CEE region with growth potential

Central and Eastern Europe is an economic area with a future. The Vienna Insurance Group has operations in Central and Eastern Europe, a region that offers the insurance industry significant opportunities for long-term growth. Despite the current turbulence, these countries are still growing more strongly than Western European markets.

VIG’s expansion into the CEE countries is based on a business potential primarily rooted in two factors:

• The growth potential of the region, which can be illustrated using insurance density (per capita premium payments), is significantly higher than in Western Europe.
  
  
• The insurance markets of Central and Eastern Europe show growth rates that are above those in Western Europe, even during volatile periods.

Expansion of the insurance business in the CEE

The growth potential in the CEE region opens up many opportunities for development of the company, especially opportunities for longer-term development. The Vienna Insurance Group has expanded its involvement in the region step by step over the past years. In the beginning, the main focus was on offering insurance services in the motor vehicle sector. In addition to motor vehicle insurance, household and homeowner’s insurance was also in strong demand. 

In response to the increasing level of prosperity, the Vienna Insurance Group began to offer savings and investment products in the form of life insurance in addition to its basic policies. With this in mind, the Vienna Insurance Group strengthened its presence in the markets of the CEE countries by acquiring the s Insurance Group, specialising in life insurance, and thereby added to the strength of its existing distribution channels.

50% of Group premiums already come from the CEE

The Vienna Insurance Group is optimally positioned to participate in the increased need for insurance accompanying the rising standard of living in the countries of the CEE region. In 2009, the share of CEE companies in total Group premiums has already grown to around 50%. In the property/casualty area, it is already more than 60%. No other international insurance company generates such a high proportion of its premiums in this region.

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