SEE in­sur­ers send off 2012 with glim­mer of hope

Top 100 See - - Top 100 Insurers - By Emiliya Atanasova

2012 was not a year Europe would want to re­mem­ber, at least when it comes to mat­ters of econ­omy. Ris­ing un­em­ploy­ment, per­sis­tent sov­er­eign debt prob­lems in the eu­ro­zone and pub­lic back­lash against aus­ter­ity pro­grammes: th­ese were some of the prob­lems the Euro­pean Union had to wres­tle with.

Against that dis­mal back­drop, the per­for­mance of SEE’s TOP 100 in­sur­ers in 2012 is some­thing of a feat. Judg­ing by the over­all fig­ures, in­sur­ance com­pa­nies may have fi­nally glimpsed the prover­bial light at the end of the tun­nel given ex­pec­ta­tions for a re­turn to GDP growth (al­beit very mod­est) in the re­gion. A look at the 2012 re­sults pro­vides ground for op­ti­mism. After slid­ing to 6.05 bil­lion euro in 2011, the com­bined amount of gross writ­ten pre­mi­ums (GWP) went up to 6.33 bil­lion euro last year. More­over, the num­ber of un­prof­itable com­pa­nies on the TOP 100 list inched down from 17 to 16 (full-year data was not avail­able for two com­pa­nies in 2012 and three in 2011). Mo­dra Zavaroval­nica d.d. mer­its spe­cial men­tion for its GWP growth, which stood at a might­ily im­pres­sive 1,060.51%. This achieve­ment re­sulted in GWP of 17.6 mil­lion euro and granted the Slove­nian com­pany en­try into the TOP 100 club, plac­ing it at num­ber 69. At the other end of the spec­trum was Ro­ma­nia’s Om­ni­asig Vi­enna In­sur­ance Group SA, whose GWP plunged by 69.49% to 52.5 mil­lion euro. As a re­sult, it fin­ished at num­ber 34 on the list as op­posed to sev­enth in the 2011 rank­ing. It should be noted, how­ever, that the com­pany was ac­quired by BCR Asig­u­rari VIG and its re­sults cover only the Jan­uary-April pe­riod of 2012. Over­all, 39 in­sur­ers wrapped up 2012 with lower GWP, while 44 suf­fered de­clines in 2011.

Slove­nia’s Zavaroval­nica Triglav d.d. re­fuses to let go of the SEE in­sur­ance crown, hold­ing firmly to the top spot for yet an­other year. SeeNews pub­lished its first in­surer league ta­ble in 2010 and Zavaroval­nica Triglav has al­ways fin­ished way ahead of the com­pe­ti­tion. In 2012, the com­pany recorded yet an­other slide in GWP, which fell by 7.05% to 647.6 mil­lion euro. Nev­er­the­less, the amount was far greater than the num­ber fea­tur­ing next to the name of peren­nial num­ber two: Croa­tia Osig­u­ranje d.d. In 2012, it de­liv­ered GWP of 351.9 mil­lion euro. In an in­ter­est­ing turn of events, the third place was oc­cu­pied by a new chart en­trant: Vza­jemna Zdravstvena Zavaroval­nica d.v.z. of Slove­nia stormed in with GWP of 270.9 mil­lion euro. The for­mer oc­cu­pant of that slot, Adri­atic Slovenica d.d., slid to num­ber four but it was still a win for Slove­nia. The coun­try ended with four rep­re­sen­ta­tives on the top ten list, com­pared to three in 2011, in­clud­ing fourth-ranked Zavaroval­nica Mari­bor d.d. Ro­ma­nia had the same num­ber of rep­re­sen­ta­tives but the coun­try did bet­ter in 2011, when it had five. In 2012, po­si­tions six to nine were oc­cu­pied by Ro­ma­nian in­sur­ers As­tra SA, Al­lianz – Tiriac Asig­u­rari SA, Groupama Asig­u­rari SA and Om­ni­asig Vi­enna In­sur­ance Group SA (for­mer BCR Asig­u­rari VIG). The tenth place went to a Ser­bian com­pany, Du­nav Osig­u­ranje AD.

Not sur­pris­ingly, the most prof­itable SEE in­surer in 2012 was Zavaroval­nica Triglav. The com­pany ex­ited the year with a net profit of 50.4 mil­lion euro com­pared to 43.8 mil­lion euro in 2011. The for­mer BCR Asig­u­rari VIG rose from num­ber 15 to num­ber nine thanks to an 80.26% surge in GWP but it was a whole dif­fer­ent story on the profit front. The Ro­ma­nian com­pany posted the big­gest net loss, record­ing a deficit of 51.5 mil­lion euro. A year ear­lier, it had de­liv­ered 320,000 euro in net profit.

The TOP 100 club of SEE in­sur­ers wel­comed eight new­com­ers in 2012. In ad­di­tion to the two Slove­nian com­pa­nies al­ready men­tioned, the doors opened be­fore BRD Asig­u­rari De Vi­ata SA, Cer­tasig – So­ci­etate De Asig­u­rare Si Reasig­u­rare SA and Credit Europe Asig­u­rar­iReasig­u­rari SA of Ro­ma­nia (ranked 78th, 97th and 100th re­spec­tively); Bul­garia’s DZI Life In­sur­ance AD (71st); Win­ner Vi­enna In­sur­ance Group AD of Mace­do­nia (95th) and Mon­tene­grin

Delta Gen­er­ali Osig­u­ranje AD (99th). In 2011, Bul­garia man­aged to over­take Ro­ma­nia as the SEE coun­try with the high­est num­ber of rep­re­sen­ta­tives on the TOP 100 list. How­ever, Ro­ma­nia snatched back the ti­tle in 2012 as the num­ber of its in­sur­ers rose to 22 from 20 a year ear­lier. In con­trast, Bul­garia’s con­tri­bu­tion amounted to 18 names ver­sus 21 in the 2011 chart. Slove­nia and Mon­tene­gro were win­ners in that re­spect: the list fea­tured 11 Slove­nian names com­pared to nine pre­vi­ously, while the num­ber of Mon­tene­grin rep­re­sen­ta­tives rose from two to three. Croa­tia did worse, plac­ing 17 com­pa­nies in the chart as op­posed to 19 in 2011. The rest of the coun­tries main­tained their share steady: Ser­bia with 11 names, Bos­nia and Herze­gov­ina with ten, Mace­do­nia with five, Moldova with two and Al­ba­nia with one.

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