Abstract
The article focuses on the commercial insurance of non-life risks and non-life commercial insurance market as part of the financial market in the Slovak Republic. The Slovak commercial insurance market is well-developed. There were 21 commercial insurance companies, and all of them were all associated in the Association of Slovak Insurance Companies and operated in the Slovak Republic until December 31, 2014. Development of insurance in the area of life insurance in recent years is more dynamic than in non-life insurance. The Slovak Republic is gradually closer to the European average on the insurance market, which is about 62 percent in favour of life insurance. Commercial insurers offer a wide variety of insurance products. Amongst them are also products aimed at insuring international risks, as a part of non-life risks.
Highlights
At present, our society is undergoing a period of important changes in both the social and economic fields
The primacy in non-life insurance on the Slovak insurance market was held by Allianz – Slovenská Poisťovňa, a. s., with34.51%, which accounted for 333,118 thousand Euros
The primacy in non-life insurance on the Slovak insurance market was held by Allianz – Slovenská Poisťovňa, a. s., with 34.51%, which accounted for 333,118 thousand Euros
Summary
Our society is undergoing a period of important changes in both the social and economic fields. Created conditions for the democratization of the insurance business, enabled the entry of foreign capital, and thereby the formation of a competitive environment in the insurance market In this Act, the supervision over insurance businesses has been established. The position of the authority supervising the insurance business has been delineated by the Act No 25/1991 Coll. Another legislative step was the adoption of the Act of the National Council, SR No 306/1995 Coll., amending Act No 24/1991 Coll. A solvency tool for insurance companies conforming to the standards in place in developed countries has been introduced Another legislative step was Act No 95/2002 Coll. The most recent act in the area of commercial insurance mentioned in the paper is the Act of the National Council SR No 39/2015 Coll. on Insurance, in which there are legislative changes in life and non-life insurance
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