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VIENNA INSURANCE GROUP INTENDS BRINGING TO MOLDOVA EU STANDARDS

06 november, 2014
VIENNA INSURANCE GROUP INTENDS BRINGING TO MOLDOVA EU STANDARDS The international Austrian company Vienna Insurance Group (VIG), which in early 2014 has purchased 94% of shares in the Donaris Group insurance company, intends to bring to Moldova the European standards in the sphere of insurance.

 

Member of the VIG Administrative Board Franz Fuchs said at the Thursday’s press conference at Infotag that the VIG has representative offices in 25 countries, while by expanding its network to Moldova the company has gained access to one of the last blank areas on the map of Central and Eastern Europe

 

Vienna Insurance Group is the leading insurance group in Romania and it notices certain similarities between Moldova and Romania. It became one of the causes why the company decided to come to this market. The local insurance market has been carefully studied and the VIG came to the conclusion that Donaris is a company, which provides a good platform for development of the Vienna Insurance group in Moldova. Taking into account that the company has a good market position in the Republic of Moldova, occupying the 3rd place on the market, Donaris is a suitable company for realization of the VIG development philosophy, said Franz Fuchs.

 

He also noted that the VIG’s main goal is to create in Moldova a modern insurance company, which is based on the European standards in the field of insurance.

 

Insurance needs large financing and the VIG can satisfy these needs. It is important that it has access to the international insurance strategy and the European experience can be implemented in Moldova, said he.

 

According to him, the third place, which Donaris is currently holding among Moldovan insurance companies is not enough and it is necessary to raise its financial possibilities, to make them more serious and modernize the infrastructure. As a result of these steps, the company’s position on the market will improve.

 

Donaris Vienna Insurance Group General Director Dinu Gherasim said that every insurance company would be happy to cooperate with such solid insurance group as VIG.

 

“We are proud of the fact that Vienna Insurance group decided to cooperate namely with the Donaris Group”, said he.

 

According to the Company Director, Moldovan market needs the revitalization of the insurance system, which means providing to clients products, spread in Europe.

 

“We need services, oriented to the client’s needs, not only to shareholders profit. The VIG is a group, which is able to satisfy these needs. We should confront all the challenges of the market. Regardless of risks, we should have financial possibilities to pay customers’ damages”, said the company Director.

 

He said that the activity of the company will be focused on diversification of insurance products, adding that currently, around 60% of the Moldovan insurance companies’ portfolio accounts for car insurance, which is not for the consumer’s benefit.

 

“It is important to focus on the voluntary insurance, for example the insurance of property, housing, public liability insurance, general insurance and others, that is on types of insurance an ordinary person needs. Moldova is located in the area of high risk of natural disasters. This is why the property insurance is highly important and it should be developed. In 2010, a serious flood occurred in Moldova. We are sure that if the property has been insured, this burden would be removed from the government’s shoulders”, said Dinu Gherasim, stressing that the government should be interested in the fact that people to ensure their property.

 

Infotag’s dossier: Donaris was founded in 1998 and has its head office in the Moldovan capital Chisinau. The non-life insurer recorded premiums of approx. 101 million lei (5.6 million euros) in 2013, and registered an increase of approx. 18 percent compared to the previous year. In the first half-year of 2013, Donaris had a market share of 10 percent, which makes it the third largest non-life insurer in Moldova.

 

Vienna Insurance Group is the leading international insurance group in Central and Eastern Europe, based in Vienna. The Group was established back in 1824, while in 1990 it started to expand its activity outside of Austria. Today it provides life and non-life insurance through 50 Group companies in 25 countries. Over 23 thousand people are working in the group.

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