Non-life insurance

The development of non-life insurance is following the needs of the modern insurance market, which is adapting to the changes in professional and natural environment. The development synergies in non-life insurance were built into all three basic business segments, i.e. in the areas of:
content upgrade of existing insurance products and the development of new products;
technological and informational improvement of professional and business operation support; and
the improvement of estimates and valuation of underwritten risks.

Based on the achieved insurance technical results of individual insurance products in previous years and reasonable expectations regarding future trends, an extensive set of existing insurance conditions and tariffs was redesigned and re-evaluated.

Comprehensive content integration was carried out and Zavarovalnica Triglav's non-life insurance segment was linked to all subsidiaries in the Group, making it the pillar of development activities and content unification of risk assessment processes in the entire group.

Development and redesign of insurance products

New insurance products for property and interest in property insurance were developed and existing ones were redesigned:

• new guidelines for determining the correct premium calculation basis for home insurance package for individuals (DOM) were prepared;
• premium tariffs for general liability insurance, business interruption insurance due to fire, packages for property and interest in property insurance, property insurance in the power industry, construction, erection and fire insurance, personal computer insurance, trade show insurance, home contents and leased equipment insurance were modified;
• new terms and conditions for home contents insurance, erection and burglary insurance, glass insurance and travel arrangement cancellation insurance, travel insurance, liability insurance, home assistance, professional liability insurance for health service providers, stock deterioration insurance, package insurance of property and property interests of individuals, and property insurance in the power industry were adopted.

Bases for innovations in the motor vehicle insurance segment were prepared in order to optimise the ratio between improvement of insurance technical results and lower premium income; both trends are the result of the redesign of the products in 2010, which were the response to tight market conditions (see also Section Impact of the environment on the performance of the Triglav Group).

The activities in transport insurance were focused on:

• designing ITB-Underwrite software for the liability insurance of road cargo transporters; the sale of insurance contracts under the new conditions started in November;
• changes of premium tariffs for the liability insurance of aircraft owners;
• changes of terms and conditions for aircraft hull insurance and premium tariffs for aircraft hull insurance;
• terms and conditions for business interruption insurance due to cargo damage, cabotage transport in Italy, Austria, France and Germany, and regulating the reinsurance for cabotage transport in Germany;
• drawing up general terms and conditions of liability insurance for marinas and modification of general terms and conditions for cargo insurance;
• monthly training on transport claim settlements and subrogations; and
• underwriting and assistance in claim settlement for subsidiaries.

The development activities in agricultural insurance were focused on:

• establishment of premiums for crop and fruit insurance for individual regions in Slovenia;
• upgrade of the policy authorisation for the conclusion of agricultural insurance contracts in accordance with individual risk underwriting authorities (authorisation code);
• increase of sums insured and premiums for basic insurance of breeding cows;
• upgrading the special terms and conditions for dog insurance;
• drawing up the new special terms and conditions for insurance of winter crops against the risk of extensive autumn rainfall;
• design of a claim handling tool (Cenilka) for crop and fruit insurance;
• continuation of activities in taking stock of methodologies for crop and fruit claim appraisal; and
• assistance in the preparation of terms and conditions for subsidiaries and operational involvement in individual subsidiaries' risk underwriting.

In accident insurance two new products, accident insurance for children and young adults and accident insurance for the unemployed, were introduced. Premium tariffs for individual accident insurance, group accident insurance, travellers and tourist insurance, accident insurance for aircraft pilots, flight personnel, passengers and sky divers, compulsory accident insurance for volunteer members of Civil Protection Service and persons involved in other rescue activities were redesigned. Supplementary conditions for accident insurance for flight personnel, sky divers and aircraft pilots and passengers, terms and conditions for group insurance of persons against accident or death due to illness were also upgraded. New clauses for progressive disability insurance were introduced.

A new gap insurance product was developed and launched in receivables insurance (financial and trade credit insurance and suretyship insurance). Consumer loans insurance for low-value purchases and the conditions for suretyship insurance were redesigned. Additions to the insurance contracts for consumer and housing loans were prepared due to the altered criteria and in order to improve the transparency of the provisions.