The Remaining Markets segment includes Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Estonia, Georgia, Germany, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Serbia, Turkey and Ukraine. The Remaining Markets segment generated 11,5% of Group premiums in 2013.

The Montenegro and Belarus markets were not included in the VIG consolidated financial statements.


After rising in the 1st quarter of 2013, premium volume then fell in the Albanian insurance market to record a decrease of 4.9% in local currency terms for the year as a whole. This drop is due to negative performance in the non-life segment (-6.5%), which represents around 90% of total premium volume. Even though the non-life segment without motor vehicle insurance recorded an increase, premiums in the motor vehicle segment fell by 14.4%. 2013 was a very positive year for the life insurance market, which recorded an increase of 9.1%.

VIG entered the Albanian market in 2007 with its acquisition of Sigma, which still continues to operate a branch in Kosovo today. Interalbanian was added in 2010, and VIG has had a majority interest in Intersig since 2011. All three Albanian VIG companies operate in the non-life lines of business and together occupy second place in this market. With a share of 25.6%, they also occupy second place in the overall market.


Insurance density was around EUR 67 in Bosnia-Herzegovina in 2012. The catch-up potential of the Bosnia-Herzegovina insurance market is clear when this is compared with the insurance density of more than EUR 2,600 for the EU-15 countries. The overall market recorded an increase of 3.5% in terms of local currency in 2013.

The Group company Jahorina that represents VIG in Bosnia-Herzegovina held eighth place in the 1st to 3rd quarters of 2013 with a market share of around 4.6% in local currency terms. Jahorina continues to be the market leader in Republika Srpska with a market share of 14%.


The Bulgarian insurance market achieved very positive performance in the 1st to 3rd quarters of 2013 with an increase of 7.9% in local currency terms. Both the life and non-life segments contributed to this performance. Premium volume rose 5.1% year-on-year in the non-life segment. The life insurance lines of business recorded an even larger increase of 22.5%, but did not have such a big effect on performance since they represent only a small share of less than 20% of total premium volume.

Vienna Insurance Group is represented by Bulstrad Life and Bulstrad Non-life in Bulgaria. Bulgarski Imoti was merged with Bulstrad Non-Life in 2012. VIG was able to improve its position in the overall market compared to the 1st to 3rd quarters of 2012 and is now market leader with a share of 14%.


The German insurance market continued to provide satisfying performance in 2013, similar to the year before. Premiums in the property and casualty business are expected to increase by 3.2% compared to the previous year. This continues the strong growth of 3.5% achieved in 2012, which was the largest increase in premiums since 2002. Business development in the life insurance segment showed outstanding growth in the single-premium business and stable growth in regular premiums, resulting in an overall year-on-year increase of 3.8% in this segment.

VIG operates two companies in Germany, InterRisk Non-life and InterRisk Life. The InterRisk companies distribute exclusively through brokers. InterRisk Non-life specialises in casualty and motor liability insurance, as well as selected property insurance products. InterRisk Life focuses on retirement provision and occupational disability solutions, as well as protection for surviving dependants. The VIG companies operate successfully in the German market as highly profitable niche providers.

Estonia, Latvia and Lithuania

The Baltic states are generally recording satisfying economic growth, which is also having a positive effect on the insurance market. Latvia recorded year-on-year growth of 17% in 2013. This rapid growth was primarily due to the unit-linked insurance segment and health insurance. Estonia and Lithuania also recorded very satisfying premium growth of approximately 10%.

VIG has operated in Estonia via the Group company Compensa Life since 2008, which also operates branch offices in Latvia and Lithuania. It is also active in Latvia and Lithuania through branch offices of the Polish Group company Compensa Non-Life.

VIG's recorded an increase of 37.3% in Estonia in 2013, which was considerably higher than the market rate of growth. This moved it into 3rd place in the market and increased its market share from 13% to 17%. VIG recorded an even larger increase in Lithuania, where Compensa grew significantly faster than the insurance market at a rate of 46.6%. This moved it up one position in the ranking compared to the previous year to fifth place in the market. In Latvia the Group company recorded an increase of 20.2%, which was also above the average premium growth for the market.


Due to the government health insurance programme, the Georgian insurance market is very strongly dominated by health insurance. The decrease of around 10% in this segment therefore also led to a decrease in the overall market of 11.7%.

The market share of the two Georgian VIG companies, GPIH and IRAO, rose to 27.6%. Together, they hold second place in the market. GPIH and IRAO both have a large share of health insurance products, but also have a presence in the property and casualty market.


Croatia has been a member of the EU since 1 July 2013. Insurance market premium volume rose by 0.4% in local currency terms for 2013 as a whole. While non-life insurance recorded a drop of 0.6%, life insurance premiums rose by 3.1%.

VIG is represented by two companies in the Croatian market. Wiener Osiguranje offers life and non-life products, while Erste Osiguranje operates in the life insurance market only. The name “Wiener Osiguranje” was chosen following the merger of the two companies Kvarner and Helios in 2013. VIG has a total market share of 7.6% in Croatia, which puts it in fourth place. Its market share of 16.1% in the life insurance market puts it in second place in this line of business.


Liechtenstein is the only country that has access to the entire European market and to Switzerland. As an EEA member, its insurance companies can sell their products in EU countries. As a result of a direct insurance agreement, they also have access to the Swiss market. Based on preliminary data, overall market premiums are expected to decline in 2013.

VIG is represented by Vienna-Life in Liechtenstein. Vienna-Life operates exclusively in the life insurance segment and concentrates predominantly on unit-linked and index-linked life insurance. The focus is on insurance solutions tailored to individual customer needs.


Even though the Macedonian insurance market is dominated by non-life insurance, the life insurance segment is recording double-digit growth rates. In terms of local currency, the life insurance segment grew by 26.3% year-on-year in the 1st to 3rd quarters of 2013. The increase recorded in the non-life segment was considerably smaller, at 2.6%.

VIG is represented in Macedonia by Winner Non-Life and Winner Life. In addition, the acquisition of Makedonija Osiguruvanje was concluded in 2013, moving VIG to the number one position in the Macedonian insurance market. The new company has a diversified product portfolio with a focus on motor vehicle and casualty insurance. The Group had a market share of 20.4% at the end of the 3rd quarter of 2013.


The Serbian insurance market showed solid premium growth of 2.9% in terms of local currency in the 1st to 3rd quarters of 2013. The non-life segment, which is much greater than the life segment, recorded an increase of 1.4%. Sales of life insurance products, however, showed stronger growth of 9.8%.

Wiener Städtische Osiguranje, which represents VIG in Serbia, celebrated its tenth anniversary in 2013. It continues to hold fourth place in the market, with a market share of 8.9%. In life insurance, Wiener Städtische Osiguranje was able to hold its second place position with a market share of 21.6%.


The trend of double-digit growth rates continued in the Turkish insurance market in 2013. Total premium volume recorded an increase of 22.2% in local currency terms compared to 2012. The non-life segment rose by 21.7%, and life insurance also achieved significant growth with an increase of 25.3%.

VIG is represented in the Turkish insurance market by Group company Ray Sigorta. The company was established in 1958 and acquired by VIG in 2007.

It operates in the non-life segment with a focus on motor vehicle insurance, and holds 14th place in the Turkish insurance market.


The Ukrainian insurance market is highly fragmented, with more than 400 insurance companies registered at the end of 2012. Premium volume rose moderately in 2013.

VIG is represented by four insurance companies in the Ukraine. These include the three non-life insurers UIG, Kniazha and Globus, and the life insurance company Jupiter. VIG held fourth place in the overall market with a market share of 2.9% in the 1st to 3rd quarters of 2013, moving up one position compared to the previous year.


A new tax was introduced on insurance premiums at the beginning of 2013 in Hungary. It consists of a 15% tax on gross premiums for motor vehicle own-damage insurance, and a 10% tax on gross premiums for property and casualty insurance. The new tax is an addition to the existing tax on premiums for motor liability insurance, which continues to remain in effect.

The insurance market recorded an increase of 5.5% in local currency terms in 2013. Premium volume grew in the non-life and life insurance segments by 2.3% and 8.5%, respectively.

VIG is represented by Union Biztosító and Erste Biztosító in Hungary. The two companies held eighth place at the end of 2013 with a market share of 6.1%. In addition, an agreement to acquire AXA Biztosító was concluded at the end of December 2013.