Ken Research’s Governance,
Risk and Compliance- the Slovakian Insurance Industry provides an overview of the insurance regulatory
framework in Slovakia. It gives the latest key changes, and changes expected in
the country's insurance regulatory framework. The report provides key
regulations and market practices related to different types of insurance
product in the country and rules and regulations pertaining to key classes of
compulsory insurance, and the scope of non-admitted insurance in Slovakia. The
key parameters including licensing requirements, permitted foreign direct
investment, minimum capital requirements, solvency and reserve requirements,
and investment regulations and details of the tax and legal systems in the
country are detailed in the report.
The local
insurance market of Slovakia has doubled that of the advance of the economy and
the insurance density has significantly evolved from the previous years. During
the year 2017, the gross written premium in both life and non – life insurances
increased. In terms of growth, within life insurance, the most dynamic growth
was witnessed in index- linked and unit – linked products. In general insurance
market, motor insurance and fire insurances saw the highest growth.
Recently,
the Finance Ministry proposed replacing the 8-percent special levy insurance
companies have been paying from each new non-life insurance policy as of the
beginning of 2017 with a new 8 percent tax.This is likely to be if effect from 2019 onwards. This move was
highly unwelcomed by all the insurers and other stakeholders like consumer
associations, analysts, employers since the price of premiums may soar up. The
Ministry of Finance maintained its position by stating the insurers have
resources to absorb these additional expenses without raising prices. It gave
solutions like optimising their operations, reducing costs or profits as an
alter to increase in prices. Not just in Slovakia, even in other European
countries, insurance taxes are paid. This new tax law is expected to increase
the prices of all goods and services across many businesses.
Of recently, Slovakia has been
experiencing changing climatic conditions. It experiences heavy, torrential
downpours and this type of extreme weather is expected to be a trend over the
years. These changes are bringing about changes in the insurance sector.
Insurance is already inaccessible to many people in the country due to higher
prices. Now it foreseen the insurance policies will become more expensive and
more people will not be able to afford insurance cover.
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