There was increase in the Slovenian insurance market in the last year according to the Slovenian Insurance Association. The insurance sector in Slovenia stands out among other countries in Central and Eastern Europe for quite a few reasons. The market is small and underdeveloped however it is growing at a steady rate. The Insurance Supervision Agency is responsible for supervision of this industry.
The Insurance Supervision Agency of Slovenia is responsible for all insurance undertakings, insurance brokerage companies, insurance agencies, as well as all agents and brokers involved in the Slovenia insurance market. Additionally, this agency supervises legal matters pertaining to insurance undertakings within an insurance holding company, insurance group, or joint venture insurance companies. This agency also manages other entities that include pension fund management, nuclear insurance and re-insurance pool, as well as the Slovenian insurance Association. Any authorizations involved in the insurance market in Slovenia must go through this agency.
There are several activities that are carried out by this agency which are classified into five areas. The primary role of the agency is to grant approvals, authorizations, opinions, decisions, and orders to all insurance undertakings. They also monitor, collect, and verify reports and notifications that insurance undertakings are required to submit to the agency in compliance with the Insurance Act of Slovenia as well as any other applicable laws. Other roles include conducting examinations of insurance company operations as well as supervising and imposing measures that are compliance with the Insurance Act.
Triglav, a predominantly state-owned insurance company in Slovenia is currently the biggest player in the market however it does not have a dominant presence. Insurance companies in Slovenia have an advantage in the industry because it is growing at a modest rate and insurance companies have the ability to persuade people to use their products and services. Recently, income levels in Slovenia have grown to match those of western European countries. Those who choose to invest in the insurance sector in this country have the potential to increase business in this market.