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|
|Sigal Life Uniqa Group Austria||450,359||579,983||28.8||51.2||60.4|
|Sigal Uniqa Group Austria||2,439,108||2,596,530||6.5||30.3||34.5|
|Source: Financial Supervisory Authority|
Albanian opposition parties have asked for a referendum to be held to end a six-year debate on whether the country should permit waste imports. The ... more
Members of Albania’s main opposition Democratic Party (DP) that have been excluded from the party by its leader Lulzim Basha plan to establish a new political movement, local media reported on ... more
The new Albanian cabinet plans to drastically slash the number of employees in the public administration to make it more efficient. Prime Minister Edi Rama recently ... more