ADVERTISEMENT

Winterthur chief says European insurers face consolidation

Weather

European insurers face mergers and acquisitions in coming years as national laws are loosened and customers use the internet to buy insurance, the head of Credit Suisse Group's Winterthur insurance unit said. The „large number of insurance companies that you still observe in many markets” in Europe „will massively shrink in coming years,” Winterthur CEO Leonhard Fischer said at a business lunch in Zurich. Competition is increasing as the European Union removes barriers that keep companies selling insurance across borders, Fischer said. Insurers also face challenges from technology, such as the internet, which is changing the way companies sell and manage insurance, he said. „Europe will be at the forefront of the international deregulation of the insurance industry,” said Fischer, who has headed Winterthur since 2003. Credit Suisse, Switzerland's second-largest bank after UBS AG, in June agreed to sell its Winterthur unit to Axa SA, Europe's No. 2 insurer, for € 7.9 billion ($10.1 billion). Axa has said it expects „significant efficiency opportunities” in Germany where its purchase of Winterthur will create that country's fifth-biggest insurer, with total gross premium income of more than € 10 billion generated last year. (Bloomberg)

ADVERTISEMENT

MKIK: Local business tax should be maintained Analysis

MKIK: Local business tax should be maintained

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.