Press release
Riga, 7th November 2012
Compensa TU S.A. Vienna Insurance Group:
New Non-Life Insurance Market Player Reveals its Plans
in a Formal Opening Event
The Latvian branch of Compensa TU S.A. Vienna Insurance Group, owned by a leading Austrian sectoral investor in Europe, is launching its operations in Latvia with a formal opening event. The company aspires to become a leader in nonlife insurance by offering highly competitive insurance products supported with best quality services. This entry also marks an important step for Vienna Insurance Group, which is strategically focused on the CEE region, and expects a fine development of the insurance market in Latvia.
Compensa in Latvia is planning to address the needs of a broad customer base. “First of all we are going to dedicate our products to the existing users of insurance services. The insurance market is growing and we strongly believe it will continue to expand. We are also planning to acquire new customers from among people who are not using insurance services yet or who are planning to expand the scope of insurance services they use.” – says Evija Dundure, Head of Compensa Latvian branch.
Compensa enters the Latvian market with a new approach to services by offering ready-made packages covering a broader range of risks, instead of providing separate insurance policies. “The first such package is Compensa Business – a special set of services, which includes the insurance of a legal entity’s property as well as the insurance of its business activity. Starting from the first quarter of 2013, motor vehicle insurance will be introduced to the market and made available to both legal entities and private individuals.” – adds Ms. Dundure.
Compensa entry is also positively evaluated by independent market experts. “The entry of a new insurance company into the Latvian non-life insurance market is a significant event for it clearly emphasizes the vast development prospects of this market. Competition in risk insurance sector is going to increase: this is a positive development, because competition is one of the key driving forces of market growth,” – comments Juris Dumpis, President of the Latvian Insurance Association.
“The inhabitants of Latvia thus acquire additional choice options in order to satisfy their needs for modern and high quality insurance services. We hope that Compensa will be successful in the Latvian insurance market and will contribute significantly to its development.” – adds Mr. Dumpis.
The tendencies of 2011 and the first three quarters of 2012 indicate that the insurance market has moved from a stable state into a growing one. Evija Dundure explains that a part of the insurance services such as KASKO, and – increasingly for companies – third party liability, has already become an ordinary necessity. The company also sees large prospects in real estate, travel and other types of insurance. “Compensa is not a small niche insurer, therefore we are going to simultaneously focus on providing all of the most popular types of insurance services. Successful launching of operations certainly requires preparation of a solid basis for activity. We have made a head start and now we are gradually launching our insurance services.” –summarises Head of Compensa Latvian branch.
About Vienna Insurance Group
The listed Vienna Insurance Group (VIG) is one of the leading insurance groups in CEE headquartered in Vienna. Outside of its home base in Austria, Vienna Insurance Group is also active, through subsidiaries and insurance holdings, in Albania, Bulgaria, Germany, Estonia, Georgia, Croatia, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, the Czech Republic, Turkey, Hungary, Ukraine and Belarus. Moreover, Wiener Städtische Versicherung has branches in Italy and Slovenia; Donau Versicherung has a branch in Italy.
On the Austrian market, the Vienna Insurance Group (VIG) positions itself with Wiener Städtische Versicherung, Donau Versicherung and Sparkassen Versicherung.
In Poland, Vienna Insurance Group (VIG) is represented by InterRisk, Compensa Non Life, Compensa Life, Benefia Non Life, Benefia Life and Polisa Life.
For additional information please contact:
Katrīna Rubene
Cell phone: +371 27 766 006
E-mail:
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