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stical Insurance

Bulletin 2008

… In this year's issue of the Bulletin we want through pictorial material and commentary to symbolically emphasise the historical contribution and influence of some of the most prominent representatives of the Slovene nation to the development of European and world knowledge, art and culture. Through their exceptional intellectual abilities, knowledge and actions, the selected giants of the Slovene nation have enriched the world and written their name in gold in the pages of world history. We are strongly aware that the selection of individuals portrayed is subjective …

Selected notable Slovenes

statistical insurance bulletin

Statistical Insurance

Bulletin 2008

Ljubljana, August

Publisher:

SLOVENIAN INSURANCE ASSOCIATION

Commercial interest association of Slovenian insurance companies

Železna cesta , PO Box

SI - LJUBLJANA

SLOVENIA

Tel:

Fax:

Internet:

Email:

Responsible person:

Mirko KALUŽA, Director

(+)-()-

(+)-()-

http://www.zav-zdruzenje.si

[email protected]

STATISTICAL INSURANCE BULLETIN, SIA, Ljubljana

Text, tables and graphs prepared by:

Tomaž Mancini, Statistical analysis and information technology,

Nuclear Pool (Chapter V, point ),

Education and Training Committee (Chapter IV)

Production:

Pegaz International d. o. o. Ljubljana

Design and illustrations:

Katarina Mrvar, Luka Mancini, lukatarina.net

Translated by:

AMIDAS d. o. o., Ljubljana

Printed by:

Littera picta

Print run:

copies

All rights reserved.

Th e information contained herein may be used in full or in part

only with an appropriate indication of the source.

ISSN -

Contents

development of the slovenian insurance market

foreword

i. the slovenian economy in

ii. the slovenian insurance association in

iii. presentation of members of the slovenian insurance asociation (as of 30 june 2008)

Adriatic Slovenica Insurance Company

ARAG Legal Expenses Insurance Company

Generali Insurance Company

GRAWE Insurance Company

Pension Fund Management Company (PFM)

KD Life Insurance Company

Merkur Insurance Company

NLB Vita Life Insurance Company

Reinsurance Company Sava Limited

Triglav RE Reinsurance Company

SID – First Credit Insurance Company (SEC – FCI)

Fund for Craftsmen and Entrepreneurs (FCE)

TRIGLAV Health Insurance Company

Victoria-Volksbanken Insurance Company, branch

Health Insurance Mutual

Maribor Insurance Company

Tilia Insurance Company

Triglav Insurance Company

iv. employees in insurance companies

v. insurance and reinsurance activities in

1. Insurance activity

1.1 Life insurance

1.1.1 Additional pension insurance (API)

1.2 All other types of insurance (non-life or property insurance)

2. Reinsurance activity

3. Nuclear Pool

4. Data by individual insurance classes and types

4.1 Accident insurance

4.2 Health insurance

4.3 Casco insurance

4.4 Goods in transit insurance

4.5 Property insurance

4.6 Liability insurance

4.7 Credit insurance

4.8 Suretyship and miscellaneous financial loss insurance

4.9 Legal expenses and tourist assistance insurance

vi. international position of slovenian insurance

vii. chronological overview of insurance activity on ethnic slovene territory

5

7

9

13

17

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

41

44

46

49

52

53

55

57

58

61

62

63

64

65

66

67

68

69

71

75

4

Jurij Bartolomej , baron Ve ga { – }mathematician,

ballistics specialist,

artillery officer,

inventor, author of

logarithm tablesGerman: Georg Freiherr von Vega

5 statistical insurance bulletin

Year Premiums

Total non-lifelife Total non-lifelife Total non-lifelife Total non-lifelife

Claims Claims ratio () Annual growth rate*

90,485

114,106

189,003

136,348

149,088

161,828

2002

2003

2004

2005

2006

2007

1,178,845

1,275,102

1,456,887

1,549,167

1,725,304

1,893,980

267,436

305,003

429,013

464,834

540,655

609,266

911,409

970,099

1,027,874

1,084,334

1,184,649

1,284,714

714,668

790,866

931,938

874,895

949,076

1,023,300

624,183

676,760

742,935

738,547

799,988

861,472

60.6

62.0

64.0

56.5

55.0

54.0

33.8

37.4

44.1

29.3

27.6

26.6

68.5

69.8

72.3

68.1

67.5

67.1

116.1

111.7

116.8

106.6

111.4

109.8

123.2

117.8

143.8

108.6

116.3

112.7

114.1

109.9

108.3

105.7

109.3

108.4

Year Premiums

Total non-lifelife Total non-lifelife Total non-lifelife Total non-lifelife

Claims Claims ratio () Annual growth rate*

728

567

241

222

252

302

2002

2003

2004

2005

2006

2007

126,451

140,894

148,905

161,361

180,619

206,165

1,047

1,007

953

1,007

642

704

125,404

139,887

147,952

160,354

179,977

205,461

64,657

73,459

81,805

78,671

101,767

115,181

63,929

72,892

81,564

78,449

101,515

114,879

51.1

52.1

54.9

48.8

56.3

55.9

69.6

56.6

25.4

22.0

39.3

42.9

51.0

52.1

55.1

48.9

56.4

55.9

132.0

115.1

108.1

108.6

111.9

114.1

113.9

99.2

97.0

105.7

63.8

109.7

132.2

115.2

108.1

108.6

112.2

114.2

Reinsurance

* Premium growth index (excluding the inflation rate). Including the inflation rate of .% (Dec. / Dec. ) based on HICP, total insurance premium would be € . billion and premium growth index would be ..

Source: SIA, SORS

Development of the Slovenian insurance market

Insurance amounts in €

amounts in €


{ – } physicist, mathematician, poet, creator of the Stefan constantJož ef Stefan


Foreword

is continually increasing. With their efforts to

gain market share, smaller insurance companies

in particular have recorded faster growth rates,

although this has still not resulted in significant

reductions in market concentration. The five largest

insurance companies control .% of the market.

The common EU regulations and the introduction of

the Euro in meant that the last business year was

marked by increased interest by insurance companies

from the EU in operating in Slovenia. As yet they do

not have a strong presence or significant influence on

the operations of domestic insurance companies.

Harmonisation of insurance legislation and Slovenia’s

membership of the European Monetary Union are

important circumstances leading to greater interest on

the part of numerous insurance companies from the

EU in operating in our market. Although the presence

of provision under the freedom of service (FOS)

system is not strong, it can be expected to increase

shortly, further encouraging market competition.

We are convinced that this year’s Statistical Insurance

Bulletin, with its traditional range of data, will be

suitable for both analysts and all those who want to

know more about the Slovenian insurance market.

Mirko Kaluža, Director

Seventeen insurance companies and two reinsurance

companies operated in the Slovenian insurance market

in . Only one insurance company was not a

member of the Slovenian Insurance Association. The

Bulletin thus provides a comprehensive statistical

overview of the insurance industry in Slovenia. It

provides presentations of individual association

members as well as aggregate data on their business.

was yet another successful

year for Slovenian insurance.

Insurance companies generated more than € .

billion in gross premiums written, just under %

more than the previous year. The claims ratio fell to

%, with total claims a little over € billion. Life

insurance generated € million in gross premiums

written, compared to around € . billion for property

insurance. The volume of life insurance increased more

quickly than property insurance, so that its share in

total gross premiums written has increased to .%.

Employment in insurance companies and

reinsurance companies increased to ,, a rise

of .%. Compared to , insurance premiums

as a proportion of GDP slightly fell to .%, since

economic growth in in nominal terms was

faster than the growth in insurance premiums.

Both reinsurance companies also operated

successfully. In they generated € million

in gross premiums written, % more than in

. The growth rate for claims was more

than a percentage point lower, while in absolute

terms their value rose to over € million.

Competition in the overall insurance market


German: Barbara von Cilli, češko/slovaško: Barbora Cellská

Barbar a Celjsk aHungarian and Czech Queen,

Holy Roman Empress,

astrologer, alchemist{ – }

9

I.


Th e Slovenian economy in 2007

The successful adoption of the euro in Slovenia

triggered rises in prices that the government had

previously successfully restrained. The business and

political year in were marked by lively and

record fluctuations in securities on the Ljubljana

Stock Exchange and the government crisis that ended

in November with the prime minister winning a

confidence vote in parliament. At a time of preparation

for Slovenia’s presidency of the European Council

in the first half of , polls showed that not even

the public supported possible resignation of the

government. At the end of , an interesting

presidential campaign gave Slovenia a new President.

We should also mention certain encouraging changes

in the Slovenian economy in , such as the relatively

high rate of internationalisation, Slovenia’s request

to join the Organisation for Economic Cooperation

and Development (OECD), the first preparations by

certain insurance companies to join the Ljubljana Stock

Exchange and the beginning of the end of privatisation

of the largest insurance companies in the country.

Inflation varied considerably in . In the first

quarter inflation was negative, but it later began to

rise, reaching the highest monthly level of .% in May.

After the summer holidays, prices began to rise again,

reaching an annual rate of .% in December. Rising

prices of food had the biggest public impact, although

it was not the only cause of excessive inflation. Experts

ascribe part of the price rise to increases in the cost of

fuel and rising costs for manufacturers and traders.

Gross domestic product (GDP) increased at a record

rate last year, in line with expert forecasts. The growth

rate was .% in real terms, the highest in the last

years. Growth was fastest in the first half of the year

due to large investments and strong exports under

favourable European and global economic conditions.

The value of GDP at current prices was € .

billion, € , per capita and .% more than in .

Slovenian per-capita purchasing power GDP is still only

% of the EU average, but it has overtaken Portugal.


Exports of goods and services throughout the year ran

at a monthly level of around € . billion, with total

exports from Slovenia of € . billion for the year,

a nominal .% increase on the previous year. The

number of export markets also increased. Most (%)

exports went to EU markets. Exports are dominated by

automobiles, white goods and pharmaceuticals. Once

again, imports exceeded the value of exports last year.

Slovenia exported around € . billion of goods and

services a month, while total imports for the year were

€ . billion, .% more than in . The export-

to-import ratio fell compared to to .%.

The current account balance of payments

deficit in was € . billion, doubling in a year

to .% of gross domestic product. The increase

in the deficit is largely due to increased imports,

the allocation of dividends to foreign owners and

increased expenditure on interest on loans.

Industrial companies increased output by under

% in , an improvement on the previous year.

Industrial labour productivity increased by an average

of just under %. Output growth was highest in

processing activities, particularly the chemical industry.

Added value increased by .%, with the highest

increases in construction and financial services.

Foreign investment by Slovenian companies

continues to increase. The investors are

dominated by trade and industrial companies,

which to date have invested around € . billion

outside Slovenia. The countries that have received

the most Slovenian investment include the

Netherlands, Austria, Germany and particularly

countries in the region of the former Yugoslavia.

Domestic investment increased in

by .%, particularly due to investment in

transport infrastructure, fixed assets, buildings,

means of transport and housing. Total

domestic investment was € . billion.


Wages increased in both nominal and real terms

from . The average monthly gross salary in

was € ,, a nominal rise of .%, while the

average net salary was more than % lower than

the gross at € , a nominal rise of .% on the

previous year. In , employees earned in real

terms .% more gross and .% more net than the

previous year. Since wages lagged behind the inflation

rate and the public felt the impact of rising prices,

trade unions in negotiations with the government

achieved necessary corrections in social security.

Unemployment continued to fall through the

year. At the end of December, , people

were unemployed, .% fewer than the previous

year. This fall was partly due to corrections made

to their records by the Employment Service of

Slovenia, taking account of new legislation that

introduced stricter criteria for unemployed status.

In December, the rate of registered unemployment

was .%, while the annual average was .%.

The main share index SBI on the Ljubljana

securities market in mid- reached a record level

of , points; all other stock indexes also reached

record levels. The market capitalisation of all

securities at the end of December was a record € .

billion, % more than the same time the previous

year. The highest monthly turnover was recorded in

June at just under € million. The favourable

stock-market situation did not last long, with sharp

falls in all values the following spring. will be

recorded in the history of the Ljubljana Stock Exchange

as the most successful since it was founded in .

Sources:. Statistical Office of RS (SORS). Bank of Slovenia (BS) . Employment Service of Slovenia (ESS). Institute of Macroeconomic Analysis and Development (IMAD). Ljubljana Stock Exchange (LSE). EUROSTAT. AJPES


{ – }German: Hermann Noordung

mechanical engineer,

pioneer of rocket and

space technology

Her m an Poto nik–No ordung

13

II.


Claims Register and the AL Insurance Register.

Other tasks are undertaken in accordance with

the needs, interests and proposals of association

members. Some of these tasks are described below.

The last business year was very turbulent.

Committees, sections and property and personal

insurance commissions played an active part

through their comments on amendments to

national legislation relating to insurance and EU

regulations. They also discussed the draft Solvency II

directive. Actuaries continued work on an insurance

statistical standard, which the Slovenian Insurance

Association must adopt under the Insurance Act.

Accountants and financiers warned of the non-

conformity of certain provisions of the Insurance

Act with international financial reporting standards

(IFRS), and proposed the production of abbreviated

balance schemes compliant with IFRS and suitable

for publication. There was much activity in the area

of health insurance, where – despite their different

market positions – insurers found a common

language to regulate matters with other health system

participants. Stronger competition among members –

as reflected in increased advertising for new insurance

products – also made an important contribution

to greater dynamism in the insurance market.

Due to new EU regulations for automobile insurance

(Directive ) and their transposition into national

legislation, and also due to the interest of members,

the association designed a new database that will

contribute to faster and more efficient pursuit of

the business objectives of members. Introduction

of the automobile insurance register will also create

the possibility of detecting insurance fraud.

Membership of the Slovenian Insurance Association

remained unchanged in , with insurance

companies and reinsurance companies. The

sixteen insurance companies include two that due

to legislation are not considered true insurance

companies – Pension Fund Management (PFM)

and the Fund for Craftsmen and Entrepreneurs

(FCE). We refer to them as “other SIA members”.

We expect membership to increase next year,

since a number of insurance companies from

other EU countries are seriously interested in

operating in the Slovenian insurance market,

with their intentions including the marketing of

automobile insurance. If they do, they must join

the Claims Fund operated by the association.

The association’s work is directed and overseen by the

Association Council. The director of the association

runs the professional service and is responsible for

implementation of resolutions of the SIA Council

and for realisation of plans adopted by the highest

body of the association – the Assembly. Through

its work, the association is linked to international

professional associations such as the European

Insurance and Reinsurance Federation (CEA), the

Council of Green Card Bureaux (COB) and the

International Union of Marine Insurance (IUMI).

All of the work and duties of the association in

were carried out by employees who coordinate the

work of meetings of all working groups comprising

delegates from association members. The number

of employees did not increase from , although

the extent of duties and work increases each year.

Some of the activities of the association are laid down

by laws and regulations governing the operation

of the Green Card Bureau, the Claims Fund, the

Compensation Office, the Information Centre, the

Th e Slovenian Insurance Association in


In accordance with the Insurance Act, the association

is authorised for education and examinations for

insurance agents and brokers. , candidates

registered for the examination in , with two-

thirds passing. From , when the association

began to provide examinations, to the end of

, , candidates passed the insurance

agent examination, while candidates passed

the insurance broker examination. Already

insurance agents and brokers in Slovenia have suitable

certification of the knowledge required to perform

this work. The SIA education service in also

prepared a higher-education study programme

for the occupation of insurance economist.

At the end of , as part of the preparations for

the Slovenian presidency of the European Council,

the Slovenian Insurance Association received in

Ljubljana a number of delegations from various

national insurance associations and the CEA. At

the initiative of the SIA, a representative of the

permanent representative office of the Republic

of Slovenia in Brussels responsible for insurance

presented Slovenia’s activities in the area of

insurance during its EU presidency to participants

in the Single Market Committee of the CEA.

In accordance with EU regulations, the association’s

website hosts an information centre to help insured

car owners. Since it was established in May ,

the centre has received around , hits.

The Compensation Office and the Claims Fund

also operate within the association in the area of

automobile insurance pursuant to EU regulations.

Claims Fund statistics show that claims were

caused by drivers of uninsured motor vehicles, and

by drivers of unknown motor vehicles. The two

combined account for scarcely over two percent of all

traffic accidents and consequential claims in .

In , a group of representatives of the reinsurance

companies Sava and Triglav RE actively cooperated

with the ISA and the Ministry of Finance in

preparing amendments and supplements to the

Insurance Act with the intention of implementing

the reinsurance directive in national legislation.

The new law was adopted in October.

Under the Insurance Act, a mediation centre operates

at the association, enabling out-of-court dispute

resolution between consumers of insurance services

and insurance companies. Practical cases of hearings

– there were in , fewer than the previous

year – are published by the association in its journal

Informator. In questionnaires, those participating

in mediation expressed their satisfaction with

the management of proceedings. The Insurance

Ombudsman also received a number of proposals

() for hearings in , and the Tribunal, which

resolves disputes between insurance companies

or association members, was also active.

15


Organisational chart of the Slovenian Insurance Association (SIA) (as of July )

* SIA provides only a material basis

General and

Organisational Aff airs

and Accounting Service

Arbitration Court* Insurance Ombudsman*

Mediation Centre*

ASSEMBLY

Green Card Bureau Information Centre Compensation Body Guarantee Fund

Motor Insurance Personal Lines Property Insurance Statistics, Analysis and IT

Education

Motor Insurance Committee

Commission for the Prevention of Insurance Fraud

Life & AccidentInsurance Committee

Health Insurance Committee

Pension Insurance Committee

Legal Section

Property Insurance Committee

Agricultural Insurance Section

Transport and Credit Insurance Committee

Financial Section

IT Committee

Editorial Committee

Actuarial Section

Education Committee

Slovenian Insurance Days’ Organising Committee

Exam Committee

Commission for Money Laundering Prevention

Commission on Accounts and Tax Aff airs

Internal Audit Section

COUNCIL

DIRECTOR

Commission of the Guarantee Fund

Council of the GCB

Expert Committee of the GCB

16

Jož e Ple nik { – } architect

17

III.


and Slovakia. We should explain here that, in

order to strengthen the corporate identity of the

KD Group, which owns the company, Slovenica

Life was renamed KD Life Insurance Company on

August . In March , this specialised

insurance company received the ISO quality

certificate while still operating under the old name.

The experiences of our insurance companies

operating outside Slovenia are similar to those of

insurance companies with foreign equity that arrived

in Slovenia even before independence, as soon as

domestic regulations allowed the establishment

of joint-stock companies. These include GRAWE,

Generali and Merkur. The life insurer NLB Vita also

has an important non-Slovenian equity stake. These

were later joined by ARAG and Victoria-Volksbanken

and Wiener Städtische and Allianz Hungaria.

The last two have already applied for association

membership. Entry into the Slovenian market has

also been announced by the Swiss-Irish insurer

Zürich Insurance Ireland Ltd. Global Corporate

Ireland based in Dublin, which also intends to join

the Slovenian Insurance Association, as it will also

market automobile insurance. It intends to market

the insurance directly, i.e. under the FOS system,

without establishing a branch. To date the SIA has not

had such a member, and so the association adjusted

its statute, which now allows insurance companies

to acquire full and associate membership. The latest

insurance company with part foreign equity in the

Slovenian market is First Personal, an insurance

company one-fifth owned by the European Bank

of Reconstruction and Development (EBRD). It is

registered to market all forms of personal insurance,

but has not yet applied for SIA membership.

was marked by major business shifts,

continued expansion abroad, reorganisation and

management of insurance companies in Slovenia. The

internationalisation of the Slovenian economy has

thoroughly permeated the insurance industry. Five

Slovenian insurance or reinsurance companies already

operated outside Slovenia – insurance companies that

were founded in Slovenia with Slovenian capital and

that have recently increasingly been expanding their

operations to markets outside of Slovenia. Based on

estimates by insurance professionals, these insurance

companies generated around € million in gross

premiums written from insurance sales outside of

Slovenia, which is more than insurance companies

with foreign equity stakes have managed in Slovenia.

Of the Slovenian insurance companies operating

outside of Slovenia, Triglav is the most expansive.

It operates primarily in the countries of SE Europe,

i.e. Croatia, Montenegro, Bosnia and Herzegovina,

Serbia and Macedonia, as well as the Czech

Republic, Slovakia and the Netherlands. It has

market shares in these countries of a few percent,

but their “foreign” premiums already represent %

of all premiums written in the Triglav Insurance

group. Maribor Insurance Company operates in

neighbouring Croatia, while Sava Reinsurance

operates in Serbia, Kosovo and Macedonia. Adriatic

Slovenica operates in Serbia, but is also planning to

specialise its portfolio, i.e. transfer life insurance to

its sister company KD Life, which operates under

that name in Croatia, Romania, Bulgaria, Ukraine

Presentation of members of the Slovenian Insurance Association

(as of June )


Composite insurance companies:





Generali Insurance Company



Victoria-Volksbanken Insurance Company, branch

Wiener Städtische Insurance Company, branch (not SIA member)

Allianz Hungaria ZRT, branch (not SIA member)

Zürich Insurance Ireland Ltd. Global Corporate Ireland (not SIA member)

Specialised insurance companies:


TRIGLAV Health Insurance Company

Slovenica Life Insurance Company

NLB Vita Life Insurance Company

SID – First Credit Insurance Company (SEC – FCI)


First Personal Insurance Company (not SIA member)

Other members of the SIA:

Pension Fund Management Company (PFM)


Reinsurance companies:



level business units, in equity capital, in the number of

employees, in premiums and in portfolio composition

are shown. The branch of Wiener Städtische

insurance company, and Allianz Hungaria, Zürich

Insurance Ireland Ltd. Global Corporate Ireland and

First Personal, are not yet SIA members, and so they

are listed in italics with no indication of premiums.

Their data are also not shown in tables and graphs.

Sixteen companies, i.e. insurance companies and

other SIA members, generated € . billion in gross

premiums written in , of which € . billion

came from property insurance and € million

from life insurance. Total gross premiums written

increased by .% from , a slower rate than

the previous year. Both life insurance (.%) and

property insurance (.%) experienced lower growth

than in . Including the premiums of the Ljubljana

branch of Wiener Städtische, which provided data

on premiums written in (total € ,,, of

Interesting changes are predicted in the Slovenian

insurance market: the association faces expanded

membership, while international insurance

competition in the market is increasing continually

( foreign insurance companies were registered

for operating in Slovenia on the ISA website as of

June ). Consumers of insurance products

will have access to a wider range of insurance

products. We can reasonably expect further growth

of around % in gross premiums written.

The list below shows the names of the insurance

and reinsurance companies operating in Slovenia at

the time of going to press ( June ). The gross

insurance and reinsurance premiums written in ,

in figures roughly rounded up, are only given for the

SIA members. In the pages following the table with

market shares, members are presented with the latest

general and identification information. Changes in the

composition of their boards, in the number of top-

in € million

.

.


Number of insurance companies in individual years by different criteria

14

2

16

15

11

3

9

3

2

12

3

1

1

–

2002

15

2

17

16

12

3

9

4

2

13

4

1

1

–

2003

15

2

17

17

12

3

8

3

4

13

5

1

1

–

2004

15

2

17

17

13

2

7

4

4

13

4

1

1

2

2005

16

2

18

18

14

2

8

4

4

14

5

1

1

2

2006Year

insurance companies

reinsurance companies

total companies

of which SIA members

with regard to law **

operate under the Insurance Act (insurance comp.)

do not operate under the Insurance Act (other comp.)

with regard to portfolio

composites

life-only

property-only

by corporate status

joint-stock

all

majority foreign owned

mutuals

other

Branch offices from the EU countries***

Insurance companies with regard to various criteria

Total number of companies in the market*

16

2

18

18

14

2

8

4

4

14

5

1

1

2

2007

** Insurance companies with regard to the Insurance Act in individual years.

property insurance generated by classic insurance

companies (€ . billion) is equal to the total

property insurance premiums for the whole market.

The total life insurance premiums for classic

insurance companies (€ million) is less than

the market total for life insurance premiums.

The market shares of the largest insurance

companies just behind the market leader have

changed again. In a very predictable first place with

.% is Triglav, while Adriatic Slovenica (.%)

has retained second place, and Maribor Insurance

Company (.%) has risen to third place. Health

Insurance Mutual has slipped into fourth place with

a market share of .%. Lower down the list are

insurance companies with market shares below ten

percent, but they do include a number of insurance

gazelles distinguished by high growth in business

efficiency, which the Bulletin measures by premiums

per employee. These are KD Life Insurance

which € ,, from property insurance and

€ ,, from life insurance), gross premiums

written in Slovenia in totalled € ,,,.

Total and individual growth rates for gross claims

paid under the main portfolio division lagged behind

premiums growth. Insurance companies in

paid policyholders claims worth € . billion,

of which € million came from life insurance

and € million from property insurance.

Classic insurance companies, namely those

operating under the Insurance Act, generated the

great majority (€ . billion) of gross premiums

written. This is .% of all premiums written,

more than in . Other SIA members (PFM and

FCE), generated € million in gross premiums

written, .% of the total. In all property

insurance companies are classified as classic

insurance companies, and so the total premiums for

*** Data of only one branch is included in statistics published in this bulletin.

Source: SIA

* Companies which operated on the market in individual years and whose premiums for the year are included in SIA Insurance statistics.


Insurance companies Insurance class

Total

Triglav

Adriatic Slovenica

Maribor

Mutual

Tilia

KD Life

Generali

TRIGLAV Health

Merkur

NLB Vita

GRAWE

SID – First Credit

ARAG

Victoria-Volksbanken

All business

100.00

39.95

14.16

13.23

12.81

3.28

3.24

3.10

2.91

2.33

2.06

2.04

0.79

0.07

0.03

Life

100.00

46.31

3.50

13.09

–

1.95

11.78

3.84

–

7.22

7.20

5.01

–

–

0.09

Non-life

100.00

37.55

18.20

13.29

17.66

3.78

–

2.81

4.01

0.48

0.11

0.91

1.09

0.09

0.01

Reinsurance companies Insurance class

Total

Sava

Triglav RE

All business

100.00

57.50

42.50

Life

100.00

74.53

25.47

Non-life

100.00

57.44

42.56

Other members of the SIA Insurance class

Total

Pension Fund Management (PFM)


All business

100.00

96.38

3.62

Life

100.00

96.38

3.62

Non-life

100.00

–

–

Market shares of other members of the SIA * in %

Market shares of reinsurance companies * in %

Market shares of insurance companies * in %

* Market shares based on total premiums written by other SIA members (€ ,,).Companies that do not operate or only partially operate under the Insurance Act are shown in this table.

Source: SIA

* Market shares based on total premiums written by insuran-ce companies that operate under the Insurance Act(€ ,,,).

Source: SIA

* Market shares based on total premiums written by reinsuran-ce companies (€ ,,).

Source: SIA

Company, Triglav Health Insurance Company and

the Austrian Victoria-Volksbanken and ARAG

insurance companies. It would appear that the future

is on the side of specialised insurance companies.

Always of interest to readers are data on the

operation of insurance companies with foreign

capital, regardless of the proportion of shares held

in the company. In the Slovenian market in ,

the following insurance companies, SIA members,

were partly or fully owned by foreign capital, listed

with the percentage of foreign capital and market

share in the Slovenian insurance market: Generali

(%, MS .%), Merkur (%, MS .%), NLB

Vita (%, MS .%), GRAWE (%, .%),

ARAG (%, MS .%) and Victoria-Volksbanken

(%, MS .%). Together they generated €

,, in gross premiums written, % of the

total in Slovenia. The share of insurance companies

with foreign capital is continually increasing.

It has increased by half a percentage point since

. If we add to the gross premiums written the

turnover of Wiener Städtische (WS) amounting

to € ,,, total premiums in the Slovenian

insurance market would be € ,,,, while

the total premiums of the aforementioned insurance

companies with non-Slovenian capital would be €

,,. The market share of WS would then

be .%, ranking it th out of ahead of the

Fund for Craftsmen and Entrepreneurs. Adriatic

Slovenica and KD Life, which we do not include in

these insurance companies, have an insignificant

proportion, a few hundreds of a percent, of foreign

capital, more historical than anything else.


Market shares of insurance companies and other members of the SIA *

Insurance companies and other members of the SIA

Insurance class

Total

Triglav

Adriatic Slovenica

Maribor

Mutual

Pension Fund Management (PFM)**

Tilia

KD Life

Generali

TRIGLAV Health

Merkur

NLB Vita

GRAWE


Fund for Craftsmen and Entrepreneurs (FCE) **

ARAG


All business

100.00

37.36

13.24

12.37

11.98

6.25

3.06

3.03

2.90

2.72

2.18

1.92

1.90

0.74

0.23

0.06

0.03

Life

100.00

36.97

2.80

10.45

–

19.43

1.56

9.41

3.07

–

5.76

5.75

4.00

–

0.73

–

0.08

Non-life

100.00

37.55

18.20

13.29

17.66

–

3.78

–

2.81

4.01

0.48

0.11

0.91

1.09

–

0.09

0.01

in %

Insurance companies and other members

of the SIA

Life insurance premiums

All business

609,265,438

225,242,178

118,376,228

63,674,780

57,328,170

35,121,358

35,037,372

24,353,424

17,043,194

18,679,935

9,507,896

4,443,452

457,451

471,038,727

208,772,688

–

63,674,780

57,328,170

35,121,358

35,037,372

24,353,424

16,329,200

16,012,936

9,507,896

4,443,452

457,451

100.00

44.32

–

13.52

12.17

7.46

7.44

5.17

3.47

3.40

2.02

0.94

0.10

Total

Triglav


Maribor

KD Life

Merkur

NLB Vita

GRAWE

Adriatic Slovenica

Generali

Tilia



Market shares*

()life insurance premiums

excluding PIP in terms of ZPIZ-1

138,226,711

16,469,490

118,376,228

–

–

–

–

–

713,994

2,666,999

–

–

–

of this PIP**in terms of ZPIZ-1

Market shares of life insurers

Companies(in order of premium

per 1 employee)per 1 employee

(€)Growth

(2006 = 100)total

(€ 000)

Gross premium writtenNumber of

employees*

Total

Reinsurance companies

Triglav RE

Sava

Insurance comp. and other SIA members

NLB Vita


Mutual

TRIGLAV Health

KD Life

Merkur


Triglav

Maribor

Adriatic Slovenica


Generali

GRAWE

Tilia


ARAG

6,148

84

29

55

6,064

24

111

273

68

78

58

40

2,496

894

1,090

20

322

217

356

5

12

–

114.1

114.2

114.1

109.8

119.1

106.2

103.7

129.7

148.6

109.3

125.0

107.3

111.4

107.6

96.4

123.7

111.5

112.6

179.1

133.7

–

206,165

87,625

118,540

1,893,980

36,441

118,376

226,933

51,573

57,328

41,324

14,059

707,634

234,348

250,846

4,443

54,840

36,072

58,023

530

1,210

–

2,454

3,022

2,155

312

1,518

1,066

831

758

735

712

351

284

262

230

222

170

166

163

106

101

Operating efficiency of the (re)insurance companies in and their nominal growth of GVP

amounts in €

* Market shares based on total sum of gross premiums written by insurance compa-nies for life insurance exclu-ding premiums for pensions insurance under ZPIZ- (€ ,,).

** PIP = Pensions Insurance Premium, collected in terms of the Pension and Invalidity Insurance Act (ZPIZ-).

Source: SIA

* Employees as at December .

Source: SIA

* Market shares based on total premiums written by insurance companies and other SIA mem-bers (€ ,,,).

** Insurance companies which, under the Insurance Act, are not classified as classic insurance companies, and which we therefore refer to as »other SIA members«.

Source: SIA



Ljubljanska a, SI – Koper/Capodistria

www.adriatic-slovenica.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

composite

joint-stock company

November

,

149

branch offices

%

%

KD Holding, d. d., Ljubljana %

€ ,,

Janez BOJC

Gabrijel ŠKOF T (+)-()-

Milena GEORGIEVSKI, Matej CERGOLJ,

Marko REMS

Chairman of the Supervisory Board:

Chairman of the Board of Management:

Members of the Board of Management:

Type of insurance company:

Form of organisation:

Date of registration:

No. of full-time employees (31 Dec. 2007):

No. of all-level business units:

No. of top-level business units:

Share of foreign capital:

Th e biggest shareholders collectively represent

(as at 16 January 2008):

Of this:

Gross premiums written 2006:

Gross written premium income by class

Source: SIA

Property 7.4%

Motor l iabi l i ty 23.8%

Motor casco 14.2%

Voluntar y health 35.7%

Accident 7.9%Life 6 .8%

Other l iabi l i ty 2 .2% Other 2.1%



Železna cesta , SI – Ljubljana

www.arag.si

[email protected]

(+)-()-

(+)-()-

legal expenses insurance

joint-stock company

March

head office

%

%

ARAG Österreich Allgemeine

Rechtsschutzversicherung AG, Vienna %

€ ,,

Herbert KITTINGER, D. Sc.

Robert KALCHER T (+)-()-

Marko VONČINA

A

I

E

T

F



Member of the Board of Management:








Th e biggest shareholders collectively represent:

Of this:


Source: SIA

Legal expenses 100.0%



GENERALI Insurance Company

Kržičeva , SI – Ljubljana

http://www.generali.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

composite

joint-stock company

March

9

head office

%

%

Generali Holding Vienna, AG, Vienna %

Interunfall Versicherung, AG, Vienna %

€ ,,

Werner MOERTEL

Gregor PILGRAM T (+)-()-

Sebastijan ŽLEBNIK , M. Sc.












Of this:



Source: SIA


Other l iabi l i ty 3 .0%

Property 15.7%

Motor casco 12.3%

Accident 7.8%

Life 34.1%

Other 2.0%



Gregorčičeva , SI – Maribor

http://www.grawe.si

[email protected]

(+)-()-

(+)-()-

composite

joint-stock company

January

branch office

%

%

Grazer Wechselseitige Versicherung, AG, Graz %

€ ,,

Mag. Dr. Othmar EDERER

Božo EMERŠIČ, M. Sc., MBA T (+)-()-

Klaus SCHEITEGEL, M. Sc., Marko MIKIČ

A

I

E

T

F












Of this:


Source: SIA


Life 67.5%

Motor l iabi l i ty 8 .4%

Property 10.2% Motor casco 3.3%

Accident 9.8%


Other 0.1%


PENSION FUND MANAGEMENT

Dunajska cesta , SI – Ljubljana

www.kapitalska-druzba.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

company, founded under pension law (ZPIZ)

joint-stock company

December

1

head office

.%

%

Republic of Slovenia %

€ ,,

Boris ZUPANČIČ

Uroš ROŽIČ, M. Sc. T (+)-()-

Helena BEŠTER, M. Sc., Mateja BOŽIČ, M. Sc.












Of this:



Source: SIA

Pensions 100.0%


KD Življenje Insurance Company

Celovška , SI – Ljubljana

www.kd-zivljenje.si

[email protected]

(+)-()-

(+)-()-

life insurance

joint-stock company

January

head office

.%

%

KD – Holding, d. d., Ljubljana %

€ ,,

Draško VESELINOVIČ, D. Sc.

Matija ŠENK T (+)-()-

Mateja KERŽIČ, Darko MEDVED, D. Sc.

A

I

E

T

F












Of this:


Source: SIA


Life 100.0%


MERKUR Insurance Company

Dunajska , SI – Ljubljana

www.merkur-zav.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

composite

joint-stock company

November

2

branch office

%

%

Merkur Versicherung, AG, Graz %

€ ,,

Alois SUNDL

Denis STROLIGO T (+)-()-

Mojca ANDROJNA, Andrej OSTERC












Of this:



Source: SIA

Accident 11.5%

Property 3.0%

Life 85.0%

Other 0.5%


NLB VITA Insurance Company

Trg republike , SI – Ljubljana

[email protected]

(+)-()-

(+)-()-

life + accident

joint-stock company

June

head office

%

%

KBC Insurance NV, Leuven, Belgium %

Nova Ljubljanska banka, d. d., Ljubljana %

€ ,,

Johan DAEMEN

Barbara SMOLNIKAR T (+)-()-

Pavel GOJKOVIČ

A

E

T

F












Of this:


Source: SIA


Life 96.1%

Accident 3.9%


Reinsurance Company SAVA Ltd.

Dunajska cesta , SI – Ljubljana

www.sava-re.si

[email protected]

(+)-()-

(+)-()-

reinsurance company

joint-stock company

June

head office

.%

.%

Slovene Restitution Fund, Ljubljana .%

Poteza naložbe, d. o. o., Ljubljana .%

Hypo Bank, Ljubljana .%

Nova KB Maribor, d. d., Maribor .%

Pension Fund Management – ZVPSJU .%

€ ,,

Marko POGAČNIK, M. Sc.

Dušan ČEČ T (+)-()-

Zvonko IVANUŠIČ, M. Sc.

A

I

E

T

F











Th e biggest shareholders collectively represent

(as at 30 June 2008):

Of this:


Source: SIA


Accident 7.9%

Motor casco 17.8%

Property 42.5%



Credit 1 .3%

Other 4.4%


Triglav RE Reinsurance Company Ltd.

Miklošičeva , SI – Ljubljana

[email protected]

(+)-()-

(+)-()-

A

E

T

F

reinsurance company

joint-stock company

December

1

head office

.%

%

Insurance Company Triglav, Ljubljana .%

Nova Ljubljanska banka, d. d., Ljubljana .%

Maksima Holding, d. d., Ljubljana .%

Petrol, d. d., Ljubljana .%

Sava, d. d., Kranj .%

FMR, d. d., Idrija .%

Helios, d. d., Domžale .%

€ ,,

Andrej KOCIČ, M. Sc.

Gojko KAVČIČ T (+)-()-

Milena URŠIČ












Of this:



Source: SIA

Accident 2.1%

Motor casco 16.4%

Transport 1 .3%

Property 49.2%


Miscel laneous f inancial loss 2 .1%


Other 6.3%


SID First Credit Insurance Company Inc., Ljubljana

Josipine Turnograjske , SI – Ljubljana

www.sid-pkz.si

[email protected]

(+)-()- ,

(+)-()-

credits/export and domestic credits

joint-stock company

December

head office

.%

%

SID – Slovene Export and Development Bank, Inc.,

Ljubljana (SID Bank) %

€ ,,

Jožef BRADEŠKO

Ladislav ARTNIK T (+)-()-

Rasto HARTMAN, D. Sc.

A

I

E

T

F












Of this:


Source: SIA


Export and domestic credit 100.0%


Fund for Craftsmen and Entrepreneurs

Vošnjakova , SI – Ljubljana

[email protected]

(+)-()-

(+)-()-

A

E

T

F

old-age pension

fund

August

1

head office

.%

not a joint-stock company

€ ,,

Jaka VADNJAL, D. Sc.

Bojan JEAN, M. Sc. T (+)-()-

Andrej SAJOVIC














Source: SIA

Pensions 100.0%


TRIGLAV Health Insurance Company Ltd.

Pristaniška ulica , SI – Koper/Capodistria

www.zdravstvena.net

[email protected]

(+)-()-

(+)-()-

voluntary health insurance company

joint-stock company

November

(central office Koper, central office Ljubljana)

.%

.%

Triglav Insurance Company, Ljubljana .%

Merkur, d. d., Naklo .%

SCT, d. d., Ljubljana .%

Energoplan, d. d., Ljubljana .%

Futura, FMLY, d. o. o., Ljubljana .%

€ ,,

Vladimir Mišo ČEPLAK, M. Sc.

Danijel STARMAN, D. Sc. T (+)-()-

Ivan GRACAR, M. Sc., Gregor STRMČNIK,

Simon VIDMAR, M. Sc.

A

I

E

T

F












Of this:


Source: SIA




Accident 8.8%

Property 4.9%

Life 86.3%

VICTORIA-VOLKSBANKEN Insurance Company Ltd.

Branch offi ce for Slovenia

Ulica heroja Bračiča , SI – Maribor

[email protected]

(+)-()-

(+)-()-

A

E

T

F

composite

branch of EU company

May

1

head office

%

%

ERGO International AG, Düsseldorf, Germany .%

Österreichische Volksbanken AG, Vienna, Austria .%

€ ,

Anton SIMMLINGER T (+)-()- Manager of the branch:









Of this:



Source: SIA



Vošnjakova , SI – Ljubljana

www.vzajemna.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

voluntary health insurance company

mutual

November

head office + business units

head office

.%

not a joint-stock company

€ ,,

Franci STRAJNAR, M. Sc., (until June )

Boštjan AVER, D. Sc. T (+)-()-

Peter PUSTATIČNIK, M. Sc.














Source: SIA


Accident 0.03%


MARIBOR Insurance Company

Cankarjeva , SI – Maribor

www.zavarovalnicamaribor.si

[email protected]

(+)-()-

(+)-()-

composite

joint-stock company

December

branch offices

.%

.%

Nova KB Maribor, d. d., Maribor .%

Reinsurance Company Sava Ltd., Ljubljana .%

Probanka, d. d., Maribor .%

Perutnina Ptuj, d. d., Ptuj .%

€ ,,

Matjaž KOVAČIČ

Drago COTAR T (+)-()-

Srečko ČEBRON, David KASTELIC, Marko

PLANINŠEC, Srečko ČARNI (worker’s director)

A

I

E

T

F












Of this:


Source: SIA


Accident 8.0%

Motor casco 18.4%

Property 13.7%Motor l iabi l i ty 27.6%


Life 27.2% Other 2.9%


TILIA Insurance Company

Seidlova , SI – Novo mesto

www.zav-tilia.si

[email protected]

(+)-()-

(+)-()-

A

I

E

T

F

composite

joint-stock company

December

32

representations

.%

%

Reinsurance Company Sava Ltd., Ljubljana .%

Small shareholders .%

€ ,,

Zvonko IVANUŠIČ, M. Sc.

Andrej KAVŠEK T (+)-()-

Janez BALKOVEC, D. Sc., Tadej AVSEC, M. Sc.












Of this:



Source: SIA

Accident 12.6%

Motor casco 18.7% Property 13.1%


Other l iabi l i ty 3 .0%Life 16.4%

Other 4.6%


TRIGLAV Insurance Company

Miklošičeva , SI – Ljubljana

www.zav-triglav.si

(+)-()- h.c.

(+)-()-

composite

joint-stock company

December

,

regional offices

.%

.%

The Pension and Invalidity Insurance Institute of Slovenia,

Ljubljana .%

Slovene Restitution Fund, Ljubljana .%

NLB, d. d., Ljubljana .%

Hypo AlpeAdria Bank AG, Klagenfurt/Celovec .%

Radenska, d. d., Radenci .%

HIT, d. d., Nova Gorica .%

€ ,,

Damjan MIHEVC

Andrej KOCIČ, M. Sc. T (+)-()-47 47 500

Borut ERŽEN, D. Sc., Tomaž ROTAR,

Vladimir Mišo ČEPLAK, M. Sc., (worker’s director)

A

I

T

F












Of this:


Source: SIA


Accident 6.8%

Motor casco 13.3%

Property 14.7%


Other l iabi l i ty 4 .0%Credit 2 .8%

Life 31.8%

Other 2.4%

40

{ – }German: Fritz Pregl

chemist, Nobel Prize winnerFriderik Pregl


Employees in insurance companies

The number of employees in insurance activities

rises in line with demand and increased business

volume. Their educational profile is improving. In

, for instance, .% of employees in insurance

companies had at least further education, a figure

that rose to .% in . Insurance companies

employed a total of , people in , .%

more than the previous year. , employees were

women, and , were men. In terms of achieved

level of formal education, the largest share, half, of

employees had secondary education, while a quarter

had higher education. The proportion of insurance

workers with higher education has increased by

. percentage points since . The number of

employees with master’s degrees increased by .%

to ; of these were men and women. The

number of employees with doctorates remained

unchanged in at , men and woman.

The latest figures show that insurance companies

this year employ two women with doctorates.

At the end of , , people were employed in

insurance sales, .% of all employees in insurance

companies. This is . percentage points lower

than in . The proportion of employees in sales

has been falling year on year with the growth in

the use of other sales channels. Sales staff mostly

has secondary education, which is thus also the

largest group among all employees. They are mostly

insurance agents regularly employed and working

exclusively for individual insurance companies.

Understandably, sales staff generates the bulk of

premiums, around two-thirds of the total. Each sales

employee generated on average around € ,

in gross premiums written. Average productivity

measured in premiums per employee is of course

smaller at € ,, an increase of .% on .

.% (, people) of all employees worked

full time at the end of . A large majority

(%) were employed on a permanent basis.

The number of workers employed on fixed-

term contracts in insurance companies does

not have a steady dynamic, ranging between

and , around % of the total.

Data for show that insurance companies

devoted more time to education. Average investment

in education also increased. In the average

insurance worker received . hours of education,

which means that each individual was in education

for .% more time than the year before. Most

cases – some % – involved internal education

programmes provided by insurance companies

themselves with internal lecturers. The average

investment per employee in was € .

Insurance companies combined spent € ,,

on education programmes, of which .% was

spent on direct costs of education. Insurance

companies spent .% of the total on functional

education, and .% on formal education.

.% of employees were involved in formal

education programmes paid for or otherwise

supported by insurance companies. This

is .% more than the previous year.

In , , workers attended education at

least once, equivalent to .% of the average

number of employees, a rise of . percentage

points in . Insurance companies provide

internal lecturers to transfer know-how,

.% of the average number of employees.

IV.


Data on employees in insurance companies

General data

Number of employees in insurance companies (TOTAL)

Male

Female

Average number of employees in calendar year

Number of emoloyees by level of formal education

Primary or less (I–IV)

Secondary (V)

Further (VI)

Higher (VII)

Master's (VIII)

Doctorate (IX)

Number of employees by business function

Sales employees

Other employees

Number of employees by type of employment conract

Permanent

Fixed-term

External employees working for insurance companies

Agents in agencies

Brokers in insurance brokerages

Insurance sales staff in banks (bank assurers)

Data on education of employees in insurance companies

Number of hours of functional employee education

in calendar year

Number of employees participating in formal education

programmes paid for or otherwise supported by insurance

companies in calendar year

Number of employees participating in education at least

once in calendar year

Number of internal lecturers

Cost of employee education (€)

Important indicators of investment in employee educationAverage number of hours of formal education per employee*

Proportion of employees participating in formal education

programmes (%)*

Proportion of employees participating in education at least

once in calendar year (%)*

Number of internal lecturers per 100 employees*

Total education cost as a proportion of gross premiums written (%)

Average cost of education per employee in calendar year (€)*

2005

5,878

2,562

3,316

5,709

514

3,120

763

1,377

93

11

2,705

3,173

5,154

724

997

85

–

149,627

335

4,723

256

2,368,789

26.21

5.87

82.73

4.48

0.15

415

2006

5,992

2,582

3,410

5,843

565

3,029

790

1,493

103

12

2,754

3,238

5,168

824

3,948

81

–

178,374

340

5,268

274

2,413,314

30.53

5.82

90.16

4.69

0.14

413

2007

6,064

2,569

3,495

6,027

527

3,020

780

1,603

122

12

2,675

3,389

5,275

789

1,807

61

568

237,186

390

5,710

313

2,511,942

39.35

6.47

94.74

5.19

0.13

417

Growth

05/04

103.3

102.2

104.2

101.1

98.5

102.2

103.0

107.6

108.1

137.5

102.8

103.8

105.0

92.7

46.9

110.4

–

118.6

55.8

115.4

112.8

106.1

117.3

55.2

114.1

111.4

99.6

105.1

101.9

100.8

102.8

102.4

109.9

97.1

103.5

108.4

110.8

109.1

101.8

102.0

100.3

113.8

396.0

95.3

–

119.2

101.5

111.5

107.0

101.9

116.5

99.2

109.0

104.7

91.5

99.5

Growth

06/05

101.2

99.5

102.5

103.2

93.3

99.7

98.7

107.4

118.4

100.0

97.1

104.7

102.1

95.8

45.8

75.3

–

133.0

114.7

108.4

114.2

104.1

128.9

111.2

105.1

110.7

94.8

101.0

Growth

07/06

Source: SIA (form ZAP-)* Key data which are calculated on the basis of average number of employees in calendar year

Important data on employees in insurance companies, –

Total investment in education amounted to

.% of gross premiums written in .

One indicator of the quality of human-resource

management in insurance companies is the rate of

absence due to illness. In insurance companies

lost .% of the available working hours because

of absence due to illness, with .% of the hours

being covered by the Health Insurance Institute

of Slovenia (ZZZS) and .% of working hours

lost to illness covered by insurance companies.

43

{ – } painterIvana Kobil ca

44

V.


This chapter presents in detail the operation of

insurance companies and other SIA members

and the two reinsurance companies that are SIA

members and operated in Slovenia in , through

collated, transparent and organised statistical

data, time-series charts and commentaries.

The data shown do not include data on the

operations of pensions companies, pension funds

and the Ljubljana branch of the Austrian insurance

company Wiener Städtische, Allianz Hungaria,

the Swiss-Irish Zürich Insurance Ireland Ltd.

and First Personal insurance company. Likewise,

the aggregate figures do not include statistical

data on the free provision of insurance services

in Slovenia (FOS), as the SIA statistical service

does not systematically monitor such business.

The aggregate figures do include data on the

Craftsmen and Entrepreneurs Fund and the

Pension Fund Management Company, which are

SIA members but do not operate entirely under the

Insurance Act. They are not under the supervision

of the Insurance Supervision Agency, and for

this reason SIA statistical data on premiums and

claims are somewhat higher than the Agency’s

data, which users of insurance statistical data

should take into account during interpretation.

Insurance and reinsurance act ivities in


* The shares of premiums in GDP are calculated in terms of the SORS's estimation of the size of GDP at current prices for . For the year the corrected data on GDP is used.

** Premium growth index (excluding the inflation rate). See the note below the table on page .. – value not zero but less than /%

Sources: SIA, SORS

2002

2003

2004

2005

2006

2007

0.54

0.58

0.57

0.59

0.59*

0.61

132.2

115.2

108.1

108.6

112.2

114.2

125,404

139,887

147,952

160,354

179,977

205,461

3.92

4.00

3.97

3.96

3.89*

3.83

114.1

109.9

108.3

105.7

109.3

108.4

911,409

970,099

1,027,874

1,084,334

1,184,649

1,284,714

Year Share in

GDP (%)

Growth**ReinsuranceShare in

GDP (%)

Growth**Insurance

amounts in € 000Non-life insurance premiums

2002

2003

2004

2005

2006

2007

0.00

0.00

0.00

0.00

0.00*

0.00

114.1

99.3

96.8

105.9

63.8

109.7

1,047

1,007

953

1,007

642

704

1.15

1.26

1.66

1.70

1.78*

1.82

123.2

117.8

143.8

108.6

116.3

112.7

267,436

305,003

429,013

464,834

540,655

609,266

Year Share in

GDP (%)


GDP (%)

Growth**Insurance

amounts in € 000Life insurance premiums

2002

2003

2004

2005

2006

2007

0.54

0.58

0.58

0.59

0.59*

0.61

132.0

115.1

108.1

108.6

111.9

114.1

126,451

140,894

148,905

161,361

180,619

206,165

5.07

5.26

5.63

5.66

5.67*

5.65

116.1

111.7

116.8

106.6

111.4

109.8

1,178,845

1,275,102

1,456,887

1,549,167

1,725,304

1,893,980

Year Share in

GDP (%)


GDP (%)

Growth**Insurance

amounts in € 000Total premiums

* Claims without assessment costs.

** Claims growth index (excluding the inflation rate).

Source: SIA

Gross insurance and reinsurance claims paid and their annual growth*

Gross insurance and reinsurance premiums written, annual growth and shares in GDP

Year Growth**

63,929

72,892

81,564

78,449

101,515

114,879

624,183

676,760

742,935

738,547

799,988

861,472

90.1

117.8

114.4

96.4

129.4

113.2

109.1

112.0

112.2

99.8

108.3

107.7

2002

2003

2004

2005

2006

2007

ReinsuranceGrowth**Insurance

amounts in € 000Non-life insurance claims

Year Growth**

728

567

241

222

252

302

90,485

114,106

186,907

136,348

149,088

161,828

246.3

80.5

43.5

92.0

113.5

119.8

142.3

130.2

167.5

73.2

109.3

111.9

2002

2003

2004

2005

2006

2007


amounts in € 000Life insurance claims

Year Growth**

64,657

73,459

81,805

78,671

101,767

115,181

714,668

790,866

929,842

874,895

949,076

1,023,300

90.7

117.3

113.9

96.4

129.4

113.2

112.4

114.3

120.2

94.4

108.5

108.3

2002

2003

2004

2005

2006

2007


amounts in € 000Total claims

46

.


Slovenian insurance activity is developing successfully

and consistently. This is confirmed by the time-

series data on gross premiums written and gross

claims in the chart below. Insurance agents and

brokers sell the most insurance, but the proportion

of insurance concluded in banks is increasing.

Insurance companies and other SIA members in

generated € . billion, .% more than in

. Growth is slower than the previous year,

but is higher than the growth in claims, which

increased by .% from to just over € billion.

The claims ratio consequently improved slightly.

The insurance industry employs more than ,

people, .% of all employees in Slovenia.

Given that Slovenian gross domestic product

increased extremely in (.% in real terms,

,% in nominal terms), insurance activity as

a proportion of GDP (insurance penetration)

slightly fell to .%. Insurance density

increased from to € per person,

although the figure in the more developed EU

countries is still two or three times higher.

The Slovenian insurance market is dominated

by composite or general insurers. The combined

market share of the three largest insurers. Triglav,

Adriatic Slovenica and Maribor, is .%. This

is slowly but persistently falling in favour of

increased shares for certain specialised insurers,

particularly life insurance companies.

Total

Life

– of this PIP in terms of ZPIZ-1

Non-life total

Accident

Health

Land motor vehicles casco

Railway rolling stock casco

Aircraft casco

Ships (sea, lake and river vessels) casco

Goods in transit

Fire and natural forces

Other damage to property

Motor vehicle liability

Aircraft liability

Liability for ships (sea, lake and river vessels)

Other liability (general, …)

Credit

Suretyship

Miscellaneous financial loss

Legal expenses

Tourist assistance

Claims* Claims*Premiums Premiums

Share (%)

100.00

32.17

7.30

67.83

5.70

19.43

10.12

0.11

0.07

0.08

0.42

4.17

5.11

17.42

0.06

0.05

2.27

2.09

0.05

0.30

0.14

0.23

100.00

15.81

1.98

84.19

4.16

28.75

14.36

0.10

0.04

0.11

0.29

4.65

7.16

17.80

0.00

0.01

3.28

2.77

0.10

0.36

0.01

0.22

1,893,980

609,266

138,227

1,284,714

108,027

368,026

191,688

2,022

1,355

1,582

7,916

78,895

96,748

329,924

1,180

979

43,066

39,654

987

5,610

2,656

4,399

1,023,300

161,828

20,256

861,472

42,613

294,221

146,940

1,049

398

1,167

2,993

47,599

73,243

182,187

36

117

33,604

28,307

974

3,672

102

2,250

1,717,601

600,103

138,227

1,117,499

95,425

367,181

165,230

1,372

202

1,272

6,346

44,944

72,242

288,815

186

850

36,297

28,655

547

3,029

1,911

2,995

919,525

159,846

20,256

759,680

37,566

294,066

126,551

1,050

191

839

2,279

23,347

56,257

158,281

20

114

29,665

24,927

849

1,893

100

1,685

AmountAmountShare (%)Amount Amount

Net of reinsuranceGrossInsurance class


Pension insurance under ZPIZ- is included in life insurance but is shown separately on its own line.

Source: SIANote: The figures for gross premiums written and claims paid do not include transfera-ble items.

amounts in €

Gross and net of reinsurance premiums written and claims paid

Insurance act ivity

47


Life insurance generated in excess of € in gross

premiums written in , the majority – €

million – from insurance tied to units of investment

funds. Classic life insurance was second with a share

of .%. The marketing of pensions insurance

was also successful, with gross premiums written

increasing by .%. The share of life insurance

in all premiums is continually increasing, and

now stands at .% of the overall portfolio.

Insurers continue to generate the most premiums

from non-life or property insurance. In ,

all property insurance generated € . billion

in gross premiums written, .% more than the

previous year. The largest property insurance

classes in terms of premiums generated are health

insurance, liability insurance and motor-vehicle

casco insurance. There has been rapid growth in

motor-vehicle casco insurance premiums (.%),

testimony to the prudence of Slovenian drivers

with ever-better and more expensive vehicles.

Development of insurance business (gross premiums written and

gross claims paid of insurance companies and other members of the SIA) in € million

Source: SIA

Premiums

Claims

Source: SIA

Classes of insurance business by gross premiums written in € million of GPW


Suretyship

Aircraft liability

Aircraft casco



Legal expenses

Tourist assistance

Miscellaneous fi nancial loss

Goods in transit

Credit




Accident



Health

Life


Year

2002

2003

2004

2005

2006

2007

Premium( )

1,178,845

1,275,102

1,456,887

1,549,167

1,725,304

1,893,980

Population(as at 30 June)

1,995,718

1,996,773

1,997,004

2,001,114

2,008,516

2,019,406

Expenditureper capita ()

591

639

730

774

859

938

Growth(index)

115.8

111.6

116.8

106.3

111.0

109.2

Total

Non-life total

Accident

Health



Aircraft casco


Goods in transit




Aircraft liability



Credit

Suretyship


Legal expenses

Tourist assistance

Life total

Life insurance

Insurance for paying out at marriage and birth

Life assurance related to investment funds units

Tontine

Capital redemption insurance

Insurance of income loss caused by accident or

illnes according to ZZavar

Pension insurance under ZPIZ-1**

Additional health insurance according to IA (Art. 3, ch. 7)***

Additional insurance****

55.0

67.5

44.4

86.3

75.8

79.7

10.3

95.9

26.3

45.5

64.0

54.2

1.2

28.3

83.4

72.2

21.3

210.0

2.5

26.8

27.6

54.5

34.2

5.8

–

9.6

–

13.8

87.4

58.6

54.0

67.1

39.4

79.9

76.7

51.9

29.4

73.8

37.8

60.3

75.7

55.2

3.1

12.0

78.0

71.4

98.7

65.5

3.8

51.1

26.6

55.5

29.7

8.3

–

8.5

–

14.7

81.4

48.4

20062007

107.8

107.7

94.0

101.2

116.0

71.4

312.6

84.3

162.9

142.2

131.2

106.4

290.0

48.9

103.3

104.7

494.3

34.2

210.9

221.8

108.5

99.8

82.2

179.9

–

94.7

–

113.2

101.0

87.9

1,023,300

861,472

42,613

294,221

146,940

1,050

398

1,167

2,994

47,599

73,243

182,187

36

117

33,604

28,307

974

3,672

102

2,250

161,828

130,590

209

29,574

–

1,454

–

20,256

292,242

21,511

949,076

799,988

45,314

290,852

126,621

1,470

127

1,385

1,838

33,466

55,827

171,270

12

239

32,517

27,036

197

10,752

48

1,014

149,088

130,862

254

16,436

–

1,536

–

17,894

289,288

24,462

Growth

(I 07/06)

20062007

109.8

108.4

105.8

109.2

114.8

109.6

109.9

109.4

113.2

107.2

110.8

104.4

110.4

115.6

110.5

105.9

106.5

109.5

135.7

116.1

112.7

98.1

94.8

125.4

–

107.4

–

106.5

108.5

106.5

1,893,980

1,284,714

108,027

368,026

191,688

2,022

1,355

1,581

7,916

78,895

96,748

329,925

1,180

979

43,066

39,654

987

5,610

2,656

4,399

609,266

235,484

704

355,895

–

17,183

–

138,227

359,096

44,472

1,725,304

1,184,649

102,145

336,936

166,977

1,845

1,233

1,445

6,990

73,564

87,289

316,086

1,069

847

38,966

37,461

927

5,121

1,957

3,790

540,655

240,153

743

283,754

–

16,005

–

129,760

330,975

41,745

Growth

(I 07/06)

20062007

Claims ratio ()

Gross claims paid*Gross premiums writtenInsurance class

*** Insurance is already included in health insurance.

Annual expenditure on insurance per capita

Annual growth rates of gross premiums written and claims paid of insurance classes


** Insurance is already included in appropriate type of life insurance.

**** Insurance is already included in life insurance.

Source: SIA

Sources: SIA, SORS

amounts in €

49

.


The share of life insurance in total gross premiums

written is already .% and is increasing,

primarily due to successful sales of life insurance

tied to investment funds. Premiums for this

insurance product represent more than half of all

life insurance premiums. Classic life insurance

is in second place. Gross premiums written for

life insurance already amount to .% of GDP.

We should here point out two methodological

specifics. Firstly, the data on life insurance published

at various points in the bulletin vary slightly. The

undesirable difference arises every year, because

data are derived from two different forms used by

the SIA to gather statistical data from insurers.

Life insurance type Insurance Indemnities

Numberof claims

Number of Claimspaid*

Grosspremiumwritten

Insured persons

Policies

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

1,214,535

579,774

34,109

5,231

508,078

17,349

–

5,047

9,960

502,116

2,082

588,488

294,260

294,228

–

44,191

–

44,191

–

1,372,538

730,086

116,402

7,133

572,810

18,734

–

5,047

9,960

564,336

2,082

596,179

304,410

291,769

–

44,191

–

44,191

–

609,266,171

240,233,373

12,002,426

1,339,381

168,113,453

7,033,837

–

2,976,710

4,444,835

44,322,731

702,279

351,147,035

230,103,808

121,043,227

–

17,183,484

–

17,183,484

–

94,215

84,352

957

147

35,472

531

–

252

6,658

40,335

71

9,021

3,327

5,694

–

771

–

771

–

161,917,874

130,184,632

2,170,869

237,993

95,405,571

2,117,652

–

1,209,982

7,531,167

21,511,398

209,372

30,056,933

11,255,099

18,801,834

–

1,466,937

–

1,466,937

–

Total (2 + 11 + 12 + 15 + 16 + 19)

Life insurance (TOTAL 3 … 9) **

– death

– endowment

– death and endowment – mixed insurance

– annuity (except data under 7)

– annuity – payments under pensions schemes in terms of ZPIZ-1

– voluntary pension and invalidity (except under 7, 14 and 18)***

– all other life insurance

– additional insurance **


Life assurance related to investment funds units (TOTAL 13 + 14)

– life assurance related to investment fund units – based on IA (ZZavar)

– life assurance related to investment fund units – based on ZPIZ-1

Tontine

Capital redemption insurance (TOTAL 17 + 18)

– capital redemption insurance – based on IA (ZZavar)

– capital redemption insurance – based on pension act (ZPIZ-1)

Insurance of income loss caused by accident or illnes according to ZZavar

Source: SIA (data form ST-)*** Including all pension insurance that is not covered by pension law ZPIZ- and signed pension schemes.

Life insurance generated € million in gross

premiums written for insurance companies, ranking

this insurance class first in the whole insurance

portfolio, a position it has held since , when

life insurance first overtook health insurance. Gross

premiums written for life insurance increased

by .% on , the sixth-fastest growth rate

of any individual insurance class. Certain other

property insurance classes recorded higher

growth, but their gross premiums written are

considerably lower. Insurers paid € million

in compensation to policyholders, .% more

than in . The claims ratio for life insurance

is .%, among the best in the whole portfolio.


** The numbers of policies and insured persons (first and second column) for additional insurance (raw ) are not counted in raw but other data from raw is.

amounts in €Statistical data on life insurance in

Life insurance

50


Development of life insurance in € million

premiums

claims paid

PIP under ZPIZ-

PIC under ZPIZ-

Life insurance – breakdown by form of insurance

O t her .%

Deat h a nd endow ment – m i xed i n su ra nce .%

Add it iona l i n su ra nce .%

Li fe u nder ZPIZ - .%

A n nu it y . %

Li fe u nder ZZ av a r .%

Source: SIA

Source: SIA

Secondly, from the outset we have included in

gross premiums written for life insurance the

premiums of funds for additional pensions insurance

managed by SIA members, that is the Pension

Fund Management Fund, Triglav, Generali and

Adriatic Slovenica. will likely be the last year

when we classify the premiums from such pensions

insurance as life insurance, or even as insurance at

all; the international financial reporting standards

(IFRS) already apply, and this form of insurance

is still more similar to saving in banks. In any

event, we will respect the opinions of auditors

and in future act in accordance with them.


2002

2003

2004

2005

2006

2007

77.31

76.08

70.55

69.99

68.66

67.83

22.69

23.92

29.45

30.01

31.34

32.17

Non-lifeLife

100

100

100

100

100

100

All business

Year Shares of life and non-life insurance in all insurance business ()

Development of shares of life and non-life insurance in all insurance business

Basic data on personal lines

Total

Health insurance

Life insurance

– of this pension insurance in terms of ZPIZ-1

Accident insurance

Classof personal lines

45.95

79.95

26.56

16.78

39.45

Claimsratio ()

498,660,905

294,220,569

161,827,691

20,256,200

42,612,645

Claimspaid

1,085,317,995

368,025,794

609,265,438

138,226,711

108,026,763

GWpremiums

57.30

19.43

32.17

7.94

5.70

Share ()

in total GWP

Source: SIA (data form ST-)

Source: SIA

Non-l i fe .%

Li fe .%

Share of life and non-life insurance in all business

Source: SIA

amounts in €

52

..


Additional pension insurance is developing

well. Mutual pensions funds are run by banks,

insurance companies and pensions companies.

Additional pension insurance is dominated by

collective insurance generally concluded by

companies for their employees. API providers

had , members insured at the end of ;

they paid in excess of € million in premiums.

Returns in pensions funds are up to about three

percent, and higher in exceptional cases. Due

to a lack of reporting standards for returns,

policyholders find it difficult to compare providers.

Statutory regulation of this area is expected.

Additional pension insurance (API) (in terms of Pension and Invalidity Insurance Act – ZPIZ-1)

Total

Total for insurance companies and other SIA members

Pension Fund Management (PFM)*

Triglav

Generali

Adriatic Slovenica

Total for other carriers of API

Pension companies (3) + First Personal Insurance Company

Pension funds (6)**

Market shares

(%)

Benefits

(€)

Insured persons

(number)

Premiums

(€)

100.0

20.8

17.8

2.5

0.4

0.1

79.2

65.4

13.8

736,591

342,921

294,131

42,106

4,599

2,085

393,670

200,885

192,785

665,158,030

138,226,711

118,376,228

16,469,490

2,666,999

713,994

526,931,319

434,857,430

92,073,889

26,642,282

20,256,200

18,774,029

1,450,431

27,805

3,935

6,386,082

6,386,082

–

Additional pension insurance (as of December )Carriers of API

** The pension fund LEON of Generali Insurance Com-pany is not included here but shown separately above.

Sources: SIA, ISA, SMA

* Data include the compul-sory additional pension insurance in accordance with law and the First Pension Fund of the Republic of Slovenia and Conversion of Authorised Investment Companies Act.

Additional pension insurance (API)

53

.


The proportion of non-life or property insurance is

continually falling in favour of an increased share

for life insurance. Insurance companies generated

€ . billion in gross premiums written (.% of

the total) from non-life insurance in , nine-

tenths of a percentage point lower than in .

Of the individual non-life insurance types, the

largest in terms of gross premiums written is

health insurance, although the share of all liability

insurance combined is somewhat higher, largely due

to premiums from motor vehicle liability insurance.

The claims ratio for property insurance is

considerably worse than for life insurance.

With insurers paying out € in claims from

property insurance in , the claims ratio

for such insurance was %, almost three times

higher than the figure for life insurance.

All other insurance (non-life or property)

Acc ident .% Proper t y .%

Liabi l i t y .%

Hea lt h .%

C a sco .%

Cred it . %

O t her .%

Premiums

Claims

Non-life insurance – breakdown by insurance classes

Source: SIA

Source: SIA

Development of non-life insurance in € million


Basic data on compulsory insurance classes and types

20062007

Total

Other liability insurance (general, …)

Compulsory liability insurance for auditor companies

Compulsory liability insurance for designers

Compulsory liability insurance for advocates

Compulsory liability insurance for physicians

Compulsory insurance for notarial liability

Compulsory liability insurance for insurance agencies

Compulsory liability insurance for alpine guides

Compulsory liability insurance for geodesic companies

I (07/06)20062007

Gross claims

paid*

Gross premiums written

Insurance class/Insurance type Growth

Ships (sea, lake and river vessels) liability insurance

Maritime transport liability

Aircraft liability insurance

Aircraft liability

Motor vehicle liability insurance

Automobile liability (MTPL)

Accident

Compulsory accident insurance

of passengers in public transport

363,813

1,048,348

431,450

590,416

64,968

169,317

126

20,075

328,913,650

323,893,803

1,179,906

911,204

240,224

391,717

936,684

311,409

532,240

22,029

81,952

–

20,414

315,162,227

310,772,396

1,068,336

786,004

239,046

(3,401)

233,311

352,033

342,936

–

–

–

10,732

178,533,939

177,464,308

36,055

95,040

2,925

5,880

75

354,770

205

–

–

–

–

168,653,055

168,045,055

12,414

232,945

1,711

92.9

111.9

138.5

110.9

294.9

206.6

–

98.3

104.4

104.2

110.4

115.9

100.5

* Claims without assessment costs. Source: SIA (data forms ST-, , , , )

amounts in €


Reinsurers ended the business year successfully,

having increased their gross reinsurance premiums

written by over %. The share of reinsurance

in overall insurance activity increased to .%.

Growth in reinsurance premiums was percentage

points higher than growth in insurance premiums.

The two reinsurance companies generated gross

premiums written of more than € million, and

paid out € million in reinsurance compensation.

The growth in claims was lower than growth in

premiums, so the claims ratio improved to .%.

The two reinsurers are dividing the reinsurance

market more evenly: Sava’s market share once

again fell somewhat (.%), while that of Triglav

RE increased (.%). The majority of reinsurance

premiums (€ million) were generated from

non-life insurance, while life insurance generated

only .% of reinsurance premiums.

Total

Non-life total

Accident

Health



Aircraft casco


Goods in transit




Aircraft liability



Credit

Suretyship


Legal expenses

Tourist assistance

Life total

Life insurance



Tontine



Pension insurance under ZPIZ-1**

Additional health insurance according to IA (Art. 3, ch. 7)***

Additional insurance****

115,181,528

114,879,175

4,625,940

40,251

23,354,710

–

339,854

739,907

772,224

31,526,135

24,206,075

22,838,508

98,565

27,823

3,005,838

951,366

129,855

2,016,424

1,350

204,350

302,353

300,870

–

1,483

–

–

–

–

–

58,359

206,165,229

205,460,697

11,279,910

49,662

35,438,020

651,459

1,269,892

1,391,598

3,080,435

51,820,762

41,713,042

45,121,945

1,192,839

241,080

5,575,414

3,213,678

426,507

2,605,537

54,006

334,911

704,532

661,106

–

43,426

–

–

–

–

–

180,693

100.00

99.66

5.47

0.02

17.19

0.32

0.62

0.67

1.49

25.14

20.23

21.89

0.58

0.12

2.70

1.56

0.21

1.26

0.03

0.16

0.34

0.32

–

0.02

–

–

–

–

–

0.09

100.00

99.74

4.02

0.03

20.28

–

0.30

0.64

0.67

27.37

21.02

19.83

0.09

0.02

2.61

0.83

0.11

1.75

0.00

0.18

0.26

0.26

–

0.00

–

–

–

–

–

0.05

Premiums Claims*

(€) Share (%)(€) Share (%)

Insurance class

Reinsurance act ivity.

Gross reinsurance premiums written and gross claims paid

*** Insurance is already included in health insurance.


** Insurance is already inclu-ded in appropriate type of life insurance.

**** Insurance is already included in life insurance.

Source: SIA

56


Health

Legal expenses


Tourist assistance

Suretyship


Life

Aircraft liability

Aircraft casco


Miscellaneous fi nancial loss

Goods in transit

Credit


Accident

Land motor vehicle casco




Classes of reinsurance business by gross premiums written in € million of GPW

Source: SIA

Note: The active premium from abroad is also included in the share.

Rei n su ra nce .%

Share of reinsurance premiums in insurance business

Source: SIA

Source: SIA

Development of reinsurance business in € million

Premiums

Claims

57

.


The Nuclear Pool has operated as a commercial

interest association since . Throughout its

operation, it has combined the capacities of the

largest Slovenian insurers and reinsurers for the

purposes of insuring nuclear risk in the Republic

of Slovenia, and through reinsurance work, it also

participates in the insurance of nuclear risk associated

with hazardous facilities located in other countries.

The Nuclear Pool was established primarily for

the purposes of insuring property and liability

arising from the operation of the only nuclear

power plant based on the territory of the Republic

of Slovenia, Krško Nuclear Power Plant. Premiums

for Krško represent about half of the gross

reinsurance premiums written, with the other

half due to foreign reinsurance operations.

In the Nuclear Pool generated € ,, in

reinsurance premiums. The premiums were generated

by fire, machinery breakdown and liability insurance.

Despite the envisaged schedule, no Nuclear

Damage Liability Act was adopted on ; this

act will significantly influence the operations of

Pools originating in signatory states to the Paris

Convention on Third-Party Liability in Nuclear

Energy, of which the Republic of Slovenia is a

signatory. The third protocol to the Paris Convention

introduces new, major challenges for nuclear

pools (including the Slovenian pool) and hence

for Pool members (the largest global insurance

and reinsurance companies), since it introduces:

– Substantially increased insured sums

for nuclear damage insurance,

– The requirement to insure so-

called environmental risk,

– The requirement to insure the risk of terrorism,

– The requirement for very long expiry

periods for personal risk.

again saw debates in the Republic of Slovenia

on the second block at Krško NPP (Nuclear Power

Plant), that is the second nuclear power plant in

Slovenia. Construction of a second block at Krško

is defined as a possibility in the resolution on

national development programmes to . If these

projects, which are long-term in nature, are realised

and the insured sums are increased for insurance

for nuclear liability insurance for users of nuclear

devices, we can expect consolidation of the role of

the Nuclear Pool in the insurance of nuclear risk.

The table below shows the shares of members

of the Nuclear Pool in the insurance of domestic

and reinsurance of foreign risks in .

Nuclear Pool

Capacities of the Nuclear Pool in

Insurance ReinsuranceMember

€ (%)








Total

4,461,979

996,541

798,604

923,457

146,170

204,790

81,459

7,613,000

58.61

13.09

10.49

12.13

1.92

2.69

1.07

100.00

€ (%)

4,357,681

974,464

780,332

1,048,310

162,157

210,119

79,937

7,613,000

57.24

12.80

10.25

13.77

2.13

2.76

1.05

100.00 Source: NP


The table below shows insurance types classified

into appropriate insurance classes in accordance

with the Insurance Act (official consolidated

text) – ZZavar-UPB (Uradni List RS /)

and relevant secondary legislation with annex

(Resolution on provision of insurance statistical

data, Uradni List RS /). Insurance

companies are marked for those types of insurance

for which in gross premiums written

were shown in statistical forms ST to .

Data by individual insurance classes and types

Types of insurance by classes, insurance companies and other members of the SIA

(table continues on next page)

.

Types of insurance by classes Insurance comp. and other members of the SIA

Accident insurance (including industrial injury and occupational diseases)

Personal insurance against accidents at and outside regular work

Personal insurance against risks to passengers in motor vehicles

Children and schoolchildren accident

Guests, visitors and tourist group accident

Consumer and customer group accident

Other special accident insurance

Compulsory accident insurance of passengers in public transport

Driver and car owner accident

All other accident insurance

Health insurance

Health insurance for persons excluded from compulsory health insurance for *

Health insurance for persons excluded from compulsory health insurance for **

Additional health insurance according to the paragraph 7 of Article 2 of the IA

Health insurance for risks (on the different base) covered by compulsory health insurance

Health insurance for additional rights and higher standard of service

All other kinds of voluntary health insurance

Land motor vehicles insurance


Other land vehicles casco (vehicles without engine)

All other kinds of motor vehicles casco insurance

Railway rolling stock insurance


All other kinds of railway rolling stock casco insurance

Aircraft insurance

Aircraft casco

All other kinds of aircraft casco insurance

Ships (sea, lake and river vessels) casco insurance

Sea ships casco

Lake and river vessels casco

All other kinds of ships casco insurance

Goods in transit insurance

Goods insurance in international transport

Goods insurance in domestic transport

All other cargo insurance

Fire and natural forces insurance

Fire insurance outside industry and craft

Fire insurance in industry and craft

Electricity supply enterprises' property

All other fire insurance

Nuclear risks

Other damage to property insurance

Machinery breakdown

Machinery breakdown insurance for electricity supply enterprises' equipment

Civil construction project

Civil installation project

Film company

Electronic computer

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(table continues on next page)


Food-in-freezer

Household

Ore and coal mines

Telecom and post office risks

Theft

Glass

Crops and fruit

Livestock

All other property insurance

Motor vehicle liability insurance

Automobile liability (MTPL)

Carrier liability-for-freight insurance in land transport

All other land vehicles liability insurance

Aircraft liability insurance

Aircraft liability

Carrier liability-for-freight insurance in air transport

All other aircraft liability insurance

Ships (sea, lake and river vessels) liability insurance

Maritime transport liability

Inland waterways transport liability

Ship-repairer liability

Marina liability

Carrier liability-for-freight insurance in maritime and inland waterways transport

All other ships liability insurance

Other liability insurance (general, …)

Railway transport liability

Film producer liability

General liability

Manufacturer liability-for-product

Building contractor contractual liability

Installation contractor contractual liability

Manufacturer, dealer or contractor guarantee

Forwarding agent liability in international transport

Forwarding agent liability in domestic transport

Compulsory liability insurance for auditor companies

Compulsory liability insurance for designers

Compulsory liability insurance for advocates

Compulsory liability insurance for physicians

Compulsory insurance for notarial liability

Compulsory liability insurance for manufacturers of medicaments and medical aids

Compulsory liability insurance for insurance agencies

Compulsory liability insurance for court executors

Compulsory liability insurance for authentication agents of qualified electronic signature certificates

Compulsory liability insurance for mountain guides

Compulsory liability insurance for geodesic companies

Compulsory liability insurance for certifying bodies for confirmation of conformity of building products

Compulsory liability insurance for operators of firing ranges

All other general liability insurance

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••••••••••••

•

* Risks covered by compulsory health insurance for other people.

** Risks can be covered by additional health insurance according to the paragraph of Article of the IA.


Credit insurance

Export credit insurance

• commercial risks

• non-commercial risks

Other credit insurance

• consumer

• household

• independent businessmen

• other legal persons

• natural persons' debtors

• legal persons' debtors

• leasing debtors

• all other credit insurance

Suretyship insurance

Deposit

All other suretyship insurance

Miscellaneous financial loss insurance

Loss-of-profits

Machinery breakdown loss-of-profits

Show and event

Insurance against purchasing counterfeit currency

Holiday cancellation insurance

All other loss-of-profits insurance

Legal expenses insurance

Advocate and other legal protection expenses (litigation costs)

All other legal expenses insurance

Tourist assistance insurance

Automobile assistance – on trips

Medical assistance – on travel

All other tourist assistance insurance

Life insurance

Life assurance

• death

• endowment

• death and endowment

• annuity

• annuity insurance – benefits based on pension schemes under pensions law (ZPIZ-1)

• voluntary pension and disability ***

• all other life assurance

• additional insurance

Assurance for paying out at marriage and birth


• life assurance related to investment fund units – based on IA (ZZavar)

• life assurance related to investment fund units – based on ZPIZ-1

Tontine


• capital redemption insurance – based on IA (ZZavar)

• capital redemption insurance – based on pension act (ZPIZ-1)



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•••••••••••

••

•••

*** All pension and disabili-ty insurance not concluded in accordance with ZPIZ- and adopted pension schemes are included

Note: Types of insurance are classified in accordance with the Decision on reporting statistical insurance data (Ur. list RS, No. /)

Only the types of insurance for which insurance premiums were written in are included.

Source: SIA

61

.


Accident insurance is classified as property insurance

but belongs in personal insurance, which are shown

together in a special table. The accident insurance

class covers nine different insurance types, most

prominently insurance against accidents at and

outside regular work and driver and car owner

accident insurance. The structural share of the latter

increased somewhat in , as did the share of

accident insurance for children and young people.

Accident insurance accounts for only .% of the

total portfolio (less than the previous year), with

gross premiums written in over € million.

Gross claims were considerably lower at € million,

making the claims ratio of % one of the best. This

does not however show that Slovenian roads were

safer in – quite the reverse, as traffic safety

deteriorated considerably in , with fatalities

on Slovenian roads, more than the previous year.

Accident insurance

Premiums

Claims

Persona l i n su ra nce

at work a nd out s ide .%

Dr iver a nd ca r ow ner

acc . i n su ra nce .%

In s . for pa ssengers i n motor veh ic le s .%

C h i ld ren a nd school ch i ld . acc . i n su ra nce .%O t her .%

Accident insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

in € million Accident insurance (gross premiums written and gross claims paid)

62

.


Health insurance is the largest insurance type in the

property insurance group in terms of gross premiums

written. It is also included in personal insurance.

Insurers generated € million from health

insurance premiums. The largest share of this (.%)

was generated by supplementary health insurance,

although this is lower than the previous year. New

forms of health insurance are appearing, such as

substitute health insurance, parallel and additional

health insurance for faster access to diagnostic

centres etc., and therefore the share of insurance

in the “other” segment has increased slightly.

The supply of health insurance in recent times has

shown a trend towards an expanded parallel health

network of private providers. Claims to the value of

€ million were paid in , more than in .

Nevertheless the claims ratio improved to a little less

than %. In the last three years, the claims ratio

for health insurance has improved significantly.

Health insurance

Premiums

Claims

For add it . pay ment .%

O t her .%

Health insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

Health insurance (gross premiums written and gross claims paid) in € million

63

.


L a nd motor veh ic le s .%

A i rcra f t .%

Ra i lw ay ro l l i ng s tock .%Sh ips .%

The casco insurance group includes casco insurance

for land motor vehicle, ships, aircraft and railway

rolling stock. Insurance companies generated from

all these types of casco insurance € million in

gross premiums written, around % more than the

previous year. In the overall premiums for casco

insurance, road vehicles insurance has the largest

share (.%), with only a slight increase since .

, new personal automobiles were sold in

Slovenia in , .% more than in .

automobiles – fewer than in – were stolen.

We do not have precise data on the number of

automobiles with casco insurance, as the data we

obtained do not show this. The fact is though that

land motor vehicle casco insurance is the third largest

property insurance class with gross premiums written

of € million. The structure of casco insurance

shows a slightly larger increase in the share of railway

rolling stock casco insurance and a drop in the share

of aircraft casco insurance. Claims totalling €

million were paid to casco insurance policyholders

in , over % higher than in . The claims

ratio at % was worse than the previous year.

Casco insurance

Casco insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

in € million

Premiums

Claims

Casco insurance (gross premiums written and gross claims paid)

64

.


Goods in transit insurance is becoming increasingly

important. In , insurance companies generated

almost € million in gross premiums written,

making this insurance class the ninth-largest

property insurance class, one place higher than

the previous year. The growth rate for goods in

transit insurance premiums was %, while claims

growth was as much as %. The value of claims

rose to just under € million, and so the claims

ratio (%) was worse than in the previous year.

While the share of goods in domestic transit

insurance is stagnating, the share of goods in

international transit insurance is increasing,

and now accounts for .% of the insurance

class. Given the unrestricted cross-border

business operations enabled by EU regulations,

the share of goods in international transit

insurance is expected to increase further.

Goods in transit insurance

Premiums

Claims

Internat iona l t r a n spor t .%

Domest ic t r a n spor t .%

O t her .%

Goods in transit insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

in € million Goods in transit insurance (gross premiums written and gross claims paid)

65

.


Property insurance in the narrow sense comprises

fire and natural disasters insurance and other damage

insurance, which is larger in terms of premiums.

In , insurers generated € million in gross

premiums written for the two insurance classes,

% more than the previous year. Gross claims

amounted to € million, with an increase of

some % for fire and natural disaster insurance.

As shown in the chart below, the largest share of

property insurance is accounted for by fire insurance

(.%), although this figure has fallen somewhat

since . The shares of smaller insurance types,

such as crops and fruit and livestock insurance,

are larger than the previous year. Agricultural

insurance is strengthening at the expense of other

insurance types in the group. The claims ratio for the

property insurance group is relatively poor at %.

Property insurance

Premiums

Claims

Fi re .% Mach i ner y brea kdow n .%

Hou sehold .%

Crops a nd f r u i t .%

Lives tock .%

T hef t .% Bu i ld i ng .%

C omputers .%

O t her .%

Damage to property insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

Damage to property insurance (gross premiums written and gross claims paid) in € million

66

.


Liability insurance is an important insurance class

around the world, since it provides a degree of

monetary security particularly to traffic participants.

With premiums of € million, liability insurance

for owners of road vehicles is the third-largest

individual insurance type in the whole portfolio

in the Slovenian insurance market, and accounts

for .% of the insurance in this group. Insurers

generated gross premiums written of € million

from liability insurance in , and paid out € in

claims. We should also mention the “general liability

insurance” class, which comprises different forms

of insurance, of them compulsory. These include

compulsory insurance for providers of certain services

or for occupational groups, which are becoming

more important and increasingly in demand, and so

the share of general liability insurance in the group

has increased by four-tenths of a percentage point.

Gross premiums written for all liability insurance

increased by % from , while the claims ratio, at

.%, was only slightly worse than the previous year.

We should also mention changes to the Compulsory

Motor Third-Party Liability Act as a consequence of

the transposition of the th directive on automobile

liability insurance into domestic legislation. These

changes placed additional statutory obligations on

Slovenian insurers and the Slovenian Insurance

Association in the area of consideration of claims

from automobile liability insurance. A three-

month period was set for suitable response to

policyholders or injured parties, and under the

new arrangements they can also sue foreign liable

insurers in the country of their permanent residence.

Liability insurance

Premiums

Claims

L a nd motor veh ic le s l i abi l i t y .%

Genera l l i abi l i t y .%

Produc t l i abi l i t y .%

O t her .%

Liability insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

Liability insurance (gross premiums written and gross claims paid) in € million

67

.


Credit insurance as an independent insurance

class comprises export credit insurance and

insurance of other types of credit. These are

mainly consumer credits, mostly drawn by bank

customers. At just under %, growth in gross

premiums written for credit insurance is modest,

but insurers generated € million from such

insurance. The bulk (.%) of premiums were

generated from insurance of other types of credit.

Export credit insurance accounts for only .% of

premiums, but this is mostly generated by SID – First

Credit insurance company, which even managed

to increase its share slightly in (.%). Gross

claims for this insurance were € million, .%

more than in . The claims ratio (%) was

a little better in than the previous year.

Credit insurance

Premiums

Claims

Export credits .%

(of which .% by SEC – FCI)

Other credits .%

Credit insurance – Breakdown by type of insurance

Source: SIA

Credit insurance (gross premiums written and gross claims paid) in € million

Source: SIA

68

.


Suretyship insurance and miscellaneous financial loss insurance (gross premiums written and gross claims paid)

The two insurance classes listed in the title

generated almost € million in gross premiums

written and incurred almost € million in gross

claims. The claims ratio in this group was %,

although this is still much better than in ,

when claims paid were almost twice the level

of premiums. For , the chart records an

exceptional claim due to an exceptional claims

event that fortunately was not repeated in .

The largest share of gross premiums written was

generated by loss-of-profits fire insurance (.%),

with premiums of € . million. Cancellation of

tourist trips generated one-fifth, while machinery

breakdown loss of profits insurance and suretyship

account for % of all premiums written in this group.

Suretyship and miscellaneous financial loss insurance

Premiums

Claims

Cancel lat ion of tour ist tr ips .%

MB loss-of-prof it s .%

Suretyship .%

Show and event .%

O t her .%

Loss-of-prof it s f ire .%

Suretyship insurance and miscellaneous financial loss insurance – Breakdown by type of insurance

Source: SIA

Source: SIA

in € million

69

.


Legal expenses and tourist assistance insurance is

the last insurance group presented here. It comprises

two insurance types that in recent times have

developed rapidly. This is particularly confirmed

by the % growth in legal expenses insurance,

with gross premiums written increasing from € .

million to € . million in a single year. This amount

is still less than the value of premiums written for

tourist assistance insurance (€ . million), with

the bulk of that figure generated from insurance

for automobile assistance. This insurance is shown

in the chart with the relevant share (.%).

Although growth in gross premiums written was

above average, it is clear that the value of gross

claims (€ . million) increased even more, by

%. The claims ratio for this insurance group is

%, considerably worse than in (%). The

bulk of the “blame” for the worse claims ratio in

is borne by tourist assistance insurance.

Sources:. Slovenian Insurance Association (SIA). Statistical Office of RS (SORS). Ministry of the Interior (MI). Bank of Slovenia (BS). Insurance Supervision Agency (ISA). Securities Market Agency (SMA). Nuclear Pool (NP)

Legal expenses and tourist assistance insurance (gross premiums written and gross claims paid)

Premiums

Claims

L ega l ex pen ses .%Automobi le a s s i s t a nce .%

Med ica l a s s i s t a nce .%

O t her .%

Legal expenses and tourist assistance insurance – Breakdown by type of insurance

Source: SIA

in € million

Source: SIA

Legal expenses and tourist assistance insurance

70

{ – } lawyer, gymnast, Olympic gold medallistLe on Št ukelj


Key data on the strength of the Slovenian insurance

sector rank Slovenia first in the region, although

it lags considerably behind the economically more

developed EU member states. For most indicators

shown in tables and charts, Slovenia occupies the

same place in as in , although it has

been overtaken by Hungary in terms of average

premium per insurance company. Insurance density

– gross premiums written per capita – increased

from € to € , a rise of .%. In terms of

insurance penetration – gross premiums written as

a proportion of GDP – Slovenia has already come

very close to Austria with .%. The poor ranking

of Slovenia in the last chart is understandable

given that the average number of employees in

insurance companies has increased in Slovenia,

and is almost twice the EU average. Nevertheless,

average premiums per employee increased by

.% from to € ,. For comparison,

this is only a quarter of the figure in Belgium.

Sources: . Slovenian Insurance Association (SIA). Comité Européen des Assurances (CEA). Statistical Office of RS (SORS). Croatian Insurance Bureau (CIB)

VI. International position of Slovenian insurance

Number of insurance companies

Number of employees

Average number of employees per company

Insurance premiums (€ million)

Of which life premiums (€ million)

Premiums / inhabitant (€)

Life premiums / inhabitant (€)

Non-life premiums / inhabitant (€)

Premiums / GDP (%)

4,885

907,105

186

1,026,645

637,739

2,204

1,369

835

8.8

16

6,064

379

1,894

609

938

302

636

5.65

0.33

0.67

204.10

0.18

0.10

42.56

22.04

76.21

64.20

Share ()EU () SLOKey figures

Figures relate to insurance business only.

Sources: SIA, CEA, SORS

Insurance business in the European union and in Slovenia – key figures

72


Switzerland

Denmark

Belgium

EU (25)

Austria

Italy

Portugal

Slovenia

Greece

Hungary

Croatia

Turkey

employee

(€)

company

(€ million)

insurance

companies

employ-

ees

total

insurance

(€ million)

life

(€ million)

total

insurance

(€)

56.9

66.8

68.8

62.1

46.1

65.1

64.9

32.2

52.5

50.7

26.5

14.3

4,270

3,441

2,835

2,204

1,886

1,813

1,242

938

390

332

224

79

2,431

2,300

1,949

1,369

869

1,181

806

302

204

168

58

11

10.6

8.5

9.5

10.3

6.1

7.2

8.5

5.7

2.2

3.8

3.3

1.8

218

91

185

210

214

436

185

118

48

124

49

109

146

206

161

4,885

73

244

71

16

90

27

23

53

31,850

18,676

29,796

1,026,645

15,588

106,502

13,123

1,894

4,334

3,348

1,117

5,760

18,131

12,484

20,488

637,739

7,183

69,377

8,521

609

2,274

1,696

296

826

26,300

14,000

23,581

907,105

26,300

39,924

11,829

6,064

9,000

31,046

7,590

13,550

1,211,027

1,334,000

1,263,560

1,131,782

592,700

2,667,618

1,109,392

312,335

481,556

107,840

147,167

425,092

share

of life

(%)

life

(€)

Premium /Number of Premiums Premium/inhabitant Premium in

GDP(%)

Country*

Sources: SIA, CEA, SORS, CIB

Insurance business in Slovenia and in selected countries

Turkey

Croatia

Hungary

Greece

Slovenia

Portugal

Italy

Austria

EU ()

Belgium

Denmark

Switzerland


Insurance premium per inhabitant (SLO , other countries ) €/inhabitant

* In order of total premium/inhabitant

73


Sources: SIA, CEA, CIB

Sources: SIA, CEA, CIB


Average premium per insurance employee (SLO , other countries ) € million

Hungary

Croatia

Slovenia

Turkey

Greece

Austria

Portugal

EU ()

Switzerland

Belgium

Denmark

Italy

Average premium per insurance company (SLO , other countries ) € million

Greece

Croatia

Denmark

Turkey

Slovenia

Hungary

Portugal

Belgium

EU ()

Austria

Switzerland

Italy

Share of insurance premiums in GDP (SLO , other countries ) %

Turkey

Greece

Croatia

Hungary

Slovenia

Austria

Italy

Denmark

Portugal

Belgium

EU ()

Switzerland

. . .

74

{ – composer and musician, together with brother Vilko, the

founding father of the musical genre of popular folk music

Sl avko Avsenik

75

VII.


Chronological overview of insurance act ivity on ethnic Slovene territory

Precursors of insurance companies (maritime loans, brotherhoods, guilds)

Maritime loans entered in notary records in Piran

Brotherhood of St. Nicholas founded

Furriers’ guild established; one of the fi rst whose statute prescribed members’ obligation of mutual assistance

Slovenian Brotherhood of St. Hieronymus founded (reciprocity of members determined in statute)

Th e founding of the fi rst insurance companies

First insurance company founded on Slovenian ethnic territory under the Austro-Hungarian Empire –

Compagnia di assicurazione

First initiative for the founding of an insurance company in Ljubljana

Founding of an insurance company for navigation on the Sava River

Founding of Emperor-King’s privileged insurance company for fi re damage in Styria, Carinthia and Carniola

Carniolan agricultural association proposes founding of insurance company for compulsory insurance

against fi re and other accidents

Initiative for founding of Danica reinsurance company in Celje

Founding of fi rst general insurance bank, “Slovenija” (fi rst modern Slovenian insurance company based in Ljubljana)

Founding of Workers’ Accident Insurance Company for Trieste, Littoral and Carniola

Founding of several associations (“insurance companies”) for insuring livestock in Littoral and various other areas

Founding of Mutual Insurance Company for fi re damage and damage to church bells in Ljubljana

Kingdom of SCS or Kingdom of Yugoslavia (1918 to 1945)

Founding of Slavija, Yugoslav insurance bank in Ljubljana

Founding of People’s Self-Assistance in Maribor

Founding of Association of St. Florian agricultural insurance cooperative against fi re damage

Founding of Drava Economic Insurance Company

DFRY, FPRY, SFR Yugoslavia (1945 to 1990)

State Institute of Insurance and Reinsurance renamed State Insurance Institute – SII

Founding of Fund for mutual assistance of independent tradesmen of Slovenia, renamed Fund for Craftsmen and

Entrepreneurs (FCE) in 2000

Founding of several municipal insurance companies and Insurance Society of Slovenia

Merger of all Slovenian insurance companies into Sava Insurance Company, except Maribor Insurance Company

Merger of Sava Insurance Company and Maribor Insurance Company into Triglav Insurance Society

Founding of Sava Reinsurance Society

Reforming of Triglav Insurance Society and some of its regional units into joint-stock insurance

companies – Triglav Insurance Company, Maribor Insurance Company, Adriatic Insurance Company and


Reforming of Sava Reinsurance Society into the joint-stock company Reinsurance Company Sava Limited

Th e organizational unit of the Insurance Society Dunav in Ljubljana became the independent joint-stock

company Ljubljanska Insurance Company

Piran

Trieste

Ljubljana

Udine

Trieste

Ljubljana

Ljubljana

Graz

Ljubljana

Celje

Ljubljana

Trieste

Trieste area

Ljubljana

Ljubljana

Maribor

Ljubljana

Maribor

Belgrade

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

th c.

–

I. Period up to

II. Yugoslav period (Kingdom of Serbs, Croats and Slovenes, later Yugoslavia)


Founding of new joint-stock insurance and reinsurance companies:

Prima Insurance Company (renamed GRAWE in 2001), Mercator Insurance Company

(renamed Krekova Insurance Company in 1999) and Inter Reinsurance Company (dissolved in 2001)

Founding of Slovenian Insurance Bureau (renamed Slovenian Insurance Association in 1997)

Founding of joint-stock insurance company Merkur Insurance Company

Transformation of organisational unit of Croatia Insurance Company in

Ljubljana into joint-stock insurance company Slovenica

Founding of Slovene Export Corporation (SID)

Founding of Concordia Pension Insurance Company

Founding of Slovenian Nuclear Pool

Founding of Offi ce of Insurance Supervision (renamed Insurance Supervision Agency, ISA, in 2000)

Founding of joint-stock company Generali Insurance Company

Founding of Fund for Additional Pension and Disability Insurance

(renamed Pension Fund Management in 2000)

Founding of Triglav RE Reinsurance Company

Founding of Health Insurance Mutual

Founding of TRIGLAV Health Insurance Company

Founding of NLB Vita Life Insurance Company

Founding of joint-stock company ARAG Legal Expenses Insurance

Founding of branch of Austrian insurance company Wiener Städtische

Founding of SID – First Credit Insurance Company

Founding of Slovenica Life Insurance Company

Founding of branch of Austrian insurance company Victoria-Volksbanken

Merger of Adriatic Incurance Company and Slovenica Insurance House into Adriatic Slovenica Insurance Company

Slovenica Life renamed KD Life Insurance Company

Founding of branch of Allianz Hungaria ZTR Insurance Company

Founding of First Personal Insurance Company

Zürich Insurance Ireland Ltd. applies for SIA membership

Ljubljana, Maribor

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Koper

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Ljubljana

Maribor

Koper

Ljubljana

Ljubljana

Ljubljana

Ljubljana

III. Republic of Slovenia ( – present)

Sources: . Škufca F., Zavarovalstvo na Slovenskem, SZZ, Ljubljana ,. Data from the Insurance Supervision Agency (ISA). Data from the Slovenian Insurance Association (SIA)


“There are days worth remembering,

there are events that stay in your memory for ever,

and there are people who make the world more beautiful.”

(unknown author)

Slovenes live in the best place, so concludes the

renowned Slovene actor, comedian and poet Andrej

Rozman – Roza in his stage show “We Are The

Nation On The Best Location”. In this small space

between the Alps, the Adriatic and the Pannonian

plain, Slovenes have lived for centuries under

the domination of larger neighbouring nations,

and under the Habsburgs for nearly years.

Despite this, Slovenes have retained their language

and culture and today live proudly in their own

country. And more. This year Slovenes were given

an exceptional historic opportunity for six months

to preside over the major European economic

community of nations – the European Union –

and in so doing to influence their environment.

Many representatives of the Slovene nation have

in the past been influential links in the scientific,

cultural, socio-political and economic interactions

between nations that today we call globalisation.

In this year's issue of the Bulletin we want through

pictorial material and commentary to symbolically

emphasise the historical contribution and influence

of some of the most prominent representatives of

the Slovene nation to the development of European

and world knowledge, art and culture. Through their

exceptional intellectual abilities, knowledge and

actions, the selected giants of the Slovene nation have

enriched the world and written their name in gold in

the pages of world history. We are strongly aware that

the selection of individuals portrayed is subjective.

When Slovenia was still part of the Austro-

Hungarian monarchy, there was no higher

education or university in Ljubljana, and so the

most talented Slovenes studied mostly in Vienna

and Munich. Many of them lived and died there.

The official language in what is now Slovenia was

then German, and many of the original works

of renowned Slovenes were therefore written in

German. Their names and surnames were often

Germanised, wiping out their Slovene origins.

Tomaž Mancini

Sources: . Bergant E., Znameniti Slovenci, Forma Sedem, Ljubljana ,. Sitar S., Sto slovenskih znanstvenikov, PD, Ljubljana , . Kladnik D., Sto usod znanih Slovencev, PD, Ljubljana ,. Internet

Selected notable Slovenes – commentary


Jurij Bartolomej, Baron Vega, – German: Georg Freiherr von Vega;

mathematician, ballistics specialist, artillery offi cer, inventor, author of logarithm tables

Jurij Vega was born to a farming family named Veha in the village of Zagorica near Moravče

(Slovenia). His parents were Jernej and Helena nee Masel. He studied in Ljubljana, and later in

Vienna as an artillery offi cer in the imperial army. With his broad outlook, he advanced in his

professional career as a military artillery offi cer and professor of mathematics at the Artillery School

in Vienna to Lieutenant-Colonel and Baron. As an excellent theorist and practitioner, he introduced

mathematical innovations into the study of artillery, testing them successfully on European

battlefi elds of the day. He is considered the founding father of scientifi c ballistics. By studying

gravitation he worked in physics and astronomy, he wrote a mathematics textbook and at least

well-received scientifi c papers in the fi elds of physics, mathematics and astronomy. He calculated the

number pi (π) correctly to decimal places. He gained world renown by producing logarithmic

tables entitled Logarithmische, trigonometrische, und andere zum gebrauche der Mathematik

eingerichtete Tafeln und Formeln. His handbook Th esaurus Logarithmorum Completus, with

logarithms to ten decimal places, was printed in millions of copies and was used in schools all the

way up to the middle of the th century and the introduction of electronic calculators. A crater on

the moon is named after Jurij Vega, as is a planetoid discovered in . Jurij Vega died in Vienna.

Jožef Stefan, – physicist, mathematician, poet, creator of the Stefan constant)

Jožef Stefan was born to Slovenian parents in the village of St Peter near Ebenthal, close to

Klagenfurt/Celovec in Austria. He studied physics and mathematics, and after graduating

taught in Vienna, where at he became the youngest university professor in Austria, and at

the Director of the Physical Institute and later Vice-President of the Vienna Academy of

Sciences. He initially wrote poetry before entirely devoting himself to scientifi c-research and

teaching work, where he touched upon almost all areas of physics. Heat was at the centre of

his study. In he published an article entitled Über die Th eorie der Eisbildung (On the

theory of creation of ice). He was the fi rst to correctly calculate the temperature of the surface

of the sun – around º Celsius. In the international professional literature he was famous

for his thermal radiation equation, and derived a law showing that the total heat from radiation

is proportional to the fourth power of the absolute temperature of the radiating body. Th e

law was later theoretically derived by L. E. Boltzmann, and so the law is known as the Stefan-

Boltzmann law, which contains a constant named after both authors. Jožef Stefan died in Vienna.

Barbara Celjska, –German: Barbara von Cilli, Czech/Slovak: Barbora Cellská

Hungarian and Czech Queen, Holy Roman Empress, astrologer, alchemist

Barbara Celjska was born in Celje (Slovenia), the youngest daughter of the Count of Cilli, and

Prince of the Holy Roman Empire Herman II of Cilli and Countess Anna von Schaunberg.

Th e dynasty of the Counts of Cilli (from ), to which Barbara belonged, in its time had

an important infl uence in Europe. While still a minor, she married Emperor Sigismund of

Luxemburg. She was an educated woman. She spoke at least fi ve foreign languages. As a

personally conscientious, decisive and publicly independently operating high noblewoman of

advanced views, she had a powerful infl uence on her husband's political activities, and during

his frequent absences she ruled with a fi rm grip. She died in the Czech town of Mĕlník.


Herman Potočnik-Noordung, – German: Hermann Noordung

mechanical engineer, pioneer of rocket and space technology

Herman Potočnik-Noordung was born in Pula (Croatia), where his father Jožef, originally from

Vitanje, worked as a doctor and senior offi cer in the Austro-Hungarian navy. His mother Minka

née Kokošinek was from Maribor. Herman studied at the Military Technical Academy in Vienna,

and as an expert in bridges and railway construction he served on various fronts in World War

One. After the war he devoted himself to studying mechanical engineering in Vienna and became a

specialist engineer in rocket technology. In in Berlin he published a book in German entitled

Das Problem der Befahrung des Weltraums (Th e Problem of Space Travel), paving the way for

humanity in space. In the book he published the idea of a geostationary satellite and a manned

space station, he envisaged the use of rocket ships and solved a series of problems relating to people

living in a weightless and airless space. Potočnik died in Vienna in the year his book was published.

Jože Plečnik, – architect

Jože Plečnik was born in Ljubljana (Slovenia) to parents Andrej and Helena, originally from the

Notranjska-Karst region. He initially worked in his father's carpentry workshop. In the Austrian town

of Graz he studied to be a furniture designer, and he successfully completed his studies in architecture

and design in Vienna as the best student under architect Otto Wagner. As an independent architect

and teacher he worked in Prague and at the University of Ljubljana, and became an honorary doctor

at the Universities of Vienna and Ljubljana. As an architect-creator he distinguished himself by the

exceptional quality of implementation of his projects. His work took account of historical and local

characteristics, which he suitably incorporated into his personal style of modern reduction and its

synthesis. His inventiveness and originality of design are refl ected in many areas of architecture,

both in the detail of small religious subjects and churches, as well as in the major buildings and

urban districts marked forever by his work. Th ere is insuffi cient space here even to list just his largest

works, let alone his smaller ones. His numerous architectural masterpieces adorn at least three

European cities, his hometown of Ljubljana, Prague and Vienna. He can thus without reservation be

considered one of the greatest European architects of the th century. Plečnik died in Ljubljana.

Friderik Pregl, – German: Fritz Pregl

physician, chemist, Nobel Prize winner

Friderik Pregl was born in Ljubljana (Slovenia) to parents Raimund and Fridericke née Schlaker.

He was christened Mihael Raimund, after his father and grandfather. His grandfather was

Miha Pregelj, an honourable and patriotic man from Ustje near Litija. Pregl was awarded a

doctorate of medicine in Graz (Austria), where he became Vice-Chancellor of the University

of Graz. He trained in Germany and the Czech Republic, while the greatest infl uences

on his scientifi c development were physical chemist Wilhelm Ostwald and physicist Emil

Fischer. Pregl studied the chemistry of the human body and continually strived to reduce

the quantity of material needed for analysis. His innovative methods of quantitative organic

microanalysis, which he presented in his book Die quantitative organische Mikroanalyse

published in Berlin in , were adopted by all laboratories around the world. Pregl received

numerous academic prizes and in the Nobel Prize for Chemistry. Pregl died in Graz.


Ivana Kobilca, – painter

Ivana Kobilca was born in Ljubljana (Slovenia) in a craftsman's family to parents Jakob and

Marija. During her primary education she learnt two foreign languages, Italian and French,

and she learnt to draw. At sixteen she decided to become a painter. She trained in Vienna

and Munich. Her fi rst independent exhibition with canvases was held in Ljubljana and

enjoyed enviable success. She took part in a Paris exhibition with two pictures, Summer and

Laundrywomen, for which she received awards. In she was appointed a member of the

French Société Nationale des Beaux Arts. She stayed in Paris, and both pictures became

world famous. Her Kofetarica (Coff ee Drinker) is also very well known. She dedicated

herself to fi gural painting, portraits and genre or mood portrayals of farm or urban life.

In the last period of her life she mostly pained fl oral still lives. She worked and taught in

Sarajevo (frescoes), Ljubljana, Zagreb and Berlin. Ivana Kobilca died in Ljubljana.

Leon Štukelj, – lawyer, gymnast, Olympic gold medallist

Leon Štukelj was born in Novo Mesto (Slovenia). His father was secretary of the municipality

of Šmihel-Stopiče, while his mother was from Zafara near Žužemberk. Sports experts soon

recognised his sporting talents, which he developed to the highest possible level. He became

a worldwide sporting and Olympic legend, and he was received in his birthplace with cries

of Ave triumphator! In his active sporting period, as an all-round amateur gymnast he

competed in seven major competitions from to . He won a total of medals (

gold, silver, bronze) at world gymnastics championships in Ljubljana, Lyon, Luxemburg

and Paris, and at Olympics in Paris, Amsterdam and Berlin. He won Olympic medals, three

gold, one silver and two bronze. He received a special award from the IOC. As a spectator

he attended the Olympics in Atlanta, and was given the special honour of presenting

medals. With his fresh outlook on life, at the age of he enthused spectators and the

whole world, leaving a strong impression of all-round excellence. He died in Maribor.

Slavko Avsenik, – composer and musician, together with brother Vilko,

the founding father of the musical genre of popular folk music

Slavko Avsenik was born in Begunje in Gorenjska (Slovenia) to a family of six. Parents Janez

and Marija were innkeepers and music lovers. At the suggestion of their father, Slavko and his

brother Vilko in founded an ensemble celebrated in Slovenia and around the world under

the name Oberkrainer Quintet. He set the foundations for what was then a new, original form

of popular folk music, and he became the most eff ective ambassador for Slovenia. Th is style

of music was soon “adopted” by numerous similar ensembles in every continent. In a -year

career, the Avseniks played over , concerts, appeared on numerous TV programmes,

topped the musical charts, recorded more than records with the German label Telefunken,

with a total issue of million records, received diamond, platinum and gold discs. In

addition to numerous prizes, medals and awards, the ensemble also received the European Oscar

for original music. Slavko and Vilko wrote around a thousand compositions, mostly singing

about the beauty of Slovenia. Around of their compositions have been recorded, with

their most commonly played piece around the world being the polka Na Golici (Trompeten-

Echo). Th e authors received a golden rose for the most performed composer in Europe.

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