Eastern Europe remains one of the most dynamic emerging markets for the re/insurance sectors. A move towards greater regulation the accession of a large number fo states to the European Union and the growing importance of the Russian Economy has seen the region grow in importance as a economic power. Global Broker & Underwriter magazine polled 300 industry experts to ask for their views on who is leading the way in the respective country markets.
The face of Europe has changed significantly in the past 25 years. The collapse of communism and the fall of the Berlin Wall signified a redrawing of the geo-political map and gave rise to the emergence of a series of independent nations all keen to grow their economies and sieze each and every opportunity.
Russia remains the dominent Eastern European economy but the wealth of natural resources and the diverse nature of the countries and cultures in the region have made the markets some of the most dynamic and fast growing for insurers and brokers alike.
The major insurance and reinsurance entities have been quick to seek access to these various markets knowing that the rewards for the early movers could be significant as the economies continue to develop.
Those countries which have joined the European Union will now benefit from the single regulatory approach and significant investment in their respective economies but Russia remains the dominent figure in the region.
The recognition of the economic influence Russia can weald is self evident and the moves towards the opening of its insurance and reinsurance markets continue to advance hand in hand with its entry into the World Trade Organisation.
Russian businesses have increased their international influence and the demand for global risk capacity is becoming ever larger.
As one respondent said: “Eastern Europe is at a point where the potential for the future is almost matched by the current opportunities. Those who have established themselves in the markets are in a position where there is significant amoutns of business being written with the expectation of plenty more to come.
“The regulatory regimes are being developed and revised.The industry has the opporutnity to have its say on how those regulations will work. For those who know their markets the prospects are extremely positive and this is without Russia fully opening its market to the international community. When it does it will become one of the major global markets for many.”
To ensure that the results were reflective of the markets and those fims which operate within them, Global Broker & Underwriter surveyed respondents who live and work within those respective markets.
They were asked quite simply to rate who they believed were the best insurance broker, insurer, reinsurer and reinsurance broker in those countries’ markets and the results found that while the global players have had some success the domestic firms are still holding their own.
