Vienna Insurance has registered the fastest growth rate on the local insurance market, and now holds a 37% market share, almost 8 times higher than the level posted in 2002 (4.8%).
In the wake of major acquisitions, which involved Omniasig, Asirom and BCR's insurance companies, the Austrians' share has increased over the last three years, according to the group's 2007 report. From a 6.5% market share in 2005, the Austrians reached a 15.1% share in 2006, 27.7% in 2007, and have managed to control 37% of the market at the beginning of this year. Vienna Insurance entered the local market in 2000.
With seven companies in its portfolio - Omniasig, Omniasig Life, Asirom, BCR Asigurari (BCR Insurance), BCR Asigurari de Viata (BCR Life Insurance), Unita and Agras - Vienna Insurance is leader of the local market, along way ahead of second place rival German group Allianz, which has an approximately 17% market share through Allianz-Tiriac.
In fact, out of all the markets Vienna Insurance is currently present on, Romania is the country in which it holds the largest market share. Second in the ranking is Georgia, where the Austrians hold 33% of the insurance market, followed by Slovakia - 29.2%, the Czech Republic - 25.9%, Austria - 24.3%, Bulgaria - 18.1% and Albania - 16.8%. In other states, Vienna Insurance controls less than 10% of the market. The group holds the lowest shares in Turkey - 2.7%, Hungary - 2.6%, and Ukraine - 2.4%.
The companies held by Vienna Insurance, which includes the insurance division of the BCR group, posted gross underwritten premiums worth 793 million euros in 2007, against 237 million euros in 2006, before the Austrians' held Asirom and BCR's two insurers. In Poland, Vienna Insurance posted overall gross underwritten premiums worth around 543 million euros last year. In the Czech Republic, the figure amounted to over 1.1 billion euros, and in Austria reached 3.7 billion euros.
Romania counts among the countries with one of the highest potential growth rates in the group's businesses, given that the insurance market remains underdeveloped.
According to the annual Vienna Insurance report, the density of insurance products in Romania, i.e. the market value measured against the number of inhabitants, stands at 95 dollars, below the level in Bulgaria - 101 dollars, Croatia - 308 dollars, the Czech Republic - 520 dollars, Slovakia - 1,101 dollars and Austria - 2,397 dollars. States with an insurance density below Romania's are Serbia - 77 dollars and Ukraine - 60 dollars.
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