolute terms, GDP reached its pre-crisis level for the first time. Annual growth was comparable with the previous year, at 3%. GDP per capita measured in current prices was up 3.3% and at EUR 18,679.90, nearly reached the level recorded in 2008 (but was down by nearly a quarter when converted into US dollars). Slovenian GDP per capita lagged behind the European average by 34.9%.

The government deficit4 reached its lowest level since 2008, and amounted to EUR 1,1 bn or 2.9% GDP. The deficit was down by almoast 40% relative to 2014 due to the favourable economic conditions. Growth in total government revenue was significantly higher than growth in total government expenditure in nominal terms due to an increase in total revenue from taxes and social security contributions, an increase in transfers for investments from the rest of the world and the highest surplus in trade with the EU to date. The government debt rose again to stand at EUR 32.1 bn or 83.2% of GDP. The debt reached its highest level to date despite its lowest growth since the outbreak of the crisis (6.2%).

According to provisional figures from the SORS, industrial production5 rose by 5.6%. Manufacturing contributed most to that increase. The results of the aforementioned sector strengthened relatively evenly over the course of the year in the context of the improved competitiveness of the Slovenian economy and under positive influences from the rest of the world. Labour productivity in industry was up 4.2% relative to 2014.

1.) Slovenian economy in 2015

1 Agency of the RS for Public Legal Records and Related Services, http://www.ajpes.si/uradne_objave/eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016.2 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA 2010), http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_racuni/05_03019_BDP_letni/05_03019_BDP_letni.asp, 15. 6. 2016.3 Eurostat, Database, http://ec.europa.eu/eurostat/web/national-accounts/data/main-tables, 15. 6. 2016.

4 SORS, SI-STAT Data Portal, Economy, National Accounts, General government accounts (ESA 2010), http://pxweb.stat.si/pxweb/Database/Ekonomsko/03_nacionalni_racuni/25_03149_racuni_drzave/25_03149_racuni_drzave.asp, 15. 6. 2016.5 SORS, SI-STAT Data Portal, Economy, Mining and Manufacturing, Indices of industrial production, stocks and labour productivity in industry, http://pxweb.stat.si/pxweb/Database/Ekonomsko/17_rudarstvo_predel/17011_ind_proiz/17011_ind_proiz.asp, 15. 6. 2016.


Exports and imports of merchandise and services6 generated a surplus of EUR 3,610.9 m, an increase of 23% relative to 2014. Foreign demand was the main factor in economic growth, with exports rising by 5.2%. Domestic demand rose by 2.1% in the context of strengthening private consumptions as the result of rising employment. Imports and exports thus achieved their highest nominal values to date. The surplus in foreign trade reached its highest level since Slovenia joined the EU. EU Member States accounted for around four fifths of trade. Russia accounted for the majority of exports to other countries and China accounted for the majority of imports, while the markets of the former Yugoslavia are also important in terms of exports and imports. Medicinal products accounted for the majority of exports, while oils obtained from crude oil and bituminous minerals accounted for the majority of imports.

According to available figures from the SORS, inflation7 was negative for the first time, with consumer prices declining by 0.5% relative to the previous year. Deflation was primarily the result of lower prices of refined petroleum products and the associated transport (-5.2%), and lower prices of recreational and cultural services, and housing and household equipment. The most significant increase was recorded in prices of communication services (5.3%). The prices of industrial goods and services, as well as import prices were also lower, while residential real estate price index remained unchanged.

The average gross wage8 increased by EUR 15.60, or 1%, to stand at EUR 1,555.90. Private sector wage growth was lower than the previous year due to the

absence of price pressures and the increased proportion of workers with lower wages. Public sector wages were higher due to the payments of deferred promotions from 2014 and continued growth at public companies. The average net wage increased by 0.8%, to EUR 1,013.20, representing 65.1% of the gross wage, as it did the previous year.

The average unemployment rate9 was 12.3% overall, but higher among women, at 13.7%. The average number of unemployed totalled 112,726, down nearly 8,000 or 8.1% relative to 2014. The highest unemployment rate was among people under 29 years of age, at 20.1%, and among persons with primary school education or lower, at 27%. The highest registered unemployment rate among the active population was recorded in the Pomurje and Podravje regions, while the lowest rate was recorded in the Posavje region. On the other hand, the number of employees was up in all sectors, except the financial and insurance sector. The number of employees was up by an average of 0.9%.

The banking sector10 felt the positive effects of measures aimed at the stabilisation of banks and the associated macroeconomic environment. The total decline in loans in the amount of EUR 1.3 bn was less evident than in previous years due to growth in household lending and a minor fall in corporate lending, although the drop in the latter has been drastic, from EUR 20.3 bn in 2008 to just EUR 8.3 bn last year. Deposits by the non-banking sector were up by 2.9%, around one half of the increase recorded last year, primarily on account of the outflow of government deposits and a minor outflow of household

6 SORS, SI-STAT Data Portal, Economy, National Accounts, GDP, annual data (ESA 2010), http://pxweb.stat.si/pxweb/Dialog/varval.asp?ma=0301960S&ti=&path=../Database/Ekonomsko/03_nacionalni_racuni/05_03019_BDP_letni/&lang=2, 15. 6. 2016.7 SORS, SI-STAT Data Portal, Economy, Prices, Consumer Price Indices, http://pxweb.stat.si/pxweb/Database/Ekonomsko/04_cene/04006_ICZP/04006_ICZP.asp, 15. 6. 2016.8 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Average Monthly Earnings, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/10_place/01_07010_place/01_07010_place.asp, 15. 6. 2016.

9 SORS, SI-STAT Data Portal, Demography and social statistics, Labour Market, Labour force, annually, http://pxweb.stat.si/pxweb/Database/Dem_soc/07_trg_dela/05_akt_preb_po_regis_virih/01_07753_aktivno_preb_letno_povp/01_07753_aktivno_preb_letno_povp.asp, 15. 6. 2016.10 Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http://www.bsi.si/pxweb/dialog/Database/slo/serije/02_bilance_bank/02_bilance_bank.asp, 15. 6. 2016.


2011 2012 2013 2014 2015

Population1 2,050,189 2,055,496 2,058,821 2,061,085 2,062,874

Men 1,014,563 1,016,731 1,019,061 1,020,874 1,022,229

Women 1,035,626 1,038,765 1,039,760 1,040,211 1,040,645

Slovenian citizens 1,967,443 1,969,941 1,967,436 1,964,477 1,961,342

Foreign citizens 82,746 85,555 91,385 96,608 101,532

Labour force 934,658 920,184 913,424 917,901 917,363

Employed persons 823,967 810,001 793,597 797,792 804,637

Registered unemployed persons 110,692 110,183 119,827 120,109 112,726

Registered unemployment rate (in %) 11.8 12.0 13.1 13.1 12.3

GDP (in EUR m) 36,896.3 35,988.3 35,907.5 37,303.2 38,543.2

GDP annual growth index (in %) 0.6 –2.7 –1.1 3.0 2.9

GDP per capita (in EUR) 17,973.3 17,497.5 17,434.6 18,092.5 18,679.9

GDP per capita (in USD) 25,018.8 22,480.8 23,155.0 24,035.9 20,725.4

Annual inflation rate2 (in %) 2.0 2.7 0.7 0.2 –0.5

Average monthly inflation (in %) 1.8 2.6 1.8 0.2 –0.5

Average monthly gross earnings (in EUR) 1,524.7 1,525.5 1,523.2 1,540.3 1,555.9

Average monthly net earnings (in EUR) 987.4 991.4 997.0 1,005.4 1,013.2

Government deficit (in EUR m) –2,456.4 –1,474.1 –5,395.2 –1,855.3 –1,131.2

Government deficit share in GDP (in %) –6.7 –4.1 –15.0 –5.0 –2.9

Government debt (in EUR m) 17,203.6 19,404.0 25,504.9 30,199.0 32,070.4

Government debt share in GDP (in %) 46.6 53.9 71.0 81.0 83.2

Exports of goods (in EUR m) 21,042.2 21,256.1 21,692.1 22,989.3 24,034.8

Imports of goods (in EUR m) 21,730.3 21,204.8 21,305.6 21,755.3 22,422.8

Exports as a percentage of imports (in %) 96.8 100.2 101.8 105.7 107.2

Exports of services (in EUR m) 4,923.2 5,124.4 5,312.8 5,557.6 5,965.6

Imports of services (in EUR m) 3,557.9 3,654.0 3,593.3 3,855.3 3,966.7

Exports as a percentage of imports (in %) 138.4 140.2 147.9 144.2 150.4

Industrial production index 101.3 98.9 99.1 102.2 105.63

Selected macroeconomic indicators

1 As at 1 January.2 Change in consumer price index (December each year/December of previous year).3 Provisional data.Source: SORS

deposits. Total assets of banks declined again, by EUR 1.3 bn or 3.4%, to stand at EUR 37.4 bn.

Following the extremely high level recorded in 2014, turnover on the Ljubljana Stock Exchange11 was down by nearly a half, at EUR 393,1 m. Turnover in shares accounted for 84.9% of the aforementioned amount. The market capitalisation of all shares amounted to EUR 5.5 bn, a decrease of 11.1% relative to the previous year, while the market capitalisation of bonds was EUR 18.6 bn, an increase of 6.4% on the previous year. Year-on-growth in the SBI TOP was negative (-11.2%), with the aforementioned index ending the year at 696.2 points.

According to figures from the Securities Market Agency, mutual fund12 assets were up by 7.8% to stand at EUR 2.3 bn. The equities of foreign issuers accounted for the highest proportion of assets, at 64.8% or EUR 1.5 bn. The number of investors was up slightly to stand at 429,734. The assets of mutual pension funds continue to increase. The aforementioned funds managed the assets of 259,606 investors totalling nearly EUR 1 bn last year. Debt securities were the prevailing form of investment. The value of assets in units of investment funds (UCITS) from Member States with the authorisation to trade in Slovenia fluctuated significantly last year, and stood at EUR 118.2 m in December 2015.

11 Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse.si/media/Attachments/Statistika/Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016.

12 Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016.

Olms feed on stream crayfish, worms, snails and other aquatic invertebrates. They can live up to 100 years, and can even survive for several years without food. They reproduce through eggs which the female lays on the underside of flat rocks. Tiny amphipod stream crustaceans that hide between the eggs and the rock may represent a threat to the eggs. The olm is an animal species protected by law in Slovenia, and since 1982 it has been on the list of rare and endangered species. Their capture is prohibited without the express approval of the competent nature protection institutions.


After several years of preparations, the Slovenian insurance industry welcomed the new Insurance Act (ZZavar-1) in 2015, which implemented the Solvency II Directive (Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance, OJ EU, L 335, 17 December 2009) and the associated European regulations. However, the late adoption of the aforementioned law in November led to the even later adoption of implementing acts in 2016. This represents additional problems for insurance and reinsurance companies, which began operating under the new regime on 1 January 2016. The SIA continually monitored preparations for the new law, and actively collaborated with the Ministry of Finance and the ISA in that regard. According to the findings of the latter, all insurance and reinsurance companies are well-prepared for the new system. Because the system introduces a completely new method of operations to which adjustments must be made in practice, the SIA set up a special phone line for questions and comments relating to the new law and the implementation thereof.

The change of insurance legislation continues with further regulatory changes. The most important developments at the EU level, about which the SIA regularly informes its members and calles on them to provide their comments, are: the directive on insurance distribution, general data protection regulation, the regulation on key information documents for packaged retail and insurance-based investment products, etc.

Pension insurance represents an important element of the Slovenian insurance market, but the associated regulations are amended frequently. According to the most recent changes to pension legislation, insurance and pension companies prepared in 2015 for the introduction of life-cycle funds, the most of

which began functioning on 1 January 2016. The SIA participated in the drafting of the White Paper on Pension Insurance, which was published by the MLFSAEO in April 2016 and defines a set of measures to ensure an appropriate level of pensions for all future generations, together with proposed tax incentives for supplementary pension insurance.

With regard to health insurance, the MH drew up strategic points for action last year and performed an analysis of the healthcare system, which included an assessment of the feasibility of voluntary supplementary health insurance. The MH is not against the latter, but is merely proposing some corrections. The SIA was afforded the opportunity to express its opinion on the subject, but the government has not adopted a final decision on future arrangements. On the other hand, the Faculty of Economics at the University of Ljubljana, drew up a project, in conjunction with the SIA, to revise the economic aspects of the Slovenian healthcare system, in which it proposed two healthcare baskets. However, the MH has not responded.

The fiscal verification of invoices paid in cash, by credit or debit card, check or other similar method of payment was introduced on 2 January 2016 for all types of business in Slovenia. Following the arrangements of other countries, the SIA strove to achieve a special status for insurance companies, but the legislator didn’t classify them in the extremely limited range of exceptions. Insurance companies were thus forced to adapt their IT support and, in certain cases, their operating systems with the introduction of fiscal cash registers, which represents a major problem for a complex activity such as the insurance industry due to the very short preparatory period and simultaneous preparations for Solvency II.

Regulatory changes also had an indirect impact on

2.) Slovenian Insurance Association in 2015


the insurance industry in other areas. Additional cuts to the level of co-financing of agricultural insurance premiums, the late adoption of the new Law on Out-of-Court Consumer Dispute Resolution, the draft of the new Consumer Protection Act and the draft of the new Consumer Credit Act represent just a few of those changes.

Public awareness about insurance remains one of the SIA’s priority tasks. A brochure on life insurance was published in 2015 in conjunction with the Slovenian Consumers Association and was well-received by the public. The SIA’s aim is to respond to the growing number of questions received from consumers.

Together with the re-engineering of IT support for the guarantee fund and compensation office, which will help to facilitate and speed up the resolution of claims, the SIA began upgrading its entire IT support in 2015. The latter is expected to facilitate new activities in the future that will primarily benefit the SIA’s members (e.g. a natural disaster database and the more technologically advanced processing of statistical data).

International developments, particularly in Europe, also affect the Slovenian insurance industry. Given that the EU is adopting an increasing number of directly binding regulations, the SIA is increasingly involved in the activities of IE and Council of Bureaux. Close cooperation is thus being established with the insurance associations of certain other European countries.

Education and training remain one of the SIA’s core activities. In 2015 we organised traditional annual insurance conference, training for insurance agents and brokers, seminars regarding transportation and motor vehicle insurance, as well as ad-hoc seminars, for example on the introduction of fiscal cash registers.


1 SIA provides only work assets.

General and Organisational Affairs and Accounting Department

Arbitration Court1 Insurance Ombudsman1 Mediation Centre1

Green Card Bureau Guarantee Fund Compensation Body Information Centre

Motor Insurance Committee

Insurance Fraud Prevention Commission

Insurance Legal Affairs Commission

SIA information system Supervision Commission

Life and Accident In-surance Committee

Voluntary Pension Insurance Committee

Legal Section

Property Insurance Committee

Liability Insurance Commission

Property Claims Commission

Burglary and Fire Insurance Commission

Internal Audit Section

Voluntary Health Insurance Committee

Transport and Credit Insurance Committee

IT Committee

Steering Committee of the Insurance Days in Slovenia

Consumer Awareness and Public Relations Committee

Examination Committee

Compliance Committee

Green Card Bureau Expert Committee

Guarantee Fund Write-Off Commission

Motor Insurance Department

Legal Affairs and Personal Insurance Department

Property Insurance, Statistics and Analysis Department

Training Department

Organisational chart – graphic presentation of the SIA’s organisation

DIRECTOR

COUNCIL

ASSEMBLY

Natural Disasters Commission

Agricultural Insurance Section

Money Laundering Prevention Commission

Editorial Committee of Magazine “Zavarovalniški horizonti”

Financial Section

Actuarial Section

Accounting and Tax Affairs Commission

Risk Management Committee

Bulletin Editorial Committee Training Committee

Postojna Cave is the largest karstic cave in Slovenia, with as much as 24,120 metres of underground passages. It is the most frequently visited tourist cave in Europe, with a 200-year tradition of visits, and has already welcomed 35 million visitors from all corners of the world. The first visitors actually entered the cave back in the 13th century, and the most attractive parts of the cave were discovered in 1818.


Currently operating on the Slovenian insurance market are fifteen insurance companies, two reinsurance companies and three pension companies registered in Slovenia, as well as six branch offices of foreign insurance companies, two entities under the supervision of the ISA13 (Nuclear Insurance and Reinsurance Pool and SIA – Guarantee Fund and Compensation Body) and Sklad obrtnikov in podjetnikov (Fund for Craftsmen and Entrepreneurs). The market comprise nine composite insurance companies, four life insurance companies and eight non-life insurance companies. Of the latter, seven are specialised in the marketing of individual types of insurance14: motor vehicle, suretyship, agriculture, credit, accident and/or health insurance, and legal protection insurance. Only one insurance company markets exclusively life insurance; the other three life insurance companies also underwrite accident and/or health insurance.

Despite the small size of the insurance market, the number of insurance companies that may directly perform insurance operations in Slovenia is growing every year. A total of 716 companies notified operations based on free movement of services at the end of 2015. Of those, only 119 were active a year earlier. Those companies generated EUR 13.6 m in insurance premiums on the Slovenian market in 201415, which is 5.5% less than the previous year and 0.7% of the premiums that policyholders paid to SIA members during the same year. The same companies paid claims in the amount of EUR 5.5 m.

Slovenian insurance companies also directly perform insurance operations in other EU Member States, but the scope of such operations is small. According to figures from the ISA, a total of EUR 1.5 m in

insurance premiums was generated this way in 2014, the most in Croatia (36.7%), followed by the Netherlands (29.1%) and Germany (18.1%). The branch office of a Slovenian insurance company, established in Croatia by Adriatic Slovenica, Zavarovalna družba d. d., began operating in 2015.

SIA members include thirteen insurance companies registered in Slovenia and four branches of foreign insurance companies, two reinsurance companies and the Fund for Craftsmen and Entrepreneurs, which were joined by Skupna pokojninska družba, d. d. in 2016. All of the companies and the fund are presented below. Also operating on the market are the insurance companies PRVA, personal insurance company Plc, CDA 40 zavarovalnica d. d., Porsche Versicherungs AG, podružnica v Sloveniji, and Agro Zavarovalnica, podružnica v Sloveniji, as well as the pension companies Moja naložba pokojninska družba, d. d. and Pokojninska družba A, d. d. With the exception of PRVA, personal insurance company Plc and the two pension companies, the aforementioned insurance companies do not account for a significant share of sales on the insurance market.

Gross premiums written by SIA members were up nearly 2% last year to reach EUR 1,975.4 m. Of the fourteen members that recorded positive growth, the most successful was Modra zavarovalnica, d. d., which recorded growth of 23.5%. That was also the highest growth recorded in the life insurance class. ERGO zavarovalnica, podružnica v Sloveniji recorded the highest growth in non-life insurance premiums (32.5%). The most efficient in terms of operations was NLB Vita življenjska zavarovalnica d. d., which generated premiums per employee of EUR 1.6 m. Both reinsurance companies also performed well

3.) Slovenian insurance market and SIA members (as at 27 June 2016)

13 ISA, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016.14 Information about this is available on the ISA website https://www.a-zn.si/Default.aspx?id=4.

15 Report of the Insurance Supervision Agency, ISA, Ljubljana, June 2015.


SELECTED FIGURES FROM SIA MEMBERS IN 2015

DONATIONS

EMPLOYEE PRODUCTIVITY of SIA members

INVESTMENTS

SPONSORSHIPS

EMPLOYEE PRODUCTIVITY of the economy

SHARE OF INVESTMENTS in land and buildings

and financial investments

AMOUNT OF TAx PAID ON INSURANCE CONTRACTS

SHARE OF INVESTMENTS for the benefit of life insurance policyholders who assume investment risk

COMPARISON OF INVESTMENTS TO GDP

EUR 67 m

EUR 1.3 m

EUR 7.1 m

82.2%

17.7%

17.8%

EUR 6,825.8 m

EUR 358 500

EUR 47 900


and generated total premiums of EUR 268.8 m, an increase of 13.7% relative to the previous year.

Having accounted for 29.6% of total premiums of all SIA members in 2015, Zavarovalnica Triglav, d. d. remains the leader among insurance companies, both in terms of non-life and life insurance. Vzajemna zdravstvena zavarovalnica, d. v. z. is the leader in health insurance. The concentration of the insurance market remains moderate, the indicator value has been around 1500 in recent years. The ten largest insurance companies had a combined market share of 94.8% last year (while the five largest had a combined market share of 76.7%). The ranking of those companies remains unchanged. Sava Reinsurance Company d. d. and Pozavarovalnica Triglav Re, d. d. divided up the reinsurance market, with the aforementioned two companies holding shares of 56.5% and 43.5% respectively.

In terms of insurance and reinsurance premiums generated, the insurance industry, under the auspices of the SIA, represents an important economic sector, accounting for 5.8% of GDP and contributing almoast EUR 67 m to the state budget from insurance premium tax. The insurance sector supports the economy with the investments in land and buildings, as well as financial investments. Such contributions exceeded EUR 5.6 bn last year. When providing statistics, we should not neglect life insurance, where insurance companies recorded more than EUR 1.2 bn

of assets in investments on behalf of policyholders who assume the investment risk. Taking into account the level of GDP, the operations of SIA members represent a major contribution to the development and growth of the Slovenian economy.

The majority of SIA members operate within their own insurance groups. Nine members are part of groups whose parent companies are registered in EU Member States. Three members with registered offices in Slovenia control their own insurance groups. Zavarovalnica Triglav, d. d. is the parent company of the largest of those groups: in addition to three subsidiary insurance and pension companies in Slovenia, the Triglav Group also included seven foreign subsidiaries at the end of 201516. The second group comprises the parent company Sava Reinsurance Company d. d., with three subsidiary insurance and pension companies in Slovenia and eight foreign insurance companies17. In the third group, Adriatic Slovenica, Zavarovalna družba d. d. is the controlling company of one subsidiary insurance company, at which activities to wind up the company were initiated last December, and one foreign branch office18. All three insurance groups operate on the markets of the former Yugoslavia and they generated written premiums of EUR 1.7 bn in 2015 (EUR 1.5 bn excluding reinsurance premiums), an increase of 2.7% on the previous year.

16 Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav.eu/6bdc1dd0-c125-4a81-a491-f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0-c125-4a81-a491-f780d908fa6b, 15. 6. 2016.17 Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www.sava-re.si/media/objave/dokumenti/2016/LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015.

18 Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited, http://www.as-skupina.si/documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de-9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016.


TOTAL Life Non-life

COMPOSITE INSURANCE COMPANIES:

Adriatic Slovenica, Zavarovalna družba d. d. 296,310,561 60,214,097 236,096,464

ERGO zavarovalnica, podružnica v Sloveniji 8,334,344 1,690,588 6,643,756

GENERALI zavarovalnica, d. d. 90,508,228 27,056,401 63,451,827

GRAWE Zavarovalnica, d. d. 35,801,539 20,005,400 15,796,139

Merkur zavarovalnica, d. d. 46,006,129 38,071,353 7,934,776

Wiener Städtische zavarovalnica, Branch Office Ljubljana 27,346,677 17,798,278 9,548,399

Zavarovalnica Maribor, d. d. 249,246,862 72,258,443 176,988,419

Zavarovalnica Tilia, d. d. 79,686,986 7,953,040 71,733,946

Zavarovalnica Triglav, d. d. 584,869,502 174,724,778 410,144,724

LIFE INSURANCE COMPANIES:

ERGO Življenjska zavarovalnica d. d. 2,895,888 2,895,888 0

Modra zavarovalnica, d. d. 78,927,894 78,920,744 7,150

NLB Vita življenjska zavarovalnica d. d. 62,492,455 60,422,026 2,070,429

NON-LIFE INSURANCE COMPANIES:

Allianz Insurance Company, Branch Office Ljubljana 7,282,081 0 7,282,081

ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 2,038,935 0 2,038,935

SID – First Credit Insurance Company Inc. 15,474,671 0 15,474,671

Triglav, Health insurance company, Ltd 108,905,726 0 108,905,726

Vzajemna Mutual Health Insurance Company, d. v. z. 275,317,965 0 275,317,965

OTHER COMPANIES:

Sklad obrtnikov in podjetnikov 3,911,803 3,911,803 0

REINSURANCE COMPANIES:

Sava Reinsurance Company d. d. 151,982,420 1,972,900 150,009,520

Pozavarovalnica Triglav Re, d. d. 116,839,911 448,261 116,391,650

SIA members with regard to type of company and their written premiums in 2015 (in EUR)

Source: SIA

Number of insurance companies with regard to various criteria

Source: ISA, SIA

2011 2012 2013 2014 2015

ACTIVE COMPANIES IN THE INSURANCE MARKET

Insurance companies with their head office in Slovenia 16 15 14 14 15

Reinsurance companies with their head office in Slovenia 2 2 2 2 2

Pension companies with their head office in Slovenia 3 3 3 3 3

Other companies with their head office in Slovenia 2 2 2 2 2

Branches of foreign insurance companies 3 5 5 6 6

TOTAL 26 27 26 27 28

Of which SIA members 21 21 20 20 20

Foreign insurance companies, authorised to directly perform operations 610 632 664 692 716

Of which the active insurance companies 110 117 102 119 …

SIA MEMBERS (WITHOUT REINSURANCE COMPANIES) WITH REGARD TO VARIOUS CRITERIA

By legislation

Operate under the insurance act 18 18 17 17 17

Do not operate under the insurance act 1 1 1 1 1

By portfolio

Composite 9 9 9 9 9

Life 5 5 4 4 4

Non-life 5 5 5 5 5

By organisational form

Joint-stock companies 17 17 16 16 16

Of which with the majority share of foreign capital 9 9 9 9 9

Mutual companies 1 1 1 1 1

Other 1 1 1 1 1


TOTAL Life Non-life

INSURANCE

Modra zavarovalnica, d. d. 123.47 123.47 119.85

ERGO zavarovalnica, podružnica v Sloveniji 119.16 85.37 132.51

Sklad obrtnikov in podjetnikov 117.84 117.84 –

ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 115.71 – 115.71

NLB Vita življenjska zavarovalnica d. d. 113.37 112.82 132.12

GRAWE Zavarovalnica, d. d. 110.34 102.03 123.02

Vzajemna Mutual Health Insurance Company, d. v. z. 106.68 – 106.68

Wiener Städtische zavarovalnica, Branch Office Ljubljana 106.39 106.53 106.14

GENERALI zavarovalnica, d. d. 103.12 110.11 100.40

Allianz Insurance Company, Branch Office Ljubljana 102.62 – 102.62

Insurance – TOTAL 101.95 105.71 100.52

Merkur zavarovalnica, d. d. 101.78 101.38 103.79

Triglav, Health insurance company, Ltd 101.43 – 101.43

Zavarovalnica Maribor, d. d. 99.71 97.08 100.82

Adriatic Slovenica, Zavarovalna družba d. d. 99.61 112.02 96.87

Zavarovalnica Triglav, d. d. 98.93 100.51 98.28

Zavarovalnica Tilia, d. d. 95.19 94.65 95.25

SID – First Credit Insurance Company Inc. 92.60 – 92.60

ERGO Življenjska zavarovalnica d. d. 77.64 77.64 –

REINSURANCE

Sava Reinsurance Company d. d. 115.73 71.92 116.67

Reinsurance – TOTAL 113.66 77.13 114.15

Pozavarovalnica Triglav Re, d. d. 111.07 113.23 111.06

Premium growth index of SIA members in 2015

Source: SIA

TOTAL Life Non-life

INSURANCE – TOTAL 100 100 100

Zavarovalnica Triglav, d. d. 29.61 30.87 29.10

Adriatic Slovenica, Zavarovalna družba d. d. 15.00 10.64 16.75

Vzajemna Mutual Health Insurance Company, d. v. z. 13.94 – 19.53

Zavarovalnica Maribor, d. d. 12.62 12.77 12.56

Triglav, Health insurance company, Ltd 5.51 – 7.73

GENERALI zavarovalnica, d. d. 4.58 4.78 4.50

Zavarovalnica Tilia, d. d. 4.03 1.41 5.09

Modra zavarovalnica, d. d. 4.00 13.95 0.00

NLB Vita življenjska zavarovalnica d. d. 3.16 10.68 0.15

Merkur zavarovalnica, d. d. 2.33 6.73 0.56

GRAWE Zavarovalnica, d. d. 1.81 3.54 1.12

Wiener Städtische zavarovalnica, Branch Office Ljubljana 1.38 3.15 0.68

SID – First Credit Insurance Company Inc. 0.78 – 1.10

ERGO zavarovalnica, podružnica v Sloveniji 0.42 0.30 0.47

Allianz Insurance Company, Branch Office Ljubljana 0.37 – 0.52

Sklad obrtnikov in podjetnikov 0.20 0.69 –

ERGO Življenjska zavarovalnica d. d. 0.15 0.51 –

ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 0.10 – 0.14

REINSURANCE – TOTAL 100 100 100

Sava Reinsurance Company d. d. 56.54 81.49 56.31

Pozavarovalnica Triglav Re, d. d. 43.46 18.51 43.69

Share of SIA members with regard to collected premiums in 2015 (in %)

Source: SIA


Number of employees

(as at 31 December)

Premiums per employee(in EUR)

Premiums per employee growth

indexINSURANCE

NLB Vita življenjska zavarovalnica d. d. 40 1,562,311 116.20

Modra zavarovalnica, d. d. 56 1,409,427 119.06

Triglav, Health insurance company, Ltd 84 1,296,497 101.43

Wiener Städtische zavarovalnica, Branch Office Ljubljana 28 976,667 110.19

Vzajemna Mutual Health Insurance Company, d. v. z. 319 863,066 95.98

Allianz Insurance Company, Branch Office Ljubljana 12 606,840 111.17

Insurance – TOTAL 6,174 319,948 100.04

Zavarovalnica Maribor, d. d. 809 308,093 100.32

Merkur zavarovalnica, d. d. 161 285,752 104.95

Adriatic Slovenica, Zavarovalna družba d. d. 1,092 271,347 93.68

Zavarovalnica Triglav, d. d. 2,341 249,837 99.95

GENERALI zavarovalnica, d. d. 409 221,292 99.85

SID – First Credit Insurance Company Inc. 71 217,953 92.60

Zavarovalnica Tilia, d. d. 388 205,379 94.70

ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia 11 185,358 105.19

GRAWE Zavarovalnica, d. d. 197 181,734 104.18

ERGO Življenjska zavarovalnica d. d. 21 137,899 85.04

Sklad obrtnikov in podjetnikov 38 102,942 89.93

ERGO zavarovalnica, podružnica v Sloveniji 97 85,921 94.59

REINSURANCE

Pozavarovalnica Triglav Re, d. d. 46 2,539,998 108.65

Reinsurance – TOTAL 143 1,879,876 106.50

Sava Reinsurance Company d. d. 97 1,566,829 106.19

Operating efficiency of SIA members in 2015

Source: SIA

VSPI(in EUR)

Life premiumswithout VSPI

(in EUR)

Share with regard to life premiums

without VSPI(in %)

Growth index of life premiums

without VSPI

TOTAL 77,236,658 488,686,181 100 103.14

Zavarovalnica Triglav, d. d. 14,613,360 160,111,418 32.76 100.35

Zavarovalnica Maribor, d. d. 0 72,258,443 14.79 97.08

NLB Vita življenjska zavarovalnica d. d. 0 60,422,026 12.36 112.82

Adriatic Slovenica, Zavarovalna družba d. d. 4,612,407 55,601,690 11.38 105.14

Merkur zavarovalnica, d. d. 0 38,071,353 7.79 101.38

Modra zavarovalnica, d. d. 54,376,278 24,544,466 5.02 118.46

GENERALI zavarovalnica, d. d. 3,634,613 23,421,788 4.79 109.53

GRAWE Zavarovalnica, d. d. 0 20,005,400 4.09 102.03

Wiener Städtische zavarovalnica, Branch Office Ljubljana 0 17,798,278 3.64 106.53

Zavarovalnica Tilia, d. d. 0 7,953,040 1.63 94.65

Sklad obrtnikov in podjetnikov 0 3,911,803 0.80 117.84

ERGO Življenjska zavarovalnica d. d. 0 2,895,888 0.59 77.64

ERGO zavarovalnica, podružnica v Sloveniji 0 1,690,588 0.35 85.37

SIA members with regard to life premium (excluding VSPI) in 2015

Source: SIA


3.17 Other1.56 Pension

2.48 General liability

18.76 Life

4.04 Other damage to property

13.52 Motor vehicle liability

5.33 Fire and natural forces

11.53 Land motor vehicle

33.97 Health

5.65 Accident

Chairman of the supervisory board:Matjaž GANTAR, MSc Chairman of the board of management:Gabrijel ŠKOF Members of the board of management:Varja DOLENC, MScMatija ŠENK Type of company:composite insurance company Organisational form:joint-stock company Date of registration:20 November 1990

Adriatic Slovenica, Zavarovalna družba d. d.

Number of employees (31 December 2015): 1,092 Number of top-level business units: 11 Number of other business units: 46 Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares:KD Group, d. d., Ljubljana 100% Gross written premiums 2015: EUR 296,310,561

Ljubljanska cesta 3a, SI-6503 Koperwww.as.si, www.as-skupina.si T: (+386) 5 66 43 100E: [email protected] F: (+386) 5 66 43 109Tax number: SI63658011 Identification number: 5063361

Breakdown of total insurance premiums in 2015 (in %)


2.08 Other1.88 Miscellaneous financial loss




Director of the branch:Mateja GERONI Type of company:non-life insurance company Organisational form:branch of EU insurance company Date of registration:22 November 2007

Allianz Insurance Company, Branch Office Ljubljana

Number of employees (31 December 2015): 12 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares:Allianz Hungária Biztósitó Zártkörüen Müködő Részvénytársaság, Budapest 100% Gross written premiums 2015: EUR 7,282,081

Dimičeva ulica 16, SI-1000 Ljubljanawww.allianz.si T: (+386) 1 58 09 480E: [email protected] F: (+386) 1 58 09 481Tax number: SI64656187 Identification number: 2345722



100.00 Legal expenses

Director of the branch:Marko VONČINA Type of company:legal protection insurance company Organisational form:branch of EU insurance company Date of registration:4 July 2012

ARAG SE – Zavarovalnica pravne zaščite branch in Slovenia

Number of employees (31 December 2015): 11 Number of top-level business units: 1 Number of other business units: 1 Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares:ARAG SE, Düsseldorf 100% Gross written premiums 2015: EUR 2,038,935

Železna cesta 14, SI-1000 Ljubljanawww.arag.si T: (+386) 1 23 64 181 E: [email protected] F: (+386) 1 43 64 391Tax number: SI60153555 Identification number: 6186238



3.88 Other

20.28 Life




9.56 Accident

Director of the branch: Andrej KOCIČ, MSc Type of company: composite insurance company Organisational form: branch of EU insurance company Date of registration: 25 May 2005

ERGO zavarovalnica, podružnica v Sloveniji

Number of employees (31 December 2015): 97 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: ERGO Austria International AG, Vienna 100% Gross written premiums 2015: EUR 8,334,344

Šlandrova ulica 4, SI-1231 Ljubljana-Črnučewww.ergo.si T: (+386) 1 60 05 800E: [email protected] F: (+386) 1 60 05 806Tax number: SI81287763 Identification number: 2118629



100.00 Life

Chairman of the supervisory board: Harald LONDER Chairman of the board of management: Andrej KOCIČ, MSc Member of the board of management: Borut ERŽEN, PhD Type of company: life insurance company Organisational form: joint-stock company Date of registration: 1 July 2008

ERGO Življenjska zavarovalnica d. d.

Number of employees (31 December 2015): 21 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: ERGO Austria International AG, Vienna 100% Gross written premiums 2015: EUR 2,895,888

Šlandrova ulica 4, SI-1231 Ljubljana-Črnučewww.ergo.si T: (+386) 1 60 05 040E: [email protected] F: (+386) 1 60 05 039Tax number: SI33416133 Identification number: 3356493



1.29 Other

1.26 Assistance

25.88 Life






7.64 Accident

Chairman of the supervisory board: Martin VRECION Chairman of the board of management: Vanja HROVAT Member of the board of management: Gregor PILGRAM Type of company: composite insurance company Organisational form: joint-stock company Date of registration: 18 March 1997

GENERALI zavarovalnica, d. d.

Number of employees (31 December 2015): 409 Number of top-level business units: 10 Number of other business units: – Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: Generali CEE Holding B.V., Prague 99.9 % Gross written premiums 2015: EUR 90,508,228

Kržičeva ulica 3, SI-1000 Ljubljanawww.generali.si T: (+386) 1 47 57 100 E: [email protected] F: (+386) 1 47 57 103Tax number: SI88725324 Identification number: 5186684


4.02 Pension


1.27 Other


55.88 Life



2.51 Fire and natural forces8.14 Land motor vehicle

9.21 Accident

Chairman of the supervisory board: Othmar EDERER, PhD Chairman of the board of management: Božo EMERŠIČ, MSc, MBA Members of the board of management:Simon HUSARMarko MIKIĆHelga RUDORFER, MSc Type of company: composite insurance company Organisational form: joint-stock company Date of registration: 23 January 1991

GRAWE Zavarovalnica, d. d.

Number of employees (31 December 2015): 197 Number of top-level business units: 2 Number of other business units: 15 Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: Grazer Wechselseitige Versicherung AG, Graz 100% Gross written premiums 2015: EUR 35,801,539

Gregorčičeva ulica 39, SI-2000 Mariborwww.grawe.si T: (+386) 2 22 85 500 E: [email protected] F: (+386) 2 22 85 526Tax number: SI59896469 Identification number: 5450900



1.53 Other

82.75 Life

2.27 Other damage to property1.70 Fire and natural forces

11.74 Accident

Chairman of the supervisory board: Christian KLADIVA Chairman of the board of management: Denis STROLIGO Member of the board of management: Terence J. TAYLOR, MSc Type of company: composite insurance company Organisational form: joint-stock company Date of registration: 18 November 1992

Merkur zavarovalnica, d. d.

Number of employees (31 December 2015): 161 Number of top-level business units: 2 Number of other business units: 2 Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: Merkur International Holding AG, Graz 100% Gross written premiums 2015: EUR 46,006,129

Dunajska cesta 58, SI-1000 Ljubljanawww.merkur-zav.si T: (+386) 1 30 05 450E: [email protected] F: (+386) 1 43 61 092Tax number: SI74079778 Identification number: 5648246



31.10 Life

68.89 Pension

0.01 Accident

Chairman of the supervisory board: Aleš GROZNIK, PhD Chairman of the board of management: Borut JAMNIK Member of the board of management: Matija DEBELAK, MSc Type of company: pension insurance company Organisational form: joint-stock company Date of registration: 3 October 2011

Modra zavarovalnica, d. d.

Number of employees (31 December 2015): 56 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., Ljubljana 100% Gross written premiums 2015: EUR 78,927,894

Dunajska cesta 119, SI-1000 Ljubljanawww.modra-zavarovalnica.si T: (+386) 1 47 46 800E: [email protected] F: (+386) 1 47 46 754Tax number: SI21026912 Identification number: 6031226



96.69 Life

0.69 Health2.62 Accident

Chairman of the supervisory board: Johan B. P. DAEMEN Chairman of the board of management: Barbara SMOLNIKAR, PhD Member of the board of management: Irena PRELOG, MSc Type of company: life insurance company Organisational form: joint-stock company Date of registration: 4 June 2003

NLB Vita življenjska zavarovalnica d. d.

Number of employees (31 December 2015): 40 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 50% Biggest shareholders and their shares: KBC Insurance NV, Leuven 50%Nova Ljubljanska banka, d. d., Ljubljana 50% Gross written premiums 2015: EUR 62,492,455

Trg republike 3, SI-1520 Ljubljanawww.nlbvita.si T: (+386) 1 47 65 800 E: [email protected] F: (+386) 1 47 65 818Tax number: SI70292825 Identification number: 1834665



3.52 Other

2.80 Credit1.41 Miscellaneous financial loss



1.58 Goods in transit


2.41 Ship



3.95 Accident

Chairman of the supervisory board: Andrej SLAPAR Chairman of the board of management: Gregor STRAŽAR, MSc Members of the board of management: Tomaž ROTARStanislav VRTUNSKI Type of company: reinsurance company Organisational form: joint-stock company Date of registration: 31 December 1998

Pozavarovalnica Triglav Re, d. d.

Number of employees (31 December 2015): 46 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100% Gross written premiums 2015: EUR 116,839,911

Miklošičeva cesta 19, SI-1000 Ljubljanawww.triglavre.si T: (+386) 1 47 47 900E: [email protected] F: (+386) 1 43 31 419Tax number: SI16465423 Identification number: 1362992

Breakdown of total reinsurance premiums in 2015 (in %)


4.55 Other

3.15 General liability1.30 Life



2.48 Ship



3.27 Goods in transit

1.42 Health6.19 Accident

Chairman of the supervisory board: Branko TOMAŽIČ Chairman of the board of management: Zvonko IVANUŠIČ, MSc Members of the board of management:Srečko ČEBRONJošt DOLNIČARMateja TREVEN, MSc Type of company: reinsurance company Organisational form: joint-stock company Date of registration: 28 December 1990

Sava Reinsurance Company d. d.

Number of employees (31 December 2015): 97 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 29.9% Biggest shareholders and their shares: Slovenian Sovereign Holding d. d., Ljubljana 25.0%Societe Generale – Splitska banka, d. d., Split – custody account 9.8%European Bank for Reconstruction and Development, London 6.2%Raiffeisen Bank Austria, d. d., Dunaj – custody account 4.4%Sava Reinsurance Company d. d., Ljubljana (own shares) 4.3% Gross written premiums 2015: EUR 151,982,420

Dunajska cesta 56, SI-1000 Ljubljanawww.sava-re.si T: (+386) 1 47 50 200E: [email protected] F: (+386) 1 47 50 264Tax number: SI17986141 Identification number: 5063825

Breakdown of total reinsurance premiums in 2015 (in %)


100.00 Credit

Chairman of the supervisory board: Jožef BRADEŠKO Chairman of the board of management: Ladislav ARTNIK Members of the board of management: Barbara KUNCIgor PIRNAT, MSc Type of company: credit insurance company Organisational form: joint-stock company Date of registration: 31 December 2004

SID – First Credit Insurance Company Inc.

Number of employees (31 December 2015): 71 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: SID – Slovenska izvozna in razvojna banka, d. d., Ljubljana 100% Gross written premiums 2015: EUR 15,474,671

Davčna ulica 1, SI-1000 Ljubljanawww.sid-pkz.si T: (+386) 1 20 05 800. 20 05 810E: [email protected] F: (+386) 1 42 58 445Tax number: SI71824847 Identification number: 1903209



100.00 Life

Chairman of the supervisory board: Jaka VADNJAL, PhD Chairman of the board of management: Bojan JEAN, MSc Member of the board of management: Božidar MAROT, MSc Type of company: pension fund Organisational form: mutual company Date of registration: 23 August 1956

Sklad obrtnikov in podjetnikov

Number of employees (31 December 2015): 38 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: not a joint-stock company Gross written premiums 2015: EUR 3,911,803

Vošnjakova ulica 6, SI-1000 Ljubljanawww.sop.si T: (+386) 1 30 03 611 E: [email protected] F: (+386) 1 43 18 303Tax number: SI39155790 Identification number: 5147344



Chairman of the supervisory board: Tadej ČOROLI Chairman of the board of management: Aljoša URŠIČ Member of the board of management: Peter KRASSNIG Type of company: pension insurance company Organisational form: joint-stock company Date of registration: 19 December 2000

Skupna pokojninska družba, d. d.

Number of employees (31 December 2015): 18 Number of top-level business units: 1 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 71.9%Nova Ljubljanska banka, d. d., Ljubljana 28.1% Gross written premiums 2015: EUR 28,265,905

Trg republike 3, SI-1000 Ljubljanawww.skupna.si T: (+386) 1 47 00 840E: [email protected] F: (+386) 1 47 00 853Tax number: SI17849942 Identification number: 1584774


100.00 Pension


99.82 Health

0.18 Accident

Chairman of the supervisory board: Tadej ČOROLI Chairman of the board of management: Meta BERK SKOK, MSc Member of the board of management: Simon VIDMAR, MSc Type of company: health insurance company Organisational form: joint-stock company Date of registration: 18 November 2002

Triglav, Health insurance company, Ltd

Number of employees (31 December 2015): 84 Number of top-level business units: 14 Number of other business units: – Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Zavarovalnica Triglav, d. d., Ljubljana 100% Gross written premiums 2015: EUR 108,905,726

Pristaniška ulica 10, SI-6000 Koperwww.zdravstvena.net T: (+386) 5 66 22 000E: [email protected] F: (+386) 5 66 22 002Tax number: SI50250957 Identification number: 5848091



98.79 Health

1.21 Accident

Chairman of the supervisory board: Aleksandra PODGORNIK, MSc Chairman of the board of management: Aleš MIKELN, MBA Members of the board of management: Neven CVITANOVIĆ, MScKatja JELERČIČ, MSc Type of company: health insurance company Organisational form: mutual company Date of registration: 1 November 1999

Vzajemna Mutual Health Insurance Company, d. v. z.

Number of employees (31 December 2015): 319 Number of top-level business units: 9 Number of other business units: 43 Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: not a joint-stock company Gross written premiums 2015: EUR 275,317,965

Vošnjakova ulica 2, SI-1000 Ljubljanawww.vzajemna.si T: (+386) 1 47 18 700 E: [email protected] F: (+386) 1 47 18 850Tax number: SI87984385 Identification number: 1430521



65.08 Life

0.01 Other

2.02 Miscellaneous financial loss



7.29 Fire and natural forces1.99 Accident

Directors of the branch: Tomo MRĐEN, MScMichael KÖPF Type of company: composite insurance company Organisational form: branch of EU insurance company Date of registration: 24 August 2004

Wiener Städtische zavarovalnica, Branch Office Ljubljana

Number of employees (31 December 2015): 28 Number of top-level business units: 2 Number of other business units: – Share of foreign capital (31 December 2015): 100% Biggest shareholders and their shares: Wiener Städtische Versicherung AG Vienna Insurance Group, Vienna 100% Gross written premiums 2015: EUR 27,346,677

Masarykova cesta 14, SI-1000 Ljubljanawww.wienerstaedtische.si T: (+386) 1 30 01 700 E: [email protected] F: (+386) 1 30 01 709Tax number: SI35452846 Identification number: 1983652



3.31 Other

2.65 Assistance

28.99 Life






7.44 Accident

Chairman of the supervisory board: Zvonko IVANUŠIČ Chairman of the board of management:David KASTELIC, MSc Members of the board of management:Borut CELCER, MScRok MOLJKRobert CIGLARIČ Type of company: composite insurance company Organisational form: joint-stock company Date of registration: 26 December 1990

Zavarovalnica Maribor, d. d.

Number of employees (31 December 2015): 809 Number of top-level business units: 10 Number of other business units: 384 Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Sava Reinsurance Company d. d., Ljubljana 100% Gross written premiums 2015: EUR 249,246,862

Cankarjeva ulica 3, SI-2507 Mariborwww.zav-mb.si T: (+386) 2 23 32 100E: [email protected] F: (+386) 2 23 32 530Tax number: SI44814631 Identification number: 5063400



1.12 Other

1.96 Assistance

9.98 Life






10.08 Accident

Chairman of the supervisory board: Zvonko IVANUŠIČ, MSc Chairman of the board of management: Tadej AVSEC, MSc Member of the board of management: Jaka DOLENC Type of company: composite insurance company Organisational form:joint-stock company Date of registration: 27 December 1990

Zavarovalnica Tilia, d. d.

Number of employees (31 December 2015): 388 Number of top-level business units: 14 Number of other business units: 39 Share of foreign capital (31 December 2015): 0% Biggest shareholders and their shares: Sava Reinsurance Company d. d., Ljubljana 100% Gross written premiums 2015: EUR 79,686,986

Seidlova cesta 5, SI-8000 Novo mestowww.zav-tilia.si T: (+386) 7 39 17 200E: [email protected] F: (+386) 7 39 17 310Tax number: SI40090043 Identification number: 5063426



2.52 Other2.50 Pension

1.31 Assistance

27.38 Life

4.99 General liability4.11 Credit





5.00 Accident

Chairman of the supervisory board: –Vice chairman: Gregor KASTELIC, MSc Chairman of the board of management: Andrej SLAPAR Members of the board of management:Uroš IVANCBenjamin JOŠARTadej ČOROLIMarica MAKOTER Type of company: composite insurance company Organisational form: joint-stock company Date of registration: 28 December 1990

Zavarovalnica Triglav, d. d.

Number of employees (31 December 2015): 2,341 Number of top-level business units: 13 Number of other business units: 140 Share of foreign capital (31 December 2015): 17.1% Biggest shareholders and their shares: Zavod za pokojninsko in invalidsko zavarovanje Slovenije, Ljubljana 34.5%Slovenska odškodninska družba, d. d., Ljubljana 28.1%Hypo Alpe-Adria-Bank, d. d., Zagreb 6.3%Balkan Fund, Luksemburg 1.4%Hrvatska poštanska banka, d. d., Zagreb 1.4% Gross written premiums 2015: EUR 584,869,502

Miklošičeva cesta 19, SI-1000 Ljubljanawww.triglav.eu T: (+386) 1 47 47 200E: [email protected] F: (+386) 1 43 26 302Tax number: SI80040306 Identification number: 5063345


Speleobiology is the biological science of the life of animals in the underground environment. The olm is without doubt the best-known cave animal. It was also in Postojna Cave that the first cave beetle, the drobnovratnik (Leptodirus hochenwartii) was discovered. Biological literature refers to more than 130 species of animals inhabiting the Postojna-Planina cave system; of these, 84 are proper cave species, which is a world record.


The workforce in employment totalled 804,637 in Slovenia last year. Close to 1% of those persons were employed at insurance and reinsurance companies. Given that they generate close to 6% of GDP, those companies contribute significantly to the performance of the Slovenian economy.

Excluding their branch offices registered in the rest of the world, SIA members had 6,260 employees as at 31 December 2015, of which 6,117 were employed by insurance companies. In the context of a contraction in the workforce in employment and despite minor fluctuations, the number of employees at insurance companies has been declining since 2008, although an increase of 59 or 1% was recorded last year. At 6.7%, growth in the number of employees was higher at reinsurance companies, which hired 143 people last year. There was a barely noticeable increase in the average number of employees at insurance companies relative to the previous year, while the average number of employees was up by 11.9% at reinsurance companies.

The majority of employees are women, who have accounted for around 58% of total employees for several years (57.8% at insurance companies and 62.9% at reinsurance companies last year). The educational structure of both genders is similar, and is constantly improving. The majority of employees at insurance companies continues to be persons with general upper-secondary and/or secondary technical education (39.7%). That number was down 2.7% on the previous year and down 7% relative to 2010. In contrast, the number of employees with at least a post-secondary education is rising. Those employees comprise considerably more women than men. The number of employees with a Level 6 education was up by 5.5% relative to the previous year. Those persons accounted for 31.3% (1,914) of all employees in the year under review. The number of persons with a Level

7 education was up 6%, with those persons accounting for 21% (1,283) of all employees. In terms of the formal level of education, the number of employees with a master’s degree recorded the highest growth in previous years. However, that number fell last year for the second year in a row, by 14.8%. The average level of education is even better at reinsurance companies, where 80.4% of all employees have at least a Level 6 education.

A total of 2,812 or 46% of all employees were involved in the sale of insurance in 2015, an increase of 1.4 percentage points on the previous year. In contrast to other employees, the number of sales staff was up by 4.1%. The majority or 26.7% of those employees are internal insurance agents, two thirds of whom are men. Women are prevalent in other forms of insurance sales. A total of 11.8% of sales staff performed counter sales, while 2.3% were involved in distance marketing. Here it should be noted that more than a quarter of sales staff were not classified to the previously stated groups.

More than 90% of employees were full-time, permanent workers. Primarily the number of part-time workers has increased in recent years, in part due to the exercising of a mother’s right to reduced working hours until a child reaches the age of three or enrols in school. Fluctuation is relativly low. Insurance companies laid off 536 workers last year or 8.8% of the total number of employees, which is one fifth less than the previous year. The number of new employees was also down by a similar amount, with new employees accounting for 9.8% of the average number of employees.

The total number of hours worked by employees is increasing in line with the number of employees. However, the overall absenteeism rate at insurance companies rose last year following a better rate in the previous three years. A total of 530,309 hours or

4.) Employees in 2015


2014 2015 Growth indexTOTAL Men Women TOTAL Men Women

Number of employees 6,058 2,562 3,496 6,117 2,584 3,533 100.97

Average number of employees 6,088 … … 6,100 … … 100.20

Number of employees by level of formal education

1–3 Primary and lower 42 18 24 33 10 23 78.57

4 Secondary 276 182 94 266 178 88 96.38

5 General upper secondary, secondary vocational-technical, secondary technical or other vocational education 2,495 1,054 1,441 2,428 1,027 1,401 97.31

6/1 Higher education programme (until 1994) and higher vocational education programme 832 350 482 867 376 491 104.21

6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic higher education programme (Bologna first-cycle programme)

982 349 633 1,047 367 680 106.62

7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna second-cycle programme)

1,210 499 711 1,283 527 756 106.03

8/1 Specialisation following academic degree and master of science study programme 209 100 109 178 90 88 85.17

8/2 Doctorate of science and doctorate of science (Bologna third-cycle programme) 12 10 2 15 9 6 125.00

Number of employees by business function

Sales employees 2,700 1,380 1,320 2,812 1,411 1,401 104.15

Employees on counter sales 299 40 259 331 48 283 110.70

Employees on telephone, internet sales 58 9 49 65 10 55 112.07

Internal agents 1,623 1,046 577 1,636 1,043 593 100.80

Other sales employees not indicated above 720 285 435 780 310 470 108.33

Other employees 3,358 1,182 2,176 3,305 1,173 2,132 98.42

Number of employees in terms of working time

Full working time 5,722 2,476 3,246 5,776 2,499 3,277 100.94

Part working time 336 86 250 341 85 256 101.49

Number of employees by type of employment contract

Permanent 5,559 2,350 3,209 5,584 2,353 3,231 100.45

Fixed-term 499 212 287 533 231 302 106.81

Employee turnover

Number of new employees 622 … … 599 … … 96.30

Number of employees who left the company 658 … … 536 … … 81.46

Gross employee turnover rate (in %) 21.03 … … 18.61 … … 88.50

Net employee turnover rate (in %) –0.59 … … 1.03 … … 374.66

Absenteeism

Total number of working hours of all employees 12,042,733 … … 12,186,644 … … 101.20

Overall share of absenteeism at company level (in %) 3.72 … … 4.35 … … 116.97

Share of absenteeism chargeable to company (in %) 2.11 … … 2.36 … … 111.75

Share of absenteeism chargeable to HIIS (in %) 1.61 … … 1.99 … … 123.84

Employees in 2014 and 2015 (31 December) – insurance1

1 Data of branches, established abroad by SIA members, are not included.Source: SIA

4.4% of total working hours were lost last year due to sickness and injuries. Primarily the number of long-term sick leaves, which are covered by the HIIS, was up. In contrast, the absenteeism rate has fallen over the last two years at reinsurance companies, despite an increase in absolute terms, and has been lower than at insurance companies for several years (the rate was 2.9% last year).


2014 2015 Growth indexTOTAL Men Women TOTAL Men Women

Number of employees 134 48 86 143 53 90 106.72

Average number of employees 125 … … 140 … … 111.94

Number of employees by level of formal education

1–3 Primary and lower 0 0 0 0 0 0 –

4 Secondary 9 2 7 8 2 6 88.89

5 General upper secondary, secondary vocational-technical, secondary technical or other vocational education 14 1 13 14 1 13 100.00

6/1 Higher education programme (until 1994) and higher vocational education programme 5 4 1 6 4 2 120.00

6/2 Specialisation following a short-cycle higher education programme and professional higher education, and professional higher education and academic higher education programme (Bologna first-cycle programme)

10 0 10 11 0 11 110.00

7 Specialisation following professional higher education programme and academic higher education programme and master’s degree (Bologna second-cycle programme)

69 28 41 76 32 44 110.14

8/1 Specialisation following academic degree and master of science study programme 25 12 13 26 13 13 104.00

8/2 Doctorate of science and doctorate of science (Bologna third-cycle programme) 2 1 1 2 1 1 100.00

Number of employees in terms of working time

Full working time 117 44 73 124 48 76 105.98

Part working time 17 4 13 19 5 14 111.76

Number of employees by type of employment contract

Permanent 129 46 83 139 51 88 107.75

Fixed-term 5 2 3 4 2 2 80.00

Employee turnover

Number of new employees 19 … … 10 … … 52.63

Number of employees who left the company 1 … … 1 … … 100.00

Gross employee turnover rate (in %) 16.01 … … 7.87 … … 49.14

Net employee turnover rate (in %) 14.41 … … 6.44 … … 44.67

Absenteeism

Total number of working hours of all employees 243,336 … … 262,598 … … 107.92

Overall share of absenteeism at company level (in %) 3.11 … … 2.89 … … 93.11

Share of absenteeism chargeable to company (in %) 1.77 … … 1.78 … … 100.83

Share of absenteeism chargeable to HIIS (in %) 1.34 … … 1.11 … … 82.92

Employees in 2014 and 2015 (31 December) – reinsurance

Source: SIA


The olm is fully adapted to life in the dark: its skin contains no protective pigment, it is very pale with a pinkish tint owing to the skin capillaries, and has atrophied eyes. It breathes through external gills, rudimentary lungs and its skin. It has a developed inner ear, which is both a balancing and auditory organ. It has two pairs of tiny legs that are set a long way apart, with three little digits on the front legs and two on the hind legs. It uses its fin-like tail to swim.


The economic crisis severely crippled the Slovenian economy in previous years, and thus contributed to the deteriorating results of the Slovenian insurance industry. The economic recovery, which was followed last year by increased domestic demand and private consumption in the context of a rise in purchasing power, also affected insurance sales. The Slovenian insurance market bottomed out in 2014 after several years of decline, and recorded positive growth in insurance premiums again in 2015. Favourable development can be seen primarily in life insurance, which is more dependent on the financial position of households due to its personal, long-term and frequently savings-oriented nature. Social pressures have a lesser effect on non-life insurance. Thus the contraction in such forms of insurance began later and was less severe, while the economic recovery likewise has less of an impact.

Insurance companies wrote EUR 1,975.4 m in premiums last year, which is comparable with the figure from penultimate year of the decline in premiums, i.e. 2013. Renewed growth was also recorded in the reinsurance segment, which at EUR 268.8 m in written premiums made even more progress, that figure being comparable with the level recorded in 2012. Despite occasional fluctuations, the proportion of the entire insurance industry accounted for by reinsurance has remained at a similar level, standing at 12% in 2015, the highest level of the last five years. Given the above-stated facts, the insurance industry represents an important economic sector, with SIA members generating 5.8% of GDP in 2015.

88.02 Insurance

11.98 Reinsurance

Proportion of insurance and reinsurance premiums in 2015 (in %)

Source: SIA

5.) Insurance and reinsurance activity in 2015


According to expectations, the rise in household purchasing power and improving corporate creditworthiness contributed to new decisions to purchase insurance products in 2015. The value of insurance premiums written thus rose for the first time after falling for several years, with that increase amounting to EUR 37.8 m or 2%. The nominal value of premiums written amounted to EUR 1,975.4 m. Both insurance groups recorded positive growth, in particular the life insurance market, which is more dependent on the economic situation and the financial position of households. Life insurance premiums rose by 5.3% to stand at EUR 565.9 bn.

General economic activity has less of an impact on non-life insurance. Last year’s increase helped to the fact that non-life insurance remained at the level recorded in 2014, at EUR 1,409.4 m, following two years of decline. Contributing to an increase of just 0.5% are relatively well-developed market and the existence of stiff competition, particularly in the motor vehicle insurance segment.

Higher growth in life insurance premiums contributed to the increased proportion of total premiums accounted for by that insurance group. That proportion rose to 28.7% following a four-year decline, while its highest level of 32.2% was recorded in 2007. An increase in the proportion accounted for by life insurance can be expected in the future, as well, in the context of positive economic growth. We can also expect other forms of personal insurance to develop, in particular new forms of health and pension insurance, on account of the increased awareness of households regarding the importance of such insurance for their financial security. Last year’s total written personal insurance premiums were up 3.8% to stand at EUR 1,143.7 m or 57.9% of the total insurance industry.

The ranking of premiums by insurance class was unchanged for the most part during the economic crisis, while the proportions accounted for by certain insurance classes, such as motor vehicle casco and health insurance, are rising. Health insurance has been the leading insurance class for several years, followed by classes unit-linked life insurance and life insurance.

The proportion of GDP accounted for by the insurance industry has failed to rise, despite its success. Economic growth of 3.3% meant that insurance premiums only accounted for 5.1% of GDP last year, the lowest figure since 2003. Increased household purchasing power fuelled by economic growth meant that a Slovenian citizen spent an average of EUR 957.6 on life and non-life insurance, an increase of 1.9% relative to the previous year. Insurance density thus returned to the level recorded in 2013, but continues to lag behind the highest level recorded to date, in 2010, by EUR 65.5.

The year 2015 was kind to insurance companies in terms of catastrophic loss events. Nevertheless, policyholders were paid claims for damages in the amount of EUR 1,350.9 m, or 1.9% more than a year earlier. Contributing most to that increase was a 7.6% rise in life insurance claims, while non-life insurance claims continue to decline. The overall claims ratio for the insurance sector was similar to that of the previous year, at 68.4%. The life insurance claims ratio was up 1.3 percentage points to stand at 72.7%, while the non-life insurance claims ratio fell 0.6 percentage points to stand at 66.7%. The personal insurance claims ratio also deteriorated, and reached its worst level of the last ten years at 75.7%.

5.1 Insurance activity


Year Premiums(in EUR)

Premiums growth index

Insurance penetration

(in %)

Benefits and claims paid

(in EUR)


growth indexTOTAL

2011 2,053,443,380 98.05 5.57 1,288,695,975 103.69

2012 2,054,063,483 100.03 5.71 1,388,341,046 107.73

2013 1,977,545,488 96.27 5.51 1,360,861,970 98.02

2014 1,937,555,622 97.98 5.19 1,326,061,109 97.44

2015 1,975,358,246 101.95 5.13 1,350,878,503 101.87

LIFE

2011 599,359,672 91.36 1.62 344,742,146 140.35

2012 596,964,885 99.60 1.66 433,482,055 125.74

2013 552,968,835 92.63 1.54 391,714,655 90.36

2014 535,361,119 96.82 1.44 382,139,601 97.56

2015 565,922,839 105.71 1.47 411,240,098 107.62

NON-LIFE

2011 1,454,083,708 101.10 3.94 943,953,829 94.66

2012 1,457,098,598 100.21 4.05 954,858,991 101.16

2013 1,424,576,653 97.77 3.97 969,147,315 101.50

2014 1,402,194,503 98.43 3.76 943,921,508 97.40

2015 1,409,435,407 100.52 3.66 939,638,405 99.55

Insurance premiums, benefits and claims paid

Source: SIA, SORS

20122011 2013 2014 2015

100

80

60

40

20

0

Breakdown of insurance premiums (in %)

Source: SIA

Non-life

Life

70.81 70.94 72.04 72.37 71.35

28.6527.6327.9629.0629.19

%


Insurance class PREMIUMS BENEFITS AND CLAIMS PAID Claims ratio

(in %)Amount(in EUR)

Share intotal

premiums(in %)

Growth index

Amount(in EUR)

Share in total benefits and claims paid

(in %)

Growth index

TOTAL 1,975,358,246 100 101.95 1,350,878,503 100 101.87 68.39

NON-LIFE INSURANCE 1,409,435,407 71.35 100.52 939,638,405 69.56 99.55 66.67

Accident insurance 94,703,491 4.79 100.44 33,491,792 2.48 100.23 35.36

Health insurance 483,036,576 24.45 102.41 421,350,896 31.19 104.56 87.23

Land motor vehicle insurance 221,441,714 11.21 97.64 163,490,096 12.10 99.66 73.83 Railway rolling stock insurance 2,972,819 0.15 126.11 2,483,724 0.18 93.08 83.55

Aircraft insurance 1,051,538 0.05 144.94 167,842 0.01 213.11 15.96

Ship insurance 1,103,812 0.06 95.90 1,208,407 0.09 62.29 109.48

Goods in transit insurance 7,675,020 0.39 101.37 1,625,741 0.12 55.87 21.18

Fire and natural forces insurance 115,825,867 5.86 101.60 52,359,523 3.88 84.66 45.21 Other damage to property insurance 118,879,834 6.02 100.57 59,427,501 4.40 78.61 49.99

Motor vehicle liability insurance 220,505,334 11.16 97.63 136,709,337 10.12 102.06 62.00 Aircraft liability insurance 1,334,144 0.07 104.19 972,588 0.07 144.93 72.90 Liability for ship insurance 1,169,487 0.06 99.61 79,767 0.01 27.43 6.82 General liability insurance 61,556,810 3.12 100.08 22,646,282 1.68 95.34 36.79

Credit insurance 43,735,163 2.21 103.75 25,183,049 1.86 105.95 57.58

Suretyship insurance 1,952,377 0.10 115.19 384,814 0.03 64.20 19.71

Miscellaneous financial loss insurance 5,553,553 0.28 85.08 3,824,869 0.28 111.21 68.87 Legal expenses insurance 3,775,044 0.19 107.80 539,099 0.04 116.26 14.28

Assistance insurance 23,162,824 1.17 106.70 13,693,078 1.01 119.18 59.12

LIFE INSURANCE 565,922,839 28.65 105.71 411,240,098 30.44 107.62 72.67

Life assurance 257,539,681 13.04 98.66 211,021,759 15.62 101.75 81.94

Marriage assurance, birth assurance 310,250 0.02 88.15 734,629 0.05 89.51 236.79 Unit-linked life insurance 286,800,560 14.52 111.39 189,635,713 14.04 116.07 66.12 Tontine 0 0.00 – 0 0.00 – –

Capital redemption insurance 21,272,348 1.08 129.02 9,847,997 0.73 93.37 46.29

Insurance of income loss due to accident or illness 0 0.00 – 0 0.00 – –

Pension insurance under ZPIZ-11 77,236,658 3.91 125.51 54,063,452 4.00 125.90 70.00 Copayment health insurance2 472,353,045 23.91 102.06 417,944,415 30.94 104.23 88.48 Supplementary insurance3 53,881,755 2.73 101.66 18,632,861 1.38 99.49 34.58

Insurance premiums, benefits and claims paid by insurance class in 2015

1 Included in life insurance group.2 Included in health insurance class.3 Included in life insurance class.Source: SIA


Source: SIA

Premiums


Aircraft

Ship

Liability for ship

Aircraft liability

Suretyship

Railway rolling stock

Legal expenses

Miscellaneous financial loss

Goods in transit

Assistance

Credit

General liability

Accident

Fire and natural forces

Other damage to property

Motor vehicle liability

Land motor vehicle

Health

Life

Insurance premiums, benefits and claims paid by insurance class in 2015 (in EUR m)

0 100 200 300 400 500 600 EUR m





(in EUR)


growth index

Claims ratio(in %)

2011 1,131,489,734 96.49 757,868,132 116.37 66.98

2012 1,166,897,360 103.13 869,049,728 114.67 74.48

2013 1,131,137,028 96.94 841,520,931 96.83 74.40

2014 1,101,326,482 97.36 818,547,674 97.27 74.32

2015 1,143,662,906 103.84 866,082,786 105.81 75.73

Year NET PREMIUMS NET BENEFITS AND CLAIMS PAID


2011 1,842,043,700 588,572,004 1,253,471,696 1,189,869,357 340,142,270 849,727,087

2012 1,810,661,375 583,715,974 1,226,945,401 1,295,643,731 428,053,472 867,590,259

2013 1,753,436,032 539,962,741 1,213,473,291 1,252,763,252 385,270,485 867,492,767

2014 1,719,689,953 520,898,695 1,198,791,258 1,232,614,773 375,385,924 857,228,849

2015 1,784,003,886 549,940,099 1,234,063,787 1,256,271,342 403,715,399 852,555,943

Year Population1 INSURANCE DENSITY (in EUR) INSURANCE DENSITY GROWTH INDEX


2004 1,996,433 728.18 214.43 513.75 116.74 143.72 108.26

2005 1,997,590 775.52 232.70 542.82 106.50 108.52 105.66

2006 2,003,358 861.21 269.87 591.33 111.05 115.98 108.94

2007 2,010,377 942.10 303.06 639.04 109.39 112.30 108.07

2008 2,025,866 996.59 317.22 679.37 105.78 104.67 106.31

2009 2,032,362 1,019.96 310.03 709.93 102.34 97.73 104.50

2010 2,046,976 1,023.14 320.48 702.66 100.31 103.37 98.98

2011 2,050,189 1,001.59 292.34 709.24 97.89 91.22 100.94

2012 2,055,496 999.30 290.42 708.88 99.77 99.34 99.95

2013 2,058,821 960.52 268.59 691.94 96.12 92.48 97.61

2014 2,061,085 940.07 259.75 680.32 97.87 96.71 98.32

2015 2,062,874 957.58 274.34 683.24 101.86 105.62 100.43

Personal Insurance1

Net insurance premiums, benefits and claims paid (in EUR)

Insurance density

1 Life, health and accident insurance included.Source: SIA

Source: SIA

1 As at 1 January.Source: SIA, SORS


5.1.1 Types of insurance by class

Presented below are the insurance classes and types set out in the Regulation on the submission of insurance statistical data (Official Gazette of the Republic of Slovenia, Nos. 125/2006, 118/2007, 120/2008, 8/2009, 37/2009, 104/2009, 4/2010 and 62/2013).


Types of insurance by class and by SIA members in 2015

Insurance types by class

Adria

tic S

love

nica

, Zav

arov

alna

dru

žba d

. d.

Allia

nz In

sura

nce C

ompa

ny, B

ranc

h O

ffice

Lju

blja

na

ARAG

SE

– Za

varo

valn

ica p

ravn

e zaš

čite b

ranc

h in

Slo

veni

a

ERG

O za

varo

valn

ica, p

odru

žnica

v Sl

oven

iji

ERG

O Ž

ivlje

njsk

a zav

arov

alni

ca d

. d.

GEN

ERAL

I zav

arov

alni

ca, d

. d.

GR

AWE

Zava

rova

lnica

, d. d

.

Mer

kur z

avar

oval

nica

, d. d

.

Mod

ra za

varo

valn

ica, d

. d.

NLB

Vita

življ

enjsk

a zav

arov

alni

ca d

. d.

SID

– F

irst C

redi

t Ins

uran

ce C

ompa

ny In

c.

Sklad

obr

tnik

ov in

pod

jetni

kov

Trig

lav, H

ealth

insu

ranc

e com

pany

, Ltd

Vzaje

mna

Mut

ual H

ealth

Insu

ranc

e Com

pany

, d. v

. z.

Wien

er S

tädt

ische

zava

rova

lnica

, Bra

nch

Offi

ce L

jubl

jana

Zava

rova

lnica

Mar

ibor

, d. d

.

Zava

rova

lnica

Tili

a, d.

d.

Zava

rova

lnica

Trig

lav, d

. d.

ACCIDENT INSURANCE (INCLUDING INDUSTRIAL INJURY AND OCCUPATIONAL DISEASES)

Personal accident insurance against accidents at and outside regular work • • • • • • • • • • • • •Personal accident insurance against risks to passengers in motor vehicles and in performing special activities • • • • • •

Children and schoolchildren accident insurance and other accident insurance of the youth • • • • • •Guests, visitors and tourist group accident insurance • • • •Consumer and customer group accident insurance • • • •Other special accident insurance • • • • •Compulsory accident insurance of passengers in public transport • • • •Car owner and driver accident insurance • • • • • • • •All other accident insurance • • •HEALTH INSURANCE

Copayment health insurance • • •Substitutional health insurance •Supplementary health insurance on travel outside of Slovenia • •Other supplementary and parallel health insurance • • • • •All other health insurance • •LAND MOTOR VEHICLE INSURANCE

Self-propelled land motor vehicle casco, other then railway rolling stock • • • • • • • •Other land vehicle casco (non-self-propelled land vehicle) •All other insurance of land motor vehicle •RAILWAY ROLLING STOCK INSURANCE

Railway rolling stock casco • •All other railway rolling stock insurance

AIRCRAFT INSURANCE

Aircraft casco • • • • •All other aircraft insurance

SHIP INSURANCE

Sea vessels casco • • • • •Lake and river vessels casco •All other ship insurance •GOODS IN TRANSIT INSURANCE

Goods insurance in international transport • • • • •Goods insurance in domestic transport • • • • • • •All other cargo insurance • •FIRE AND NATURAL FORCES INSURANCE

Fire and certain other risks insurance outside industry and craft • • • • • • • • • •Fire and certain other risks insurance in industry and craft • • • • • • • • •Electricity supply enterprises' property fire insurance • • • •All other fire insurance • • • •Nuclear risks insurance



Adria

tic S

love

nica

, Zav

arov

alna

dru

žba d

. d.

Allia

nz In

sura

nce C

ompa

ny, B

ranc

h O

ffice

Lju

blja

na

ARAG

SE

– Za

varo

valn

ica p

ravn

e zaš

čite b

ranc

h in

Slo

veni

a

ERG

O za

varo

valn

ica, p

odru

žnica

v Sl

oven

iji

ERG

O Ž

ivlje

njsk

a zav

arov

alni

ca d

. d.

GEN

ERAL

I zav

arov

alni

ca, d

. d.

GR

AWE

Zava

rova

lnica

, d. d

.

Mer

kur z

avar

oval

nica

, d. d

.

Mod

ra za

varo

valn

ica, d

. d.

NLB

Vita

življ

enjsk

a zav

arov

alni

ca d

. d.

SID

– F

irst C

redi

t Ins

uran

ce C

ompa

ny In

c.

Sklad

obr

tnik

ov in

pod

jetni

kov

Trig

lav, H

ealth

insu

ranc

e com

pany

, Ltd

Vzaje

mna

Mut

ual H

ealth

Insu

ranc

e Com

pany

, d. v

. z.

Wien

er S

tädt

ische

zava

rova

lnica

, Bra

nch

Offi

ce L

jubl

jana

Zava

rova

lnica

Mar

ibor

, d. d

.

Zava

rova

lnica

Tili

a, d.

d.

Zava

rova

lnica

Trig

lav, d

. d.

OTHER DAMAGE TO PROPERTY INSURANCE

Machinery breakdown insurance • • • • • • • • •Machinery breakdown insurance for electricity supply enterprises' equipment • • • • •Civil construction projects insurance • • • • • • •Civil installation projects insurance • • • • • • •Film production insurance • •Computer insurance • • • • • • • • •Food-in-freezer insurance • • • • • • •Household insurance • • • • • • • • •Ore and coal mines insurance •Telecom and post office risks insurance •Burglary and theft insurance • • • • • • • •Glass insurance • • • • • • • •Crops and fruit insurance • • •Livestock insurance • • • •Home assistance insurance • • • •Equipment leasing insurance • • • • •Combined property insurance • • • • • •Insurance of goods against mechanical damages • • • •Satellite and cable television distribution and reception equipment insurance •Travel insurance • •All other property insurance • • • • • • • •MOTOR VEHICLE LIABILITY INSURANCE

Road motor vehicle liability insurance for damage to third parties (MTPL) • • • • • • • •Carrier liability-for-freight insurance in land transport • • • •Railway third party liability insurance • • •All other land motor vehicle liability insurance • • •AIRCRAFT LIABILITY INSURANCE

Aircraft owners' liability insurance for damage to third parties • • • • •Carrier liability-for-freight insurance in air transport •All other aircraft liability insurance

LIABILITY FOR SHIP INSURANCE

Maritime transport liability insurance • • • • •Inland waterways transport liability insurance •Ship-repairer liability insurance •Marina liability insurance • •Carrier liability-for-freight insurance in maritime and inland waterways transport

All other liability for ship insurance

GENERAL LIABILITY INSURANCE

General liability insurance • • • • • • • • •Manufacturer liability-for-product insurance • • • • • • •



Adria

tic S

love

nica

, Zav

arov

alna

dru

žba d

. d.

Allia

nz In

sura

nce C

ompa

ny, B

ranc

h O

ffice

Lju

blja

na

ARAG

SE

– Za

varo

valn

ica p

ravn

e zaš

čite b

ranc

h in

Slo

veni

a

ERG

O za

varo

valn

ica, p

odru

žnica

v Sl

oven

iji

ERG

O Ž

ivlje

njsk

a zav

arov

alni

ca d

. d.

GEN

ERAL

I zav

arov

alni

ca, d

. d.

GR

AWE

Zava

rova

lnica

, d. d

.

Mer

kur z

avar

oval

nica

, d. d

.

Mod

ra za

varo

valn

ica, d

. d.

NLB

Vita

življ

enjsk

a zav

arov

alni

ca d

. d.

SID

– F

irst C

redi

t Ins

uran

ce C

ompa

ny In

c.

Sklad

obr

tnik

ov in

pod

jetni

kov

Trig

lav, H

ealth

insu

ranc

e com

pany

, Ltd

Vzaje

mna

Mut

ual H

ealth

Insu

ranc

e Com

pany

, d. v

. z.

Wien

er S

tädt

ische

zava

rova

lnica

, Bra

nch

Offi

ce L

jubl

jana

Zava

rova

lnica

Mar

ibor

, d. d

.

Zava

rova

lnica

Tili

a, d.

d.

Zava

rova

lnica

Trig

lav, d

. d.

Building contractor contractual liability insurance • • • •Installation contractor contractual liability insurance • •Manufacturer, dealer and contractor guarantee insurance • • •Forwarding agent liability in international transport • • •Forwarding agent liability in domestic transport •Management board and supervisory board liability insurance • • • • • •Real estate agent liability insurance • • • •Film producer liability insurance • •Compulsory professional liability insurance for accounting and audit companies • • • •Designer compulsory liability insurance • • • • • •Advocate compulsory liability insurance • • • •Physician compulsory liability insurance • • • • •Notary compulsory liability insurance • • • •Medical products and devices manufacturers' compulsory liability insurance •Insurance brokerage companies compulsory liability insurance • • • • •Judicial enforcement officers compulsory liability insurance • •Verifiers of qualified certificates of electronic signature compulsory liability insurance

Alpine guides compulsory liability insurance

Geodesic companies compulsory liability insurance • • •Certifying authorities for compliance of construction products verifications compulsory liability insuranceFiring range managers compulsory liability insurance

Guards liability insurance • • •All other general liability insurance • • • • • • •CREDIT INSURANCE

International trade credit insurance • •Domestic trade credit insurance • •Consumers credit insurance • • • •Housing credit insurance • • • •Loan insurance (sole traders) • • •Loan insurance (legal entities) • •Overdraft insurance (sole traders) • •Overdraft insurance (personal accounts) • •Lease agreement insurance •Insurance of receivables from credit/debit cards • •All other credit insurance • •SURETYSHIP INSURANCE

Customs debt insurance • • • •Tour operators' insolvency insurance • • • •Tender guarantee insurance • • • •Performance insurance • • • •Advance repayment insurance • •



Adria

tic S

love

nica

, Zav

arov

alna

dru

žba d

. d.

Allia

nz In

sura

nce C

ompa

ny, B

ranc

h O

ffice

Lju

blja

na

ARAG

SE

– Za

varo

valn

ica p

ravn

e zaš

čite b

ranc

h in

Slo

veni

a

ERG

O za

varo

valn

ica, p

odru

žnica

v Sl

oven

iji

ERG

O Ž

ivlje

njsk

a zav

arov

alni

ca d

. d.

GEN

ERAL

I zav

arov

alni

ca, d

. d.

GR

AWE

Zava

rova

lnica

, d. d

.

Mer

kur z

avar

oval

nica

, d. d

.

Mod

ra za

varo

valn

ica, d

. d.

NLB

Vita

življ

enjsk

a zav

arov

alni

ca d

. d.

SID

– F

irst C

redi

t Ins

uran

ce C

ompa

ny In

c.

Sklad

obr

tnik

ov in

pod

jetni

kov

Trig

lav, H

ealth

insu

ranc

e com

pany

, Ltd

Vzaje

mna

Mut

ual H

ealth

Insu

ranc

e Com

pany

, d. v

. z.

Wien

er S

tädt

ische

zava

rova

lnica

, Bra

nch

Offi

ce L

jubl

jana

Zava

rova

lnica

Mar

ibor

, d. d

.

Zava

rova

lnica

Tili

a, d.

d.

Zava

rova

lnica

Trig

lav, d

. d.

Repair in warranty period insurance • • • •Guarantee for credit cards insurance • • • •Carnet insurance • • •All other suretyship insurance • • •MISCELLANEOUS FINANCIAL LOSS INSURANCE

Business continuity insurance – fire • • • • • • • • •Business continuity insurance – machinery breakdown • • • • • • •Show and event insurance • • • •Insurance against purchasing counterfeit currency • • •Insurance against risk of cancellation of tourist trips • • • • •Business continuity insurance – services • •All other business continuity insurance • • • • • •LEGAL EXPENSES INSURANCE

Legal expenses and costs of litigation insurance • • • • • •All other legal expenses insurance

ASSISTANCE INSURANCE

Car assistance insurance • • • • • • •Medical assistance insurance • • • •All other assistance insurance • • • • •LIFE ASSURANCE

Death insurance • • • • • • • • • • •Endowment insurance • • • • •Mixed insurance • • • • • • • • •Annuity insurance (other than payments under pension schemes referred to ZPIZ-1) • • • • • • • • •Annuity insurance (payments under pension schemes referred to ZPIZ-1) • • • •Insurance with premium refund

All other life insurance • • • •Additional insurance • • • • • • • • •MARRIAGE ASSURANCE, BIRTH ASSURANCE

Marriage assurance • •Birth assurance

UNIT-LINKED LIFE INSURANCE

Life assurance linked to units of investment funds with guarantee • • • • • • • • • •Life assurance linked to units of investment funds without guarantee • • • • • • • • • •Life assurance linked to the unit of internal fund with guarantee • •Life assurance linked to the unit of internal fund without guarantee • • •TONTINE

CAPITAL REDEMPTION INSURANCE

Voluntary supplementary pension insurance in accordance with the ZPIZ-1 • •All other capital redemption insurance •INSURANCE OF INCOME LOSS DUE TO ACCIDENT OR ILLNESS

Source: SIA


20122011 2013 2014 2015

5.1.2 Life insurance

Information is more accessible today than it was twenty years ago. The average wage is higher, as is the proportion of the population with highest level of education, while awareness about the importance of personal financial security, now and in the future, has also increased. All of the aforementioned facts have contributed to the recent increased attractiveness of life insurance. Life insurance, including VSPI, represents the fastest growing and developing group of insurance, except during the economic crisis when it experienced the first and most significant contraction in the insurance portfolio due to increased social pressures. In the context of a recovery in private consumption, insurance companies once again wrote more life insurance premiums in 2015 than in the previous year. Those premiums totalled EUR 565.9 m and were driven by growth of EUR 30.5 m or 5.3%. The national economic importance of the aforementioned premiums thus increased, as they accounted for 1.5% of GDP last year, which is still 0.2 percentage points lower than ten years ago. an An average of EUR 274.3 per capita was spent on this type of insurance or EUR 14.5 more than in 2014. The importance of this insurance for consumers can also be seen in the increased proportion of total premiums accounted for by life insurance premiums (28.7%).

Primarily unit-linked insurance and capital redemption insurance contributed to the positive results generated

by life insurance. Following several years of decline in premiums from unit-linked insurance, which was the most popular class of life insurance between 2006 and 2013, interest in the aforementioned insurance class increased again in 2015. Unit-linked insurance premiums rose by 12% and once again account for the highest proportion of life insurance group, at 50.7%. In contrast, premiums from life insurance class (endowment insurance, insurance in the event of death, mixed life insurance, annuity insurance, life insurance with the repayment of premiums) were down by 3.3% following several years of growth and thus lost their first position in the group.

Growth in premiums in 2015 was accompanied by a 7.6% increase in benefits. Insurance companies paid out EUR 411.2 m in benefits to policyholders, the majority from classes life insurance and unit-linked insurance. Other benefits were down. The claims ratio for life insurance group deteriorated by 1.3 percentage points to 72.7%, where the claims ratio for marriage and birth assurance has stood out since 2010 and reached 236.8% last year. It should be borne in mind that life insurance benefits are usually paid in the amount of the agreed sum insured (with all of its customizations and attributable profit) and from events, which are generally unique and when they occure insurance contract expires (e.g. death, endowment, marriage).

EUR m

700

600

500

400

300

200

100

0

Life premiums and benefits paid (in EUR m)

Source: SIA

Premiums

Benefits paid


Insurance class, insurance type INSURANCE CONTRACTS BENEFITS

Number of policies

Number ofinsureds

Premiums(in EUR)

Number of benefits

Benefits paid(in EUR)

TOTAL 139,288 235,650 565,922,839 311,498 411,240,098

Life assurance2 91,121 185,822 265,513,076 251,187 211,151,988

Death insurance 52,818 145,295 39,556,615 6,888 13,739,451

Endowment insurance 3,459 3,459 4,284,077 1,663 1,958,544

Mixed insurance 24,923 27,156 133,153,244 36,367 143,005,051

Annuity insurance (other than payments under pension schemes referred to ZPIZ-1) 2,183 2,183 13,856,254 109,146 13,885,557 Annuity insurance (payments under pension schemes referred to ZPIZ-1) 2,690 2,681 25,735,649 61,763 12,282,488 Insurance with premium refund 0 0 0 0 0

All other life insurance 5,048 5,048 2,168,920 9,178 9,798,683

Additional insurance2 55,938 80,377 46,758,317 26,182 16,482,214

Marriage assurance, birth assurance 0 0 310,250 128 734,629

Marriage assurance 0 0 310,250 128 734,629

Birth assurance 0 0 0 0 0

Unit-linked life insurance 43,099 43,813 278,827,165 57,425 189,505,484

Life assurance linked to units of investment funds with guarantee 6,516 6,462 32,501,559 6,765 13,100,158 Life assurance linked to units of investment funds without guarantee 26,995 27,717 171,209,170 49,045 133,173,797 Life assurance linked to the unit of internal fund with guarantee 4,675 4,675 58,010,891 181 40,574,083 Life assurance linked to the unit of internal fund without guarantee 4,913 4,959 17,105,545 1,434 2,657,446 Tontine 0 0 0 0 0

Capital redemption insurance 5,068 6,015 21,272,348 2,758 9,847,997

Voluntary supplementary pension insurance in accordance with the ZPIZ-1 1,370 2,317 19,225,767 2,677 9,776,150 All other capital redemption insurance 3,698 3,698 2,046,581 81 71,847

Insurance of income loss due to accident or illness 0 0 0 0 0

Life insurance in 20151

1 Premiums and benefits paid of each insurance class are different from those on page 58, but total amounts match, because of the differences between actuarial and accounting records of one of the SIA members.2 Number of policies and number of insured of additional insurance are not included in life assurance class.Source: SIA

45.51 Life assurance

3.76 Capital redemption

50.68 Unit-linked

0.05 Marriage, birth assurance

Breakdown of life premiums in 2015 (in %)

Source: SIA


5.1.2.1 Pension insurance

The life expectancy of the Slovenian population and the average age are rising. At the same time, the active working life of the population is lengthening, while there are 20% more pensioners than a decade ago. The number of centenarians has doubled to 236 since 2005, while twenty years ago there were only 2919. Long-term projections indicate that the existing pension insurance fund is only sustainable until 2023. Problems associated with the ageing population and the resulting financial pressure on the compulsory pension system have been addressed in part by the White Paper on Pensions issued in April 2016 by the MLFSAEO20. The aforementioned paper lays out possible measures to ensure the sustainability of the pension system and an appropriate level of income during old age.

In accordance with the ZZvar-1 and ZPIZ-2, insurance companies market voluntary pension and annuity insurance, which provide life-long payments, and voluntary supplementary pension insurance, which is also provided by specialised pension companies and banks. The data below have been obtained directly from all providers, including those that were not members of the SIA in 2015: PRVA personal insurance company Plc, Moja naložba pokojninska družba, d. d., Pokojninska družba A, d. d., Skupna pokojninska družba, d. d., Abanka Vipa, d. d. and Banka Koper, d. d. (with the exception of Kapitalska družba pokojninskega in invalidskega zavarovanja, d. d., which provides compulsory supplementary pension insurance).

The recession had a significant impact on pension insurance in recent years, while increased economic activity has led to the easing of conditions in this area. The number of participants in second-pillar pensions funds (supplementary pension insurance) was up by more than 1% in 2015. The total amount of paid-in premiums rose by 5% to stand at EUR 156.4 m, while that growth was even more evident at SIA members. The average amount that individuals spend on premiums thus rose by EUR 16 to stand at EUR 436.3 annually or EUR 36.4 per month. Collective insurance, of which SIA members hold a 44.2% market share, remains prevalent. The recovering financial stability of households is also reflected in the continued decline in the number and value of redemptions. Given that the three-pillar pension system has existed now for several years, the number of persons who receive a supplementary pension rises every year. Those persons begin receiving a pension at the average age of 61 years.

The volume of third-pillar pension and annuity insurance according to the ZZavar is significantly lower than second-pillar. The number of policyholders was up by 2.9% in 2015, paid-in premiums were down by 3.9% and annuities were up by 3.6% on the previous year. There is a notable difference in the age at which persons begin to receive annuities: that age is higher for annuities from supplementary pension insurance (61 years) than from third-pillar insurance (56 years).

19 SORS, SI-STAT Data Portal, Demography and social statistics, Number of Population, Slovenia and cohesion regions, http://pxweb.stat.si/pxweb/Database/Dem_soc/05_prebivalstvo/10_stevilo_preb/05_05C10_prebivalstvo_kohez/05_05C10_prebivalstvo_kohez.asp, 15. 6. 2016.

20 Key findings of the White Paper on Pensions, MLFSAEO, http://www.mddsz.gov.si/fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_Bele_knjige_o_pokojninah_130416.pdf, 16. 5. 2016.


Collective Individual TOTAL Of which SIA members

GROWTH INDEX

TOTAL SIA members

Number of members (all) 472,714 26,110 498,824 287,651 101.77 104.31

Number of members paying 340,365 18,003 358,368 229,871 101.11 104.68

Premiums (in EUR) 145,267,080 11,094,407 156,361,487 69,086,485 104.98 112.56

Mathematical provision or net fund value (in EUR) 1,851,632,277 109,274,571 1,960,906,849 1,115,388,313 103.93 104.35Number of surrenders 20,453 1,215 21,668 7,030 73.00 79.97

Number of ordinary terminations 4,398 278 4,676 2,379 97.32 112.91

Number of extraordinary terminations 8,617 779 9,396 4,002 71.23 84.82

Number of payouts according to ZPIZ-1 7,438 158 7,596 649 65.01 33.01

Surrenders (in EUR) 94,530,071 5,669,945 100,200,016 38,258,499 75.54 87.97

Ordinary termination (in EUR) 28,437,741 1,835,608 30,273,349 15,828,477 103.96 115.93

Extraordinary termination (in EUR) 31,718,419 3,198,666 34,917,085 17,674,422 77.08 94.54

Payouts according to ZPIZ-1 (in EUR) 34,373,910 635,671 35,009,581 4,755,600 60.12 42.68

Men Women TOTAL Of which SIA members

GROWTH INDEX

TOTAL SIA members

Number of insureds 9,845 7,279 17,124 10,841 139.50 147.60

Average age of insured at the beginning of annuity payments 62 59 61 61 99.81 99.77

Premiums (in EUR) … … 39,425,342 28,824,517 117.23 120.23

Mathematical provision (in EUR) … … 97,606,834 71,185,979 130.27 132.85Payouts (in EUR) … … 18,112,727 12,259,062 119.29 117.62

Men Women TOTAL Of which SIA members

GROWTH INDEX

TOTAL SIA members

Number of insureds 5,520 5,934 11,454 11,454 102.91 102.91

Average age of insured at the beginning of annuity payments 57 55 56 56 106.14 106.14

Premiums (in EUR) … … 5,556,674 5,556,674 96.07 96.07

Mathematical provision (in EUR) … … 142,559,191 142,559,191 101.68 101.68Payouts (in EUR) … … 7,931,939 7,931,939 103.60 103.60

Voluntary supplementary pension insurance in 20151

Voluntary supplementary pension insurance – payouts in 20151

Pension and annuity insurance according to the Insurance Act (ZZavar) providing life annuity payouts in 20151

1 The data on supplementary pension insurance of civil servants is also taken into consideration.Source: SIA

1 Branches dealing in these forms of insurance are unable to obtain the data.Source: SIA

1 Long-term business fund for payments.Source: SIA


5.1.3 Non-life insurance

Non-life insurance accounts for 71.4% of the Slovenian insurance market. Given the basic security it provides in the present, non-life insurance is affected less by economic trends. Its development is therefore more stable than life insurance, although a minor decline was recorded during the recent recession. Two other factors are also important in this respect: the non-life insurance market is more developed and is highly competitive, particularly in the motor vehicle insurance segment.

SIA members generated non-life insurance premiums of EUR 1,409.4 m in 2015, an increase of 0.5% on the previous year. The proportion of the insurance portfolio accounted for by non-life insurance premiums was down in the context of a notable rise in life insurance premiums. The national economic importance of non-life insurance has fallen in part due to significant growth in GDP, and accounted for 3.7% of economic activity in Slovenia. An average of EUR 683.2 per capita was spent on this type of insurance in 2015 or 0.4% more than the previous year.

Positive growth was recorded by thirteen insurance classes in the non-life insurance group, an increase of five on the previous year. The most notable growth of 44.9% was recorded in aircraft insurance premiums, while growth in railway rolling stock insurance premiums was slightly lower. By motor vehicle insurance casco insurance premiums continue to rise, while the liability insurance premiums are in decline, but their nominal values are practically the same. Health insurance continues to rank first place, accounting for one third of non-life insurance premiums written. Growth of 2.4% was recorded last year, but that figure is not realistic. There was no change in copayment health insurance in 2015, the aforementioned insurance accounting for by far the highest proportion of the health insurance segment. Growth was the result of the partial repayment of premiums by Vzajemna zdravstvena zavarovalnica, d. v. z. in December 2014 in the form of a reduction in December premiums. December premiums were

thus higher in 2015 than the previous year, which was reflected in the cumulative growth of this insurance class in 2015.

The number of policies underwritten in certain smaller insurance classes, such as assistance insurance, the insurance of miscellaneous financial losses and general liability insurance, is rising slowly. Particularly notable growth was recorded over the last year in the number of credit insurance policies. Average premiums are declining in the context of a disproportionate increase in the premium income of a specific insurance class. Contributing further to this is the competition on the market, which is particularly evident in motor vehicle insurance where the average premium has been in decline for the last decade. Railway rolling stock insurance recorded the highest average premium in 2015, at EUR 165,157. A small number of insurance policies and the high value of insured items are characteristic of this insurance class.

There were no catastrophic natural disasters in Slovenia in 2015, while the several major industrial fires that occurred did not contribute significantly to the total value of claims paid. Insurance companies paid non-life insurance policyholders a total of EUR 939.6 m, which represents 69.6% of total claims paid or a decrease of 0.4% relative to the previous year. The claims ratio thus improved slightly.

Claims paid were up in nine insurance classes last year. The most significant increase, expressed in percentages, was recorded in aircraft insurance (113.1%). Significant increase, as the result of certain major insurance claims that have been in the process of settlement for some time, was also notable in claims in aircraft liability insurance, where the highest average claim in the non-life insurance class (EUR 162,098) was recorded. Declining accident insurance claims over the last several years has proven even more favourable for insurance companies. At 72.6%, liability for ship insurance accounted for the highest decline of claims paid in 2015. The aforementioned class is the smallest


in the non-life insurance segment, and also records the best claims ratio (6.8%) and claims frequency (0.2%). Ship insurance recorded the worst ratio of premiums to claims paid (109.5%). Standing out among major insurance classes is the increase in the payment of claims for copayment health insurance, as the result of a decision by the MH, which implemented an unplanned increase in the prices of healthcare services.

The non-life insurance group also includes the majority of compulsory insurance, where liability

insurance is prevalent. The insurance types presented only include those that insurance companies must disclose in accordance with regulations and for which they recorded written premiums or claims last year. At 96.8% of turnover, compulsory insurance in traffic is the most important, while the scope of other compulsory insurance types is very minor. Total premiums of EUR 222.7 m were written last year, a decrease of 2.4% on the previous year. Total claims were up by 2.5%, resulting in a deterioration in the claims ratio by 2.9 percentage points.

20122011 2013 2014 2015

EUR m

1,600

1,400

1,200

1,000

800

600

400

200

0

Non-life insurance premiums and claims paid (in EUR m)

Source: SIA

Premiums

Claims paid


Insurance class INSURANCE CONTRACTS CLAIMS

Number of contracts1

Premiums(in EUR)

Share in NLI

premiums(in %)

Number ofclaims

Claims paid(in EUR)

Share in NLI

claims paid (in %)

TOTAL 10,713,684 1,409,435,407 100 22,597,056 939,638,405 100

Accident insurance 2,416,678 94,703,491 6.72 48,674 33,491,792 3.56

Health insurance 1,662,489 483,036,576 34.27 21,993,695 421,350,896 44.84

Land motor vehicle insurance 1,221,794 221,441,714 15.71 253,445 163,490,096 17.40

Railway rolling stock insurance 18 2,972,819 0.21 166 2,483,724 0.26

Aircraft insurance 224 1,051,538 0.07 8 167,842 0.02

Ship insurance 3,531 1,103,812 0.08 323 1,208,407 0.13

Goods in transit insurance 19,429 7,675,020 0.54 5,406 1,625,741 0.17

Fire and natural forces insurance 701,388 115,825,867 8.22 38,086 52,359,523 5.57

Other damage to property insurance 1,069,030 118,879,834 8.43 100,771 59,427,501 6.32

Motor vehicle liability insurance 1,743,372 220,505,334 15.64 56,957 136,709,337 14.55Aircraft liability insurance 824 1,334,144 0.09 6 972,588 0.10Liability for ship insurance 10,540 1,169,487 0.08 25 79,767 0.01

General liability insurance 372,987 61,556,810 4.37 10,140 22,646,282 2.41

Credit insurance 105,426 43,735,163 3.10 5,984 25,183,049 2.68

Suretyship insurance 3,146 1,952,377 0.14 198 384,814 0.04

Miscellaneous financial loss insurance 51,600 5,553,553 0.39 1,816 3,824,869 0.41

Legal expenses insurance 327,912 3,775,044 0.27 3,233 539,099 0.06

Assistance insurance 1,003,296 23,162,824 1.64 78,123 13,693,078 1.46

Non-life insurance in 2015

1 Accident and health insurance include number of policies.Source: SIA





4.37 General liability3.10 Credit3.53 Other

6.72 Accident

34.27 Health

Breakdown of non-life premiums in 2015 (in %)

Source: SIA


Insurance type PREMIUMS Claims paid (in EUR)

Claimsratio

(in %)

Claim frequency2


Growth index

TOTAL 222,748,318 97.61 136,560,197 61.31 3.38

Advocate compulsory liability insurance 1,442,459 96.76 368,568 25.55 18.28

Aircraft owners' liability insurance for damage to third parties 1,024,365 93.89 972,588 94.95 0.73

Compulsory accident insurance of passengers in public transport 416,173 98.81 900 0.22 0.12 Compulsory professional liability insurance for accounting and audit companies 322,485 103.03 47,959 14.87 1.95

Designer compulsory liability insurance 934,068 97.15 260,992 27.94 1.31

Geodesic companies compulsory liability insurance 35,743 95.82 1,500 4.20 0.77

Insurance brokerage companies compulsory liability insurance 375,298 82.64 84,722 22.57 3.47

Judicial enforcement officers compulsory liability insurance 9,788 94.38 0 0.00 -

Maritime transport liability insurance 1,081,339 99.82 52,886 4.89 0.20

Medical products and devices manufacturers' compulsory liability insurance 22,275 49.86 0 0.00 -Notary compulsory liability insurance 112,910 100.62 8 0.01 1.25

Physician compulsory liability insurance 1,292,800 93.01 495,353 38.32 9.09 Road motor vehicle liability insurance for damage to third parties (MTPL) 215,678,615 97.69 134,274,721 62.26 3.41

Compulsory insurance in 20151

1 Included are only types of compulsory insurance for which premiums were written or claims were paid.2 Calculation of claim frequency by accident insurance is made with number of policies.Source: SIA


5.1.3.1 Accident insurance

Insurance type INSURANCE CONTRACTS CLAIMS

Number of policies

Number of insureds

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 2,416,678 12,089,901 94,703,491 48,674 33,491,792

Personal accident insurance against accidents at and outside regular work 439,996 1,301,328 49,594,064 32,863 21,646,304

Personal accident insurance against risks to passengers in motor vehicles and in performing special activities 652,882 4,350,681 7,129,101 794 933,129

Children and schoolchildren accident insurance and other accident insurance of the youth 134,623 142,301 3,494,482 10,042 2,313,680

Guests, visitors and tourist group accident insurance 3,288 3,794,186 384,285 97 11,999

Consumer and customer group accident insurance 12,761 994,883 2,302,845 1,071 750,882

Other special accident insurance 1,343 75,811 567,657 10 6,289

Compulsory accident insurance of passengers in public transport 4,140 58,305 416,173 5 900

Car owner and driver accident insurance 1,146,685 1,282,386 28,257,073 2,192 6,545,497

All other accident insurance 20,960 90,020 2,557,811 1,600 1,283,112

2011 2012 2013 2014 2015

number

Number of policies 2,486,938 2,301,558 2,307,765 2,266,932 2,416,678

Number of insureds 28,669,434 12,116,057 11,508,548 11,960,375 12,089,901

Number of claims 57,629 53,840 50,258 49,638 48,674

EUR

Premiums 103,608,161 101,566,335 96,217,719 94,286,851 94,703,491

Claims paid 37,690,284 35,160,405 34,299,783 33,414,420 33,491,792

Average premium 42 44 42 42 39

Average claim paid 654 653 682 673 688

Insurance density 50.54 49.41 46.73 45.75 45.91

index

Number of policies growth index 103.90 92.55 100.27 98.23 106.61

Number of insureds growth index 277.04 42.26 94.99 103.93 101.08

Number of claims growth index 92.28 93.43 93.35 98.77 98.06

Premiums growth index 96.82 98.03 94.73 97.99 100.44

Claims paid growth index 94.31 93.29 97.55 97.42 100.23

Average premium growth index 93.18 105.93 94.48 99.76 94.22

Average claim paid growth index 102.20 99.85 104.51 98.64 102.22

Insurance density growth index 96.67 97.78 94.58 97.89 100.35

%

Claims ratio 36.38 34.62 35.65 35.44 35.36

Claims frequency 2.32 2.34 2.18 2.19 2.01

Insurance penetration 0.28 0.28 0.27 0.25 0.25

Share in NLI premiums 7.13 6.97 6.75 6.72 6.72

Share in NLI claims paid 3.99 3.68 3.54 3.54 3.56

Share in total premiums 5.05 4.94 4.87 4.87 4.79

Share in total benefits and claims paid 2.92 2.53 2.52 2.52 2.48

Accident insurance in 2015 – data within insurance class

Accident insurance

Source: SIA

Source: SIA, SORS


5.1.3.2 Health insurance


Number of policies

Number of insureds

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 1,662,489 1,757,594 483,036,576 21,993,695 421,350,896

Copayment health insurance 1,241,270 1,249,766 472,353,045 21,981,121 417,944,415

Substitutional health insurance 4 4 1,477 43 7,026

Supplementary health insurance on travel outside of Slovenia 50,307 123,118 2,088,600 489 594,757

Other supplementary and parallel health insurance 315,442 317,731 5,682,198 11,434 2,552,440

All other health insurance 55,466 66,975 2,911,256 608 252,258

2011 2012 2013 2014 2015

number

Number of policies 1,310,385 1,314,466 1,333,673 1,438,755 1,662,489

Number of insureds 1,421,917 1,388,762 1,406,059 1,838,604 1,757,594

Number of claims 27,320,581 27,604,326 28,287,928 25,849,517 21,993,695

EUR

Premiums 428,521,902 468,366,140 481,950,474 471,678,512 483,036,576

Claims paid 375,435,702 400,407,268 415,506,493 402,993,653 421,350,896




index

Number of policies growth index 95.92 100.31 101.46 107.88 115.55

Number of insureds growth index 90.78 97.67 101.25 130.76 95.59







%

Claims ratio 87.61 85.49 86.21 85.44 87.23

Claims frequency 2,084.93 2,100.04 2,121.05 1,796.66 1,322.94






Health insurance in 2015 – data within insurance class

Health insurance

Source: SIA

Source: SIA, SORS


5.1.3.3 Land motor vehicle insurance


Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 1,221,794 221,441,714 253,445 163,490,096

Self-propelled land motor vehicle casco, other then railway rolling stock 1,220,769 221,289,035 253,377 163,348,718

Other land vehicle casco (non-self-propelled land vehicle) 130 7,431 12 8,614

All other insurance of land motor vehicle 895 145,248 56 132,764

2011 2012 2013 2014 2015

number

Number of contracts 916,048 977,888 1,063,791 1,075,649 1,221,794

Number of claims 264,740 264,306 265,414 251,360 253,445

EUR

Premiums 254,494,781 239,352,324 226,409,530 226,799,727 221,441,714

Claims paid 167,728,998 174,946,026 177,266,026 164,051,176 163,490,096




index

Number of contracts growth index 101.78 106.75 108.78 101.11 113.59







%

Claims ratio 65.91 73.09 78.29 72.33 73.83







Land motor vehicle insurance in 2015 – data within insurance class

Land motor vehicle insurance

Source: SIA

Source: SIA, SORS


5.1.3.4 Railway rolling stock insurance

2011 2012 2013 2014 2015

number

Number of contracts 43 179 161 10 18

Number of claims 70 160 160 168 166

EUR

Premiums 2,050,269 2,681,636 2,407,560 2,357,261 2,972,819

Claims paid 1,166,016 3,095,373 2,839,468 2,668,384 2,483,724

Average premium 47,681 14,981 14,954 235,726 165,157

Average claim paid 16,657 19,346 17,747 15,883 14,962


index





Average premium growth index 1,835.07 31.42 99.82 1,576.36 70.06



%

Claims ratio 56.87 115.43 117.94 113.20 83.55

Claims frequency 162.79 89.39 99.38 1,680.00 922.22






Railway rolling stock insurance in 2015 – data within insurance class

Railway rolling stock insurance

Source: SIA

Source: SIA, SORS


Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 18 2,972,819 166 2,483,724

Railway rolling stock casco 18 2,972,819 166 2,483,724

All other railway rolling stock insurance 0 0 0 0


5.1.3.5 Aircraft insurance

2011 2012 2013 2014 2015

number

Number of contracts 298 296 264 213 224


EUR

Premiums 1,272,799 679,081 839,875 725,501 1,051,538

Claims paid 102,608 116,681 403,616 78,760 167,842

Average premium 4,271 2,294 3,181 3,406 4,694



index








%

Claims ratio 8.06 17.18 48.06 10.86 15.96







Aircraft insurance in 2015 – data within insurance class

Aircraft insurance

Source: SIA

Source: SIA, SORS


Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 224 1,051,538 8 167,842

Aircraft casco 224 1,051,538 8 167,842

All other aircraft insurance 0 0 0 0


5.1.3.6 Ship insurance

Ship insurance in 2015 – data within insurance class

Ship insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 4,411 5,406 4,625 3,639 3,531

Number of claims 347 428 367 322 323

EUR

Premiums 1,480,828 1,391,256 1,227,512 1,151,048 1,103,812

Claims paid 986,771 1,345,314 1,307,671 1,940,066 1,208,407




index








%

Claims ratio 66.64 96.70 106.53 168.55 109.48








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 3,531 1,103,812 323 1,208,407

Sea vessels casco 3,501 1,088,485 322 1,205,749

Lake and river vessels casco 28 11,643 0 0

All other ship insurance 2 3,684 1 2,658


5.1.3.7 Goods in transit insurance

Goods in transit insurance in 2015 – data within insurance class

Goods in transit insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number


Number of claims 5,663 4,856 4,758 5,035 5,406

EUR

Premiums 8,229,602 8,783,242 7,908,961 7,571,440 7,675,020

Claims paid 2,554,395 2,485,548 1,519,112 2,909,962 1,625,741




index








%

Claims ratio 31.04 28.30 19.21 38.43 21.18








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 19,429 7,675,020 5,406 1,625,741

Goods insurance in international transport 16,535 4,636,961 2,979 1,112,502

Goods insurance in domestic transport 1,927 2,550,291 2,411 479,141

All other cargo insurance 967 487,768 16 34,098


5.1.3.8 Fire and natural forces insurance

Fire and natural forces insurance in 2015 – data within insurance class

Fire and natural forces insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 639,976 1,104,277 1,140,882 686,292 701,388

Number of claims 30,935 39,082 44,533 43,938 38,086

EUR

Premiums 98,803,799 111,094,345 111,932,518 114,004,682 115,825,867

Claims paid 40,136,769 46,619,406 54,563,946 61,847,188 52,359,523




index








%

Claims ratio 40.62 41.96 48.75 54.25 45.21








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 701,388 115,825,867 38,086 52,359,523

Fire and certain other risks insurance outside industry and craft 586,694 74,813,019 35,228 34,298,497

Fire and certain other risks insurance in industry and craft 28,981 20,864,659 2,345 14,441,692

Electricity supply enterprises' property fire insurance 948 7,875,597 262 2,987,906

All other fire insurance 84,765 12,272,592 251 631,428

Nuclear risks insurance 0 0 0 0


5.1.3.9 Other damage to property insurance

Other damage to property insurance in 2015 – data within insurance class

Source: SIA


Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 1,069,030 118,879,834 100,771 59,427,501

Machinery breakdown insurance 85,662 23,817,833 15,719 16,477,041

Machinery breakdown insurance for electricity supply enterprises' equipment 382 4,196,157 514 1,734,768

Civil construction projects insurance 1,305 4,537,148 427 1,793,481

Civil installation projects insurance 430 1,265,221 115 942,728

Film production insurance 20 33,314 12 6,369

Computer insurance 5,146 2,858,532 1,439 1,981,347

Food-in-freezer insurance 183 128,021 215 284,204

Household insurance 407,561 41,875,600 38,869 18,062,855

Ore and coal mines insurance 1 166,727 0 0

Telecom and post office risks insurance 1 6 0 0

Burglary and theft insurance 128,588 7,243,474 2,517 3,134,599

Glass insurance 152,873 4,629,009 8,787 1,771,085

Crops and fruit insurance 3,459 4,565,372 816 2,845,046

Livestock insurance 9,934 3,816,430 22,414 3,547,645

Home assistance insurance 148,754 1,067,545 756 54,684

Equipment leasing insurance 1,400 802,819 134 458,890

Combined property insurance 12,168 13,187,311 2,180 3,480,151

Insurance of goods against mechanical damages 317 280,716 488 329,158

Satellite and cable television distribution and reception equipment insurance 26 69,690 62 40,655

Travel insurance 40,473 1,508,688 1,216 439,920

All other property insurance 70,347 2,830,221 4,091 2,042,875


Other damage to property insurance

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 1,032,815 1,143,071 1,228,407 1,064,527 1,069,030

Number of claims 124,921 119,714 109,097 113,024 100,771

EUR

Premiums 142,776,407 125,463,573 117,802,880 118,209,699 118,879,834

Claims paid 72,644,965 75,593,813 65,012,365 75,594,338 59,427,501




index








%

Claims ratio 50.88 60.25 55.19 63.95 49.99








5.1.3.10 Motor vehicle liability insurance

Motor vehicle liability insurance in 2015 – data within insurance class

Motor vehicle liability insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 1,761,253 1,776,011 1,759,492 1,718,160 1,743,372

Number of claims 59,956 54,204 55,087 54,648 56,957

EUR

Premiums 283,413,868 264,528,097 242,254,948 225,863,017 220,505,334

Claims paid 155,164,427 143,814,503 144,333,191 133,946,204 136,709,337




index








%

Claims ratio 54.75 54.37 59.58 59.30 62.00








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 1,743,372 220,505,334 56,957 136,709,337

Road motor vehicle liability insurance for damage to third parties (MTPL) 1,615,659 215,678,615 55,095 134,274,721Carrier liability-for-freight insurance in land transport 5,151 4,302,841 1,825 2,410,270

Railway third party liability insurance 9 2,314 0 0

All other land motor vehicle liability insurance 122,553 521,564 37 24,346


5.1.3.11 Aircraft liability insurance

Aircraft liability insurance in 2015 – data within insurance class

Aircraft liability insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 1,008 1,123 1,007 749 824


EUR

Premiums 1,174,311 1,120,585 920,006 1,280,490 1,334,144

Claims paid 271,030 659,540 418,418 671,087 972,588

Average premium 1,165 998 914 1,710 1,619



index








%

Claims ratio 23.08 58.86 45.48 52.41 72.90








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 824 1,334,144 6 972,588

Aircraft owners' liability insurance for damage to third parties 822 1,024,365 6 972,588

Carrier liability-for-freight insurance in air transport 0 0 0 0

All other aircraft liability insurance 2 309,779 0 0


5.1.3.12 Liability for ship insurance

Liability for ship insurance in 2015 – data within insurance class

Liability for ship insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number



EUR

Premiums 1,218,185 1,227,418 1,155,016 1,174,081 1,169,487

Claims paid 165,325 208,095 200,327 290,853 79,767




index








%

Claims ratio 13.57 16.95 17.34 24.77 6.82








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 10,540 1,169,487 25 79,767

Maritime transport liability insurance 10,447 1,081,339 21 52,886

Inland waterways transport liability insurance 86 3,818 0 0

Ship-repairer liability insurance 2 2,557 1 0

Marina liability insurance 5 81,773 3 26,881

Carrier liability-for-freight insurance in maritime and inland waterways transport 0 0 0 0

All other liability for ship insurance 0 0 0 0


5.1.3.13 General liability insurance

General liability insurance in 2015 – data within insurance class

Source: SIA


Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 372,987 61,556,810 10,140 22,646,282

General liability insurance 317,857 44,274,868 7,381 17,955,271

Manufacturer liability-for-product insurance 2,632 8,321,962 617 2,208,748

Building contractor contractual liability insurance 114 78,596 15 191,188

Installation contractor contractual liability insurance 56 71,340 5 9,974

Manufacturer, dealer and contractor guarantee insurance 1,506 113,187 85 130,898

Forwarding agent liability in international transport 76 214,829 16 37,238

Forwarding agent liability in domestic transport 2 4,389 0 0

Management board and supervisory board liability insurance 124 1,230,172 7 48,457

Real estate agent liability insurance 460 218,009 1 0

Film producer liability insurance 8 2,304 0 0

Compulsory professional liability insurance for accounting and audit companies 565 322,485 11 47,959

Designer compulsory liability insurance 1,988 934,068 26 260,992

Advocate compulsory liability insurance 279 1,442,459 51 368,568

Physician compulsory liability insurance 1,684 1,292,800 153 495,353

Notary compulsory liability insurance 80 112,910 1 8

Medical products and devices manufacturers' compulsory liability insurance 7 22,275 0 0

Insurance brokerage companies compulsory liability insurance 144 375,298 5 84,722

Judicial enforcement officers compulsory liability insurance 43 9,788 0 0

Verifiers of qualified certificates of electronic signature compulsory liability insurance 0 0 0 0

Alpine guides compulsory liability insurance 0 0 0 0

Geodesic companies compulsory liability insurance 259 35,743 2 1,500

Certifying authorities for compliance of construction products verifications compulsory liability insurance 0 0 0 0

Firing range managers compulsory liability insurance 0 0 0 0

Guards liability insurance 51 260,323 8 39,695

All other general liability insurance 45,052 2,219,005 1,756 765,711


General liability insurance

Source: SIA, SORS

2011 2012 2013 2014 2015

number


Number of claims 11,472 10,108 10,039 9,265 10,140

EUR

Premiums 52,744,816 57,783,544 58,766,339 61,505,107 61,556,810

Claims paid 27,922,888 26,015,088 28,274,039 23,753,734 22,646,282




index








%

Claims ratio 52.94 45.02 48.11 38.62 36.79








5.1.3.14 Credit insurance

Credit insurance in 2015 – data within insurance class

Credit insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number


Number of claims 6,647 6,602 6,781 7,303 5,984

EUR

Premiums 44,414,514 42,762,552 43,092,724 42,153,600 43,735,163

Claims paid 38,105,026 31,704,999 29,784,621 23,769,457 25,183,049

Average premium 908 1,108 1,030 809 415



index








%

Claims ratio 85.79 74.14 69.12 56.39 57.58








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 105,426 43,735,163 5,984 25,183,049

International trade credit insurance 530 12,956,565 146 10,238,562

Domestic trade credit insurance 0 5,577,434 127 2,818,421

Consumers credit insurance 36,126 15,983,274 2,762 7,016,157

Housing credit insurance 1,583 3,081,156 102 877,329

Loan insurance (sole traders) 101 543,345 71 334,207

Loan insurance (legal entities) 168 120,784 2 17,284

Overdraft insurance (sole traders) 309 107,453 74 122,510

Overdraft insurance (personal accounts) 23 3,308,251 1,934 3,449,333

Lease agreement insurance 2 –926 0 0

Insurance of receivables from credit/debit cards 59,286 708,506 359 153,918

All other credit insurance 7,298 1,349,321 407 155,328


5.1.3.15 Suretyship insurance

Suretyship insurance in 2015 – data within insurance class

Suretyship insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number



EUR

Premiums 1,039,479 1,378,278 1,703,055 1,694,929 1,952,377

Claims paid 1,141,081 630,569 195,645 599,353 384,814




index








%

Claims ratio 109.77 45.75 11.49 35.36 19.71








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 3,146 1,952,377 198 384,814

Customs debt insurance 119 196,917 3 34,673

Tour operators' insolvency insurance 480 139,142 1 9,541

Tender guarantee insurance 508 82,530 0 0

Performance insurance 803 337,727 5 86,300

Advance repayment insurance 17 12,311 0 0

Repair in warranty period insurance 997 924,520 5 117,658

Guarantee for credit cards insurance 151 120,993 10 81,114

Carnet insurance 36 94,937 52 42,271

All other suretyship insurance 35 43,300 122 13,257


5.1.3.16 Miscellaneous financial loss insurance

Miscellaneous financial loss insurance in 2015 – data within insurance class

Miscellaneous financial loss insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number


Number of claims 2,353 2,246 1,928 1,849 1,816

EUR

Premiums 6,477,981 5,912,069 6,199,316 6,527,504 5,553,553

Claims paid 3,716,244 2,441,515 2,563,164 3,439,376 3,824,869




index








%

Claims ratio 57.37 41.30 41.35 52.69 68.87








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 51,600 5,553,553 1,816 3,824,869

Business continuity insurance – fire 6,061 2,953,001 61 2,217,260

Business continuity insurance – machinery breakdown 437 637,788 33 543,862

Show and event insurance 84 147,761 4 12,808

Insurance against purchasing counterfeit currency 13 33,859 160 7,605

Insurance against risk of cancellation of tourist trips 18,223 1,346,230 1,377 898,311

Business continuity insurance – services 65 66,484 7 27,659

All other business continuity insurance 26,717 368,430 174 117,364


5.1.3.17 Legal expenses insurance

Legal expenses insurance in 2015 – data within insurance class

Legal expenses insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number


Number of claims 2,773 2,637 3,243 3,086 3,233

EUR

Premiums 4,117,375 3,705,908 3,581,235 3,501,958 3,775,044

Claims paid 253,617 353,668 405,645 463,714 539,099




index








%

Claims ratio 6.16 9.54 11.33 13.24 14.28








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 327,912 3,775,044 3,233 539,099

Legal expenses and costs of litigation insurance 327,912 3,775,044 3,233 539,099

All other legal expenses insurance 0 0 0 0


5.1.3.18 Assistance insurance

Assistance insurance in 2015 – data within insurance class

Assistance insurance

Source: SIA

Source: SIA, SORS

2011 2012 2013 2014 2015

number

Number of contracts 847,704 889,342 925,953 946,130 1,003,296

Number of claims 35,036 52,818 58,834 66,241 78,123

EUR

Premiums 18,205,946 19,302,215 20,206,985 21,709,096 23,162,824

Claims paid 6,968,680 9,261,180 10,253,785 11,489,783 13,693,078




index








%

Claims ratio 38.28 47.98 50.74 52.93 59.12








Number of contracts

Premiums (in EUR)

Number of claims

Claims paid(in EUR)

TOTAL 1,003,296 23,162,824 78,123 13,693,078

Car assistance insurance 802,654 18,192,144 74,767 12,370,972

Medical assistance insurance 93,759 3,819,529 2,276 1,124,610

All other assistance insurance 106,883 1,151,151 1,080 197,496


5.1.4 Distribution channels

Slovenian insurance companies market their services for the most part through their own networks of insurance agents. Those agents wrote two thirds of insurance premiums, while a fifth of insurance sales were conducted over the counter. Despite rapid technological development, other sales channels are only slowly gaining in significance. The proportion of sales via agents in the life insurance segment remains considerably higher, but has declined in recent years due to notable growth in sales via the banking and postal network. In contrast, sales via agents in the non-life insurance segment are rising on account of over-the-counter sales.

Some forms of insurance deviate from the aforementioned pattern. Over-the-counter sales are prevalent in both co-payment health insurance and

capital redemption insurance, and also represent an important sales channel for ship casco and liability insurance. Broker sales represent an important channel for sales of following classes: goods in transit, general liability, miscellaneous financial loss and aircraft liability insurance.

When reviewing sales in the individual sales channels it is evident that counter sales are used primarily for the sale of health insurance and accounted for four fifths of turnover in the aforementioned insurance class. Life insurance is prevalent in sale through the banking and postal network, with a proportion of 87.1%. Brokers generate two thirds of insurance premiums through sales of fire and other damage to property insurance, and other liability insurance, while agents generate a third of premium via motor insurance sales.


Breakdown of premiums by insurance class with regard to distribution channels in 2015 (in %)

Insurance class TOTAL Employed Agents Brokers Banc- assurance

Other

Countersales

Telephone,internet

Internal External

TOTAL 100 19.92 0.95 35.81 33.12 4.14 4.66 1.40

NON-LIFE INSURANCE 100 25.79 1.23 35.33 29.13 5.71 0.85 1.96

Accident insurance 100 11.11 1.41 42.92 34.10 3.93 4.30 2.23

Health insurance 100 64.55 1.58 3.03 29.92 0.05 0.39 0.49

Land motor vehicle insurance 100 4.89 0.31 52.61 36.92 3.74 0.48 1.06

Railway rolling stock insurance 100 0.00 0.00 100.00 0.00 0.00 0.00 0.00

Aircraft insurance 100 1.38 6.20 76.06 0.60 15.76 0.00 0.00

Ship insurance 100 20.81 0.05 35.11 37.10 6.73 0.02 0.20

Goods in transit insurance 100 9.33 0.03 49.11 1.67 39.87 0.00 0.00

Fire and natural forces insurance 100 5.02 1.30 56.90 18.64 17.22 0.90 0.02

Other damage to property insurance 100 4.04 0.91 65.21 13.54 15.33 0.95 0.02

Motor vehicle liability insurance 100 4.88 0.72 46.63 41.89 3.12 0.58 2.19

Aircraft liability insurance 100 7.39 3.43 67.13 1.04 21.02 0.00 0.00

Liability for ship insurance 100 21.16 0.01 31.76 39.98 6.94 0.06 0.08

General liability insurance 100 8.15 4.73 47.34 11.93 27.47 0.37 0.00

Credit insurance 100 0.00 0.00 62.83 0.00 1.94 1.46 33.78

Suretyship insurance 100 12.98 4.85 76.91 1.52 3.74 0.00 0.00

Miscellaneous financial loss insurance 100 17.63 2.39 23.47 18.33 27.04 5.87 5.27

Legal expenses insurance 100 2.07 0.05 25.58 56.15 1.40 1.21 13.54

Assistance insurance 100 5.76 1.18 44.85 45.16 0.98 0.83 1.24

LIFE INSURANCE 100 5.30 0.26 37.01 43.06 0.20 14.17 0.00

Life assurance 100 2.71 0.53 41.74 42.24 0.17 12.60 0.00

Marriage assurance, birth assurance 100 0.21 0.00 30.37 69.42 0.00 0.00 0.00

Unit-linked life insurance 100 2.89 0.02 35.17 45.74 0.23 15.95 0.00

Tontine – – – – – – – –

Capital redemption insurance 100 69.11 0.09 4.75 16.43 0.25 9.37 0.00

Insurance of income loss due to accident or illness – – – – – – – –

Pension insurance under ZPIZ-1 100 22.36 0.03 72.68 4.93 0.00 0.00 0.00

Copayment health insurance 100 65.84 0.57 2.95 30.24 0.05 0.30 0.05

Supplementary insurance1 100 … … … … … … …

1 Only total data is available by one of the members, so the breakdown by distribution channels cannot be made.Source: SIA


5.2 Reinsurance activity

In the time of recession reinsurance activity recorded a sustained stagnation that lasted several years and a notable decline in 2013 and 2014, while in 2015 reinsurance premiums were up by 13.7%. At EUR 268.8 m, the latter rose to the level recorded in 2012 and accounted for 0.7% of GDP. Non-life insurance contributed most to the aforementioned increase, as it accounts for 98.7% or nearly the entire reinsurance portfolio. The 14.2% increase in the aforementioned premiums thus prevailed over the 22.8% decline in life reinsurance premiums.

While motor vehicle liability reinsurance was predominant in the past, property reinsurance has led the way in recent years. At 42.1%, fire and natural forces reinsurance accounts for the highest proportion of reinsurance premiums in 2015, followed by other damage to property reinsurance at 18.8% and land motor vehicle reinsurance at 10.2%. The reinsurance of other insurance classes is weaker, as the total proportion of premiums accounted for by

the five smallest classes is barely 0.8%. There were sharp fluctuations in certain insurance classes, which recorded a notable drop in 2014, but recorded strong growth again in 2015 (e.g. health insurance, miscellaneous financial loss insurance, goods in transit insurance).

Two reinsurance companies paid out EUR 144.7 m in claims in 2015, mainly related to fire and natural forces and other property damage. After recording their lowest level of the last seven years in 2014, growth in claims paid was positive in 2015 and was significantly higher than growth in premiums. The claims ratio thus deteriorated by 3.5 percentage points to stand at 54.6%. While the non-life claims ratio was similar to that, the situation in the life reinsurance segment is significantly worse: claims paid were up by one third in the content of a sharp decline in premiums, with the claims ratio nearly doubling as a result.



Insurance penetration(in %)

Claims paid(in EUR)

Claims paid growth index

TOTAL

2011 262,282,208 99.72 0.71 126,258,125 90.23

2012 269,180,708 102.63 0.75 131,808,884 104.40

2013 239,147,140 88.84 0.67 141,702,764 107.51

2014 236,521,960 98.90 0.63 120,708,196 85.18

2015 268,822,331 113.66 0.70 146,672,003 121.51

LIFE

2011 861,553 108.54 0.002 365,430 204.10

2012 1,693,484 196.56 0.005 276,044 75.54

2013 2,603,206 153.72 0.007 600,854 217.67

2014 3,139,112 120.59 0.008 1,471,150 244.84

2015 2,421,161 77.13 0.006 1,978,232 134.47

NON-LIFE

2011 261,420,655 99.69 0.71 125,892,695 90.08

2012 267,487,224 102.32 0.74 131,532,840 104.48

2013 236,543,934 88.43 0.66 141,101,910 107.28

2014 233,382,848 98.66 0.63 119,237,046 84.50

2015 266,401,170 114.15 0.69 144,693,771 121.35

Reinsurance premiums and claims paid

Source: SIA, SORS


Source: SIA

Premiums

Claims paid

Legal expenses

Assistance

Aircraft liability

Railway rolling stock

Liability for ship

Suretyship

Aircraft

Health

Life

Credit

Miscellaneous financial loss

Ship

Goods in transit

General liability

Accident

Motor vehicle liability

Land motor vehicle

Other damage to property

Fire and natural forces

Reinsurance premiums and claims paid by insurance class in 2015 (in EUR m)

20 40 60 80 100 120 EUR m0


Insurance class PREMIUMS CLAIMS PAID Claims ratio


Share intotal

premiums(in %)

Growth index

Amount(in EUR)

Share intotal claims

paid(in %)

Growth index

TOTAL 268,822,331 100 113.66 146,672,003 100 121.51 54.56

NON-LIFE INSURANCE 266,401,170 99.10 114.15 144,693,771 98.65 121.35 54.31

Accident insurance 14,031,807 5.22 122.50 8,377,599 5.71 161.24 59.70

Health insurance 2,223,661 0.83 3,194.78 1,555,057 1.06 198.26 69.93

Land motor vehicle insurance 27,446,913 10.21 101.21 17,040,300 11.62 114.55 62.08 Railway rolling stock insurance 640,380 0.24 123.07 2,529 0.00 226.61 0.39

Aircraft insurance 1,887,515 0.70 153.22 373,556 0.25 272.07 19.79

Ship insurance 6,592,481 2.45 103.43 4,317,363 2.94 104.70 65.49

Goods in transit insurance 6,816,325 2.54 130.95 2,259,811 1.54 146.06 33.15

Fire and natural forces insurance 113,080,654 42.07 115.65 62,247,430 42.44 127.17 55.05 Other damage to property insurance 50,640,367 18.84 111.96 26,935,718 18.36 114.79 53.19

Motor vehicle liability insurance 21,733,645 8.08 105.75 15,315,093 10.44 105.94 70.47 Aircraft liability insurance 551,360 0.21 86.18 190,285 0.13 29.53 34.51 Liability for ship insurance 669,868 0.25 116.18 186,511 0.13 123.60 27.84 General liability insurance 8,429,154 3.14 86.99 2,866,957 1.95 102.38 34.01

Credit insurance 3,868,825 1.44 123.33 312,233 0.21 34.60 8.07

Suretyship insurance 673,411 0.25 79.61 718,541 0.49 241.92 106.70

Miscellaneous financial loss insurance 6,574,220 2.45 263.25 1,573,991 1.07 288.23 23.94 Legal expenses insurance 50,569 0.02 121.59 1,807 0.00 451.75 3.57

Assistance insurance 490,015 0.18 115.65 418,990 0.29 116.19 85.51

LIFE INSURANCE 2,421,161 0.90 77.13 1,978,232 1.35 134.47 81.71

Life assurance 2,122,670 0.79 76.01 1,849,172 1.26 139.69 87.12

Marriage assurance, birth assurance 0 0.00 – 0 0.00 – –Unit-linked life insurance 298,491 0.11 86.18 129,060 0.09 87.54 43.24 Tontine 0 0.00 – 0 0.00 – –

Capital redemption insurance 0 0.00 – 0 0.00 – –

Insurance of income loss due to accident or illness 0 0.00 – 0 0.00 – –Pension insurance under ZPIZ-11 0 0.00 – 0 0.00 – –Copayment health insurance2 0 0.00 – 0 0.00 – –Supplementary insurance3 0 0.00 – 0 0.00 – –

Reinsurance premiums and claims paid by insurance class in 2015

1 Included in life insurance group.2 Included in health insurance class.3 Included in life assurance class.Source: SIA


5.3 Nuclear Insurance and Reinsurance Pool

The purpose of the Nuclear Insurance and Reinsurance Pool is to insure and reinsure against nuclear dangers. It was established in 1994 when eight members (insurance and reinsurance companies headquartered in Slovenia) signed an agreement on the establishment of the Nuclear Insurance and Reinsurance Pool. The following insurance and reinsurance companies were members in 2015: Zavarovalnica Triglav, d. d., Sava Reinsurance Company d. d., Adriatic Slovenica, Zavarovalna družba d. d., Pozavarovalnica Triglav Re, d. d., Zavarovalnica Maribor, d. d., Zavarovalnica Tilia, d. d. and Merkur zavarovalnica, d. d. The largest proportion was accounted for by Zavarovalnica Triglav, d. d., Sava Reinsurance Company d. d., Pozavarovalnica Triglav Re, d. d. and Adriatic Slovenica, Zavarovalna družba d. d.

The Nuclear Insurance and Reinsurance Pool insures the Slovenian nuclear power plant, and reinsures foreign nuclear power plants in the scope of capacities and shares that members provide separately every year.

In Slovenia, the liability of the nuclear power plant manager is insured in accordance with the applicable Nuclear Damage Liability Act (ZOJed-1), which

entered into force on 4 April 2011. Under the aforementioned policy, the Nuclear Insurance and Reinsurance Pool covers the dangers set out in the law, and thus provides for payments to injured parties in the event of a nuclear accident, and also covers costs, interest and expenditure that the policyholder must pay to a claimant in connection with a nuclear accident. The insurance covers the legally prescribed liability deriving from the insured’s operations and the assets in its possession if damage is caused by an accident at nuclear power plants during the duration of cover. In 2015 the Nuclear Insurance and Reinsurance Pool participated intensively in the implementation of the protocol to the Paris Convention on Third Party Liability in the Field of Nuclear Energy, of which Slovenia is a signatory. That protocol will result in significantly higher limits on liability and an expanded set of risks for which the nuclear power plant manager is liable and against which it must be insured.

In terms of liability insurance for nuclear damage, the Nuclear Insurance and Reinsurance Pool was party to risk up to the amount of its capacities; the amount exceeding those capacities was reinsured via foreign insurance and reinsurance pools.

And so there was a miracle. On 30 May 2016 at 10.48 am, exactly four months from the day the olm laid its first egg in the aquarium, the first larva hatched at Postojna Cave. Although there was very little likelihood of us witnessing the drama of the development of eggs to the hatching of larvae in an artificial environment, this is precisely what happened. This is a major success in our study of the Proteus anguinus, which remains today a great mystery, given its secretive life in the depths of dark caves, entirely hidden from humans. A total of 13 larvae have now hatched as of the date of this publication.


In the context of favourable economic growth in the majority of EU Member States, 2014 (according to the last available IE figures21 at the time of issue of this publication) was a successful year for the European insurance market, which generated EUR 1,167 bn or 29.7% of global written premiums. Taking into account other European countries such as Russia and Ukraine, that proportion is even higher, at around 35%. Excluding the branch offices of foreign companies, Slovenian insurance companies (members of the SIA) generated written premiums of EUR 1,896 m, representing 0.05% of global written premiums and 0.2% of written premiums in Europe. The five largest European markets together accounted for a 72.7% of the overall market, with the highest concentration being recorded in the life insurance segment.

A total of 4,863 insurance companies operated under the auspices of IE in Europe in 2014. Despite a 9.1% decline in their number, European insurance companies generated 3.4% more premiums than the previous year. A third of the 32 members of IE recorded negative annual growth, a trend that even the largest markets (e.g. the Netherlands and UK) could not avoid. Life insurance, which accounted for 61.1% of all European insurance, recorded growth of 5.5%, while non-life insurance recorded growth of 0.4%.

At EUR 953.3 bn, the amount of all benefits and claims paid was at the same level recorded in 2013. Life insurance accounted for 67% of that amount, followed by motor vehicle and health insurance, both at 10%. Claims from property insurance recorded the sharpest drop.

The position of Slovenian insurance companies relative to other European countries deteriorated in 2014.

Among the key indicators down on the previous year were premiums as a proportion of GDP. With an insurance penetration rate of 5.1%, SIA members achieved just 67.3% of the penetration rate in Europe, where the proportion of GDP accounted for by the insurance industry was down 0.1 percentage point to stand at 7.6% due to higher economic growth. The worst insurance penetration rate is recorded by Romania at 1.2% while the Netherlands recorded the best rate, at 11.3%.

Slovenia’s weaker position in 2014 was also seen in premium per capita, which failed to achieve even one half of the European average. Premium per capita was up by EUR 81 or 4.3% to stand at EUR 1,964. At EUR 6,000 per capita, Switzerland stands out with an insurance density three times higher than the European average and six times higher than in Slovenia.

The average written premium of a European insurance company rose to EUR 240 m. In the context of negative growth in total premiums, the average premium of SIA members fell further behind the European average, which was 43.8% higher. In contrast, Italy records double the growth and achieves by far the best result (EUR 1,158 m).

Average premium per employee was down by 2.9% in Europe (and by 1.4% in Slovenia) in the context of a significant increase in the number of employees at insurance companies. At the same time, the average number of employees has risen to 205. The Slovenian average remains twice that of the European average. Among the selected countries, Hungary (624), Germany (535), France (468) and Croatia (455) recorded even higher indicators, while Cyprus recorded the best indicator (42).

The Slovenian insurance industry on the international stage6.)

21 Insurance Europe, Insurance Data, European insurance industry database, http://www.insuranceeurope.eu/insurancedata, 15. 6. 2016.


Indicators Europe2014

Slovenia 2014

Slovenia 2015

Share of Slovenia 2014

(in %)Number of insurance companies 4,863 14 14 0.29

Number of insurance employees 994,688 5,929 6,026 0.60

Average number of insurance employees per company 205 424 430 207.05

Total premiums (in EUR m) 1,167,057 1,896 1,930 0.16

Life premiums (in EUR m) 713,021 517 546 0.07

Non-life premiums (in EUR m) 454,036 1,379 1,384 0.30

Total premiums per capita (in EUR m) 1,964 920 936 46.84

Life premiums per capita (in EUR m) 1,200 251 265 20.89

Non-life premiums per capita (in EUR m) 764 669 671 87.59

Share of total premiums in GDP (in %) 7.56 5.08 5.01 67.27

Share of life premiums in GDP (in %) 4.62 1.39 1.42 30.01

Share of non-life premiums in GDP (in %) 2.94 3.70 3.59 125.80

Total benefits and claims paid (in EUR m) 953,258 1,312 1,335 0.14

Life benefits paid (in EUR m) 636,917 379 406 0.06

Non-life claims paid (in EUR m) 316,340 934 929 0.30

Insurance business in Europe in 2014 and in Slovenia in 2014 and 20151

1 Data of SIA members excluding the branches of foreign insurance companies.Source: IE, SIA, SORS

Country Number of insurance

companies

Number of insurance employees

PREMIUMS

TOTAL(in EUR m)

Life(in EUR m)

Share of life

(in %)

Non-life(in EUR m)

Share of non-life

(in %)Switzerland 155 47,800 48,838 27,146 55.58 21,693 44.42

Denmark 110 17,057 26,550 17,498 65.90 9,053 34.10

Netherlands 170 50,000 73,761 17,460 23.67 56,301 76.33

Sweden 327 19,701 31,327 25,097 80.11 6,230 19.89

France 313 146,600 197,248 128,948 65.37 68,300 34.63

Belgium 80 23,334 27,041 16,193 59.88 10,848 40.12

Germany 548 293,500 192,577 93,673 48.64 98,904 51.36

Italy 124 47,452 142,943 110,518 77.32 32,425 22.68

Austria 68 26,521 17,143 6,754 39.40 10,389 60.60

Europe 4,863 994,688 1,167,057 713,021 61.10 454,036 38.90

Portugal 45 11,168 13,597 10,183 74.89 3,414 25.11

Spain 255 45,876 54,440 25,178 46.25 29,262 53.75

Slovenia (2015) 14 6,026 1,930 546 28.31 1,384 71.69

Slovenia (2014) 14 5,929 1,896 517 27.25 1,379 72.75

Cyprus 33 1,400 745 304 40.81 441 59.19

Greece 49 7,500 3,759 1,878 49.96 1,881 50.04

Hungary 32 19,975 2,693 1,436 53.32 1,257 46.68

Croatia 25 11,384 1,118 344 30.81 773 69.19

Turkey 69 19,353 9,178 1,158 12.62 8,020 87.38

Romania 37 9,346 1,804 365 20.25 1,438 79.75

Insurance business in selected countries in 20141

1 Data of branches included in the country of the parent company's domicile.Source: IE, SIA


Insurance business in selected countries in 20141

1 Data of branches included in the country of the parent company's domicile.Source: Eurostat, IE, SIA, SORS

Country BENEFITS AND CLAIMS PAID INSURANCE DENSITY Insurance penetration

(in %)

Claims ratio

(in %)TOTAL(in EUR m)

Life(in EUR m)

Non-life(in EUR m)

TOTAL(in EUR)

Life(in EUR)

Non-life(in EUR)

Switzerland 36,931 23,017 13,914 6,000 3,335 2,665 6.28 75.62

Denmark 23,394 17,094 6,300 4,718 3,109 1,609 10.31 88.11

Netherlands 75,369 25,487 49,882 4,383 1,037 3,345 11.25 102.18

Sweden 14,740 8,393 6,347 3,248 2,602 646 7.28 47.05

France 153,847 106,347 47,500 2,996 1,959 1,037 9.25 78.00

Belgium 23,686 17,478 6,208 2,414 1,445 968 6.73 87.59

Germany 155,571 85,399 70,172 2,384 1,160 1,225 6.63 80.78

Italy 87,280 64,577 22,703 2,352 1,818 533 8.84 61.06

Austria 14,075 7,155 6,920 2,015 794 1,221 5.21 82.10

Europe 953,258 636,917 316,340 1,964 1,200 764 7.44 81.68

Portugal 12,210 8,967 3,243 1,304 977 327 7.86 89.80

Spain 46,283 26,936 19,347 1,170 541 629 5.14 85.02

Slovenia (2015) 1,335 406 929 936 265 671 5.01 69.15

Slovenia (2014) 1,312 379 934 920 251 669 5.09 69.21

Cyprus 444 247 197 868 354 514 4.26 59.60

Greece 2,278 1,517 761 345 172 173 2.10 60.60

Hungary 1,749 1,060 690 273 145 127 2.61 64.95

Croatia 576 200 376 263 81 182 2.59 51.54

Turkey 4,736 737 3,999 120 15 105 1.49 51.60

Romania 998 98 900 90 18 72 1.20 55.36

Growth in premiums in selected countries in 2014 (in %)

20.71

16.40

9.60

7.29

6.73

6.08

4.90

3.41

3.29

2.74

0.79

0.19

–0.48

–0.58

–1.45

–2.14

–2.25

–2.93

–5.67

ItalySweden

PortugalTurkey

DenmarkFrance

HungaryEuropeAustria

GermanyBelgium

SwitzerlandRomania

GreeceSpain

SloveniaNetherlands

CyprusCroatia

0–10 –5 5 10 15 20 25 %

Source: IE, SIA


18.54

20.21

15.33

18.05

10.23

7.29

6.26

4.86

5.83

7.29

5.64

5.29

5.24

2.18

4.34

–0.59

3.15

–0.88

2.62

1.31

0.41

–0.91

0.21

1.28

–0.12

–4.29

–0.99

–2.32

–1.05

–33.54

–2.04

0.47

–2.25

–5.04

–2.53

–4.11

–5.33

–4.63

Growth in insurance density and penetration in selected countries in 2014 (in %)

Italy

Sweden

Portugal

Denmark

Turkey

France

Hungary

Germany

Europe

Austria

Belgium

Greece

Romania

Spain

Switzerland

Cyprus

Slovenia

Netherlands

Croatia

–20–40 –30 –10 0 10 20 30 %

Source: Eurostat, IE, SIA, SORS

Insurance density 2014/2013

Insurance penetration 2014/2013


Premiums per insurance company in selected countries in 2014 (in EUR m)

ItalyFrance

NetherlandsGermanyBelgium

SwitzerlandPortugal

AustriaDenmark

EuropeSpain

SloveniaTurkeySweden

HungaryGreece

RomaniaCroatiaCyprus

4000 200 600 800 1,000 1,200 EUR m

Premiums per insurance employee in selected countries in 2014 (in EUR)

ItalySweden

DenmarkNetherlands

FrancePortugal

SpainEurope

BelgiumSwitzerland

GermanyAustriaCyprusGreeceTurkey

SloveniaRomaniaHungary

Croatia

1,000,0000 500,000 1,500,000 2,000,000 2,500,000 3,000,000 EUR3,500,000

1,153

630

434

351

338

315

302

252

241

240

213

135

133

96

84

77

49

45

23

3,012,373

1,590,114

1,556,559

1,475,220

1,345,484

1,217,524

1,186,668

1,173,289

1,158,877

1,021,719

656,140

646,393

532,143

501,185

474,240

319,784

192,977

134,841

98,201

Source: IE, SIA

Source: IE, SIA


Year TOTAL Europe Asia NorthAmerica

Other

TOTAL

2010 3,219.4 1,191.3 872.1 956.9 199.0

2011 3,522.8 1,257.7 986.0 1,040.0 239.1

2012 3,487.4 1,167.5 1,010.7 1,059.9 249.2

2013 3,330.9 1,174.8 907.8 1,002.6 245.6

2014 3,935.6 1,398.2 1,085.2 1,157.9 294.3

LIFE

2010 1,883.5 717.1 646.7 417.2 102.5

2011 2,024.1 727.9 713.1 460.6 122.4

2012 1,989.5 668.0 723.7 471.1 126.7

2013 1,845.4 677.1 620.2 425.0 123.2

2014 2,186.4 825.9 735.0 478.0 147.6

NON-LIFE

2010 1,335.9 474.2 225.4 539.8 96.5

2011 1,498.7 529.9 272.8 579.3 116.7

2012 1,497.9 499.5 287.0 588.8 122.5

2013 1,485.5 497.7 287.7 577.6 122.5

2014 1,749.2 572.3 350.3 679.9 146.8

Worldwide insurance premiums (in EUR bn)

Source: BS, Swiss Re


Literature and data sources

1. Adriatic Slovenica d. d. and Adriatic Slovenica Group, Annual Report 2015, Audited, http://www.as-skupina.si/documents/442360/1404165/KLP+in+LP+AS+2015.pdf/7099b1de-9c56-4b2d-a611-f4abf06e7c53, 15. 6. 2016.

2. Agency of the Republic of Slovenia for Public Legal Records and Related Services, http://www.ajpes.si/uradne_objave/eobjave_v_postopkih_zaradi_insolventnosti/arhiv, 15. 6. 2016.

3. Bank of Slovenia, Statistics, Data series, Selected data from banks' balance sheets, http://www.bsi.si/pxweb/dialog/Database/slo/serije/02_bilance_bank/02_bilance_bank.asp, 15. 6. 2016.

4. Eurostat, Database, http://ec.europa.eu/eurostat/data/database, 15. 6. 2016.5. Institute of Macroeconomic Analysis and Development, Public info, Press Releases, http://www.umar.gov.si/informacije_za_

javnost/obvestila_in_sporocila_za_javnost/, 16. 5. 2016.6. Insurance Act (ZZavar), Official Gazette of the Republic of Slovenia, Nos. 99/10 – UPB, 90/12, 56/13, 63/13 – ZS-K in

93/15 – ZZavar-1.7. Insurance Act (ZZavar-1), Official Gazette of the Republic of Slovenia, No. 93/15.8. Insurance Europe, Insurance Data, European insurance industry database, http://www.insuranceeurope.eu/insurancedata, 15.

6. 2016.9. Insurance Supervision Agency, https://www.a-zn.si/Default.aspx?id=4, 16. 5. 2016.10. Key findings of the White Paper on Pensions, Ministry of Labour, Family, Social Affairs and Equal Opportunities, http://

www.mddsz.gov.si/fileadmin/mddsz.gov.si/pageuploads/dokumenti__pdf/dpd/Povzetek_-_kljucne_ugotovitve_Bele_knjige_o_pokojninah_130416.pdf, 16. 5. 2016.

11. Ljubljana Stock Exchange Statistics, Year 2015, Ljubljana Stock Exchange, http://www.ljse.si/media/Attachments/Statistika/Podatki/Letni/Razsirjena_letna_2015.pdf, 15. 6. 2016.

12. Pension and Invalidity Insurance Act, ZPIZ-1, Official Gazette of the Republic of Slovenia, Nos. 109/06 – UPB, 114/06 – ZUTPG, 10/08 – ZVarDod, 98/09 – ZIUZGK, 38/10 – ZUKN, 61/10 – ZSVarPre, 79/10 – ZPKDPIZ, 94/10 – ZIU, 94/11 – odl. US, 105/11 – odl. US, 110/11 – ZDIU12, 40/12 – ZUJF in 96/12 – ZPIZ-2.

13. Pension and Invalidity Insurance Act, ZPIZ-2, Official Gazette of the Republic of Slovenia, Nos. 96/12, 39/13, 99/13 – ZSVarPre-C, 101/13 – ZIPRS1415, 44/14 – ORZPIZ206, 85/14 – ZUJF-B, 95/14 – ZUJF-C, 90/15 – ZIUPTD, 102/15.

14. Report of the Insurance Supervision Agency, Insurance Supervision Agency, Ljubljana, June 2015.15. Securities Market Agency, Data Mirror, http://www.a-tvp.si/?id=6, 15. 6. 2016.16. Slovenian Economic Mirror No. 1, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana.17. Slovenian Economic Mirror No. 2, Vol. XXII, 2016, Institute of Macroeconomic Analysis and Development, Ljubljana.18. Slovenian Insurance Association.19. Statistical Office of the Republic of Slovenia, SI-STAT Data Portal, http://pxweb.stat.si/pxweb/Dialog/statfile2.asp, 15. 6.

2016. 20. Translation of the Audited Annual Report of the Sava Re Group and Sava Reinsurance Company d. d. 2015, http://www.

sava-re.si/media/objave/dokumenti/2016/LP_2015_2016_04_06_SeoNet.pdf, 15. 6. 2015.21. Triglav Group and Zavarovalnica Triglav, d. d. Annual Report 2015, http://www.triglav.eu/6bdc1dd0-c125-4a81-a491-

f780d908fa6b/Letno+porocilo+ST+in+ZT_SI_final.pdf?MOD=AJPERES&CONVERT_TO=url&CACHEID=6bdc1dd0-c125-4a81-a491-f780d908fa6b, 15. 6. 2016.


Page 61, Postojna cave archive


Page 73, author: Dragan Arrigler


Page 83, author: Iztok Medja

Page 106, author: Valter Leban

Page 54, author: Iztok Medja

Page 88, author: Arne Hodalič

List of photos

Slovenia received the surprising news at the beginning of 2016 that the proteus or olm laid an egg within the confines of the world famous Postojna Cave. The first egg was followed by more than 60 more eggs. This represents a globally important event, as the proteus only reproduces an average of every ten years. Never before has the proteus been subject to such study during its reproductive cycle. The amphibian, described by Janez Vajkard Valvazor back in 1689 in his work The Glory of the Duchy of Carniola, is on the list of endangered and closely protected animal species in both Slovenia and the EU.

Just as the proteus carefully guards its eggs, insurance companies provide their policyholders a sense of security. This issue of the Statistical Insurance Bulletin is therefore dedicated to this symbol of Slovenian natural heritage.

The text accompanying the photographs has been taken from the websites of Postojna Cave, Wikipedia Slovenija, portal MMC RTVSLO and portal Slovenia info.

Page 1, author: Iztok Medja Page 7, author: Iztok Medja Page 10, author: Arne Hodalič Page 14, Postojna cave archive

Page18, Postojna cave archive Page 22, 123rf,com Page 50, author: Dragan ArriglerPage 14, Postojna cave archive


SLOVENIAN INSURANCE ASSOCIATIONŽelezna cesta 14, PO Box 5701SI-1000 LJUBLJANA

Telephone: (+386) 1 300 93 81Fax: (+386) 1 473 56 92Website: www.zav-zdruzenje.siE-mail: [email protected]

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