Is the Eastern potential still there?

At the end of 2013, five of the major Western insurance groups operating on the CEE, CIS and Turkish markets - VIG, GENERALI, ALLIANZ, UNIQA and GROUPAMA -, were harvesting about 30% of total written premium across the region, meaning in absolute terms, about EUR 11.5 billion. At the same time, the three most important "domestic" players in the CEE - PZU, TRIGLAV and CROATIA Osiguranje -, gathered GWP of about EUR 5.3 billion while only on the Russian market, the Top 5 companies - ROSGOSSTRAKH Lyubertsy, SOGAZ, INGOSSTRAKH, RESO-GARANTIA and SOGLASIE -, totalled written premiums of over EUR 7.5 billion. Looking at these figures, it is obvious that the "Westerners" who entered the region in the last 20 years have encountered a strong competition on the Eastern markets.

If on the business "battlefield" the Westerners came with the obvious advantage of their know-how and financial power, the big local players - most of them former state owned entities -, used especially the power of their well established brands and extended sales networks. Nevertheless, the cultural advantage also played an important part in the confrontation, while the dramatic changes in the macroeconomic conditions brought by the crisis equally challenged both sides.

Twenty years and an economic crisis later from the time when the Eastern markets were seen as the much needed new growth source, we have asked ourselves how are the main investors in the regional insurance markets evaluating their business success and perspectives.

This is why the forthcoming issue of the XPRIMM Insurance Report FY2013 will investigate the results reported by the main Western and local players over the past five years. Their opinions, as well as the main statistical data on the subject will be presented in the Report's cover story.

XPRIMM Insurance Report FY2013 will be launched at FIAR - The International Insurance-Reinsurance Forum (Brasov, Romania - 25 - 29 May, 2014).

See you in Brasov,

Daniela GHETU

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Years under waters

"It is likely that 2013 will be remembered as the "year of the flood," sais GUY CARPENTER's "Global Catastrophe Review, 2013" report. For the CEE region, though, also 2014 may compete for this unappealing title. Exactly one year after the historical flooding in the Balkans which cause losses of over EUR 17 billion in May-June 2013, Bosnia & Herzegovina and Serbia were drowned by torrential rainfalls which washed away lives, houses and crops causing losses of over EUR 4 billion.

2014-09-18

Shopping season about to start!

The above title suggests neither the season's sales ready to begin in the big clothing shops, nor the traditional 'groceries shopping' before the winter. It is all about buying intelligence to feed your future business decisions.

2014-08-21

Preparing for the rising tides

Flood damage could exceed EUR 11 billion a year in Europe by 2080, a study released by the European Commission recently warned, while the number of people affected by droughts could increase sevenfold, and coastal damage from sea level rise could triple. The southern region of Central Europe, where damages could rise from the present EUR 2 billion/year up to EUR 5.2 billion/year and Southern Europe, which would also experienced a considerable increase in damages totaling up to EUR 1.3 billion/year are among the most potentially affected regions under the simulation scenarios used in the EC study.

2014-08-07

Announcing a rich editorial autumn

There are still many regions in Europe where the summer hasn't really started. However, despite the capricious weather, many of us are on our way or preparing for the summer vacation. Still, preparations for this autumn's newest set of insurance reports are on their way and the studies will be waiting for you upon your return.

2014-07-10


More than 250 people representing the top management of insurance, reinsurance and brokerage companies, IT and audit, as well as government agencies and associations from the Caucasus Region, Central Asia, Europe, Turkey, Russia and CIS countries participated in AIIF 2014 - Azerbaijan International Insurance Forum.

2014-06-26

XPRIMM Insurance Report - CEE, SEE & CIS
FY 2013



Order your copy now and save EUR 100!

Regular price EUR 490.-
Special price until June, 15th - EUR 390.-
See the summary
Order

2014-05-22

The right lessons in conduct

Under the pressure of the ever closer enforcement of the new European insurance directives in prevention, discussions about transparency, fair sales practices, solvency, customer's protection, risk control etc. were repeated to the point of becoming trivial in recent years.

2014-04-24

Consumer's satisfaction keywords

The keywords: trust, fairness, transparency, effectiveness ...
The context: the European Conference on Consumer Protection in Financial Services, Bucharest
The actors: EIOPA, IAIS, European supervisors, relevant insurers
The issue: how to restore the consumers' confidence in the financial markets, especially in the insurance one
The solutions: trust, fairness, transparency, effectiveness ...

2014-03-13

ON THE MOVE

MARSH the formation of MARSH-JLT Specialty and its leadership

The global insurance broker MARSH announced the formation of MARSH-JLT Specialty - the new specialty business that combines the specialty teams of MARSH and JARDINE LLOYD THOMPSON Group (JLT) and will be headed by Dominic BURKE, currently CEO of JLT Group.

21.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all