Rising in the East: a crowded field of insurance companies is eagerly prospecting in the former communist nations that now comprise "New Europe.".Two decades ago, a visitor to Russia would have been impressed with the wideopen streets and empty highways. In those days, Russians had to have connections and money to acquire a luxury like a car--and that "luxury" meant one of the utilitarian, USSR-made Ladas,Volgas and Moskviches. [ILLUSTRATION OMITTED] Today, those same streets are brimming with traffic. Even Russians who aren't wealthy can own a car, but those who are often buy imported Land Rovers, BMWs, Mercedes and Porches. Muscovites Muscovites may refer to:
As wealth--and car sales--have grown, so has the demand for insurance protection. The Russian insurance market has expanded from a single government-owned insurance company to about 900 operating today. Capitalism has come to town, and it's brought insurance with it--not just in Russia, but across Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. . It's been almost 18 years since the Berlin Wall fell and major reforms began to sweep through the region. By 1991, Bulgaria, Czechoslovakia, East Germany East Germany: see Germany. , Hungary, Poland and Romania had been freed from more than four decades of communist rule dating back to the end of World War II End of World War II can refer to:
Political, military, and ideological barrier erected by the Soviet Union after World War II to seal off itself and its dependent eastern European allies from open contact with the West and other noncommunist areas. fell. As these countries transformed from socialist or communist economies to capitalism, they implemented new laws New Laws: see Las Casas, Bartolomé de. and regulations that opened the door to privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , both domestic and foreign. The more advanced countries have moved faster to modernize their economies by implementing new laws and regulations necessary to join the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . While the region--which includes more than two dozen countries, representing many different languages and cultures--brings challenges to new companies moving in to do business, insurance industry leaders say this area holds enormous potential and competition is heating up. "It's an area going through tremendous changes, with still many more to come," Andras Koppanyi, regional director for Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. for Ace INA Ina (ē`nä), city (1990 pop. 60,062), Nagano prefecture, central Honshu, Japan, on the Tenryu River. It is an agricultural and industrial center with a famous agricultural school. , said during a phone interview from his office in Warsaw, Poland. "It applies to everything from grocery stores to consumer finance to insurance. For those companies that are innovative, opportunist op·por·tun·ist n. One who takes advantage of any opportunity to achieve an end, often with no regard for principles or consequences. op , there's still great potential" Ripening ripening said of meat. See curing. Fruit Four countries in "New Europe New Europe is a rhetorical term used by conservative political analysts in the United States to describe European post-Communist era countries. "New European" countries were originally distinguished by their governments' support of the 2003 war in Iraq, as opposed to an "Old "--Ukraine, Romania, Bulgaria and Turkey-show average spending on insurance premium per person of less than $100 per year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. A.M. Best's Insurance Premiums by Population map. Other countries in the region--Croatia, Hungary, Slovakia, Czech Republic Czech Republic, Czech Česká Republika (2005 est. pop. 10,241,000), republic, 29,677 sq mi (78,864 sq km), central Europe. It is bordered by Slovakia on the east, Austria on the south, Germany on the west, and Poland on the north. , Poland, Lithuania, Latvia, Estonia and Russia--show average premuims per person of less than $500 a year, according to A.M. Best's data. Compare that to developed nations--the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom, Japan, Australia and Western European countries such as France, Germany and Italy--where average premiums per person range from $2,000 to $5,000 annually. "There's still a tremendous amount of potential if you look at what the insurance penetration rates are," Koppanyi said. "Whether it's with life or motor insurance or mortgage or credit-related products, there is still tremendous room for growth." At the top end of the market are the countries that have joined the European Union, such as Poland, Czech Republic, Slovakia, Hungary and Slovenia, said Klaus-Gregor Hahn, Swiss Re's head of client relations for Poland, Slovakia, Hungary and Romania. "These countries are quite advanced," Hahn said. In fact, Rim Knaup, chief executive officer of insurance broker Aon's Europe, Middle East and Africa regions, said, "Many European Union countries which have been members since the beginning have insurance legislation that's more advanced than in the United Kingdom or Germany. We find a lot of European insurance companies have moved to this part of the world, as legislation makes the markets more hospitable for us." "Second tier" countries include Russia, Romania and Ukraine, with the "third tier" being some of the former Soviet Union countries such as Georgia, Azerbaijan and Kazakhstan, Hahn said. Some of these countries, like Poland, Hungary and the Czech Republic, had a strong privatized insurance market before 1948, when they became communist or socialist states with state-owned monopolistic industry systems. For instance, the Czech Republic had several hundred insurers before then. "Even with a 40-year interruption, these countries have been able to very quickly re-establish an insurance industry with privately owned companies:' Hahn said. Other countries, such as Russia, Ukraine and Georgia, have virtually no private-sector insurance roots. "They've been communist and socialist countries This is a list of countries, past and present, that declared themselves socialist either in their names or their constitutions. No other criteria are used; thus, some or all of these countries may not fit any specific definition of socialism. for more than 70 years. There was no time to build up an insurance tradition," Hahn said. Those countries have tended to lag behind others in the region in adopting the modern regulation and legal framework necessary to support a vibrant competitive market. Still, these markets hold great potential."Russia is really a huge market," Hahn said. "It's a huge country, which is now undergoing a big and deep transformation process. It's a country where we see many possibilities and huge potentials." On the other hand, some of the smaller and poorer former USSR countries, such as Belarus, Uzbekistan and Tajikistan, are still undeveloped and hold less potential. Where the local government hasn't caught up yet to modern capitalization requirements or hasn't standardized how financial balance sheets should be structured, Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. does its own investigation before offering reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. to an insurance company. "The top end countries are mature markets. It's quite consolidated, and we know quite well who is financially sound and who is not," Hahn said. For instance, the insurance market in the Czech Republic has consolidated to some 30 companies. Setting Up Shop Koppanyi said foreign companies can enter these countries three ways: an outright acquisition of, or investment into, an existing local company; capitalizing and establishing a local company; or if both the target country and the foreign company's domicile country are EU members, the insurer simply can open a branch office there. The company still will be governed by its home country's capital and solvency rules. Vienna Insurance Group has been aggressively acquiring companies in the region, while Ace INA and XL have set up branches under the EU regulations. Ace INA opened for business in Poland in 2005, and opened branches in Czech Republic and Hungary this year. Underwriting business can come into these offices from other countries. For instance, in Croatia, which isn't a member of the EU, Ace INA would work with a local company to get a fronting policy, because nonadmitted insurance is illegal. Russia is not an EU member, so companies, including Ace INA, have set up local Russian companies This is a list of companies from Russia. See List of banks in Russia for banks. Company Industry MICEX RTS 1C Company Software - - Acron (company) Chemicals - RTS:B>AKRN Aeroflot Airlines MICEX:B>AFLT RTS:B>AFLT Alfa Group Investment - - to do business there. Liberty International Underwriters, a specialty lines subsidiary of Boston-based Liberty Mutual, said it will write facultative reinsurance in Russia behind a local company. While the common business language is English, companies need local staffers who are fluent in the native tongue. "It's helpful to have native speakers on board," said Sean Rocks, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Liberty International Underwriters. "There's a right way to greet people, and it's so easy to put your foot in it. We tend to see this area as a region, but every culture is different. If you want to penetrate each of these countries, you really almost need to have an operation in every jurisdiction." Also, cultural sensitivity is often needed. Soccer--called "football" overseas--can be the perfect icebreaker icebreaker, ship of special hull design and wide beam, with relatively flat bottom, designed to force its way through ice. When the icebreaker charges into the ice at full speed, its sharply inclined bow, meeting the edge of the ice, rises upon it, and the weight of , as long as you're not in Poland bragging about how a German team recently defeated a Polish team, experts said. When Worlds Collide Other cultural differences exist, such as in Russia, where cold-calling is not effective. "It's mostly a relationship business here. You need to be introduced by someone who knows them," said Alex Korogodsky, who runs Deloitte's insurance practice for the Commonwealth of Independent States Commonwealth of Independent States (CIS), community of independent nations established by a treaty signed at Minsk, Belarus, on Dec. 8, 1991, by the heads of state of Russia, Belarus, and Ukraine. Between Dec. 8 and Dec. , a group formed by several members of the old Soviet Union in Eastern Europe and Central Asia. From his office in Moscow, Korogodsky said another difference between the U.S. and the Russian markets is that Americans grow up with the idea that insurance "is something you need. It's security. It's protection for your family," Korogodsky said. "In Russia, that's not the case, especially after the fallout of the financial market in 1998." The market has been rebuilding since then, and the Russian government has taken aggressive steps to weed out the companies that were involved in money-laundering schemes. "From 150 to 200 companies lose their licenses every year" as the government continues to tighten its regulatory framework and solvency requirements, Korogodsky said. "Probably, there are very few players that have the level of transparency recognized by the international community, but in terms of competing and growing, they should be happy about this," Korogodsky said. Transparency also can give international companies a marketing advantage, Korogodsky said. It can also make for an uneven playing field. Aon said it often faces competition from local brokers who do not abide by the same level of transparency, and sometimes "they behave in a way that is not acceptable to us" Knaup said. "They are not held to the same ethics and high standards." Another difference: Americans often tend to measure business in terms of years. For instance, Americans will think about salary in terms of how much they make a year. Russians tend to have a much shorter perspective, and measure their salaries by the month, Korogodsky said. Training and retaining good local people is a challenge in countries that didn't have an insurance industry two decades ago. "In the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S today, we are seeing something we saw in the late 1990s with the dot-com companies in the U.S.," Korogodsky said. "It's hard to hire people, and impossible to retain them. They will work for three months, and then ask for double their pay or go to a competitor. Good people are very few and words like 'loyalty' aren't in their vocabulary." The good news is that although Russia may lack actuaries, it is well positioned to train them. "There's a perfect environment, with many schools giving very strong financial and mathematical backgrounds. It's one of those cases where education and business have not blended yet," he said. Aon hires local people to staff its CEE cee n. The letter c. offices."We spend a lot of money on training. The nice thing about the whole region is the educational level is very high. The people are almost always multilingual," Knaup said. For personal lines and small commercial business, premiums are collected in the local currency, but larger clients often pay in U.S. dollars or pounds sterling. One major plus for insurers doing business in the region: profits. "With the exception of the Czech floods in 2001, there has been a relative lack of large catastrophic losses," Koppanyi said. Foreign insurers doing business in this region find it an interesting blend of old and new. While the Internet is not as prevalent as in the West, its use is quickly catching up. "Hungarians like to do business over the Internet," Swiss Re's Hahn said. "There's two or three Internet brokers who are very successful selling motor insurance online." As in the West, many people may prefer to do their research on the Internet, but when it comes time to buy, they want to speak with a person. In some ways, these countries are more advanced than the West. Take, for instance, the penetration of cell phones. "They got started later, but got the latest equipment," Koppanyi said. "We already have a penetration above more than one per household in Czech Republic. Under communism in Hungary, people had to wait 10 years to get a phone in their house. Immediately when the wall came down, they could get a [cell] phone, with the rates going down." [ILLUSTRATION OMITTED] Tough Competition Central and Eastern Europe might end up like Spain in the late 1980s to early 1990s, when many companies saw the Spanish market opening and rushed in, Rocks said. Those companies ended up "chasing, quite frankly, not much business. There was too much supply, not enough demand, excessive competition and prices dropped. It led to consolidation," he said. "Sometimes it's better to not be in the first wave. Sometimes it's better to be in the second wave," Rocks said. "I think there's a danger of overcrowding overcrowding overcrowding of animal accommodation. Many countries now publish codes of practice which define what the appropriate volumetric allowances should be for each species of animal when they are housed indoors. Breaches of these codes is overcrowding. in these markets. A lot of people are talking about CEE countries and the potential there. Every man and his dog is looking and wants to be in the wave." While personal lines are growing, the growth of commercial lines in the region is flat, or even shrinking, due to intense competition that's driving down rates, Koppanyi said. "Basically, every major player is in this region" he said. A virtual Who's Who Who’s Who biographical dictionary of notable living people. [Am. Hist.: Hart, 922] See : Fame of international insurers is already strong in the region--Allianz, Generali, ING and AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group , to name a few. "It's tough competition," Swiss Re's Hahn said. "Everyone wants to get a piece of the cake. Every company fights for its place in the market." There are also some very strong regional players, such as the Vienna Insurance Group. But the largest insurer in the region is PZU PZU Port Sudan Airport PZU Pañstwowy Zak³ad Ubezpieczeñ (Polish National Insurance Company) , the former state-run insurer in Poland, with a 16% market share, according to an October 2006 report by UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Investment Research. PZU still has a market share of almost 50% in that country. "Poland is the largest market and has a dominant position" Koppanyi said. As a state-run monopoly for so many years, PZU still enjoys the tremendous advantage of a brand name that is synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as insurance. "In Poland, people do not say they have to do their car insurance, they say they 'have to do my PZU,'" Hahn said. A major challenge for new companies in such markets is to make sure people are aware of your company and its products. "It's money and investment. It takes years and years to build up a brand, which is normal in every market" Hahn said. Key Points * The former communist bloc countries have implemented reforms and opened their doors to foreign insurers. * Insurers see great potential in this region, where insurance premiums per person are a fraction of what they are in more mature markets. * Countries that have joined the European Union have advanced legal and regulatory systems. Hungary EU Status: Joined in 2004 Economic Overview: Market economy, with per-capita income nearly two-thirds that of the EU-25 average. Cumulative foreign direct investment in Hungarian firms totals more than $60 billion since 1989. Unemployment has persisted above 6%. Germany is Hungary's largest economic partner. Capital: Budapest Size: Slightly smaller than Indiana Population: 9,956,208 (July 2007 estimate) Gross Domestic Product (official exchange rate): $113.2 billion (2006 est.) Private Sector share of GDP GDP (guanosine diphosphate): see guanine. : 80% GDP per Capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. : $17,600 (2006 estimated) Currency: Forint fo·rint n. See Table at currency. [Hungarian, from Italian fiorino, florin; see florin.] Noun 1. (abbrev: HUF HUF In currencies, this is the abbreviation for the Hungarian Forint. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Slovak Republic EU Status: Joined in 2004 Economic Overview: Market economy. Major privatizations are nearly complete, the banking sector is almost completely in foreign hands, and the government has helped facilitate a foreign investment boom with business-friendly policies including a 19% flat tax. GDP growth rate 8.3% in 2006. Capital: Bratislava Size: About twice the size of New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). Population: 5,447,502 (July 2007 est.) Gross Domestic Product (official exchange rate): $47.72 billion (2006 est.) Private Sector Share of GDP: 80% GDP per Capita: $18,200 (2006 est.) Currency: Slovakian Koruna (abbrev: SKK SKK In currencies, this is the abbreviation for the Slovak Koruna. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Croatia EU Status: Candidate Economic Overview: Once one of the wealthiest Yugoslav republics, Croatia's economy suffered badly during the 1991-95 civil war and missed the early waves of investment in Central and Eastern Europe. Since 2000, however, Croatia has seen moderate but steady GDP growth between 4% and 5% led by a rebound in tourism and credit-driven consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. . Capital: Zagreb Size: Slightly smaller than West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. Population: 4,493,312 (July 2007 est.) Gross Domestic Product: (official exchange rate): $37.42 billion (2006 est.) Private Sector Share of GDP: 60% GDP per Capita: $13,400 (2006 est.) Currency: Kuna ku·na n. pl. kuna See Table at currency. [Serbo-Croatian, marten, kuna (from the earlier use of marten skins for payment).] (abbrev: HRK HRK Croatian Kuna currency. (The ISO 4217 currency code) ) Poland EU Status: Joined in 2004 Economic Overview: in 2006, GDP grew 5.3%, based on rising private consumption, along with a 16.7% jump in investment and burgeoning exports. GDP per capita is roughly equal to that of three Baltic states Baltic states, the countries of Estonia, Latvia, and Lithuania, bordering on the eastern coast of the Baltic Sea. Formed in 1918, they remained independent republics until their involuntary incorporation in 1940 into the USSR. They regained their independence in Sept. . Capital: Warsaw Size: Slightly smaller than New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Population: 38,518,241 (July 2007 estimate) Gross Domestic Product (official exchange rate): $337 billion (2006 est.) Private Sector Share of GDP: 75% GDP per Capita: $14,300 (2006 estimate) Currency: Zloty (abbrev: PLN PLN In currencies, this is the abbreviation for the Polish Zloty. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Russia EU Status: Nonmember Economic Overview: Russia ended 2006 with its eighth straight year of growth, averaging 6.7% annually since the financial crisis of 1998. Over the past five years, fixed capital investments have averaged real gains greater than 10% per year and personal incomes have achieved real gains of more than 12% per year. During this time, poverty has declined steadily and the middle class has continued to grow. Capital: Moscow Size: Largest country in the world; about 1.8 times the size of the United States Population: 141,377,752 (July 2007 estimate) Gross Domestic Product (official exchange rate): $733.6 billion (2006 est.) GDP Growth Rate: 6.7% Private Sector Share of GDP: 65% GDP per Capita: $12,200 (2006 estimate) Currency: Russian Ruble (abbrev: RBL (Realtime Blackhole List) A list of the IP addresses of known spammers. See MAPS. ) Czech Republic EU Status: Joined in 2004 Economic Overview: Growth in 2000-05 was supported by exports to the EU, primarily to Germany, and a strong recovery of foreign and domestic investment. Interest rates have dropped and the availability of credit cards and mortgages has increased. GDP growth in 2006 of 6.1%. Capital: Prague Size: Slightly smaller than South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. Population: 10,228,744 (July 2007 est.) Gross Domestic Product (official exchange rate): $118.8 billion (2006 est.) Private Sector Share of GDP: 80% GDP per Capita: $21,900 (2006 est.) Currency: Czech Koruna (abbrev: CZK CZK In currencies, this is the abbreviation for the Czech Koruna. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) Romania EU Status: Joined 2007 Economic Overview: Strong domestic activity in construction, agriculture and consumption have kept GDP growth above 4% (7.7% in 2006). The economy grew at 6.4% in 2006, the strongest growth in the last decade. However, these gains have only recently started to spur creation of a middle class and address widespread poverty. Corruption and red tape continue to plague business. Currency was revaluated in 2005, making 10,000 "old" leu equal 1 "new" leu. Capital: Bucharest Size: Slightly smaller than Oregon Population: 22,276,056 (July 2007 est.) Gross Domestic Product (official exchange rate): $80.11 billion (2006 est.) Private Sector Share of GDP: 70% GDP per Capita: $9,100 (2006 est.) Currency: Leu (abbrev: RON) Bulgaria EU Status: Joined in 2007 Economic Overview: Bulgaria, a former communist country that entered the EU on Jan. 1, 2007, has experienced economic stability and strong growth since a major economic downturn in 1996 led to the fall of the then-socialist government. In 2006, GDP grew 6.3%. Capital: Sofia Size: Slightly larger than Tennessee Population: 7,322,858 (July 2007 est.) Gross Domestic Product (official exchange rate): $28,06 billion (2006 est.) Private Sector Share of GDP: 75% GDP per Capita: $10,700 (2006 est.) Currency: Lev lev-, pref See levo-. (abbrev: BGL BGL The pre-July 1999 ISO 4217 currency code for Bulgarian Lev. ) Ukraine EU Status: Nonmember Economic Overview: After independence in 1991, Ukraine liberalized its economy to lure private investment, but by 1999 bureaucratic resistance and corruption cut output to less than 40% of 1991 levels. Officials have since spurred the economy, developed capital markets and improved the business climate to meet World Trade Organization standards. In 2006, GDP grew 7.1%. Capital: Kyiv (Kiev) Size: Slightly smaller than Texas Population: 46,299,862 (July 2007 est.) Gross Domestic Product (official exchange rate): $82.36 billion (2006 est.) Private Sector Share of GDP: 65% GDP per Capita: $7,800 (2006 est.) Currency: Hrynia (abbrev: UAH UAH In currencies, this is the abbreviation for the Ukraine Hryvnia. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. )
Top Insurers Across Eastern Europe by Market Share
Total
Life market Non-life market market
share share share
PZU S.A. 19.2% 14.5% 16.1%
Allianz 6.0% 12.3% 10.0%
Wiener Stadtische 5.8% 10.9% 9.1%
CP Group 6.2% 6.2% 6.2%
Generali 4.3% 4.3% 4.3%
KBC 3.9% 4.5% 4.3%
ING 11.7% 0.0% 4.2%
AIG 6.4% 0.9% 2.9%
Uniqa 1.7% 3.2% 2.6%
Aviva 6.9% 0.1% 2.6%
Aegon 5.1% 0.9% 2.4%
Talanx 1.2% 1.9% 1.7%
Munich Re 0.5% 2.0% 1.4%
OTP Group 2.2% 0.9% 1.3%
Erste Bank 1.9% 0.5% 1.0%
Sources: UBS; national insurance associations; insurance regulators
Note: In this analysis, the focus is limited to Hungary, Bulgaria,
Slovenia, Serbia, Ukraine, the Czech Republic, Poland, Slovakia,
Croatia and Romania. Local premium income is translated at exchange
rates as of Jan. 1, 2006. Most premium data per company are based on
2005 data, as reported by local regulatory bodies or insurance
associations.
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