Kenya

Axco provides details on the life insurance sector including Slovakian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Slovakia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Slovakian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Slovakia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

According to figures from NBS in 2019 there was a decrease in life premiums of 1.31%, following a decrease in 2018, partly attributed to a proportion of traditional life business being reclassified as non-life. The previous year, however, had reported an increase of 11.78% driven by investment, i.e. unit-linked business. The majority of life business is concerned with individual policies, taken out by individuals or sold by a bank under a group policy. There is a smaller market for employer-sponsored group business due to the lack of a ....

The full impact of the COVID-19 pandemic on the life and pensions sectors will not be known for some time, albeit increased surrender and lapse rates on investment products are already being noted. The major market trend in all branches of insurance, pensions and healthcare is the acceleration of the digital transformation with all processes now carried out electronically.

The pensions market in Slovakia currently comprises the following three pillars ....

The management of the COVID -19 crisis is viewed by the privately-owned HICs as poor, with no communication between government and the industry. The government's COVID-19 working group has concerned itself with lockdown measures and does not communicate with insurers, hospitals, particularly small surgeries and hospitals. Whilst performance of services in the state-owned HIC and laboratories are paid for by the state, vaccines and tests are not, with an excessive cost burden falling on the privately-owned companies, which were not included in their budgets. The state-owned insurer was allocated additional budget, unlike the private companies. The HICs expect to be in deficit once their accounts are released ....