ECONOMY

Marfin and CNP set insurance goals

Marfin Insurance Holdings, 50.1 percent-held by France’s CNP Assurances, is aiming to increase its market share in Greece sixfold within five years as it eyes opportunities in the broader region, the company said yesterday. CNP Assurances agreed last year to buy a majority stake in the holdings group, which transferred all of Marfin Egnatia Bank’s insurance operations, for 145 million euros. The agreement came into effect as of this year. The holdings group, present also in Cyprus, will aim to boost its Greek market share to about 5 percent from 0.85 percent currently. «Our target is to achieve this in the next three to five years,» said Marfin Insurance Holdings CEO Takis Phidia. Greece’s insurance sector has considerable growth potential, according to company officials. The amount of money spent on insurance premiums in France reached 10 percent of gross domestic product (GDP) in 2007, versus 2 percent in Greece. In Italy, the figure stood at 6.4 percent. The two companies are also examining entering the Eastern European market, in which Marfin Investment Group has a presence. «In 2009, the target is to place an emphasis on Greece and then examine the possibilities of expansion abroad,» added Phidia.