Insurance In The Baltic Countries, No 7 (Technical Report by Organisation for Economic Co-Operation and Development

By Organisation for Economic Co-Operation and Development

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Moreover, most of this volatility in CEE and the NIS can be attributed to a few host countries within the groupings. To be specific, for CEE, Bulgaria’s inflation rate hit its highest peak to date at 1,082% in 1997, while Romania had an average annual inflation rate of 63%, and Serbia and Montenegro of 56%, between 1996-2001. In the NIS, while Russia, Ukraine and Uzbekistan have each experienced double-digit inflation rates, the situation in Belarus remains problematic, with an average annual inflation rate of 116% for the period.

24 U‚‡hy ((! 16 (!! 32 U‚‡hy Gvsr '&& #%# (( ! 31 &"& ( "! 50 &%%! & $%&! "! !! 04 %%%! 32 I‚Gvsr ((' dollars are based upon the appropriate average annual exchange rates as reported by the EBRD.  Gross Premium Income (GPI) figures given in US T‚ˆ…pr†)ÃWherever possible the researcher has utilized data obtained directly from host country sources (local insurers’ association and/or the respective supervisory authority). 52 Gvsr Albania Armenia Azerbaijan Belarus Bosnia-Herzegovina Bulgaria Croatia Czech Republic U‚‡hy Gvsr U‚‡hy ‚sÃVTÃ9‚yyh…† I‚Gvsr ((% vÃ€vyyv‚†Ã ((& ([KLELW  3UHPLXP ,QFRPH LQ 86 'ROODUV E\ ,QVXUDQFH 7\SH LQ &(( DQG WKH 1,6  &RQW G C‚†‡Ã8‚ˆ‡…’ A second point that comes to light is that not only is the life insurance sector yet to take off in any great way in CEE and NIS countries, but it has yet to take firm root in many of them.

In Lithuania, the introduction of a mandatory funded second pillar is still pending, but is scheduled for 1 January 2004. In general, the second pillar is organized as a pool of assets managed by an asset management company. 37 The third (voluntary) pillar was introduced in Latvia and Estonia in 1998 and in Lithuania in 2000 by special legislative acts. The role of life insurance companies in the third (voluntary) pillar differs in the Baltic States. In Latvia, voluntary pension savings are legally assigned to the special financial institutions.

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