The Slovenia Insurance Supervision Agency published its annual report on the Slovenian insurance market and its own activities for 2024, finding that insurers, reinsurers and pension companies ended the year with strong results and financial solidity despite the shock from severe natural catastrophes in 2023 and the abolition of supplementary health insurance. Insurers recorded a little over EUR 2.4 billion in gross written premium across non-life and life insurance, down EUR 357 million or 12.8% year on year solely due to the removal of supplementary health insurance, while other non-life lines and life insurance increased. Net profit for insurers reached almost EUR 229 million, 3.6 times the 2023 result, supported by non-life underwriting and investment income. The two reinsurers reported net profit of a little over EUR 65 million and pension companies earned EUR 12.1 million, with investment performance a key driver; reported investments totalled almost EUR 7.8 billion for insurers, over EUR 1.4 billion for reinsurers and over EUR 1.8 billion for pension companies. On supervision, the agency issued seven secondary regulations, completed six full-scope on-site inspections across insurers, reinsurers and pension companies, and started a horizontal review on sustainability, while stepping up market-conduct work. It issued 501 supervisory measures, mainly tied to breaches of continuing professional training requirements under the Insurance Act, and as a misdemeanour authority imposed ten written warnings and two fines; it also granted 477 authorisations for insurance agency and brokerage activities. On natural catastrophe coverage, the agency convened industry engagement and helped establish a working group in September 2024 with insurers, the Slovenian Insurance Association and relevant ministries to address the earthquake insurance gap. The group concluded an initial two-step approach was appropriate: a premium subsidy for home insurance including flood and earthquake cover for eligible social assistance recipients, followed by a requirement for condominium owners to take out insurance including basic fire insurance and earthquake cover.
Slovenia Insurance Supervision Agency 2025-07-29
Slovenia Insurance Supervision Agency reports EUR 229 million insurer profit in 2024 and launches cross-sector sustainability review
The Slovenia Insurance Supervision Agency's 2024 report shows strong financial results for insurers, reinsurers, and pension companies despite challenges. Insurers recorded EUR 2.4 billion in premiums and EUR 229 million in profits, while reinsurers and pension companies reported EUR 65 million and EUR 12.1 million, respectively. The agency issued 501 supervisory measures, conducted six inspections, initiated a sustainability review, and addressed the earthquake insurance gap through industry collaboration.