The Slovak insurance market continues to be very
concentrated. It is dominated by a former state monopoly
company now owned by foreign shareholders. The Slovak
insurance industry reports a consistent growth of gross
written premium. Although still lagging behind EU average
levels, insurance penetration has been constantly growing in
the Slovak Republic.
Main Industry Issues
- Solvency II
- Implementation of IFRS (IFRS 4 has, and IFRS 7 will have,
dramatic impact on the financial reporting of insurance
companies)
- Introduction of the euro in the Slovak Republic
- Further consolidation of the insurance market/increasing
competition
We can assist with
- Audit / Review of financial statements
- Accounting / IFRS Advisory
- Solvency II advisory and implementation services
- Financial regulatory advice and compliance (IFRS)
- Investigations of fraudulent claims
- Anti-money-laundering advice
- Development of tax-efficient structures for insurance
companies
- Insurance claims management, identification and
implementation of loss prevention and control measures
- Quantification of direct and indirect losses
- Assistance in the creation of specialized insurance contracts
- Technical audit of claims department settlement procedures
- Review of internal controls and procedures and
development of an enterprise risk management system
- Advice on cost-fee ratio issues – increasing profitability
- Internal audit outsourcing
- PayWell compensation survey for the financial services
sector and insurance
