Acquisitions and an increase in turnover to almost one billion euros (above the market rate) boosted the market share held by Austrian insurance groups by 13% last year.
Following the acquisition of Asirom and a rapid increase in turnover, Austrian insurance groups managed to account for over 43% of the local insurance market, after in 2006, they held an approximately 30% market share.
The turnover of Austrian companies went up 91.5% in 2007 after the acquisition of Asirom, and also due to the increase in the Austrians' turnover, which was above the market average. Gross underwritten premiums by Austrian-held insurers amounted to around 928 million euros, compared with 484.6 million euros in 2006. Austrian shareholders account for the bulk of the insurance market, followed by German insurers (over 17%), and Dutch ones (7.9%).
Austrian groups present on the local insurance market are Vienna Insurance, which controls five companies, Erste, with two companies, and Uniqa and Grawe, each with one company.
The market leader is Vienna Insurance Group, which holds Omniasig, Omniasig Life, Agras and Unita, and Asirom, which the insurer acquired last year. Asirom's acquisition brought the Austrians an additional 8.4% market share.
The group now holds over 98% in Asirom, after purchasing the majority stake, held by businessman Ioan Niculae, through InterAgro, and the stakes of several minority shareholders. The insurers controlled by Vienna Insurance posted cumulated turnover worth around 586 million euros in 2007, with the group's largest insurer being Omniasig, with gross underwritten premiums worth almost 250 million euros, according to estimates, based on the growth rate registered in the first three quarters of the year.
The business of insurers held by Erste registered a rapid increase last year, after BCR Asigurari saw a 45% rise, and BCR Asigurari de Viata a 78% increase.
BCR Asigurari, which specialises in general insurance, is the fifth largest player on the market, with gross underwritten premiums worth 174 million euros in 2007. The increase in its turnover is mainly generated by comprehensive car insurance and by auto liability insurance.
BCR Asigurari de Viata, a company set up at the end of 2005, which took over the life insurance portfolio of BCR Asigurari, closed last year with gross underwritten premiums worth 25.5 million euros, compared with 14.3 million euros in 2006.
The Uniqa Group holds a single insurance company on the local market, Astra-Uniqa, with turnover worth over 112 million euros in 2007. Compared with the previous year, gross premiums underwritten by the insurer climbed 30%, but the market share was slightly down, from 5.3% in 2006, to 5.2%.
Another Austrian group is Grawe, which controls Grawe Asigurari de Viata, one of the most profitable companies on the local insurance market. In 2007, the insurer reported a two-fold increase in net profit to around 2.4 million euros, while gross underwritten premiums went up 66%, to 30.4 million euros.
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