The political turbulence that in 1989/90 finally led to the introduction of democracy in the former Eastern Bloc countries also brought the region bordering Austria an entirely new and diverse range of opportunities for development. The management of the Vienna Insurance Group recognised the long-term potential of the radical change occurring in these countries and has since then utilised the associated growth opportunities in order to realise its objectives.
Early entry into the CEE region guaranteed the Vienna Insurance Group a substantial lead over its competition. The bold, while at the same time well-considered, steps in its expansion smoothed the path over the years for the Vienna Insurance Group to become number 1 in its core markets in the CEE region. Management and employees continue to create value today from the nearly two decades of experience that have now been accumulated. This know-how ensures that Group companies in each country are optimally positioned to benefit their customers and employees. In spite of the current deterioration of the short and medium-term outlook for the CEE region, the business trend in this region can be expected to continue at a significantly higher level than forecast for Western Europe. Over the long term, the increasing prosperity of the population will lend support to the economic convergence of these markets, and will also be reflected in expenditures for insurance services.
Locally managed companies in each country provide the Vienna Insurance Group with information on customer needs, allow it to react quickly and flexibly to market trends and, given its position in the market, even to actively set such trends.