PORTUGAL: A BRIEF LOOK AT THE INSURANCE SECTOR
Article Abstract:
In Portugal, the insurance market is on one hand controlled by the financial groups (among the ten largest insurance companies only AXA and Victoria are not tied to banks), and on the other hand it is extremely concentrated. The Caixa Geral de Depositos (CGD) and Banco Commercial Portugues (BCP) groups alone control more than 50% of the insurance market. Life insurance represents 56% of the total premiums and 75% of the life insurance contracts remain in the hands of standard distributors (brokers, and intermediaries). In Portugal, the insurance market represents 6.5% of the country's GDP, compared with an average of 7.4% in Europe, and the market is characterised by a very stiff price competition, where insurance companies have very small margins (2.5%), and high management costs and total loss experience. In the future, consolidation should increase still further, and insurance companies are expected to go into segments such as health, which are under-represented. Insurance companies need to cut jobs and must also invest in new technology such as call centres, in order to decrease costs.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
ARGENTINA: AGF ALLIANZ ARGENTINA PROFILED
Article Abstract:
AGF Allianz Argentina Compania de Seguros Generales of Buenos Aires, Argentina, has more than 2% of the Argentine insurance market, and ranks 15th, according to Patrick Rolland, general manager. The company had a US$ 118mn turnover, in 2000, from life assurance <6%>, multi-risk home insurance <15%>, corporate insurance <30%> and motor insurance <49%>. Direct insurance accounts for 1% of sales, banks 4% and brokers 95%. It has a staff of 54 at ten regional branches and its head office. The company hopes to rise to the top five, lead the corporate market, develop health cover, financial services and life assurance, develop a presence regionally, be the best for quality service and professional expertise and use new technology.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
FRANCE: GERLING NAMUR'S STRATEGY
Article Abstract:
Gerling Namur is the subsidiary of the Gerling Credit Insurance group which is active on the life insurance markets in France, the United Kingdom, and the Benelux countries. The company ranks third in France, behind Sfac and Coface, with a turnover of EUR 30.58bn, of which 25% is from exports, and which collects EUR 90mn in premiums. The companies four areas of growth are the expansion of its offer by integrating the various businesses linked to client management (credit insurance debt management, collection, and factoring), international expansion, development of Internet tools, and the quality of service.
Publication Name: MOCI
Subject: Business, international
ISSN: 0026-9719
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: ITALY: PAGO TO BUILD FRUIT JUICE FACTORY. AUSTRIA/ITALY: PAGO'S GROWTH FORECAST. ITALY: PAGO SEEKING GROWTH IN SUPERMARKETS
- Abstracts: Investment banks protest procedure in Polish tender. Russian banking industry is sudden envy of global peers
- Abstracts: Denmark: New tax system for imported beer. Denmark: Bryggerigruppen's Lithuanian acquisition OK'd