Life Report

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Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Slovakia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Slovakia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Slovakia

The Slovakia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Slovakia.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Slovakia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Slovakia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Slovakia is available.

Axco’s report describes the regulatory framework that applies to the Slovakian domestic life insurance sector, including whether non-admitted insurance is permitted in Slovakia; as well as the legislation necessary to know regarding Slovakia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Slovakia with local life insurance company premiums, market share and year on year growth.

Life Insurance

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

Social Security

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 

Slovakia Life and Benefits Report Extract

Below are brief extracts of information from the Slovakia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

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 ....

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