...Concentrated Market The Slovenian insurance market is small, with gross written premiums (GWP) of EUR1.9bn in 2014, and dominated by a small number of companies. Foreign participation is limited: the largest non-domestic insurer, Generali, represents 5% of market GWP. Of the top four insurers, only Triglav has significant foreign ownership (17.6% at end-2014). Fitch Ratings expects market concentration to remain high as the agency distribution channel dominates sales. This leads to strong client relationships and high customer loyalty. Financial Crisis Changed Product Landscape As a consequence of the financial crisis, premium volumes of life business started declining in 2011 as more customers opted for lower insured sums; they also chose risk insurance guaranteeing basic insurance cover rather than life insurance with a savings component. Before the financial crisis, the prevailing form of life insurance had been pure unit-linked products investing in units of various regional stock funds....
