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Kiril Boshov, CEO of Euroins Insurance Group and Eurohold Chairman of Management Board, in front of XPRIMM Media, Romania

March 10, 2022

Interview

Author: Andrea RADU

March, 2022

 

Our goal for 2022 is to reach over € 1 billion in GWP and to become prominent player on each market we operate

 

How would you characterize 2021 in terms of financial results and development of Euroins Insurance Group?

2021 was a very dynamic and successful year for Euroins Insurance Group. We have marked the year with many positive events for our Group, including Eurohold, the parent company of Euroins Insurance Group. After a very challenging 2020, extremely affected by COVID-19, we can say that  in 2021  we brought Euroins Insurance Group back on the path of growth and  we obtained over 700 million Euros in gross written premiums which represents an increase of almost 50% compared to the previous year affected by COVID-19. This is a record increase since the Group's establishment almost 25 years ago.

Another positive event is that this growth is due to all our operations in all the countries in which we operate. We had a very good growth in Romania, which will continue to be one of our major operations and also we have a growth in other important markets, such as Bulgaria, Greece, Poland - in all these countries we have an increase of over 30%. I can say that it has been a successful year, which lays a good foundation for 2022.

What is the focus of the Group for 2022?

In 2022 the Group will focus on consolidating operations in current markets and become a more visible and prominent player in each of them with a strong focus on profitability. The other goal is to reach over € 1 billion in gross written premiums. We will continue to focus on diversifying our portfolio and offering better products on all markets we are operating.

We are members of the European Travel Insurance Group, which is the union of the largest travel insurance operators. And through this cooperation, we are constantly expanding our travel insurance channels. We are leader on the Bulgarian market in travel insurance.

We have started to be active in other European  regions based on Freedom of Services  using the Bulgarian license. For example in 2020, during COVID-19, we launched a very profitable and important activity in the Netherlands, where we offer property insurance for our clients and the portfolio is already growing successfully.

What will be the impact of EBRD agreement on EIG activities?

We have very good cooperation with EBRD who bought 10% of the Euroins Insurance Group last year and invested, in the first stage, 20 million Euros and, in the second, 10 million euro. Most of the funds are used by Euroins Insurance Group to better capitalize our Romanian operations and for the Group itself. In addition, we expect this cooperation with the EBRD to bring significant additional benefits to the improvement of our corporate governance.  

An insurance company is like a very sophisticated mechanism. You can't achieve your goals unless you have the right team, the right strategy, the right product portfolio, the right shareholder structure, the right capitalization. I'd say all five elements are now in place in Romania, so that we can continue to offer better services and better products to our Romanian customers, so that, by the end of 2022, Euroins Romania to be recognized as one of the strongest and most reliable brands on the Romanian insurance market. This is our strategy for Romania.

You can watch the full interview in the video here

Kiril Boshov, CEO of Euroins Insurance Group

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