The largest is Zavarovalnica Triglav with 622 million euros of gross written premiums (GWP) in 2017. The list doesn't include consolidated results: Zavarovalnica Triglav Group is much larger with 13 companies operating in six markets and generating 1 billion euros of GWP in 2017. The 118 year old company continues to grow in 2018: in the first half of the year GWP amounted to 575 million euros – five percent over the same period in 2017.
Triglav is followed by another Slovenian insurer Zavarovalnica Sava with 364 million euros in GWP. The combined GWP of Slovenian insurance companies on the TOP100 list exceeds 2 billion euros, equal to 27.6 percent of the total GWP of the 100 largest insurers in the region.
The reason behind this strong position is simply that Slovenia is the only at least partially developed insurance market in the region, including Bulgaria and Romania. Yet even in Slovenia insurance density (GWP per capita) reaches only one half of the EU average with 1,055 euros of GWP per capita. In Croatia, the second-best market in the region, insurance density is only one seventh of the European average and reaches 295 euros. Slovenian insurers take advantage of their close knowledge of these underdeveloped, yet growing markets. Triglav controls over 20 percent of the market in the Adriatic region and is the market leader in Slovenia, Macedonia and Montenegro. Zavarovalnica Sava already took over Croatian Velebit insurance some years ago: this year it added Croatian insurer Ergo to its portfolio.
Yet the situation may soon change. As Slovenian insurance companies strengthen their position in the Balkans, they face fierce competition on the domestic market. Italian Generali, the third largest insurance company in Europe, took over Adriatic Slovenica earlier this year, it was the third largest player in Slovenia. The combined 2017 GWPs of Adriatic and Slovenian operations of Generali have exceeded 400 million euros, which puts Generali Slovenija in second place both in Slovenia and the region. On the other hand, Triglav continues its regional expansion and has entered pension insurance markets in Bosnia and Herzegovina and Croatia. The Slovenian insurance group is also making steps to enter the Greek motor vehicle insurance market.