| Issue |
SHS Web Conf.
Volume 129, 2021
The 21st International Scientific Conference Globalization and its Socio-Economic Consequences 2021
|
|
|---|---|---|
| Article Number | 01009 | |
| Number of page(s) | 10 | |
| Section | Global Impact of COVID 19 on Economy and Society | |
| DOI | https://doi.org/10.1051/shsconf/202112901009 | |
| Published online | 16 December 2021 | |
Financial performance of Slovak insurance companies. Covid-19 consequences
Faculty of Ecomonics Matej Bel University in Banska Bystrica, Department of Finance and Accounting, Tajovskeho 10, 975 90 Banska Bystrica, Slovakia
* Corresponding author: janka.grofcikova@umb.sk
Research background: Globalization trends are manifested at many levels as key phenomena of current business in the international environment. The development of international cooperation, interconnection of economies and emergence of multinational companies enable companies to increase their efficiency and performance, strengthen their position in the global market, which makes them resilient to global risks and increases investors’ return on investment. Currently, the COVID-19 pandemic with its related side effects present significant global risks that have affected strong financial companies, insurance companies included. Risk-insuring insurers face several challenges in this regard in terms of fulfillment of contractual obligations towards clients on the one hand, and the need to ensure the required financial performance and return on invested resources for the owners on the other.
Purpose of the article: The aim of the paper is to identify and quantify the impact of the COVID-19 pandemic and related measures and consequences on the financial situation of insurance companies with the seat in Slovakia.
Methods: The financial performance of insurance companies will be quantified for the years 2016-2020 through selected indicators of financial analysis that are used by Standard & Poor’s. Significance of differences will be detected through the Wilcoxon Two-Related-Samples Test. The sample of entities includes all insurance companies seated in Slovakia.
Findings & Value added: The basic characteristics of the Slovak insurance market within the period 2019-2020 indicate a decrease in value of gross written premiums (-2.47%), insurance claims and benefits (-12.3%) and an increase of the reinsurer’s share of written premiums (2.17%) and of claims paid (22.54%).
Key words: financial performance / global risks / COVID-19 consequences / insurance companies / Slovakia
© The Authors, published by EDP Sciences, 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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