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VIENNA INSURANCE GROUP
VIG: the role and importance of insurance for
national economies
Yalta, 21. September 2010
Insurance development worldwide
Dependencies in the development of the insurance markets
 Insurance is dependent on the economic development, and at the same time is
influencing the further progress of the economies, creating security for stable financial
development.
2
Ukraine – Growth potential
Insurance penetration in some of the CEE markets
Penetration (Life+Non Life)
7,0%
6,0%
5,0%
4,0%
2,1%
3,0%
2,0%
1,0%
0,0%
Austria
Czech
Slovak
Republic Republic
2007
Poland
2008
Romania
Ukraine
Bulgaria
2009
Non Life penetration
Life penetration
3,0%
3,5%
2,5%
3,0%
2,1%
2,5%
2,0%
2,0%
1,5%
1,5%
1,0%
1,0%
0,1%
0,5%
0,5%
0,0%
0,0%
Austria
Czech
Slovak
Republic Republic
2007
Poland
2008
Romania
2009
Ukraine
Bulgaria
Austria
Czech
Slovak
Republic Republic
2007
Poland
2008
Romania
Ukraine
Bulgaria
2009
Source: Swiss Re Sigma
3
What else is insurance?
Selling confidence
 What is insurance? (back to the roots)
Main functions of insurance:
 Risk hedging
 Risk prevention
 Savings and profit generation
 Insurers themselves are profit oriented institutions, playing at the same time
also an important social role for the development of a national economy,
besides of the importance to the financial markets.
 Insurance is a safety net, which is able to assess the possible risks and
mitigate its consequences, giving confidence to the insured.
Insurance is a price for confidence and a base for stability!
4
Insurance framework
Interdependencies of development of an economy and insurance
 What do insurance markets need for a playing an important role in the
development of a national economy?
 Stable economic development, well developed financial market
 Optimized legal framework, developed pension and life and health markets
 Fair clear rules: competitiveness on the market (state control, insurance associations)
 Understanding of the value of insurance among population (Important role of the
insurance organization in spreading this knowledge)
 Demand for insurance
In most CEE countries the understanding of value of insurance is low due to
economic situation, negative past experience, lack of know how, image of
insurance business. Once insurance industry brings professionalism and clear
transparent and solid client relationship, the insurance business will become
one of the motors of the further economic development.
5
Insurance role
Insurance in the emerging markets
Insurance is a path from playing with
risk to understanding and controlling
the risk, from consuming only to
appropriate saving, from emerging
markets to industrialized countries.
6
VIG in Ukraine
 UKRAINE is a new CORE
MARKET
 Let us make together a
prospering insurance market!
 Let us be the power, which will
help to boost the economic
development!
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