BUSINESS IN SHORT

More mergers in insurance market

INSURERS Česká Poisťovňa-Slovensko and Generali Poisťovňa have completed their merger. As of October 1 they have been trading as a joint venture, Generali Slovensko, the SITA newswire wrote. The new insurance company’s ambition is to extend its Slovak market share from the current 11 percent to over 15 percent within five years. The new insurer has over 600,000 clients.

INSURERS Česká Poisťovňa-Slovensko and Generali Poisťovňa have completed their merger. As of October 1 they have been trading as a joint venture, Generali Slovensko, the SITA newswire wrote. The new insurance company’s ambition is to extend its Slovak market share from the current 11 percent to over 15 percent within five years. The new insurer has over 600,000 clients.

“We rank in the top three universal insurance companies in this market and we want to continue to influence the market,” the insurer's director general, Antonín Nekvinda, told a news conference. Allianz-Slovenská Poisťovňa is the market leader, followed by the Austrian Vienna Insurance Group, the ČTK newswire wrote.

Car liability insurance, which Česká Poisťovňa-Slovensko and Generali Poisťovňa had previously offered separately, was the reason for the merger taking place in October.

The insurers wanted to be united under a common brand and joint product offer because November 1 represents in some ways the start of the new year for car insurance, according to Nekvinda.

Insurers providing car liability insurance are obliged to release their price lists before the end of October.


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