The "Current Challenges for Insurance Markets and Supervision in the Central, Eastern and South Eastern European region" Conference, organized by FMA - the Financial Market Authority Austria, continues today in Vienna.
Zuzana SILBEROVA, Head of Financial Supervision Department, Czech National Bank
- Each market player will have to adjust to the new environment in order to be able to compete
- In Czech Republic we don't see fast changes at the moment but it my be also because of the markts' concentration which is quite high. Also, most companies are subsidiaries of large groups from other EU member states. Large insurance companies prefer to change their business model by changing the features of existing products while smaller premiums feel that they need a higher market share so they prepare more convenient coverages or prices for the customers
- We noticed that largest insurance companies started to develop their own internal intermediaries in order to keep the costs and therefore the operational expenses down
Michael BRANDSTETTER, VVO-Austrian Insurance Association
- 6 Austrian insurance groups currently operate in 20 markets in the CEE region. They are long-term investors, employing about 40.000 people in the area.
- The CEE consists of a number of diverse insurance markets, with local specificities. They all have in common a huge potential.
- Financial education is an important issue for the CEE region, alongside the power of distribution channels. More has to be done in terms of road safety and uninsured driving.
Maja KRUMBERGER, Director, Slovenian Insurance Association
- 80% of life products in Slovenia is done thru agents. Structure of business has remained the same for many years now
- The 4 biggest companies on the Slovenian market are domestic ones, although international players are also present
- The business models are changing, this is already clear as a major trend
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