Strong new trio will stir the waters on the Slovak insurance market
From October 1 2008, the insurance company Generali Slovakia, which will be one of the leading three insurance companies, commences its activities on the Slovak market. The estimated written premiums of Generali Slovensko for 2008 are at the level of 6.6 billion SKK (219 million €) with an 11% market share. Its cumulative reserves represent 11.2 billion SKK (372 million €) and it has registered capital of 750 billion SKK (25 million €). The number of clients of this insurer is in excess of 600,000.
As its objective, Generali Slovensko aims to increase its market share on the Slovak market within the next five years to a level in excess of 15%, with more then 10 billion SKK (331 billion €) in written premiums.
The insurance company Generali Slovensko is not a newcomer on the Slovak market; it was created by the merger of Česká poisťovňa – Slovensko and Generali poisťovňa , a.s., which from January 2008 form part of one of the biggest insurance groups in Central and Eastern Europe - Generali PPF Holding. Within Slovakia, the insurance company has 145 points of sale and it has selected as its main office the headquarters building at Plynárenská ulica in Bratislava. Generali Slovensko wants to continue to cooperate with VÚB Banka and sell insurance products through the 222 branch offices of this bank.
It will focus on the sale of complex insurance products from the field of life and casualty through all its distribution channels – its own network of 145 points of sale, the 222 branches of VÚB Banka, and all the external distribution channels, as well as sales by phone and via internet. As of 1.10.2008, more than 750 internal employees and 1200 sellers of its commercial network will be working in the insurance company Generali Slovensko.
“The intention of our insurance company is to develop activities not only in the insurance business but globally in the financial area and, specifically, banking insurance and pension services”, stated the General Manager of Generali Slovensko, Ing. Antonín Nekvinda, who added: “the company plans to continue to implement and innovate the most modern technologies in the administration of insurance, the resolution of insurance events and general services for the customer in order to provide a high standard of service for our clients.”
The name of the company was created from the merger of the official names of both insurance companies. The strategy of the company is directed towards a strong orientation on the local market, i.e. the life-necessities of its Slovak clients. The new concept of the insurance company and of the brand is based on a practical and modern approach and high quality, making use of a strong international background and the know-how gained from previous experience on the Slovak market. It is also reflected by its total commerce-marketing strategy and a local slogan.
The further development of activities in Slovakia in the field of insurance business and finance is supported by Generali PPF Holdings which plans, as a part of its strategy, to extend its activities within the region of Central and Eastern Europe. The holding has successfully extended its activity in Russia and in August this, the biggest insurance group in Central and Eastern Europe, also commenced activities in Belarus, thereby extending its activity into more than 13 countries in this region.
(Sums calculated with the conversion rate of 1 EUR = 30.1260 SKK.)
Generali Slovensko is a part of Generali PPF Holding B.V. which operates in 13 countries of Central and Eastern Europe. Generali PPF Holding, through its subsidiaries, administers assets amounting to almost 10 billion Euro and offers services to 9 million clients across the region. Generali PPF Holding has its seat in the Netherlands and its main organization branch has its seat in Prague in the Czech Republic. Generali PPF Holding B.V. is a joint enterprise held by Assicurazioni Generali (51% share) and PPF Group (49% share).
