Thanks to the lasting economic growth in 2019, after the record-high GWP in 2018, the total GWP of the region further increased by 6.3 percent last year. – according to the Deloitte CEE Insurance M&A Study. A driver of this growth remains the expansion of the non-life business line. However, the several-year-long decreasing trend of the life insurance business line was broken in 2019, and was able to display a modest, 2.1 percent growth on a regional level. Show The average insurance premium penetration (the ratio of the GWP to the GDP) practically remained the same in all 15 countries, around the rate of 2.4%. The average annual GWP per capita grew by 6.4% to EUR 348 in 2019. The top 10 life insurance groups with the largest GWP in the region own 75% of the regional GWP. A typical regional top 10 group is present in 5-6 CEE countries on average, owning approximately EUR 929m GWP in total. In the case of the non-life business line, the top 10 leading insurance groups account for around 69% of the total gross written premiums. Similarly, such a typical regional group is present in 5-6 CEE countries on average owning on average EUR 1,809m GWP in total. Recently, several international insurance companies have decided to reconsider their presence in the region, and considered the possibility of an exit, as a result of which in 2020 industry players experienced transactions of a volume unseen for years. These include transactions of the French AXA, as part of which it sold its Polish, Czech and Slovakian ownership interests to Austrian Uniqua for EUR 1 billion, and Dutch Aegon, which sold its Hungarian, Polish, Romanian and Turkish ownership interests to Austrian VIG for EUR 830m in a recently announced transaction. At the same time, other major players are actively promoting their intention to expand and to acquire: these include inter alia Austrian insurance companies VIG and Uniqua, Italian Generali, and the Euroins group with its centre in Bulgaria. Even though the markets of the individual countries are typically dominated by the top 3-6 insurance companies, there are many minor players sharing the remaining market. The markets still have many players and remain greatly competitive, which may drive further market consolidation, according to the study. In terms of the number of transactions, in the period covered by the study (2015-November 2020), Poland remains the most active market of the region with 17 transactions, followed by Czechia (14), Hungary (9), Romania (7), and Bulgaria (7). The most active buyer in the region was still the Austrian VIG Group, with 10 closed transactions and 3 ongoing ones in the past period. Further major buyers included Canadian Fairfax Group, Generali, Euroins, Uniqua, and Allianz. Reversal financial transactions are transactions with most amounts and numbers reversed (multiplied by -1). The Reverse? column in the table below indicates if a value is to be reversed in reversal transactions. Refer to Reversal Transactions section for more details. Base Financial ObjectBase financial objects represent 'what' financial transactions are for (in most cases, what is being 'paid for'). Each of these objects has an initial financial transaction (that is created together with the base object when it first becomes ready for OHI financial processing) and may have additional financial transactions - additional versions - resulting from reprocessing of the base object that impacts financial aspects of it. FieldReverse?DescriptionClaim Code The code of the Claim Gen Fin Proc Complete Datetime Date and time on which the general financial processing activities have been completed for the base financial object Status Status of the base financial object. Possible values:
Type The type of the base financial object indicating the origin, which is always 'CLA' for Claims Claim Set Code The code of the claim set to which the claim is assigned Financial TransactionThis entity holds the financial transactions generated by the finalization of Claims processing. Claims processing creates one financial transaction for each claim transaction, a.k.a. a version of the claim. FieldReverse?DescriptionBase Financial Object Reference to the base financial object Final Indicator Indicates whether the financial transaction may be included in a financial message. For Claims this indicator is always set to Yes. Processing Type The type of transaction indicating the way it is processed. For Claims this type is always set to RG - Regular. Reversal Indicator Indicates whether this financial transaction is meant to reverse a previous financial transaction. Source Reference to the origin of the financial transaction. For Claims this origin is always CP (Claims Processing). Total Amount Y The sum of the amounts of the financial transaction details in this financial transaction. Total Amount Curr The currency code of the total amount. Version Version number of the financial transaction within a base financial object. Financial Transaction Process DataFinancial transaction process data records hold information that is added to financial transactions for financial processing purposes. The purpose of these details is provide a specific place for information added / updated for processing purposes in order to maintain the integrity of the financial transaction as received from the source system. FieldReverse?DescriptionFinancial Transaction Set Grouping The condition used to group financial transactions into a single financial transaction set. By default this is not set. Fin Message Bulking Group The condition used to group financial transactions into a single financial message Fin Message ID The identification of the financial message this financial transaction is included in. Financial Message Handled Datetime The date and time the financial transaction was handled by the financial message creation activity Financial Message Mandatory Indicator Is a financial message mandatory for this financial transaction? Financial Message Result The outcome of message creation: message created or message not required
Financial Transaction Association to the financial transaction Internal Remarks Additional remarks on the financial transaction Penalty Date The penalty date Due Date The penalty date of this financial transaction Superseded Indicator Is the financial transaction superseded? Financial Transaction DetailThis entity holds the financial transaction details generated by the finalization of Claims processing. Claims processing by default creates one financial transaction detail for each claim line transaction coverage; this can be enhanced through dynamic logic. Financial transaction details represent the lowest level financial breakdown of a financial transaction. Each financial transaction detail is an amount with information needed for its financial processing. Financial transaction details are not updated in line with general accounting principles. Processing related information for a financial transaction detail is maintained in a corresponding 'Financial Transaction Detail Process Data' record. FieldReverse?DescriptionAmount Y The amount of the financial transaction detail Amount Curr The currency code of the amount Claim Line Code The code of the claim line, unique within a claim Component Code The code of the component, default the coverage label Component Display Sequence The sequence of the component for display purposes Financial Transaction Association to the financial transaction Number of Units Y The number of units Product Brand Code The code of the brand of the product Product Code The code of the product Sequence Number The unique identifier of the financial transaction detail within the financial transaction (generated sequence within parent) Financial Transaction Detail Process DataFinancial transaction detail process data records hold information that is added to financial transaction details for financial processing purposes. The purpose of these details is provide a specific place for information added / updated for processing purposes in order to maintain the integrity of the financial transaction as received from the source system. What are the elements of an insurance transaction?Because the law of contracts is used to interpret an insurance policy, the basic elements of contract (offer, acceptance, and consideration) must be present for a court to uphold an insurance agreement. The insurer offers indemnification, or "compensation for a past loss," as its part of the bargained-for exchange.
What are transaction definitions?According to the Transaction definition, it is a finalized agreement between a seller and a buyer for transferring goods, services, or financial assets in exchange for money is known as a transaction.
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