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Slovakia

Slovakia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Slovakia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Slovakia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Slovakia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +1
Bratislava
EUR
5.46 mn
103,597.586 mn
2.08%
2,546.58 (mn)
2.42

Slovakia, officially the Slovak Republic, is a landlocked country in Central Europe. It adopted the euro in January 2009, with the hope of achieving greater economic stability, and has since proven to be one of the EU's most disciplined economies. Compared to other EU countries, Slovakia has not been as seriously affected by the COVID-19 pandemic. 

Insurance penetration is relatively low, except for compulsory motor third party liability. In 2019 total market income reported by the regulator, the National Bank of Slovakia, was EUR 2.27bn, of which non-life accounted for EUR 1.10bn, plus EUR 161.32mn of PA and healthcare written by non-life insurers. 

In October 2020 there were 29 active non-life insurers registered in the country, 12 being locally incorporated and the balance being 17 branches of EU-domiciled insurers. In addition there are 657 registered EU insurers able to provide cross-border facilities in Slovakia (not split between life and non-life), effectively subsidiaries of EU-domiciled international players registered and incorporated in other EU countries.

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