Main conclusions: 2nd day of FMA's conference dedicated to current challenges for insurance markets and supervision in the Central, Eastern and South Eastern European region

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



Related articles

FIRST AND THE ONLY ONE IN AZERBAIJAN

AzRe Reinsurance OJSC is the first and the only reinsurer on Azerbaijan market. The company was founded in 2007, total equity of the company as of January 01, 2018: AZN 77.3 million (~EUR 38.06 million) * and total assets exceed AZN 102.2 million (~EUR 50.33 million). Share capital of AzRe Reinsurance is AZN 50 million (~EUR 24.6 million). Net profit in 2017 was AZN 21.4 million (~EUR 10.53 million). Total income for 2017 was AZN 54.6 million (~EUR 26.88 million) and total expenses amounted to AZN 28.8 million (~EUR 14.18 million). Paid income tax amounted to AZN 4.4 million (~EUR 2.16 million) from the gross profit of AZN 25.8 million (~EUR 12.7 million). In 2017 reinsurer generated AZN 50.4 million (~EUR 24.81 million) of GWP. Market share is 43% of all outgoing reinsurance in Azerbaijan.

2018-04-20

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

2018-04-19

ON THE MOVE

Zurich: leadership transition in EMEA business

Currently group CEO of AXA UK and Ireland, Amanda BLANC will also join the executive committee at ZURICH, with the handover scheduled to complete in the fourth quarter of 2018. BLANC is to succeed Gary SHAUGHNESSY as CEO of ZURICH Insurance's EMEA business.

12.04.2018

TOP EVENT

What re/insurance professionals are already on FIAR 2018's list of speakers?

Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.

19.04.2018

photodune-3834701-laughing-girl-xs

LIVE: Moscow, Russia: The XXII International Reinsurance Conference

The XXII International Reinsurance Conference has started today in Moscow, organized by Delovoy Format, with the support of the Russian Insurers Association. XPRIMM, the traditional Media Partner of the conference, has launched on the occasion the latest edition of its Insurance Profile Russia, providing for 2017 insurance statistical data.

11.04.2018

photodune-3834701-laughing-girl-xs

The 4th edition of the European Consumer Protection Conference: Main conclusions

The European Consumer Protection Conference, taking place on Thursday, 22 March, in Prague, brought into debate the consumer environment in the current European regulatory and economic landscape, the upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and the impact of technological advances in the field of financial services.

22.03.2018

See all