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CIG Central European Insurance to launch operations

Hungary’s CIG Central European Insurance will begin offering its first product, a unit-linked life-insurance policy, on May 26. 

The announcement came from company supervisory committee president, former finance minister and central-bank governor Zsigmond Járai at a press conference on Thursday.

Járai said at the press conference that CIG would begin providing property insurance as well next January, when the company's Romanian unit will also begin operations. Járai noted that that CIG's board had voted at its Wednesday general meeting to double the company's registered capital, which will reach Ft 3.3 billion (€13.5 million) by the end of the year.

CIG is planning to offer those clients who purchase expensive life-insurance policies a discount on the company's shares when they are floated at the Budapest Stock Exchange in three or four years, adding that such rebates will be offered on a maximum of 20% of CIG's floated shares.

CIG CEO Béla Horváth said at the Thursday press conference that CIG aims to become the leading insurance company on the Hungarian market within the next five years. Horváth added that the company already has 100 of its own agents, a number that the CIG CEO said he expects to grow to 1,000 within the next two or three years. (MTI – Econews)