VIDEO: Elisabeth STADLER, VIG: The insurance development will go up significantly in the next years, in the CEE countries

At nearly 30 years since the entrance on the East European market, VIG - VIENNA Insurance Group has a clear image on the development rhythm in the CEE countries compared cu the Western European ones, especially when it comes to the way insurance is perceived. Thus, one of the main factors influencing the perception on insurance is the education level.

"VIG was the first Austrian company going East in 1989, VIG was the first company entering the CEE region and I clearly can say that this was absolutely the right decision. We are quite happy with the development. Of course, in the meantime, we expected a little bit of further or quicker development in the CEE region, but we know, in the crisis years, all companies and all countries suffered. The insurance development will go up significantly in the next years, in the CEE countries. The education level is not so high in the CEE countries, the welfare status is not so high in the CEE countries. I would say the development in the CEE countries is following 5-7 years the development of the Western European countries, so I would expect a lot of need for insurance cover in the next years", stressed out Elisabeth STADLER - CEO, VIG - VIENNA Insurance Group.

Elisabeth STADLER also underlined that digitization is a challenge for companies all around the world, which must keep the pace with the changes on the market. "Digitization is quite a challenge. I always say digitization happens in two ways, in my opinion. The first way is digitalizing the existing business, this means optimizing processes, optimizing products, strengthening our forces on the existing portfolio. The second way is looking into the future, at what will come up. We will need new products - like cyber-products, for example -, we will need new services, it will not be a classic insurance business anymore. We need to be prepared to take up those challenges, if they come up. We are prepared, we are testing new apps, new ideas of insurance products and new insurance covers", explained Elisabeth STADLER.

Judit HAVASI - Member of the Managing Board, VIG - VIENNA Insurance Group -, underlined that the future will bring new challenges for the CEE countries, and not only. "2017 was a very challenging year also in Romania, but, in the end, it was a very good one. We could improve our most important figures and this is very, very important. I have the same expectations also regarding 2018, it won't be an easy year neither in Romania, nor in other countries on the CEE segment, but we are convinced that we can manage it together. I would also maybe underline the political risk is always given in the CEE countries, but, in Romania and other countries, we see a slowly improvement, there is a communication between parties and we can count on the Supervisory Authority", explained Judit HAVASI, also underlining that, in Romania, the insurance with the highest development potential is the health insurance.

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