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|
Officials from oil distribution company Gulf Albania are under investigation for money laundering, media in Tirana reported on April 22. The owner of the group is Alexandre Gogokhia, a ... more
Albanian Defense Minister Olta Xhacka said that Tirana wants more investments by the US military industry in Albania, after a US company launched work on the installation of the Integrated ... more
Boyko Borissov, prime minister of the current EU Council chair Bulgaria, called on April 10 on the leaders of the Western Balkan countries to preserve peace and ... more