Un­even re­cov­ery con­strains in­sur­ance busi­ness in SEE

Top 100 See - - Top 100 Insurers -

The patchy per­for­mance of the economies of the coun­tries in South­east Europe (SEE) proved a drag on the re­gion’s in­sur­ance in­dus­try in 2013, lead­ing to a drop of 2.0% to 6.2 bil­lion euro in the com­bined gross writ­ten pre­mi­ums (GWP) of the en­trants in the 2013 edi­tion of the SEE TOP 100 in­sur­ers rank­ing com­pared to the com­pa­nies that made the 2012 cut.

The chal­leng­ing market con­di­tions also af­fected the prof­itabil­ity of the SEE in­sur­ers, push­ing them to a com­bined net loss of 70 mil­lion euro last year from a com­bined net profit of 156.42 mil­lion euro in 2012. The count of prof­itable in­sur­ance com­pa­nies in the re­gion edged down to 77 in 2013 from 78 in the pre­vi­ous year*.

The to­tal com­bined net profit of the re­gion's top five in­sur­ers dropped 18.3% to 75.8 mil­lion euro in 2013, weighed down by the tough eco­nomic en­vi­ron­ment. Over­all, 68 in­sur­ers in the 2013 edi­tion of the rank­ing recorded higher GWP with 32 post­ing a drop.

Ljubl­jana-based Zavaroval­nica Triglav kept the man­tle of the re­gion's biggest in­surer in 2013, post­ing a to­tal of 605.8 mil­lion euro GWP, re­tain­ing its size­able lead ahead of sec­ond-ranked Croa­tia Osig­u­ranje, which recorded GWP of 343.7 mil­lion euro. Zavaroval­nica Triglav has en­joyed an un­in­ter­rupted run at the top ever since the in­au­gu­ral edi­tion of the rank­ing of the 100 biggest SEE in­sur­ers in 2010.

Zavaroval­nica Triglav also led the rest of the field in terms of net profit earned in 2013 with 48.3 mil­lion euro. Ro­ma­nia's Al­lianzTiriac Asig­u­rari ranked sec­ond while Croa­tia's Euro­herc Osig­u­ranje placed third, earn­ing a net profit of 19.8 mil­lion euro and 13.9 mil­lion euro, re­spec­tively. The top five spots in the 2013 edi­tion of the SEE TOP 100 in­sur­ers rank­ing un­der­went only mi­nor changes, with only two com­pa­nies ex­chang­ing their po­si­tions com­pared to 2012 - Adri­atic Slovenica ad­vanced by one po­si­tion, tak­ing the third place in the rank­ing and push­ing down to fourth Slove­nian peer Vza­jemna Zdravstvena Zavaroval­nica. Croa­tia Osig­u­ranje's run­ner-up spot pre­vented a Slove­nian sweep of the Top 5 which was rounded off by Zavaroval­nica Mari­bor.

Bul­gar­ian in­surer SiVZK, a new­comer to the rank­ing, recorded the high­est GWP growth rate in 2013 of 179.47% to 13 mil­lion euro. This per­for­mance earned the com­pany an en­try into the SEE TOP 100 in­sur­ers list for 2013, plac­ing it as the 84th largest SEE in­surer in terms of GWP.

Ro­ma­nian life in­surer BCR Asig­u­rari de Vi­ata, a member of the Vi­enna In­sur­ance Group, led the de­clin­ers with a GWP drop of 49.82% to 47.6 mil­lion euro. This de­crease sent the com­pany tum­bling 16 places on the SEE TOP 100 in­sur­ers rank­ing to 35th po­si­tion com­pared to its show­ing in the 2012 edi­tion.

No less than six of the new­com­ers in the rank­ing's 2013 edi­tion hail from Ro­ma­nia and Bul­garia – evenly split be­tween the two, while the re­main­ing three came from Mon­tene­gro, Mace­do­nia and Ser­bia.

The Bul­gar­ian new­com­ers are UBB-Alico Life In­sur­ance Com­pany, SiVZK and Alico Bul­garia Life In­sur­ance Com­pany. They ranked 78th, 84th and 100th , re­spec­tively. The new­com­ers from Ro­ma­nia were Lig In­sur­ance, Gothaer Asig­u­rari Rea­sur­ari and Pool-ul de Asig­u­rare Im­potriva Deza­s­trelor Nat­u­rale, tak­ing 72nd, 76th and 79th po­si­tions in the rank­ing, re­spec­tively.

Ser­bia's UNIQA Life In­sur­ance (95th), Mace­do­nia's UNIQA (96th) and Mon­tene­gro's Uniqa Neziv­otno Osig­u­ranje (99th), all part of Aus­trian in­sur­ance group UNIQA, also made their de­but in the re­gional rank­ing. The spike in the num­ber of UNIQA sub­sidiaries that made the list was the re­sult of a deal signed in Oc­to­ber 2013 for the ac­qui­si­tion by the Aus­trian group of the busi­ness of Swiss-based Baloise Group in Croa­tia and Ser­bia as part of a push for a big­ger SEE foot­print.

Ro­ma­nia was the market with the biggest pres­ence in the 2013 edi­tion of the SEE TOP 100 in­sur­ers rank­ing, notch­ing up 21 en­trants, one less com­pared to the pre­vi­ous year. The Bul­gar­ian en­tries rose by two to rank the market sec­ond – just one com­pany short of the top-placer. The Croa­t­ian com­pa­nies that made it into the 2013 rank­ing fell by one from the pre­vi­ous year to 16, en­sur­ing the no.3 rank­ing for that market.

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