Generali Group Has Come for Russian Tourists
Europe's fourth largest insurer, Generali Group, has entered the Russian market. It did not form a subsidiary here, rather a subsidiary of the Austrian part of Europaische Reiseversicherung AG (European Tourist Insurance) received a license for insurance activities. Generali Group, the last European insurance giant unrepresented on the Russian market, owns 75 percent of Europaische Reiseversicherung. The new company plans to insure tourists, although analysts say that that market is already strictly divided.
Generali Group was founded in 1832 and now operates in 60 countries. Its capitalization is ˆ40 billion, fourth largest in Europe after Allianz, Aviva and AXA. Its premiums in 2006 amounted to ˆ64.5 billion and 70 percent of its fees are of life insurance.
The three largest European insurers are already active on the Russian market. Allianz bought ROSNO, and Aviva and AXA went in together with 15 percent of the Russian Reinsurance Society. Generali had long been interested in Russia. According to unofficial information, it held negotiations last year on the purchase of Rosgosstrakh and RECO-Garantia.
The authorize capital of the new company will be 70 million rubles. The Federal Insurance Supervision Service has granted it licenses for accident, property, liability and voluntary medical insurance. Analysts expect the company's main business to be tourist insurance, however. The subsidiary of Europaische Reiseversicherung in Ukraine is in the same line. Chairman of the company's Ukrainian subsidiary Miroslav Boichin told Kommersant that “We offer all forms of insurance protection for tourists – medicine, insurance for bank cards, insurance for the risk of being refused a hotel room, missed trains, and so on.”
Experts say that insurers of travelers going abroad take in about $40 million per year in Russia. Five million people per year travel abroad from Russia. Ingosstrak leads the market, taking in $13 million last year, according to a company spokesman. Competition on that market is strong.
www.kommersant.com
All the Article in Russian as of Mar. 30, 2007
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