Austrian Vienna Insurance Group to enter Estonian market

According to Peter Hagen, CEO of the owner of life insurance company Compensa Life, Austrian insurance company Vienna Insurance Group (VIG), the group will enter the Estonian insurance market next year, the daily Postimees reports on Monday.

"We are already on the Latvian and Lithuanian insurance market -- we went to Lithuania a little earlier, to Latvia this year and will definitely reach Estonia next year. We haven't yet decided when exactly -- we have to make a business plan and see what kind of synergy we can generate here," Hagen told in an interview to Postimees.

"To be honest, it's a shame that we didn't start here earlier than 2009. One of the reasons is, like I said before, that we didn't look at the potential of a market with 6.52 million people but looked separately at markets with 1.3 million, 2 million, and then 2.5 million and now 3 million people," he added.

The group's share of the Estonian life insurance market is 16 percent, while in Central and Eastern Europe its market share is about 19 percent.

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