AXA: Crisis stimulates the development of Life&Pensions insurance in CEE
The recession has created opportunities in the life and pensions segment in the CEE countries, as clients are now more interested in security of their savings, stated Cyrille De MONTGOLFIER, CEO AXA CEE, at the Vth International Congress "World Views for Life Insurance in Eastern Europe, CIS and Asia", organized recently in Moscow by the RUSSIAN Polis Information Group. He also believes that despite the current economic downturn, long term insurance market growth of all CEE countries is expected to remain significantly higher than in Western Europe.
Also, "insurance penetration of GDP in this region is still at a low level and the aim to reach Western European living standards will fuel the growth with rising disposable income", stated Cyrille De MONTGOLFIER. At the same time, the key ways to expand in the segment are product diversification and development of a multi-channel distribution model, De MONTGOLFIER believes.
AXA has a solid position on the Life&Pensions market in the CEE countries, where it managed to increase its market share to 2.5% in the life segment and to 7.8% in Pension Funds, from 2006 to 2008. The insurer offers its services to more than 2 million clients in this region, through an agents' network of 10.000 people (excluding Russia).
"Our ambition, untill 2012, is to reach the top 5 position in the CEE region, among the financial protection companies", added Cyrille De MONTGOLFIER.
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