Austria, CEE & Russia
CEE includes Czech Republic (Cz), Poland (Pl), Hungary (Hu), Slovakia (Sk), Serbia, Montenegro, Romania, Slovenia, Bulgaria and Croatia. As from 1st January 2018 the Region includes also Austria and Russia.
Figures as at December 31, 2017, refer to CEE. Market share and rankings refer to 2016
Generali CEE Holding is one of the biggest insurers in the Central Eastern European market. The Group ranks first in Hungary, second in the Czech Republic and Serbia, third in Slovakia and among the top ten in the other countries. In terms of volumes, main insurance markets are Czech Republic, Poland, Hungary and Slovakia. The contribution of the minor markets has improved during the last years, resulting in an increase of the premium income on the total volume of the area. Generali CEE is the best in the entire region and of the Group by technical profitability, with a medium-long term Combined Ratio at below 90%.
Austria (Figures as at December 31, 2017, market share and ranking refer to 2016)
Generali has been present in Austria since 1832, the year after the Company was established in Trieste. Generali operates in the country through the insurance companies Generali Versicherung, BAWAG P.S.K. Versicherung and Europäische Reiseversicherung. The multi-channel distribution strategy operates through an exclusive sales force, brokers, group agents and banks (BAWAG P.S.K. and 3Banken Gruppe). The Group strategy is reflected in the confirmation of Austria as market leader in key areas of the retail sector thanks to the focus on customers and on their needs and to the quality of services, offering simple and innovative solutions. Generali was the third largest insurance operator in terms of written premiums, with a market share of 14% in Life insurance and of 16.2% in P&C business.
In general, a particularly complex economic situation marks the country and it is distinguished by low interest and inflation rates, and an unemployment rate in line with 2016 levels. As for the insurance market, price competition is very high, especially for the broker market, where a tendency to concentrate in pools is noted; difficulties in hiring a new sales force are seen and the comparative web portals are growing.
Key Events in Central and Eastern Europe
MANAGER IN CHARGE
The Regional Officer for Austria, CEE & Russia is Luciano Cirinà.