Albanian insurers’ gross premiums fall 4.9% in 2013.

By bne IntelliNews January 23, 2014

The gross written premiums collected by insurers operating on the Albanian market decreased by 4.9% y/y to ALL 8.5bn (EUR 60.3mn) in 2013, the Financial Supervisory Authority said.

The drop was due to a deteriorating performance in the general insurance segment, partly offset by higher premiums collected by life insurers. The number of policies in the life insurance segment increased by 7.2% y/y in the period, while the number of policies in the general insurance segment dropped by 7% y/y.

The premium income in the general insurance segment was down by 6.5% y/y and accounted for 88.7% of the overall market. Regarding types of premiums in the general insurance segment, strong declines were registered in third-party liability (down 18.6% y/y), general liability insurance (down 27.7% y/y) and accident insurance (down 10.1% y/y). Life insurance premiums were up 9.1% y/y and accounted for 11.3% of the total, up from a 9.9% share a year earlier.

Among the different market players in the non-life segment, the market leader Sigal Uniqa Group Austria registered a 6.5% y/y rise in premiums and boosted its market share by 4.2pps to 34.5% as of end-2013. Second raked insurer Eurosig, which saw a sizable 18.1% y/y increase in premium income last year. The company boosted its market share by 2.6pps y/y to 12.7% as of end-2013.

The youngest insurance company on Albanian market, Ansig more than doubled premiums in 2013, which was due to low base effects, as company launched activities in June 2012. Despite this, its market share increased by 3pps to 5.2% at end-2013.

Insurance premiums, 2013, ALL ‘000 
  Value Change, % y/y Share in total value
  2012 2013   2012 2013
Life Insurance  880,304 960,046 9.1 9.9 11.3
Sigal Life Uniqa Group Austria 450,359 579,983 28.8 51.2 60.4
Sicred 207,369 220,748 6.5 23.6 23.0
Insig 222,575 159,315 -28.4 25.3 16.6
Non-Life Insurance  8,041,200 7,521,570 -6.5 90.1 88.7
Sigal Uniqa Group Austria 2,439,108 2,596,530 6.5 30.3 34.5
Eurosig 809,740 956,528 18.1 10.1 12.7
Intersig VIG 738,528 816,148 10.5 9.2 10.9
Interalbanian VIG 953,687 680,657 -28.6 11.9 9.0
Sigma VIG 954,571 673,022 -29.5 11.9 8.9
Albsig 692,976 625,060 -9.8 8.6 8.3
Ansig 179,542 394,434 119.7 2.2 5.2
Insig 606,537 394,176 -35.0 7.5 5.2
Atlantik  666,510 385,016 -42.2 8.3 5.1
TOTAL  8,921,504 8,481,615 -4.9 100 100
Source: Financial Supervisory Authority 

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