GENERALI to increase its influence in Russia and post-Soviet markets

21 August 2019 — Andrei Victor
Giorgio CALLEGARI, Chairman and CEO of GENERALI Russia & CIS declared in an interview for Interfax that in forthcoming years the Italian insurer plans to develop its presence in Russia and other CIS markets.

It is worth to mention that 6 years ago, GENERALI strengthened its position in the Russian market by acquiring 38.5% of INGOSSTRAKH's minority interest, while the Representative Office of GENERALI was opened in Moscow last year.

"One of the reasons I began working at GENERALI is that the company as a whole, and particularly in Russia, sets very ambitious objectives for local market growth (in line with the current opportunities in each particular country). If you look at all the indices used to assess the growth of the insurance industry, you will see that they are smaller in Russia than in other countries, including insurance penetration as a whole. For this reason, we believe we have great prospects in Eastern Europe given the great professional experience, readiness and accessibility of people to perform great tasks. Russia is a very interesting market for growth, considering the size and the population".

Speaking about the other CIS markets, CALLEGARI said one of its main tasks was the review the potential for the company to develop in all post-Soviet countries mentioning Belarus, Armenia, Georgia, Ukraine, Kazakhstan and Uzbekistan. "So far only Kyrgyzstan, Tajikistan and Azerbaijan have not been analyzed. In my opinion, Kazakhstan and Uzbekistan are the most attractive emerging markets. Nevertheless Russia is the priority before any further explorations".

Click here to read the full interview.

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