Slovenia insurance market
The Slovenian insurance market rebounded strongly in 2025 after the 2024 contraction caused by the abolition of voluntary supplementary health insurance. According to the Slovenian Insurance Association (via XPRIMM), the Slovene insurance market grew by 33% in 2025, consolidated GWP reaching EUR 3.63 billion, with life insurance GWP increasing by 10.36% to EUR 976.86 million, while non-life insurance grew by 43.9% to EUR 2.65 billion. On a narrower, domestic-entity basis, the national statistical office SURS reported that insurers collectively charged EUR 3,379 million in gross premiums, 33.7% more than the year before, with motor third-party liability insurance the largest single class at 28% of premiums, followed by life insurance (21.4%) and motor own-damage insurance (18.2%); the market comprised 10 domestic insurers and 8 branches of foreign insurers, with the four largest accounting for more than 85% of gross premiums and claims. Gross claims paid rose only marginally to EUR 1,522.4 million (+1.1%). Regulatory (Solvency II) data presented by the Insurance Supervision Agency (AZN) showed an even larger consolidated figure: gross premiums reached almost EUR 3.5 billion in 2025, a 36% increase versus 2024, while insurers achieved EUR 307 million in pre-tax profit (+10%), reinsurers EUR 93 million (+27%) and pension companies EUR 15 million (+22%); insurers' investments totalled EUR 8 billion, up 4% year on year. A landmark structural event was the transformation of health insurer Vzajemna: on 8 July 2025 Vzajemna was registered in the court register as continuing operations as a joint-stock company, Vzajemna zdravstvena zavarovalnica d.d., and it became a public joint-stock company, entering trading on the Ljubljana Stock Exchange with 444,753 shareholders, the largest shareholder base of any Slovenian company. On the legislative side, the ZZavar-1D amendment transposing the EU Digital Operational Resilience Act (DORA, Regulation 2022/2554) into the Insurance Act took effect via Official Gazette No. 77/2025, one of several amendments referenced in the current consolidated text of the Act. Slovenia's GDP reached EUR 71,171 million in 2025, up 5.5% nominally and 1.5% in real terms versus the previous year, while the country had a population of roughly 2.135 million and about 1.8 million registered road vehicles at the end of 2025, of which over 1.7 million were motor vehicles. Solvency II has applied since 2016 and the market remains supervised by the independent Insurance Supervision Agency (AZN), established in 2000.
Country market
Available products
Market overview
Market numbers
Total premiums
EUR 3.63bn (consolidated, SIA/XPRIMM) / EUR 3.38bn (domestic insurers, SURS)
Annual growth
Insurance penetration
4.7%
Active insurers
10
Population
2,135,107
Registered vehicles
1,800,000
Total premiums (EUR bn)
- 20253.6 EUR bn
- 20233.0 EUR bn
- 20242.7 EUR bn
- 20222.6 EUR bn
- 20212.6 EUR bn
- 20202.4 EUR bn
2020 — 2.4 EUR bn
2021 — 2.6 EUR bn
2022 — 2.6 EUR bn
2023 — 3.0 EUR bn
2024 — 2.7 EUR bn
2025 — 3.6 EUR bn
Annual growth (%)
Non-life share / Life share
Non-life share
73.0%Life share
27.0%Insurance penetration (%)
Market data by year
Market share 2024
ZAVAROVALNICA TRIGLAV d.d.
39.4%ZAVAROVALNICA SAVA, zavarovalna družba, d.d.
22.0%GENERALI ZAVAROVALNICA d.d.
13.0%Vita, življenjska zavarovalnica, d.d.
8.5%Insurer directory
Active insurers
Insurers currently active in Slovenia.
ZAVAROVALNICA TRIGLAV d.d.
Ljubljana, Slovenia
Zavarovalnica Triglav, d.d. is the largest and oldest Slovenian insurance company, founded in Ljubljana on 5 July 1900 and headquartered there today. It is the controlling company of the Triglav Group, the leading insurance-financial group in the Adria region, with core businesses in insurance, reinsurance and asset management and subsidiaries in Croatia, Bosnia and Herzegovina, Serbia, Montenegro and North Macedonia. The company is publicly traded on the Ljubljana Stock Exchange (ticker: ZVTG) and is a component of the SBI TOP index, with the largest shareholders being Slovenian state-owned funds ZPIZ and SDH.
EUR 1.105 mrd
ZAVAROVALNICA SAVA, zavarovalna družba, d.d.
Zavarovalna skupina Sava / Sava Re d.d. (Slovenija)
GENERALI ZAVAROVALNICA d.d.
Ljubljana, Slovenia
GENERALI zavarovalnica d.d. is the leading international insurance provider in Slovenia and the third largest insurer on the Slovenian market. Present since 1996/1997 and operating under the current name since 2001, the company merged with Adriatic Slovenica in January 2020. It is 100% owned by Generali CEE Holding B.V. and offers a comprehensive range of motor, property, health, life, pension, and travel insurance products to individuals and businesses.
Vzajemna zdravstvena zavarovalnica d.d.
Ljubljana, Slovenia
Vzajemna zdravstvena zavarovalnica d.d. is Slovenia's largest specialized voluntary health insurance company, founded on November 1, 1999. It was mandated by Slovenian statute (ZSPVZZ) to convert from a mutual insurer (d.v.z.) into a joint-stock company (d.d.) after supplementary health insurance was abolished on January 1, 2024, and its shares (ticker VZZR) began trading on the Ljubljana Stock Exchange on March 4, 2026, making it the largest Slovenian joint-stock company by number of shareholders.
Vita, življenjska zavarovalnica, d.d.
Zavarovalna skupina Sava / Sava Re d.d. (Slovenija)
MERKUR ZAVAROVALNICA d.d.
Ljubljana, Slovenia
Merkur zavarovalnica d.d. is a Slovenian insurance company specialising in personal insurance, offering a wide portfolio of life, investment-linked, accident, health, property, and travel insurance products. It was established as the Slovenian subsidiary of the Austrian Merkur Versicherung A.G. group, one of the oldest insurers in Europe.
MODRA ZAVAROVALNICA d.d.
Kapitalska družba pokojninskega in invalidskega zavarovanja, d.d. (KAD, Slovenija)
GRAWE ZAVAROVALNICA d.d.
Maribor, Slovenia
GRAWE zavarovalnica d.d. is a composite insurer offering both life and non-life insurance in Slovenia, operating under the name PRIMA until 2001. It was the first Slovenian insurance company established on the basis of private initiative and foreign investment, and it is part of the Austrian GRAWE Group, one of the largest insurance groups in Central and Eastern Europe.
AVRIO zavarovalnica obrtnikov in podjetnikov d.d.
Sklad obrtnikov in podjetnikov (Slovenija)
Market notes
Important news
Apr 15, 2026
AZN Issues Supervisory Measure Against Wiener Städtische's Ljubljana Branch
AZN publicly disclosed a supervisory measure against Wiener Städtische Versicherung AG Vienna Insurance Group's Ljubljana branch for violations in conducting insurance business, published 15 April 2026; the breach was subsequently remedied.
Why it matters
Latest in a series of 2025-2026 AZN enforcement actions against foreign branches, indicating sustained supervisory intensity across both domestic insurers and EU-passported entities.
Mar 4, 2026
Vzajemna Completes Demutualisation, Shares Begin Trading on Ljubljana Stock Exchange
Shares of health insurer Vzajemna began trading on the Ljubljana Stock Exchange on 4 March 2026, completing its conversion from a mutual insurer into a joint-stock company after the 2024 abolition of supplementary health insurance. The company had 444,753 shareholders, with the founder ZZZS holding a 15.23% stake as the largest shareholder. Demand vastly exceeded supply, with early trades at up to 20 times nominal value.
Why it matters
Slovenia's largest-ever shareholder base creation event, transforming a former mutual insurer into a listed company and creating a new potential acquisition target given its dispersed ownership.
Feb 11, 2026
AZN Orders Croatian Adris/Croatia Osiguranje Group to Divest Unauthorised Stake in Sava Re
AZN notified Sava Re on 11 February 2026 that it had issued a divestment order, dated 28 November 2025, against Adris grupa, d.d., Croatia osiguranje, d.d., and Erste, d.o.o., ruling they were acting as unauthorised joint qualified holders with a combined 23.89% stake in Sava Re, acquired without required AZN approval. The order requires reduction below the 20% qualifying-holding threshold within three months and strips voting rights on the excess shares.
Why it matters
Major cross-border ownership enforcement case highlighting AZN's qualified-holding controls even for EU/EEA investors, and a setback for a long-running Croatian attempt to gain control of Slovenia's second-largest insurance group.
Feb 3, 2026
AZN Issues Supervisory Measure Against Groupama Biztosító's Ljubljana Branch
AZN publicly disclosed a supervisory measure against Groupama Biztosító Zrt.'s branch office in Ljubljana for violations in conducting insurance business, published 3 February 2026.
Why it matters
Continues a pattern of AZN enforcement actions against foreign EU-passported branches, reinforcing that freedom-of-establishment operators remain subject to host-state conduct supervision.
Regulation
Regulation
AZN
Insurance Supervision Agency
Independent statutory body established in 2000 under the Insurance Act, responsible for supervising all insurance and reinsurance undertakings, pension companies and intermediaries in Slovenia. Its key objectives are to mitigate and eliminate irregularities, protect policyholder interests, and facilitate the smooth functioning of the insurance industry. It is accountable to the National Assembly and is currently led by director Gorazd Čibej.
https://www.a-zn.siSZZ
Slovenian Insurance Association
Commercial interest association of Slovenian insurance companies, founded in 1992. Represents the collective and individual interests of its member insurers. Manages Green Card Bureau obligations, Guarantee Fund, and Compensation Body for motor third-party liability. Publishes statistical data on the insurance market (including consolidated GWP figures reported to XPRIMM) and organises education for agents and brokers. Also handles out-of-court consumer dispute resolution.
https://www.zav-zdruzenje.siZZZS
Health Insurance Institute of Slovenia
Public institute that administers compulsory health insurance and, since 1 January 2024, also collects the mandatory health contribution that replaced voluntary supplementary health insurance. Its principal task is to collect and distribute public funds to ensure insured persons' rights to health care services and financial benefits. It is also the founding entity and largest single shareholder (15.23%) of Vzajemna zdravstvena zavarovalnica following its 2025 conversion to a joint-stock company.
https://www.zzzs.siEIOPA
European Insurance and Occupational Pensions Authority
EU-level supervisory authority providing oversight, regulatory guidance and technical standards for the insurance sector across EU member states, including Slovenia. AZN cooperates closely with EIOPA on Solvency II implementation and cross-border supervision.
https://www.eiopa.europa.euKey legislation
Key legislation
ZZavar-1 — Zakon o zavarovalništvu (Insurance Act), consolidated with amendments incl. 93/15, 9/19, 102/20, 48/23, 78/23, 84/24 (Constitutional Court decision) and 77/25
Insurance Act (ZZavar-1)
Primary legislation governing the establishment, authorisation, and operation of insurance and reinsurance undertakings in Slovenia. Sets the corporate framework for insurance companies, licensing requirements (AZN authorisation required prior to operating), rules on qualifying holdings, and prudential requirements. Implements the EU Solvency II Directive (2009/138/EC), effective from 1 January 2016. Composite insurance is not permitted; life insurers may also underwrite personal accident and health insurance. Foreign EU/EEA insurers may operate via branch or freedom of services without separate AZN authorisation. The Act's reference list now includes Official Gazette No. 77/25 alongside earlier amendments (93/15, 9/19, 102/20, 48/23, 78/23, 84/24 – Constitutional Court decision).
ZZavar-1D (Uradni list RS, št. 77/2025, 7 October 2025) — DORA transposition
Insurance Act amendment transposing the Digital Operational Resilience Act
Amendment adopted by the Slovenian parliament on 25 September 2025 and published in Official Gazette No. 77/2025, formally incorporating obligations under EU Regulation 2022/2554 (DORA) into the Insurance Act. Mandates ICT risk management frameworks, incident reporting, and digital resilience testing for all insurers and intermediaries supervised by AZN, applicable across the EU since 17 January 2025.
ZSPVZZ — Zakon o statusnem preoblikovanju Vzajemne zdravstvene zavarovalnice d.v.z. (Uradni list RS, št. 131/23 in 47/25)
Act on the Statutory Transformation of Vzajemna Health Insurance Company
Adopted in late 2023 and applied from 1 January 2024, this law governed the conversion of Vzajemna zdravstvena zavarovalnica from a mutual insurance company (družba za vzajemno zavarovanje) into a joint-stock company. It defined the entitled beneficiaries (ZZZS and former members as of 31 December 2023) and the process for share allocation or cash-out. The conversion was registered on 8 July 2025 and Vzajemna's shares began trading on the Ljubljana Stock Exchange in 2026.
OZ — Obligacijski zakonik (Obligations Code)
Obligations Code (OZ)
Regulates insurance agreements and contractual obligations between insurers and policyholders. Establishes mandatory rules for insurance contracts that can only be waived if permitted by law or unambiguously in the policyholder's interest. Governs warranties, conditions precedent, notification obligations, and claims settlement processes.
ZAOT — Zakon o obveznih zavarovanjih v prometu (Compulsory Motor Third-Party Liability Insurance Act)
Compulsory Motor Third-Party Liability Insurance Act (ZAOT)
Establishes compulsory motor third-party liability (MTPL) insurance for all motor vehicles in Slovenia. Defines the rights and obligations of the Green Card Bureau, Guarantee Fund, and Compensation Body managed by the Slovenian Insurance Association. Mandates minimum coverage levels for bodily injury and property damage. As of 1 July 2025, MTPL coverage was extended to electric scooters, expanding the insurable vehicle fleet.
EU Directive 2009/138/EC — Solvency II
Solvency II Directive
EU prudential framework for insurance and reinsurance undertakings, implemented in Slovenia from 1 January 2016. Introduces risk-based capital requirements (Solvency Capital Requirement at 99.5% confidence over one year), governance standards, and public disclosure requirements (SFCR, RSR). AZN discloses aggregate statistical data under Implementing Regulation (EU) 2015/2451.
EU cross-border access
EU cross-border insurers
UNIQA Österreich Versicherungen AG
Freedom of Services
Home country: Austria
Supervisor: FMA (Austria)
Listed in the SZZ list of representatives for Slovenia; active on the Slovenian market via FoS and nominated as the representative for claims under motor third-party liability insurance of Austrian insurance groups.
Abeille IARD & Santé (ex Aviva Assurances)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Listed in the SZZ list of representatives for Slovenia for motor vehicle claims (FoS).
Allianz IARD S.A.
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Listed in the SZZ list of representatives for Slovenia for motor vehicle and property insurance claims (FoS).
ERGO Versicherungs AG
Freedom of Services
Home country: Austria
Supervisor: FMA (Austria)
Listed in the SZZ list of representatives as the insurer for motor vehicle claims in Slovenia (FoS); also listed as an SZZ member.
Revo Insurance S.p.A.
Freedom of Services
Home country: Italy
Supervisor: IVASS (Italy)
Listed as an SZZ member and in the official list of providers; specialised in guarantee and property insurance and special risks; actively operates on the Slovenian market.
Generali Versicherung AG
Freedom of Services
Home country: Austria
Supervisor: FMA (Austria)
Listed in the SZZ list of representatives for Slovenia for motor vehicle claims (FoS); separate from GENERALI zavarovalnica d.d.
Europäische Reiseversicherung AG
Freedom of Services
Home country: Austria
Supervisor: FMA (Austria)
Listed in the official list of providers (2026) as a provider of travel insurance through freedom to provide services in Slovenia.
Distribution channels
Share by channel- 45%Insurance Agents
- Zavarovalnica Triglav zastopniška mreža
- Zavarovalnica Sava zastopniki
- Generali zastopniki
- ZAPIS d.o.o.
- Prima zastopstvo d.o.o.
- 20%Insurance Brokers
- Marsh d.o.o.
- AON d.o.o.
- Willis Towers Watson d.o.o.
- ADP Adria d.o.o.
- Zavarovalniški posrednik MBE d.o.o.
- 20%DirectInsurer own channels, telephone, online
- Zavarovalnica Triglav d.d. (spletna prodaja)
- Generali zavarovalnica d.d. (spletna prodaja)
- Zavarovalnica Sava d.d. (spletna prodaja)
- Merkur zavarovalnica d.d. (spletno sklepanje)
- 10%Bancassurance
- NLB d.d. (v sodelovanju z NLB Vita)
- Nova KBM d.d.
- Sparkasse d.d.
- 5%OtherAncillary, embedded, retail partnerships
- Zavarovalnica Triglav (avtomobilski prodajalci)
- Potovalne agencije
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1
File a written complaint directly with your insurer (mandatory first step). The insurer must respond within 30 days. Contact details and internal complaint rules are published in the insurance policy conditions.
- 2
If unsatisfied with the insurer decision or no response within 30 days, contact the Mediation Centre of the Slovenian Insurance Association (SZZ), Železna cesta 14, 1000 Ljubljana. Mediation is non-binding but assists in reaching agreement.
- 3
Alternatively contact the Ombudsman of Good Business Practices in Insurance at SZZ, who rules on violations of the Insurance Code and good commercial practices.
- 4
For cross-border disputes, contact the European Consumer Centre (ECC-Net) Slovenia. As a last resort, pursue the matter before a competent court.
EU cross-border access
EU cross-border access
Slovenia, as an EU member state, fully applies the EU single-licence (passport) principle under Solvency II. An insurer authorised in any EEA member state may carry out insurance activities in Slovenia either by establishing a branch (Freedom of Establishment) or by providing services directly without a branch (Freedom of Services), following a notification procedure between home and host supervisory authorities. Non-admitted insurance is not permitted; only EU/EEA insurers may operate without separate AZN authorisation. Third-country insurers must obtain full AZN authorisation.
Directive 2009/138/EC (Solvency II), Directive (EU) 2016/97 (Insurance Distribution Directive), Zakon o zavarovalništvu (ZZavar-1, Uradni list RS 93/15 as amended, most recently by ZZavar-1D, Uradni list RS 77/25)
freedom of establishment
An EEA-authorised insurer may establish a branch in Slovenia. The home state supervisor notifies AZN, which may communicate general good requirements. The branch is supervised primarily by the home state regulator but must comply with Slovenian conduct-of-business rules. AZN maintains a public register of all foreign branches operating in Slovenia and continues to issue public supervisory measures against branches, such as those against Wiener Städtische's Ljubljana branch and Groupama Biztosító's Ljubljana branch in 2026.
freedom of services
An EEA-authorised insurer may provide insurance directly in Slovenia without a local branch, after the home state supervisor notifies AZN of the intended classes and territory. The insurer remains supervised by its home state authority. Slovenian policyholders are protected by EU consumer rules and may use ADR mechanisms at the Slovenian Insurance Association.
Market history
Market history
1991-1999
Post-Independence Market Formation
Following Slovenian independence in 1991, the insurance sector transitioned from a Yugoslav self-management model to a competitive market. Zavarovalnica Triglav, successor to the former socialist insurer, retained market dominance. Generali entered in 1997 as the first foreign insurer, beginning gradual internationalisation.
2000-2003
Regulatory Modernisation and AZN Establishment
The Insurance Act (ZZavar) was enacted in 2000, establishing the Agencija za zavarovalni nadzor (AZN) as an independent supervisory body. The law was aligned with EU directives as Slovenia prepared for EU accession, introducing formal licensing, solvency requirements, and consumer protection rules.
2004-2015
EU Accession and Harmonisation
Slovenia joined the EU in 2004, fully opening the market to EEA insurers under freedom of services and establishment. Solvency II was transposed into the new Insurance Act (ZZavar-1) effective 1 January 2016. The Insurance Distribution Directive (IDD) was subsequently implemented, modernising intermediary regulation.
2016-2023
Consolidation, Natural Catastrophes, and Health Insurance Reform
Generali acquired Adriatic Slovenica in 2019/2020, becoming the second largest insurer. Severe floods in August 2023 generated record catastrophe claims. Parliament voted in 2023 to abolish voluntary supplementary health insurance, effective 1 January 2024, replacing it with a mandatory health contribution.
2024-2026
Health Insurance Transition, DORA Compliance, Vzajemna Demutualisation and Cross-Border Ownership Disputes
Following the 2024 health-insurance reform, EU DORA rules became mandatory from 17 January 2025 and were formally transposed via ZZavar-1D in October 2025. Vzajemna zdravstvena zavarovalnica converted from a mutual to a joint-stock company and listed on the Ljubljana Stock Exchange in March 2026 with over 444,000 shareholders. AZN also ordered Croatian holding Adris and Croatia osiguranje to divest part of an unauthorised 23.89% stake in Sava Re after breaching qualifying-holding rules. Gross written premiums rose sharply in 2025.
Glossary
Glossary
sl
zavarovalnica
A licensed legal entity authorised by AZN to underwrite insurance risks and issue insurance policies in Slovenia.
sl
zavarovalna premija
The monetary amount paid by the policyholder to the insurer in exchange for insurance coverage under the terms of the policy.
sl
zavarovalna polica
The written contract between the insurer and the policyholder setting out the terms, conditions, coverage, and premium of the insurance agreement.
sl
zavarovanec
The individual or entity whose life, health, or property is covered under the insurance policy.
sl
zavarovalec
The person or entity who concludes the insurance contract with the insurer and is obliged to pay the premium.
sl
zavarovalni zastopnik
A licensed individual or company that sells insurance on behalf of one or more named insurers; must be registered in the AZN register.
sl
zavarovalni posrednik
A licensed intermediary who acts on behalf of the client, not the insurer, advising on and arranging insurance from multiple providers.
sl
pozavarovalnica
A company that assumes insurance risks ceded by primary insurers; Slovenia's main reinsurer is Sava Re.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 27, 2026
- 01Agencija za zavarovalni nadzor (AZN)
Slovenian insurance regulator: annual reports, supervisory measures, insurer register, and consumer guidance.
- 02AZN Annual Report 2024
Official AZN report with 2024 market statistics, supervisory actions, and regulatory developments.
- 03AZN - Supervisory Measures Register (Izrečeni ukrepi)
Public register of AZN licence revocations, sanctions, and other supervisory actions against insurers and branches.
- 04Slovensko zavarovalno združenje (SZZ) - Statistics
Monthly, quarterly, and annual insurance premium and claims data; Statistical Insurance Bulletin.
- 05Statistični urad RS (SURS) - Insurance Premiums
Official national statistics on gross written premiums, claims, and market structure by insurer type.
- 06Uradni list RS / PISRS - ZZavar-1 and ZZavar-1D
Official consolidated text of the Insurance Act and its 2025 amendment transposing DORA.
- 07CMS Expert Guide - Insurance Law in Slovenia
Overview of insurance activity rules, licensing, contract law, and cross-border operations.
- 08Sava Re - Investor News
Official Sava Re disclosures including the AZN qualifying-holding divestment order against Adris/Croatia osiguranje.