ZAGREB, Oct 16 (Hina) - One of the leading insurance companies in Europe, Generali, will begin business in Croatia in November starting with life insurance. The company intends to win over 10 percent of the life insurance market by
2010.
ZAGREB, Oct 16 (Hina) - One of the leading insurance companies in
Europe, Generali, will begin business in Croatia in November
starting with life insurance. The company intends to win over 10
percent of the life insurance market by 2010. #L#
Generali decided to commence working with life insurance in Croatia
while by mid 2003 it will start insuring property and more than
likely by 2005 it could begin to insure vehicles, a member of the
Board of Generali Holding Vienna, Werner Moertel, told a press
conference on Wednesday.
The company's aim is to win ten percent share in the life insurance
market in Croatia and five percent in property insurance. Generali
estimates that it will need to invest about 35 million euros in
Croatia until revenue and expenditure manages to balance out,
Moertel said.
The Generali Vienna Group is part of the General world concern and
Vienna is responsible for market development in eastern and central
Europe. Since the "iron curtain" came down, Generali has been re-
entering these markets and is already active in about seven
transition countries which has taken investments amounting to
about 400 million euros. The company this year expects revenues of
about 500 million euros in these countries.
Croatia is the eighth transition country in which Generali intends
to re-open business after 57 years. The Direction for the
Supervision of Insurance on August 18 approved Generali a licence
to operate life insurance. One month later Generali Fife Insurance
d.d. was registered in the Company Register.
Generali has decided to start in Croatia from scratch and not to
take over any of the existing insurance companies even though it
does not exclude the possibility of future mergers. "We are firmly
convinced that the insurance market in Croatia will continue to
consolidate and it is possible that we take over some particular
company if that should fall within our strategic objectives and if
the price is adequate," Moertel explained.
Generali's chiefs pointed out in particular that the company had a
170 year tradition. Generali was founded in 1931 in Trieste. A year
later it opened branches in Rijeka and Karlovac. Generali operated
in Croatia until 1945 when it owned a series of buildings in Zagreb
including the building on Zagreb's central Ban Jelacic Square no.
3.
Company representatives were not able to answer whether the company
would seek that these properties be returned to the company's
ownership.
Generali is the third largest insurance company on the European
market with an income from premiers of 46 billion euros. The
Generali concern is present in 50 countries. It has about 60,000
employees. Capital investments last year reached 175 billion
euros.
(hina) sp it sb