AUSTRIA: BIG INSURERS LOSE GROUND

Article Abstract:

Sparkassen-Versicherung saw the steepest increase in market share among insurance companies in Austria in 1999 . Also another insurance company backed by banks, Raiffeisen Versicherung, benefited from the boom in the life insurance market. Raiffeisen was the market leader in this segment with a market share of 12.1%, followed by Sparkassen-Versicherung at 11.6%. In the overall insurance market, Wiener Stadtische was the leader, with a market share of 11.9%. It was followed by Generali at 10.4%, the personal insurance arm of Uniqa at 8.5% and Allianz Elementar at 7.2%. In the damange and accident sector, Allianz Elementar led with 15.3%, followed by Generali at 11.9% and Wiener Stadtische at 11.2%. Uniqa held 9.7%. The latter, however, led the medical insurance market with a share of 49.9%. The runner-up, Wiener Stadtische, held 21.4% and Merkur 13.4%.

Market information - general

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AUSTRIA: 1999 RESULTS OF INTERUNFALL

Article Abstract:

Interunfall Versicherungs AG, subsidiary of Generali Holding Vienna AG, saw a 2.2% increase in premium income to Sch 8.7bn in 1999. Profit on ordinary activities rose from Sch 175mn to Sch 410mn and profit for the year from Sch 60mn to more than Sch 120mn. Sch 500mn was generated with the sale of a stake in Max.mobil. Also strict cost management contributed to the improvement. Premiums from damage and accident insurance declined 1% to Sch 5.9bn and those from third-party liability motor insurance 3.4%. On the other hand, life insurance premiums increased 13.2% to Sch 2.2bn and medical insurance premiums 2.8% to Sch 396mn. About 600 Interunfall field sales staff are being trained into financial advisors. Beside improving claims management, Interunfall is to increase premium rates for risk groups such as lorry drivers and motorists with bad claims records.

Strategy & planning, Sales, profits & dividends, Interunfall Versicherungs AG

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Denmark: Rumoured consolidations in insurance business

Article Abstract:

It is rumoured that Danish insurance companies may be heading towards further consolidation. Codan may be out to buy Tryg-Baltica's general insurance business while Tryg-Baltica on the other hand may be buying Codan's life assurance and pension business. If Tryg-Baltica's general insurance business is put up for sale, Codan seems to be the most likely buyer. Codan will be able to offer the highest price. Topdanmark and If have also been mentioned, but If would have to sell Vesta, Tryg-Baltica's Norwegian business, with regard to competition.

Asset sales & divestitures, Denmark, Topdanmark A/S, Codan A/S, Vesta Inc. (Franklin, Wisconsin)

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