Non-life insurance

The comparison of growth rates between claims and insurance premium in non-life insurance shows that claims grew at a rate 4 index points lower than insurance premium. In comparison with the year before, non-consolidated gross claims fell by 7%, totalling EUR 453.0 million.

Claims related to motor liability insurance represented 20.8% of total gross claims settled by the Triglav Group. Total claims met amounted to EUR 123.5 million, which was 6% less than in 2010. The slow growth of claims in this insurance class was caused mostly by the slower growth in gross claims posted by Zavarovalnica Triglav (index 91), in part due to the positive effect of the changed legislation on road traffic safety in Slovenia, better road infrastructure and the failure of numerous construction companies, whose vehicle fleets were insured by Zavarovalnica Triglav and which were significantly increasing the frequency and the amount of claims paid. Slower growth rates in gross claims was also recorded by Triglav Osiguranje, Zagreb, Triglav Osiguranje, Sarajevo and Triglav Osiguruvanje, Skopje.

A 12% decrease in gross claims paid was recorded in the comprehensive car insurance class. Claims paid amounted to EUR 107.6 million, or 18.1% of total amount of settled claims. A decrease in gross claims paid in this insurance class was recorded by the majority of the Triglav Group insurance companies, including Triglav Osiguranje, Zagreb, Zavarovalnica Triglav and Lovćen Osiguranje, which was mainly the consequence of the lower number of mass claims due to devastating weather events. A significant growth in claims in this insurance class was recorded at Triglav Osiguranje, Belgrade (index 126), while slower growth was booked by Triglav Pojišt'ovna (index 108) and Triglav Osiguranje, Banja Luka (index 105).

In property insurance, total claims paid amounted to EUR 81.7 million or 14% less than the year before. A favourable index and a lower amount of claims settled are to a great extent a consequence of a smaller number and volume of claims due to storms, hail, floods and other natural disasters. The lower amount of claims settled was also a result of a smaller number of claims settled for fire and machinery breakdown insurance, home content insurance and DOM home insurance package.

In health insurance, gross claims increased by 9% due to an increase in the share and costs transferred from compulsory to supplementary health insurance, a higher number of insurance holders, higher prices of medical goods and services and a growing proportion of elderly insurance holders. Equalisation scheme expenses for supplementary health insurance totalled EUR 6.7 million, which is EUR 800,000 more than in 2010 (a 14% increase).

Gross claims from general liability insurance rose by 3%. This growth was mainly the result of higher amounts of claims paid in installation insurance, guarantee insurance and product liability insurance. A 6% reduction in gross claims should be noted in the largest insurance subclass, general liability insurance, which represents almost 83% of this insurance class. This result may be attributed to the Company's new business approach, i.e. recasting the terms and conditions, policyholders' portfolio analysis in recent years and measures adopted to strengthen diligence in risk underwriting. Analyses of past business co-operation with individual policyholders are proving to be ever more important.

Gross claims paid in accident insurance dropped by 8%, mostly due to a considerably lower amount of claims settled from AO-plus insurance and collective accident insurance, which account for the majority of accident insurance claims.

The developments in the credit insurance area are closely related to the financial crisis. A total reduction in gross claims in this insurance class by 6% can therefore be seen as a success. Gross claims in the largest insurance subclass, general liability insurance (65% share), decreased by 21%.

Claims in other non-life insurance also decreased. Contrary to the high growth of gross claims in previous years (12% in 2010 and 50% in 2009), other non-life insurance recorded a 7% decrease. This was mostly due to a drop in miscellaneous financial loss insurance (index 59), aircraft insurance (index 6), marine insurance (index 64) and assistance insurance, the largest class in this group (index 98).


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