A conversation with Mr Maarten Dickshorn, EUREKO general executive. By Albena Alexieva, INSURANCE.BG
Mr Dickshorn, what is the purpose of your visit in Bulgaria?
I was appointed EUREKO general executive and my objective is to visit group companies at least once a year. I am here for the first time and I can tell that I am really surprised with the progress you are making. I hope Bulgaria will be an EU member on my next visit.
EUREKO is a European insurance group- the owner of “Interamerican Bulgaria” Insurance Company. Where does our country stand as far as European insurance is concerned?
That is a difficult question. Bulgarian and European market, and the Dutch market in particular, cannot be compared on one and the same scale. It is like that because the premium income of the whole Bulgarian market amounts about 500 000 million euros while the Dutch annual premium income is 50 billion euros. But still the Bulgarian market is dynamic and is developing quickly. Development rates in Bulgaria are higher than those of Holland. This is “green area” that is why EUREKO is willing to participate on the Bulgarian market.
If these are the assets of our development, what are the faults?
I would not callit a definite fault, but more could be done as far as third party motor liability is concerned, because the insurance percentage is quite low given that it is obligatory. Antecedence should be attributed to health insurance and superannuation funding. The life insurance market is the widest- in 15 years’time it will be the most developed insurance branch.
In what way will the insurance market change once we join the EU?
I think this will be of advantage to your economy. Your EU membership will be only positive. In Spain and Greece, for example, there is a lot of investment in the infrastructure. There will be new insurance regulations which will boots the markets development.
You are superintending “Interamerican Bulgaria” now when all annual financial reports are already known. How would you comment the company’s market share and position?
I can give two answers. Yes, “Interamerican” is profitable, which is good foe a “green area”, but I am not satisfied with the development pace. Investment in the name itself is needed, so customers be more familiar with it.
What will you priorities be in order to accomplish these goals?
First of all we intend to enter the health insurance market. We are the biggest health insurer on the Dutch market managing state funds as well as voluntary ones. We are quite experienced and even countries like Germany are being consulted by EUREKO. We have a lot to offer in Bulgaria as well- privatization of a great part of the health insurance business and leaving a small part to be managed by the state. It will be beneficial for Bulgaria to have state health insurance run by private companies. This will provide better health services for the Bulgarian citizens in general.
Presently there is state as well as private health insurance. But healthcare is one of the most problematic fields. Is it now the time for investment?
Now is the best time since EUREKO can advise and support the Bulgarian government on solving these problems.
What do you intend to do- buy companies or establish a new one?
Both.
There 12 private health insurance companies and a National Health Insurance Fund.
Yes, but if the state is to divide real competition will come into being. The rest, 12 private companies are very small- they have an income of 10 million euros, so that decisive step is logic.
In other words you suggest a new health insurance model?
Exactly. If private companies run state funds this will eventually lead to the development of solid private health care funds.
What is the model you actually suggest?
The state is to license a certain number of private companies to run its funds. Thus competition will come into being and customers will get better services. But the state will be in charge.
What about superannuation funding?
Superannuation funding and life insurance are very interesting markets. Presently “Interamerican Bulgaria” has a well- advanced network suggesting development in life insurance.
Are you interested in buying a life insurance company?
Yes, if that is a way of adding to “Interamerican Bulgaria”.
What about general insurance companies?
Give company names and I will contact them.
In a previous interview Mr Ernst Yansen said for INSURANCE.BG that you have not found a fitting partner bank here, in Bulgaria? Has that changed?
That is very serious matter. And still there is no change.
Will you expand your business in other countries besides Bulgaria and where?
Let us leave something for next year… Of great importance to us was that we managed to deal with the Polish government and now EURIKO holds 32% of the Polish PZU leading insurance corporation. We
can still obtain 21% more. If we succeed in that then will be the major insurer in all Central and Eastern Europe which is of great importance to us.
