Profitability of insurance companies with public or private ownership in Slovenia and Europe

V magistrskem delu želimo predstaviti zavarovalniški sektor na področju Slovenije in Evropske unije. Analiza zavarovalniškega trga je zanimiva, ker je za uspešno delovanje na tem področju potrebno dobro poznavanje finančnega sektorja in hkrati obvladovanje raznovrstnih tveganj, ki se pojavljajo na trgu zavarovalništva. Zavarovalništvo se zaradi svojega pomena ne more primerjati z drugimi finančnimi sektorji. Ne glede na zakonodajo, ki obstaja v vsakem narodnem gospodarstvu, je zavarovalništvo podvrženo posebnim zavarovalniškim zakonom, ki določajo parametre za zaščito zavarovancev. Ker velja Slovenija v primerjavi z visoko razvitimi evropskimi državami za srednje do dobro razvito državo, želimo prikazati morebitne razlike med Slovenijo in drugimi državami Evropske unije. Delo je sestavljeno iz treh delov. V prvem delu predstavimo stanje in dinamiko zavarovalniškega sektorja v Sloveniji. Vključili smo podatke drugih evropskih držav, kot so Nemčija, Avstrija, Švica, Velika Britanija in Hrvaška, ki nam služijo kot mera za primerjavo Slovenije z omenjenimi evropskimi državami. V drugem delu je poudarek na pretekle raziskave zavarovalništva v Sloveniji in v Evropski uniji. Franjo Štiblar je izdal dve raziskavi, ki sta podali dobro sliko o zavarovalništvu in izhodno točko za naše analitično poglavje. Ključno poglavje je analitični del, v katerem bomo analizirali in primerjali slovenski zavarovalniški sektor z drugimi državami Evropske unije v razdobju od leta 2008 do 2012. Jedro analize bodo dejavniki donosnosti, ki vplivajo na zavarovalniški sektor. Dejavnike smo razdelili na donosnost sredstev, kapitala in prodaje. Z njihovo pomočjo bomo določili v kateri regiji in katera lastniška struktura je uspešnejša v zavarovalniškem sektorju. Ugotovitve so bile jasne. Donosnost prodaje je ključna za zavarovalniški sektor, kot kazalec uspešnosti. Ob tem so zavarovalnice najbolj učinkovite, ko imajo na razpolago zasebno lastniško strukturo brez državnega vpliva in ob zahodnoevropskem tržnem režimu.The thesis aims to present the insurance sector of Slovenia and the European Union. Since the analysis of the insurance market is quite inviting because of its successful operation, people require a wide knowledge of the financial sector and at the same time they have to manage a variety of risks. Insurance due to its importance cannot be compared with any other financial sectors. Regardless of the legislation that exists in any national economy, the insurance industry is subject to special insurance law, which sets the parameters for the protection of policy holders. Slovenia ranks, in comparison to the highly developed European countries, from a medium to well developed country. Our goal in this thesis is to show how well developed the insurance sector between Slovenia and other countries of the European Union is. The work consists of three parts. The first part represents the present situation and dynamics of the insurance sector in Slovenia. We included data from other European countries, like Germany, Austria, Switzerland, United Kingdom and Croatia that have served us as a comparison between Slovenia and these European countries. The second part is focused on past researches of the insurance industry in Slovenia and the European Union. Franjo Štiblar has released two studies which have provided a good insight of the sector and gives us a good starting point for our analysis. The key segment of our theses is the analytical part in which we will analyze and compare the Slovenian insurance sector with other countries of the European Union in the period from 2008 to 2012. The core of the analysis are the yield factors affecting the insurance sector. The factors were divided on the return on assets, equity and sales. With their help we will determine in which region and whose ownership structure is more successful in the insurance sector. The findings were clear. Return on sales is crucial for the insurance sector, as a performance indicator. At the same time, the insurance companies are the most effective when they have at their disposal a private ownership structure without the influence of the State and the Western European market regime