Leading Insurers in Central & Eastern Europe And

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Leading Insurers in Central & Eastern Europe And LEADING INSURERS IN CENTRAL & EASTERN EUROPE AND CIS: LIFE AND NON-LIFE 2006 TOP-Insurer 2007 www.theinsurer.net Russian Polis Information Group ALBANIA•ARMENIA•AZERBAIJAN•BELARUS•BOSNIA AND HERZEGOVINA•BULGARIA•CROATIA•CYPRUS• Tel.: +7 495 612 8118, +7 612 1093, +7 495 612 7457 CZECH REPUBLIC•ESTONIA•GEORGIA•GREECE•HUNGARY•KAZAKHSTAN•KYRGYZSTAN•LATVIA• Fax: +7 495 612-8128 LITHUANIA•MACEDONIA•MOLDOVA•MONTENEGRO•POLAND•ROMANIA•RUSSIA•SERBIA•SLOVAKIA• www.theinsurer.net SLOVENIA•TAJIKISTAN•TURKEY•UKRAINE•UZBEKISTAN INSURANCE MARKETS AND INSURANCE GROUPS IN CENTRAL, EASTERN EUROPE AND FORMER USSR ANALITYCAL REPORT 2007 Publisher Russian Polis Information Group Vadim Demchenko, project director Tatiana Savelyeva, business development director Research Pavel Grishin, senior analyst Lilit Voskanyan, analyst Editors Dan Khazankin, editor of The Insurer magazine Dina Khrennikova, editor of The Insurer magazine Design & Production: Dmitry Gorbachev Alexander Nekhlyudov Olga Vassilyeva TOP-Insurer is published by Russian Polis Information Group Ltd. Editorial and executive office: 18 Yunnatov str., of. 201, Moscow, 127083, Russia. Telephone: +7 495 612 8118. Fax: +7 495 612 8128. TOP-Insurer is a registered trademark of the Rus- sian Polis Information Group Ltd. Copyright 2005. © Russian Polis Information Group Ltd. All rights reserved; reproduction in whole or in any part without permission is prohibited. Contents Foreword 7 Section 1 11 Insurance development in the CEE and former USSR countries 11 Life insurance development in CEE and former USSR countries 14 Non-life insurance development in CEE and former USSR countries 19 Comparison of life and non-life segments in the region 22 Concentration in the markets of CEE and former USSR 25 Section 2 27 Analysis of TOP-Insurer lists 45 Section 3 49 Activities of major international groups and holdings 49 TOP-10 groups 57 Appendix 63 Central Europe 63 Eastern Europe 70 Southern Europe 79 Southeastern Europe 82 Southwestern Asia 88 Central Asia 91 Russia 94 2007 TOP-Insurer 5 Foreword Foreword This is the first issue of the TOP-Insurer an- In this first issue, we have limited ourselves alytical report by Russian Polis – Information to analysing data on life, non-life and total insur- Group. It represents one of the first attempts at ance premiums written in 2005-2006. That said, an independent analysis of insurance market de- we are fully aware that life and non-life markets velopment in the vast region encompassing CEE across the region often differ in the products countries and former Soviet republics. they offer – health insurance, MTPL and so on – which affects the quality of market growth What is TOP-Insurer? significantly. We shall study these factors more thoroughly in subsequent issues of TOP-Insurer, Insurance markets of the former USSR if this pilot survey is favourably received by ex- and Eastern European countries are a special perts. Meanwhile, we have limited our work to a zone on the map of Europe, with about 8% of comparative analysis of the region’s insurance the world’s population and total GDP reaching markets by premium volumes in 2005-2006. EUR2.1 trillion. At the same time, they are signifi- We also felt this survey could not do without cantly smaller than mature European markets, a comparative study of world insurance and fi- like those of Great Britain, Germany or France, nancial groups writing business in the target and are to a great extent ignored by analysts and markets (Section 3). In our view, the presence of experts. Researchers also face numerous ob- large international companies is both an impor- stacles arising from the local features. Among tant indicator of local development (greater for- these are language problems, peculiarities of lo- eign investment generally means greater market cal legislation and accounting standards, as well progress) and an influential factor for change in as considerable differences in levels of develop- the market. In many cases, modern technologies ment across the region. While some researchers, reach domestic markets precisely through for- such as sigma Research and Axco Insurance In- eign participation. formation Services, have attempted to provide The foreign presence is a factor equally as general insight into these markets, an in-depth important as government insurance develop- analysis of this region’s insurance industry has ment policy. This survey highlights activities of not been available to this point. 30 world, European and regional groups and TOP-Insurer consists of several Sections. holdings: Aegon, AIG, Allianz, Aviva, Axa, BTA Section 1 provides an analysis of the current (Kazakhstan), Cardif, Ceska Pojistovna, Ergo, development of insurance markets in Eastern Eu- Fortis, Generali, GraWe, Groupama, Hansa, ING, rope and the former USSR, together with Greece, INGO (Russia), KBC, OTP (Hungary), PZU (Po- Cyprus and Turkey. The latter three countries do land), QBE, R&SA, RESO (Russia), Sampo, SEB, not belong to the target region, but are included Seesam, Societe Generale, Talanx, Triglav (Slo- to present a broader perspective. venia), Uniqa and Vienna Insurance Group. Still, The survey thus covers the following coun- some market participants might have been omit- tries: Albania, Armenia, Azerbaijan, Belarus, Bos- ted due to their discreet performance disclosure. nia and Herzegovina, Bulgaria, Croatia, Cyprus, We may have failed to take into account some Czech Republic, Estonia, Georgia, Greece, Hun- branches of foreign companies. These, however, gary, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, would not have been significant for understand- Macedonia, Moldova, Poland, Romania, Russia, ing the alignment of forces in the market. Serbia and Montenegro, Slovakia, Slovenia, Ta- We apologise in advance to such companies jikistan, Turkey, Ukraine and Uzbekistan. Serbia and will readily add them to our list if they con- and Montenegro are presented as one market in tact us. Intentionally, we left out Ace and Zurich 2006, although no longer so. Financial Services, because they are present 2007 TOP-Insurer 7 Analytical Report in only a few countries in the target region. At Finally, we considered it useful to include short the same time, we believe our list of world and references on insurance markets of the region (see regional players provides an accurate idea of Appendix). The size of the survey unfortunately the presence of world, European and regional doesn’t allow a detailed analysis of all countries of brands in national markets and of the role they the region. We have, however, published frequent are currently playing there. country overviews in The Insurer magazine and In addition to studying countries and holdings, plan to continue doing that in future. we have compiled general rankings of insurance companies writing life (TOP-Insurer 300) and TOP-Insurer’s target audience non-life businesses (TOP-Insurer 500) – see Section 2. In our opinion, this section is most The TOP-Insurer survey is intended to reach crucial, since the rankings allow readers not only a wide range of insurance market professionals. to determine a company’s place among other In the first place, we believe TOP-Insurer will be market players in the region, but also to monitor useful to managers of national insurance com- its ups-and-downs over time. panies, showing results of their business activity In the next issues of TOP-Insurer, we will pro- against competitors on a regional scale. vide more detailed information on the largest The study will also be of interest to managers companies from our rankings. from international groups working in the region, Azerbaijan Ministry of Finance of Azerbaijan Republic Albania Financial Supervisory Authority Armenia Central Bank of Armenia Belarus Ministry of Finance of the Republic of Belarus Bosnia and Herzegovina Insurance Supervisory Agency of Federation of Bosnia and Herzegovina Bulgaria Bulgarian Financial Supervision Commission Croatia Croatian Financial Services Supervisory Agency Cyprus Ministry of Finance of Republic of Cyprus, Insurance Companies Control Service Czech Republic Office of the State Supervision in Insurance and Pension Fund, Czech National Bank Estonia Financial Supervision Authority Georgia Insurance State Supervision Service of Georgia Greece Ministry of Development, Directorate of Insurance Companies and Actuaries Hungary Hungarian Financial Supervisory Authority Kazakhstan Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organisations Kosovo Banking and Payments Authority of Kosovo Kyrgyzstan State Agency on Financial Supervision and Reporting under the Government of the Kyrgyz Republic Latvia Financial and Capital Market Commission of Latvia Lithuania Insurance Supervisory Commission of the Republic of Lithuania Macedonia Supervision and Insurance Department of the Ministry of Finance of the Republic of Macedonia Moldova State Inspection for Insurance Supervision and Non-state Pension Funds Poland Insurance and Pension Funds Supervisory Comission, Polish Financial Supervision Authority Romania Insurance Supervisory Commission Russia Federal Service for Insurance Supervision Serbia and Montenegro National Bank of Serbia Slovakia National Bank of Slovakia, Ministry of Finance of the Slovak Republic Slovenia Insurance Supervision Agency Tajikistan Tajikistan State Insurance Control Board of Ministry of Finance Turkey Treasury General Directorate of Insurance Ukraine State Commission for Regulation of Financial Services Markets
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