Select European Insurance Markets

Published by: Global Industry Analysts

Published: Mar. 1, 2008 - 162 Pages

Table of Contents

1. Central and Eastern Europe

Market Overview

Life Insurance Sector Flourishing

Large Players Losing Hold

Table 1: Insurance Industry in Eastern Europe (2005):

Penetration of Insurance by Life and Non-Life Segments for

Select Regions - Russia, Czech Republic, Poland, Hungary,

and Ukraine (includes corresponding Graph/Chart)

2. A Peek into Recent Past Market Scenario

Individual Markets

Motor Insurance Stimulates Growth in Non-Life

Market Numbers

Table 2: Insurance Penetration Rate (In %) by Type for 2001:

Central/East European Nations Vs EU-15 (includes

corresponding Graph/Chart)

Table 3: Insurance Premium as % of GDP for 1999-2001:

Central/East European Nations Vs EU-15 (includes

corresponding Graph/Chart)

Table 4: Per Capita Premium in US$ for 2000 & 2001:

Central/East European Nations Vs EU-15 (includes

corresponding Graph/Chart)

3. Unit Linked Business in Scandinavia

A Prosperous Region

Good Prospects

Baltic Countries: Pension Reforms - Agenda for Growth

Latvia

1st Pillar - State Mandatory Non-Funded Social Insurance

Pension Scheme (On PAYG base)

2nd Pillar - State Mandatory Funded Social Insurance

Pension Scheme

3rd Pillar - Private Voluntary Pension Scheme

Lithuania

Estonia

Synopsis

4. Key Insurance Markets in Rest of Europe

4a. Austria

Market Overview

Austrian National Insurance System

Table 5: Austrian Insurance Industry (2003): Percentage

Share of Expenditure by Sector for Pensions, Health

Insurance, and Accident Insurance (includes corresponding

Graph/Chart)

Table 6: Austrian Insurance Industry (2000-2003): pending

of Health Insurance Sector by Spending Areas in € Million

(includes corresponding Graph/Chart)

Life Insurance Sector

Table 7: Austrian Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Sparkassen Versicherung, Wiener Stadtische, Raifeisen, UNIQA

Personenversicherung, Generali Versicherung, Allianz

Elementar Leben, Wustenrot, Union, Donau, and Skandia Leben

(includes corresponding Graph/Chart)

Table 8: Top-Five Players in the Austrian Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

Sparkassen-Versicherung, Wiener Staedtische, Raiffeisen,

Generali Versicherung ,and Wustenrot (includes corresponding

Graph/Chart)

Non-Life Insurance Sector

Table 9: Austrian Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Allianz Elementar, Uniqa Sach, Wiener Stadtische, Generali,

Interunfall, Donau, Grawe, Zurich, Oberosterreichische, and

Niederosterreichische (includes corresponding Graph/Chart)

Table 10: Top-Five Players in the Austrian Non-Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

Allianz Elementar, Wiener Stadtische, Generali, Uniqa Sach,

and Interunfall (includes corresponding Graph/Chart)

4b. Belgium

Table 11: Belgian Insurance Industry (2005): Penetration of

Insurance and Per Capita Premium in US$ by Category - Life

and Non-Life

Review of the Sectors

Life Insurance

Key Players

Table 12: Belgian Life Insurance Industry (2003): Gross

Written Premium in US$ Billion by Leading Companies for

ETHIAS Life, Les Assurances de Fortis Banque, AXA Belgium,

Fortis AG, KBC Assurances/CBC Assurances, ING Insurance,

DEXIA Assurances, AGF Belgium Insurance, Generali Belgium,

Winterthur-Europe Assurances (includes corresponding

Graph/Chart)

Table 13: Top-Five Players in the Belgian Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

SMAP, FB Assurances, ING, KBC Assurances, and Fortis AG

(includes corresponding Graph/Chart)

Non-Life Insurance

Table 14: Belgian Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for Axa

Belgium, Fortis AG, Ethais, KBC Assurances,

Winterthur-Europe, AGF Belgium, Mercator, ING, Les

Assurances Populaires, and DKV Belgium (includes

corresponding Graph/Chart)

Table 15: Top-Five Players in the Belgian Non-Life

Insurance Industry (2002) - Gross Written Premium in US$

Million for AXA Belgium, Fortis AG, SMAP,KBC Assurances,

and Winterthur-Europe (includes corresponding Graph/Chart)

4c. Bulgaria

Life Insurance Sector

Table 16: Bulgarian Life Insurance Industry (2004): Gross

Written Premium in US$ Million by Leading Companies for DZI,

Allianz Bulgaria Life, Orel Life, AIG Life Bulgaria, Bulstrad

DSK-Life, Grawe Bulgaria, Vitosha Life, Bulgariski Imoti,

DSK Garancia, and Dobrudja-M-Life (includes corresponding

Graph/Chart)

Table 17: Top-Five Players in the Bulgarian Life Insurance

Industry (2003) - Gross Written Premium in US$ Million for

DZI, Allianz Bulgaria Life, Orel Life, AIG Life Bulgaria,

and Bulstrad DSK-Life(includes corresponding Graph/Chart)

A Peek into the 2000 Market Numbers

Table 18: Life Insurance Industry in Bulgaria (2000):

Leading Companies by Premium Income in Lev Million and

Market Share in % (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 19: Top-Five Players in the Bulgarian Non-Life

Insurance Industry (2003) - Gross Written Premium in US$

Million for Bulstrad, DZI General, Allianz Bulgaria, Bul Ins,

and Vitosha (includes corresponding Graph/Chart)

4d. Croatia

Life Insurance Sector

Table 20: Croatian Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Grawe, Croatia, Merkur, Zagreb, Allianz, Sunce, Kvarner

Wiener St., Helios, Euroherc Life, and UNIQA (includes

corresponding Graph/Chart)

Table 21: Top-Five Players in the Croatian Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

Grawe Hrvatska, Zagreb, Croatia, Merkur, and Allianz Zagreb

(includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 22: Top-Five Players in the Croatian Non-Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

Croatia, Euroherc, Jadransko, Allianz Zagreb, and Triglav

(includes corresponding Graph/Chart)

4e. Cyprus

Life Insurance Sector

Table 23: Cyprian Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Laiki Cyprialife, Eurolife, Universal Life, America Life,

Interlife, Liberty Life, Alhpa, Minerva, Aspis Pronia, and

Ethniki (includes corresponding Graph/Chart)

Table 24: Top-Five Players in the Life Insurance Industry of

Cyprus (2002) - Gross Written Premium in US$ Million for

Eurolife, Laiki Cyprialife, Universal Life, America Life,

and Interlife (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 25: Cyprian Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Laiki, General Insurance of Cyprus, Lloyd's Underwriters,

Pancyprian, Atlantic, Minerva, American Home, Commercial

Union Cosmos, and Universal Life (includes corresponding

Graph/Chart)

Table 26: Top-Five Players in the Non-Life Insurance Industry

of Cyprus (2002) - Gross Written Premium in US$ Million for

Laiki, General Insurance of Cyprus, Minerva, Pancyprian, and

American Home (includes corresponding Graph/Chart)

4f. Finland

Market Overview

Table 27: Finnish Insurance Industry (2005): Per Capita

Premium in US$ by Category - Life and Non-Life

Financial Services Convergence Takes Wings

Competitiveness Reaches New Heights

Forming Alliances: Order of the Day

Life Insurance Sector

Table 28: Finnish Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Nordea, OP-Henkivakuutus, Henki-Sampo, Henki-Suomi,

Suomi-yhtio, Kaleva, Henki-Tapiola, Henki-Veritas,

Henki-Fennia, and Yritysten Henki-Tapiola (includes

corresponding Graph/Chart)

Table 29: Top-Five Players in the Life Insurance Industry of

Finland (2002) - Gross Written Premium in US$ Million for

Nordea, Henki-Sampo, Aurum, Henki-Suomi, and Suomi-yhtio

(includes corresponding Graph/Chart)

A Recent Past Review

Table 30: Life Insurance Industry in Finland (1999 & 2000):

Insurance Premium Written in FIM Billion by Scheme Type for

Individual, Unit-Linked, and Group (includes corresponding

Graph/Chart)

Non-Life Insurance Sector

Table 31: Finnish Non-Life Insurance Market (2004):

Percentage Breakdown of Gross Written Premiums by Category -

Credit and Suretyship, Domestic Reinsurance, Foreign

Reinsurance, General Liability, Legal Expenses, Marine,

Aviation and Transport, Motor Liability, Personal Accident

and Health, Workers Compensation, and Other Direct Business

(includes corresponding Graph/Chart)

Table 32: Finnish Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for If

Vahinkovakuutus, Vahinko-Pohjola, Vahinko-Tapiola, Fennia,

Mutual Insurance Associations, Lahivakuutus, A-Vakuutus,

Pohjantahti, Turva, and Vahinko-Veritas (includes

corresponding Graph/Chart)

Table 33: Top-Five Players in the Non-Life Insurance

Industry of Finland (2002) - Gross Written Premium in US$

Million for If Vahinkovakuutus, Vahinko-Pohjola,

Vahinko-Tapiola, If Teollisuusvakuutus, and Fennia (includes

corresponding Graph/Chart)

4g. Georgia

A Historical Perspective

Year 2000 - Signs of Resurgence

Participation of Foreign Companies in Georgian Insurance

Market during 2000

Insurance Industry Reforms

Insurance Industry Progresses

The Insurance State Supervision Service

4h. Greece

Market Overview

Table 34: Insurance Industry in Greece (1993-2002): Number of

Insurance Companies by Insurance Class for General Insurance,

Life Insurance, and Composite (includes corresponding

Graph/Chart)

Market Share of Top Companies

Table 35: Insurance Industry in Greece (1998-2002):

Percentage Market Share of Top 5, 10, and 20 Companies by

Life and Non-Life Sectors (includes corresponding

Graph/Chart)

Life Insurance Sector

Table 36: Greek Life Insurance Industry (2003): Gross Written

Premium in US$ Million by Leading Companies for Ethniki,

Interamerican Life, Alico AIG Life, ING Life, Agrotiki, Aspis

Pronia General, Allianz Life, Phoenix Metrolife Emporiki,

EFG Life, and Alpha Ins (includes corresponding Graph/Chart)

Table 37: Top-Five Players in the Life Insurance Industry of

Greece (2002) - Gross Written Premium in US$ Million for

Interamerican Life, Ethniki, ING Life, Alico AIG Life, and

Aspis Pronia General (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 38: Greek Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Ethniki, Phoenix Metrolife Emporiki, Agrotiki Interamerican,

Property, Alpha, Allianz, Commercial Value, Intersalonika,

International Union, and Egnatia (includes corresponding

Graph/Chart)

Table 39: Top-Five Players in the Non-Life Insurance Industry

of Greece (2002) - Gross Written Premium in US$ Million for

Ethniki, Phoenix Metrolife Emporiki, Agrotiki, Interamerican

Property, and ALPHA (includes corresponding Graph/Chart)

A Peek into Recent Past Market Numbers

Table 40: Greek Insurance Industry (1993-2002): Direct

Premium in Million Euro by Insurance Class for Life and

Non-Life (includes corresponding Graph/Chart)

Table 41: Greek Insurance Industry (2001): Direct Premium of

Non-Life Insurance by Line in Greek Drachmas Million

(includes corresponding Graph/Chart)

Table 42: Greek Insurance Industry (2001): Direct Premium of

Life Insurance by Line in Greek Drachmas Million (includes

corresponding Graph/Chart)

4i. Hungary

Market Overview

Retaining Agents a Herculean Task

Life Insurance Sector

Table 43: Top-Five Players in the Hungarian Life Insurance

Industry (2003) - Gross Written Premium in US$ Million for

ING, AB Aegon, OTP-Garancia, Generali Providencia, and

Allianz (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 44: Hungarian Non-Life Insurance Industry (2006):

Percentage Breakdown of Premiums by Segment - Accident,

Financial Losses, Fire & Elemental Risks, General Liability,

Health, MAT, Motor Own Damage, MTPL, and Others (includes

corresponding Graph/Chart)

Major Players

Table 45: Top-Five Players in the Hungarian Non-Life

Insurance Industry (2003) - Gross Written Premium in US$

Million for Allianz, Generali Providencia, OTP-Garancia, AB

Aegon, and UNIQA (AXA) (includes corresponding Graph/Chart)

A Recent Past Market Scenario

Life Insurance Witnesses Upswing

Table 46: Life Insurance Industry in Hungary (2000):

Leading Players by Earned Premium in HUF Billions (includes

corresponding Graph/Chart)

Group Life Insurance Schemes Fuel Growth

Hungarian Government Probes Insurance Companies

4j. Iceland

Life Insurance Sector

Table 47: Life Insurance Industry in Iceland (2003): Gross

Written Premium in US$ Million by Leading Companies for

Sjova-Almennar, Althjoda, LIFIS, and Liftryggingamidsrodin

(includes corresponding Graph/Chart)

Table 48: Leading Players in the Life Insurance Industry of

Iceland (2002) - Gross Written Premium in US$ Million for

Sameinada, Althjoda, and LIFIS (includes corresponding

Graph/Chart)

Non-Life Insurance Sector

Table 49: Non-Life Insurance Industry in Iceland (2002):

Gross Written Premium in US$ Million by Leading Companies

for Sjova-Almennar, Vidlagatr Islands, Tryggingamidstodin,

VIS hf., Islands-Trygginh, Vordur, and Althjoda (includes

corresponding Graph/Chart)

4k. Ireland

Market Overview

Table 50: Irish Recent Past, Current & Future Analysis for

Insurance Industry by Segment - Life & Non-Life Markets

Independently Analyzed with Annual Premium Income in Euro

Billion for the Years 2005 through 2010 (includes

corresponding Graph/Chart)

Table 51: Irish 6-Year Perspective for Insurance Industry by

Segment - Percentage Breakdown of Premium Income for Life and

Non-Life Markets for 2005, 2008, and 2010 (includes

corresponding Graph/Chart)

Table 52: Insurance Industry in Ireland (2006): Per Capita

Premium in US$ by Category - Life and Non-Life

Regulatory Environment

Potential Problems

Personal Retirement Savings Accounts (PRSAs)

Understanding PRSA

Limitations on Charges

Restrictions on Investment

PRSA Providers

Regulation of PRSA

Suitable for Investment Managers

Life Insurers Caught in a Tight Spot

Distribution of PRSA

Encouraging Lapses

With-Profits Funds Deployment by Life Insurers

Outlook

Life Insurance Industry

Table 53: Irish Life Assurance Market (2006 & 2007):

Percentage Breakdown of Gross Premium Income by Policy Type -

Individual Assurances and Annuities, Pension Scheme Business,

Self-Employed Pensions & Associated Business (Including

PRSAs), Permanent Health Insurance (PHI), and Industrial

Branch (IB) Business (includes corresponding Graph/Chart)

Table 54: Irish Life Assurance Market (2006 & 2007):

Percentage Breakdown of Benefits and Claims Paid by Policy

Type (includes corresponding Graph/Chart)

Table 55: Irish Life and Pension Insurance Market: Gross

Premiums US$ Billion for the Years 2001 through 2005

(includes corresponding Graph/Chart)

Table 56: Irish Life Assurance Market (2005): Percentage

Breakdown of Gross Premium Income by Policy Type - Individual

Assurances and Annuities, Industrial Branch Business,

Permanent Health Insurance, Pension Scheme Business, and

Self-Employed Pensions & Associated Business (includes

corresponding Graph/Chart)

Table 57: Irish Life Assurance Market (2005): Percentage

Breakdown of Benefits and Claims Paid by Policy Type -

Critical Illness, Individual Assurances and Annuities,

Industrial Branch Business, Permanent Health Insurance,

Pension Scheme Business, and Self-Employed Pensions &

Associated Business (includes corresponding Graph/Chart)

Table 58: Irish Life Assurance Market (2005): Percentage

Breakdown of Distribution Channel for Annual and Single

Premium Generation by Segment - Agents, Brokers, Direct,

Employee & Company Representatives, and Tied Agents

(includes corresponding Graph/Chart)

Leading Players

Table 59: Leading Players in Irish Life Insurance Market

(2006 & 2007): Percentage Market Share of Gross Premium

Income by Company - BoI Life (Bank of Ireland Life -

Includes New Ireland Assurances), Irish Life, Hibernian Life

Holdings Ltd. (Includes Ark Life), Eagle Star Life, Friends

First Life and Others (includes corresponding Graph/Chart)

Table 60: Leading Players in Irish Pensions Market (2006 &

2007): Percentage Market Share of Gross Premium Income by

Company - Irish Life, BoI Life (Bank of Ireland Life -

Includes New Ireland Assurances), Hibernian Life Holdings

Ltd. (Includes Ark Life), Eagle Star Life, Standard Life,

Friends First Life, Canada Life and Others (includes

corresponding Graph/Chart)

Table 61: Leading Players in Irish Life Insurance and

Pensions Market (2006 & 2007): Percentage Breakdown of Total

Market Share (Life and Pension Businesses) of Gross Premium

Income by Company - BoI Life (Bank of Ireland Life -

Includes New Ireland Assurances), Irish Life, Hibernian Life

Holdings Ltd. (Includes Ark Life), Eagle Star Life, Friends

First Life, and Others (includes corresponding Graph/Chart)

Table 62: Irish Life Assurance Market (2005): Gross Premium

Income for Life and Pension Business by Company - Ark Life,

BoI Life, Canada Life, Eagle Star Life, Friends First Life,

Hibernian Life, Irish Life, Standard Life, Royal Liver, and

Others (includes corresponding Graph/Chart)

Table 63: Irish Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Irish Life, New Ireland, Ark, Hibernian Life & Pens, Eagle

Star Life, Standard Life, Canada Life Ass. (Irl), Friends

'First Life Ass., Friends First Man. Pen, and Anglo Irish

Assurance (includes corresponding Graph/Chart)

Table 64: Top-Five Players in the Life Insurance Industry

of Ireland (2002) - Gross Written Premium in US$ Million

for Irish Life, New Ireland, Ark, Hibernian Life &

Pensions, and Standard Life (includes corresponding

Graph/Chart)

Non-Life Insurance Industry

Table 65: Irish Non-Life Insurance Market (2005): Percentage

Breakdown of Gross Written Premiums by Category - Liability,

Motor, PA/Travel, Property, and Other Business (includes

corresponding Graph/Chart)

Leading Players

Table 66: Leading Players in Irish Motor Insurance Market

(2006 & 2007): Percentage Breakdown of Premiums by Company -

Hibernian, Quinn-Direct, AXA, FBD, Eagle Star, Allianz and

Others (includes corresponding Graph/Chart)

Table 67: Leading Players in Irish Property Insurance Market

(2006 & 2007): Percentage Breakdown of Premiums by Company -

Hibernian, Royal & Sun Alliance, Allianz, Eagle Star, AXA

and Others (includes corresponding Graph/Chart)

Table 68: Irish Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Hibernian General, AXA, Royal & SunAlliance, Eagle Star

Ireland, Allianz Ireland, FBD, Allianz Corporate Ireland,

Quinn-Direct, AIG Europe, and Irish Public Bodies (includes

corresponding Graph/Chart)

Table 69: Top-Five Players in the Non-Life Insurance

Industry of Ireland (2002) - Gross Written Premium in US$

Million for Hibernian, AXA, Royal & SunAlliance, Eagle Star

Ireland, and Allianz Ireland (includes corresponding

Graph/Chart)

Captive Market in Ireland: A Recent Past Perspective

Table 70: Captive Market in Ireland (1999 & 2000): Captive

Managers in Dublin by Premium Volume in US$ Million

The Cry for PCC (Protected Cell Companies)

Traditional and Non-Traditional Programs

Changing Regulations

4l. Latvia

Life Insurance Sector

Table 71: Latvian Life Insurance Industry (2004): Gross

Written Premium in US$ Million by Leading Companies for Ergo

Latvija Dziviba, Balta Dziviba, Seesam Life, Latvia, Sampo

Dziviba, and Baltikums Dziviba (includes corresponding

Graph/Chart)

Non-Life Insurance Sector

Table 72: Latvian Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Balta, BTA, Balva, Ergo Latvija, Parekss, Baltikums, If

Latvia, Rigas Slimokase, Baltijas Apdrosinasanas Nams, and

Seesam Latvia (includes corresponding Graph/Chart)

4m. Lithuania

Table 73: Lithuanian Recent Past, Current & Future Analysis

for Insurance Industry by Segment - Life & Non-Life Markets

Independently Analyzed with Annual Premium Income in US$

Million for the Years 2006 through 2010 (includes

corresponding Graph/Chart)

Table 74: Lithuanian 5-Year Perspective for Insurance Industry

by Segment - Percentage Breakdown of Premium Income for Life

and Non-Life Markets for 2006, 2008, and 2010 (includes

corresponding Graph/Chart)

Life Insurance Sector

Table 75: Lithuanian Life Insurance Industry (2004): Gross

Written Premium in US$ Million by Leading Companies for

Hansa Gyvybes Draudimas, ERGO Lietuvus Gyvybes Draudimus, VB

Gyvybes Draudimas, Commercial Union, Sampo Gyvybes Draudimas,

Lietuvos Draudimas, Bonum Publicum, Seesam Lietuva Gyvybes

Draudimas, PZU Lietuva Gyvybes Draudimas, and Lindra -

Gyvybes Draudimas (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 76: Lithuanian Non-Life Insurance Market (2006 & 2007):

Percentage Market Share of Premiums by Category - Motor,

Property, PA & Health, Liability, Surety, Bonds & Credit, and

Marine, Aviation & Transit (includes corresponding

Graph/Chart)

Table 77: Lithuanian Non-Life Insurance Industry (2003):

Gross Written Premium in US$ Million by Leading Companies

for Lietuvos Draudimas, ERGO Lietuva, Lindra, IF Draudimas,

NORD/LB Draudimas, Baltikums Draudimas, Baltik Garant, BTA

Draudimas, Snoro Garantas, and Baltijos Garantas (includes

corresponding Graph/Chart)

Compulsory Auto Insurance

Table 78: Lithuanian Compulsory Auto Insurance Market

(2005): Percentage Share Breakdown of Premiums Written by

Leading Players for Lietuvos Draudimas, PZU Lietuva,

Baltikums Draudimas, BTA Draudimas, Ergo Lietuva, Reso

Europa, IF Draudimas, Baltic Polis and Others (includes

corresponding Graph/Chart)

4n. Luxembourg

Life Insurance Sector

Table 79: Top-Five Players in the Life Insurance Industry of

Luxembourg (2002) - Gross Written Premium in US$ Million for

Swisslife, La Luxembourgeoise-Vie, Le Foyer-Vie, Fortis

Luxembourg Vie, and AGF Life Luxembourg (includes

corresponding Graph/Chart)

Non-Life Insurance Sector

Table 80: Top-Five Players in the Non-Life Insurance

Industry of Luxembourg (2001) - Gross Written Premium in US$

Million for Le Foyer Assurances, La Luxembourgeoise, AXA,

Zurich, and Baloise (includes corresponding Graph/Chart)

4o. Malta

4p. Norway

Environmental Responsibilities of Insurance Firms

Life Insurance Industry

Table 81: Norwegian Life Insurance Industry (2004):Gross

Written Premium in US$ Million by Leading Companies for

Vital, Storebrand, KLP, Nordea, Sparebank Liv, Gjensidige NOR

Forsikring, Vesta Forsikring, Danica Pensjon, Handelsbanken

Liv, and Danica Fonds forsikring (includes corresponding

Graph/Chart)

Table 82: Top-Five Players in the Life Insurance Industry of

Norway (2001) - Gross Written premium in US$ Million for KLP,

Storebrand, Vital, Gjensidige NOR Spare, and

Sparebank(includes corresponding Graph/Chart)

Non-Life Insurance Industry

Table 83: Norwegian Non-Life Insurance Industry (2003):

Gross Written Premium in US$ Million by Leading Companies

for If Skadeforsikring, Gjensidige NOR, Vesta, Sparebank 1

Skadeforsikring, Terra Skadeforsikring, KLP Skadeforsikring,

Jernbanepersonalets Forsikring, AIG Europe, Zurich

Forsikring, and Vital (includes corresponding Graph/Chart)

Table 84: Top-Five Players in the Non-Life Insurance Industry

of Norway (2001) - Gross Written Premium in US$ Million for

if Skadeforsikring, Gjensidige NOR, Vesta, Sparebank, and

Terra (includes corresponding Graph/Chart)

Marine Insurance Industry

Important Facts

Market Initiatives - 2000

4q. Poland

Life Insurance Sector

Table 85: Polish Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for PZU

Zycie, Commercial Union, Amplico Life, ING Nationale

Nederlanden, Warta Vita, Allianz Polska, Prumerica,

Nationwide, Europa, and Cardif Polska (includes

corresponding Graph/Chart)

Table 86: Top-Five Players in Polish Life Insurance Industry

(2002) - Gross Written Premium in US$ Million for PZU Zycie,

Commercial Union, Amplico Life, ING Nationale Nederlanden,

and Warta Vita (includes corresponding Graph/Chart)

Polish Pension Market

Compulsory Pension (Contributory)

Safety Net Pension (Non-Contributory)

Occupational Pensions (Voluntary)

Personal Pension and Other Retirement Savings (Voluntary)

Non-Life Insurance Sector

Table 87: Polish Non-Life Insurance Industry (2005):

Percentage Breakdown of Premium by Segment - Accident,

Health, Liability (excluding Motor & MAT), MOD, MTPL,

Property (excluding Motor), Legal & Financial Risks, and

Others (includes corresponding Graph/Chart)

Table 88: Polish Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for PZU,

Warta, Ergo Hestia, Allianz Polska, Samopomic, Uniqa, Tryg

Polska, CIGNA STU, PTU, and Filar (includes corresponding

Graph/Chart)

4r. Portugal

Portuguese Insurance Industry - Current Market Trends

Life Insurance Sector

Life Products and Retirement Savings Drive the Portuguese

Insurance Sector

Table 89: Portuguese Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Occidental Vida, Fidelidade Vida, Tranquilidade Vida, BPI

Vida, Totta Seguros, Acoreana, AXA VidaImperio Bonanca, Real

Vida, and Eurovida (includes corresponding Graph/Chart)

Table 90: Top-Five Players in the Life Insurance Industry of

Portugal (2002) - Gross Written Premium in US$ Million for

Occidental Vida, Fidelidade Vida, Tranquilidade Vida, Totta

Seguros, and BPI Vida (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 91: Portuguese Non-Life Insurance Industry (2003):

Gross Written Premium in US$ Million by Leading Companies

for Fidelidade-Mundial, Imperio Bonanca, Axa Portugal

Seguros, Tranquilidade, Allianz Portugal, Zurich, ICI,

Acoreana, Ocidental Seguros, and Lusitania (includes

corresponding Graph/Chart)

Table 92: Top-Five Players in the Non-Life Insurance Industry

of Portugal (2002) - Gross Written Premium in US$ Million for

Fidelidade Mundial, Imperio Bonanca, AXA Portugal Seguros,

Tranquilidade, and Allianz Portugal (includes corresponding

Graph/Chart)

4s. Romania

Market Overview

Awareness Among Public Revitalizes the Market

Foreign Banks Queuing Up

Domenia Credit

Challenges Facing Mortgage Sector

Key Players

Life Insurance Industry

Table 93: Romanian Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for ING

Life, Asirom, Omniasig Viata, AIG Life, Asiban, Aviva,

Allianz-TiriacLukoil Asito, Interamerican, and Unita

(includes corresponding Graph/Chart)

Table 94: Top-Five Players in the Romanian Non-Life

Insurance Industry (2002) - Gross Written Premium in US$

Million for Allianz-Tiriac, Asirom, Omniasig, Astra, and

Ardaf (includes corresponding Graph/Chart)

Non-Life Insurance Industry

Table 95: Romanian Non-Life Insurance Industry (2003):

Direct Written Premium in US$ Million by Leading Companies

for Allianz-Tiriac, Asirom, Omniasig, Astra, Asiban, Unita,

Ardaf, Generali, BCR Asigurari, and AIG Romania (includes

corresponding Graph/Chart)

Table 96: Top-Five Players in the Romanian Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

ING Nederlanden, Asirom, AIG Life, Aviva, and Omniasig Viata

(includes corresponding Graph/Chart)

Health Care Sector

Health Care Delivery

Family Planning Sector

Ambulatory Secondary Care Segment

Health Care Market - A Historic Review

Transformation of Health Care System

Primary Health Care Services

4t. Serbia and Montenegro

Life Insurance Sector

Table 97: Life Insurance Industry of Serbia and Montenegro

(2003): Gross Written Premium in US$ Million by Leading

Companies for SERBIA, Zepter, Grawe, Dunav, DDOR Novi Sad,

and Delta (includes corresponding Graph/Chart)

Non-Life Insurance Sector

Table 98: Non-Life Insurance Industry of Serbia and

Montenegro (2003): Gross Written Premium in US$ Million by

Leading Companies for Dunav, DDOR Novi Sad, Imperial, Delta,

Evropa, AMS, Ekos, SIM, Takovo, and Kopaonik (includes

corresponding Graph/Chart)

4u. Slovakia

Market Overview

Key Trends and Issues

Consolidation and Liberalization Mark the Market

Low Level of Insurance Penetration

Rise in Illegal Transactions

Legislative Reforms - Set to Alter the Market

Key Changes

Amendments to Insurance Act

The New Millennium Market Highlights

The Environment

Brimming with Insurance Companies

Table 99: Insurance Industry in Slovakia (1999 & 2000):

Premiums Written by Type of Insurance (In %) (includes

corresponding Graph/Chart)

Table 100: Insurance Industry in Slovakia (1999-2001):

Growth in Insurance Market (In %) (includes corresponding

Graph/Chart)

Leading Players

Slovenska Poistovna, A.S.

Kooperativa Poistovna, AS

Allianz Poistovna, AS

Foreign Companies - Highly Active

Review of Sectors

Life Insurance

Table 101: Top-Five Players in the Slovakian Life Insurance

Industry (2003) - Gross Written Premium in US$ Million for

Allianz poistovna, Amslico AIG Life, Kooperativa poistovna,

Nationale Nederlanden, and Kontinuita poistovna (includes

corresponding Graph/Chart)

A Recent Past Perspective of the Sector

Table 102: Insurance Industry in Slovakia (1999-2001):

Life Insurance Premium in SKK Billion and Market Share in %

(includes corresponding Graph/Chart)

Table 103: Insurance Industry in Slovakia (1999-2001): Per

Capita Premium for Life Insurance in US$ (includes

corresponding Graph/Chart)

Table 104: Insurance Industry in Slovakia (1999-2001): Life

Premium Written in US$ Million and as Percentage of GDP

(includes corresponding Graph/Chart)

Major Players

Amslico AIG Life

ING Nationale-Nederlanden Poistovna

Table 105: Insurance Industry in Slovakia (2001): Leading

Life Insurers by Written Premium in US$ Million (includes

corresponding Graph/Chart)

Non-Life Insurance

Table 106: Top-Five Players in the Slovakian Non-Life

Insurance Industry (2003) - Gross Written Premium in US$

Million for Allianz poistovna, Kooperativa poistovna, Ceska

poistovna, UNIQA poistovna, and Generali poistovna (includes

corresponding Graph/Chart)

A Recent Past Perspective of the Sector

Table 107: Insurance Industry in Slovakia (1999-2001):

Non-Life Premiums in SKK Billion and % Share (includes

corresponding Graph/Chart)

Table 108: Insurance Industry in Slovakia (1999 &2000):

Non-Life Premium in US$ Million by Type of Insurance

(includes corresponding Graph/Chart)

Table 109: Insurance Industry in Slovakia (2001): Leading

Non-Life Insurers by Premium Written in US$ Million

(includes corresponding Graph/Chart)

Motor Third-Party Liability (MTPL) Leads the Segment

Personal Accident Insurance

Social Insurance

4v. Slovenia

Industry Overview

Market Leaders

Table 110: Slovenian Insurance Market (2004): Percentage

Share Breakdown of Leading Players by Written Premiums for

Triglav, Health Insurance Mutual, Maribor, Adriatic, Pension

Fund Management (PFM), Slovenica, Tilia, Merkur, Generali,

Grawe and Others (includes corresponding Graph/Chart)

Life Insurance Sector

Table 111: Slovenian Life Insurance Industry (2004):Gross

Written Premium in US$ Million by Leading Companies for

Triglav, Pension Fund Management (PFM), Maribor, Merkur, NLB

Vita, Grawe, Slovenica, Generali, Adriatic, and Fund for

Craftsmen and Entrepreneurs (FCE) (includes corresponding

Graph/Chart)

Table 112: Slovenian Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for

Triglav, Maribor, Pension Fund Management, Merkur, Grawe,

Slovenica, Generali SKB, NLB VITA, Adriatic, and Fund for

Craftsman and Entrepreneurs (includes corresponding

Graph/Chart)

Table 113: Top-Five Players in the Life Insurance Industry

of Slovenia (2002) - Gross Written Premium in US$ Million

for Triglav, Maribor, Merkur, Grawe, and Adriatic (includes

corresponding Graph/Chart)

Life Insurance by Type

Table 114: Slovenian Life Insurance Market (2004):

Percentage Share Breakdown by Insurance Type for Death and

Endowment-Mixed Insurance, Life Under ZPIZ-1, Life Under

ZZavar, Additional Insurance, Annuity and Others (includes

corresponding Graph/Chart)

Non-Life Insurance Sector

Table 115: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown by Insurance Type for Liability,

Health, Property, Casco, Accident, Credit and Others

(includes corresponding Graph/Chart)

Liability Insurance

Table 116: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Liability Insurance by

Insurance Type for Land Motor Vehicles Liability, General

Liability and Others (includes corresponding Graph/Chart)

Property Insurance

Table 117: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Property Insurance by

Insurance Type for Fire, Machinery Breakdown, Household,

Livestock, Crops & Fruit, Theft, Computers, Building and

Others (includes corresponding Graph/Chart)

Casco Insurance

Table 118: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Casco Insurance by Insurance

Type for Land Motor Vehicles, Aircraft, Railway Rolling

Stock and Ships (includes corresponding Graph/Chart)

Accident Insurance

Table 119: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Accident Insurance by

Insurance Type for Personal Insurance at Work & Outside,

Driver & Car Owner Acc Insurance, Insurance for Passengers

in Motor Vehicles, Children & School Children Accident

Insuranc ze and Others (includes corresponding Graph/Chart)

Suretyship Insurance & Miscellaneous Financial Loss Insurance

Table 120: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Suretyship Insurance &

Miscellaneous Financial Loss Insurance by Insurance Type

for Loss-of-Profits Fire, Deposits, MB Loss-of-Profits,

Cancellation of Tourist Trips, Shows & Events and

Others(includes corresponding Graph/Chart)

Legal Expenses and Tourist Assistance Insurance

Table 121: Slovenian Non-Life Insurance Market (2004):

Percentage Share Breakdown of Legal Expenses and Tourist

Assistance Insurance by Insurance Type for Automobile

Assistance, Legal Expenses, Medical Assistance and Others

(includes corresponding Graph/Chart)

Non-Life: Market Leaders

Table 122: Top-Five Players in the Non-Life Insurance Market

of Slovenia (2002) - Gross Written Premium in US$ Million

for Triglav, Health Insurance Mutual, Maribor, Adriatic, and

Slovenica (includes corresponding Graph/Chart)

The Reinsurance Sector

Table 123: Slovenian Reinsurance Market (2000-2003): Premium

and Claims in SIT Million and Claims Ratio in Percentage for

Life and Non-Life Reinsurance (includes corresponding

Graph/Chart)

4w. Sweden

Industry Overview

Table 124: Swedish Recent Past, Current & Future Analysis for

Insurance Industry by Segment - Life & Non-Life Markets

Independently Analyzed with Annual Premium Income in SEK

Billion for the Years 2006 through 2010 (includes

corresponding Graph/Chart)

Table 125: Swedish 5-Year Perspective for Insurance Industry

by Segment - Percentage Breakdown of Premium Income for Life

and Non-Life Markets for 2006, 2008, and 2010 (includes

corresponding Graph/Chart)

Table 126: Leading Players in the Swedish Insurance Market

(2006 & 2007): Percentage Market Share of Total Assets by

Company - Alecta, Skandia, SEB Trygg Liv, AMF Pension, LF

Insurance Group and Others (includes corresponding

Graph/Chart)

Insurers Enter Banking

Demographic Changes and the Pension System

Life Insurance Industry

Table 127: Swedish Life Insurance Market (2007 & 2008):

Percentage Market Share of Premiums for Unit Linked and Other

Life Insurance by Category - Occupational Pension, Endowment,

Private Pension, Accident and Health, Group Life and Others

(includes corresponding Graph/Chart)

Table 128: Swedish Insurance Market (2006 & 2007): Percentage

Market Share of Assets of Life Insurance Companies by

Category - Shares, Bonds, Real Estate and Others (includes

corresponding Graph/Chart)

Table 129: Leading Players in Swedish Life Insurance Market

(2006 & 2007): Percentage Market Share of Premiums for Unit

Linked and Life Insurance by Company - Skandia, SEB, Folksam,

Handelsbanken, AMF Pension, Swedbank Försäkr.,

Länsförsäkringar and Others (includes corresponding

Graph/Chart)

Life Insurance - A Past Perspective

Table 130: Swedish Life Insurance Industry (2003): Gross

Written Premium in US$ Billion by Leading Companies for

Alecta, Skandia Liv, AMF Pension, SEB TL Fond, Skandia Link,

SPP Liv, Robur Fors, Folksam Liv, LF Liv, and SHB Liv

(includes corresponding Graph/Chart)

Table 131: Top-Five Players in the Swedish Life Insurance

Industry (2002) - Gross Written Premium in US$ Million for

Alecta, Skandia Liv, AMF Pension, Skandia Link, and SPP Liv

(includes corresponding Graph/Chart)

Non-Life Insurance Industry

Table 132: Swedish Non-Life Insurance Market (2007 & 2008):

Percentage Breakdown of Premium Income by Category - Business

and Houseowner, Householder and Homeowner, Motor Vehicle,

Motor Third Party, Accident and health and Others (includes

corresponding Graph/Chart)

Table 133: Leading Players in the Swedish Non-Life Insurance

Market (2006 & 2007): Percentage Market Share of Premium

Income by Company - LF Insurance Group, If Skadeförsäkring,

Trygg-Hansa, Folksam, Dina and Others (includes corresponding

Graph/Chart)

Table 134: Swedish Insurance Market (2006 & 2007): Percentage

Market Share of Assets of Non-Life Insurance Companies by

Category - Shares, Bonds, Real Estate and Others (includes

corresponding Graph/Chart)

Non-Life Insurance - A Past Perspective

Table 135: Swedish Non-Life Insurance Industry (2003): Gross

Written Premium in US$ Million by Leading Companies for IF

Skade, AFA Sjuk, Trygg-Hansa, Folksam Sak, LF Sak, LF

Stockholm, LF Skane, AGRIA, LF Goteborg, and SvKonsument

includes corresponding Graph/Chart)

Table 136: Top-Five Players in the Swedish Non-Life

Insurance Industry (2002) - Gross Written Premium in US$

Million for If Skade, Trygg Hansa, Folksam Sak, AFA Sjuk,

and LF Sak (includes corresponding Graph/Chart)

4x. Switzerland

Table 137: Swiss Recent Past, Current & Future Analysis for

Insurance Industry by Segment - Life & Non-Life Markets

Independently Analyzed with Annual Premium Income in CHF

Billion for the Years 2006 through 2010 (includes

corresponding Graph/Chart)

Table 138: Swiss 5-Year Perspective for Insurance Industry by

Segment - Percentage Breakdown of Premium Income for Life and

Non-Life Markets for 2006, 2008, and 2010 (includes

corresponding Graph/Chart)

Table 139: Insurance Industry in Switzerland (2006): Per

Capita Premium in US$, and Penetration of Insurance by

Category - Life and Non-Life

Market Highlights

Table 140: Swiss Insurance Market (2005): Premium Volumes in

US$ Billion for Leading Swiss Private Insurers Worldwide

(includes corresponding Graph/Chart)

Industry Overview

Outlook

Table 141: Swiss Insurance Market (2007 & 2008): Percentage

Market Share of Premiums by Category - Life, Medical, Motor,

Fire, Accident and Others (includes corresponding

Graph/Chart)

Table 142: Swiss Insurance Market (2006 & 2007): Percentage

Market Share of Gross Claims by Category - Life, Medical,

Motor, Fire, Accident and Others (includes corresponding

Graph/Chart)

Review of Sectors

Life Insurance

Table 143: Swiss Life Insurance Market (2006 & 2007):

Percentage Market Share of Premiums by Segment -

Occupational Pensions, Endowment Insurance, Unit- Linked

Life Insurance and Annuity Insurance (includes corresponding

Graph/Chart).

Table 144: Swiss Life Insurance Market (2005): Percentage

Breakdown by Claims Paid by Segment - Annuity Insurance,

Endowment Insurance, Occupational Pensions, and Unit-Linked

Life Insurance (includes corresponding Graph/Chart)

Key Players

Table 145: Leading Players in the Swiss Group Life Market

(2006 & 2007): Percentage Breakdown of Market Share by

Company - Swiss Life, Winterthur/ AXA, ZFS, Baloise,

Helvetia and Others (includes corresponding Graph/Chart)

Table 146: Leading Players in the Swiss Domestic Life

Market (2006 & 2007): Percentage Breakdown of Market Share

by Company - Swiss Life, AXA, Baloise, ZFS (Zurich Leben),

Patria, and Others (includes corresponding Graph/Chart)

Table 147: Leading Players in the Swiss Non-Life Insurance

Market (2002-2004): Percentage Breakdown of Market Value by

Company for ZFS, Winterthur, Mobiliar, Allianz, Baloise and

Others (includes corresponding Graph/Chart)

Non-Life Insurance

Table 148: Swiss Property & Casualty Insurance Market (2007 &

2008): Percentage Market Share of Premiums by Category -

Motor & Liability Insurance, Medical Insurance, Fire &

Property Insurance, Accident Insurance, and Others (includes

corresponding Graph/Chart)

Table 149: Swiss Medical Insurance Market (2007 & 2008):

Percentage Market Share of Premiums by Segment - Voluntary

Individual Medical Insurance and Group Medical Insurance

Table 150: Swiss Fire and Property Insurance Market (2007 &

2008): Percentage Market Share of Premiums by Category -

Fire Insurance, Natural Hazard Insurance and Other Property

Insurance (includes corresponding Graph/Chart)

Table 151: Swiss Liability and Motor Insurance Market (2007 &

2008): Percentage Market Share of Premiums by Category -

Motor Insurance (Motor Liability & Other Motor),

Comprehensive General Liability, Ocean Marine, Aviation and

Transport (includes corresponding Graph/Chart)

Key Players

Table 152: Leading Players in the Swiss Non-Life Insurance

Market (2002-2004): Percentage Breakdown of Market Value

by Company for ZFS, Winterthur, Mobiliar, Allianz, Baloise

and others (includes corresponding Graph/Chart)

4y. Ukraine

Table 153: Insurance Industry in Ukraine (2005): Percentage

Breakdown of Gross Written Premium by Category - Life, and

Non-Life (includes corresponding Graph/Chart)

Life Insurance Sector

Table 154: Life Insurance Industry in Ukraine (2003): Gross

Written Premium in US$ Million by Leading Companies for

Grawe Ukraina, Alico AIG Life, TAS, Aska Zhittya, Ekko,

Jupiter, Blakitniy Polis, Nadiya, Garant Life, and

Universalnaya (includes corresponding Graph/Chart)

Table 155: Top-Five Players in the Life Insurance Market of

Ukraine (2002) - Gross Written Premium in US$ Million for

Grawe, TAS, Ekko, Jupiter, and Aska (includes corresponding

Graph/Chart)

Non-Life Insurance Sector

Table 156: Non-Life Insurance Industry in Ukraine (2003):

Gross Written Premium in US$ Million by Leading Companies for

Lemma, Kremen, Zemskaya, Oranta, Credo-Classic, Etalon, Aura,

Ostra-Kiev, Pozharno-Strakhovaya, and TAS (includes

corresponding Graph/Chart)

Table 157: Top-Five Players in the Non-Life Insurance

Industry of Ukraine (2002) - Gross Written Premium in US$

Million for Lemma, Oranta, Credo-Classic, Municipal, and

Veksel (includes corresponding Graph/Chart)

Reinsurance Market

4z. Yugoslavia

5. Product/Service Launch

TrygVesta & Nordea Enters Finnish Insurance Market

Allianz Elementar Offers Savings Products

6. Product/Service Launches in Recent Past

Inora Life Introduces Dynamic Income Plus Fund Series 3

Skandia Insurance AB Launches Skandia Global Funds

Swiss Life Re-Introduces Critical Illness Products

Nationale-Nederlanden Launches New Program

7. Recent Industry Activity

Kardan Acquires Stake in Sigma Albania

Yugoriya Insurance Company Signs Deal with Ural Precision

Generali Receives Approval to Acquire PPF’s Insurance Business

TBIH Acquires Ukrainian Insurance Group

UkrSibbank to Acquire Stake in Vesko Insurance

Vienna Insurance Acquires Stake in Asirom

Unipol to Acquire Stake in ING Insurance

ING Divests Insurance Belgium

Storebrand to Acquire SPP

KBC to Acquire Stake in DZI Insurance

Wiener Staedtische Acquires Sigma

Sagicor Takes Over Gerling

Allianz Acquires ATF-Polis

Aviva Enters into Joint Venture with Bank Zachodni WBK

Zurich Beteiligungs to Acquire Real Garant

Vienna Acquires Majority Stake in Sigma

Zurich Acquires Wrightway Underwriting

Vienna Insurance Acquires Majority Stake in Asirom

Bank Austria Creditanstalt and UNION Versicherungs Merge

KBC Takes Over DZI Insurance

Uniqa Increases its Share in Vitosha

MFS Holdings Acquires Stake in Universal Life

Pohjola Group Merges with Parent Company

Alpha Bank Sells Alpha Insurance

Quinn to Take Over BUPA Ireland

Aviva Enters Motor Insurance Business

Aegon and Banca Transilvania to Establish New Pension Firm

Uniqa Signs an Agreement with Sigal

Zurich Enters Belgium and Italian Markets

Swiss Life to Acquire CapitalLeben

Zurich Enters into Collaboration

Unipol to Acquire Stake in ING Insurance

BRE Bank and AEGON to Unite Respective Pension Funds

Poland’s Ministry of Treasury to Merge PKO BP and PZU

Wiener Staedtische to Acquire Stake in Asirom

Ukraine Puts 25%+1 Share in Oranta for Sale

Generali Enters Bulgarian Insurance Market

ING to Commence Life Insurance Business in Bulgaria

AXA to Acquire Alpha Insurance

Euler Hermes to Enter Irish Market

Allianz and Axa Joins Race to Buy DDOR

Winterthur Sells Health Insurance Business

Fortis Enters Ukrainian Life Insurance Market

AXA to Take Over Winterthur

Zurich Insurance Ireland Expands in Europe

Swiss Re Snaps Up GE Insurance Solutions

BUPA to Withdraw From Ireland

Forties AG Merges with FB Verzekeringen to Form Fortis

Insurance Belgium

Veritas Life Insurance Merges with Aktia Life Insurance

Willis Group to Take Over Link Forsikringsmegling

CableTel Enters into Partnership with Lev Ins

K+H Bank’s General and Life Insurance Units Merge to Form K+H

Biztosito

Swiss Re Snaps up GE Insurance Solutions

Aon Jauch Acquires VMHWG

Schweizerische to Acquire Employers Reinsurance and GE

Insurance Solutions

Wiener Staedtische Buys Majority Interest in Royal Polska

Ark Life and Hibernian in a Life Insurance Venture

Old Mutual Eyes Purchase of Skandia

Zurich Financial to Divest Universal Underwriters Group

BCP Completes Sale of Insurance Units

Volkswagen Enters Athens With the Establishment of Banking

and Insurance Units (ROE)

Pohjola Group Reorganizes Non-Life Operations

Willis Group Agrees to Acquire Nicon

Storebrand Life Targets Swedish Pension Market

Vesta USK Acquires Garant-Pharm

Swiss Reinsurance Co. Acquires Valley Forge Life Insurance Co

Union Biztosito Proposes to Step into Travel Insurance Market

8. Strategic Corporate Developments in Recent Past

Hansabank Acquires LDGD

White Mountains Acquires Sirius International

Universal American Buys Marketing Business of GRLIC

Bank One Corp. Acquires Zurich Life

XL Capital and Five European Insurers form Joint Venture for

Terrorism Coverage

Special Risk Insurance and Reinsurance Luxembourg Commences

Operations

Credit Suisse Divests 3.5% Stake in Swiss Reinsurance

ING Re Leaves Cat Market

Skandia Restructures Business Operations

Alea Group Purchases Seven Hills Insurance

Swiss Buys Research Operations of Conning

Eureko Purchases Foreign and Colonial Management Ltd.

Bancassurer KBC Expands Operations in Central Europe

ABG and Sanpaolo Establish New Bancassurance Venture

CGNU Acquires ABN Amro Magyar Elet es Nyugdijbiztosito

Reszvenytarsasag

Credit Suisse First Boston Acquires CGU

ABG and Sanpaolo IMI Establish New Bancassurance Venture

Zurich Launches New Reinsurance Company

Copenhagen Reinsurance Sets Up Office in Spain

Societe Generale Creates Inora Life

Prudential Divests General Insurance Business to Winterthur

9. Focus on Select Players

Aegon AB, Hungary

Bulstrad DSK Life, Bulgaria

Converium Group, Switzerland

Fennia Group, Finland

Generali-Providencia, Hungary

Irish Life Assurance PLC, Ireland

Nordea Group, Finland

Sampo Insurance Co., Finland

Skandia Insurance Company Ltd, Sweden

Swiss Reinsurance, Switzerland - Leading P&C Insurer in the

World

Tapiola, Finland

Zurich Financial Services, Switzerland

Abstract

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