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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