Albanian insurers premiums shrink 31.8% y/y in Jan 2012.

By bne IntelliNews February 27, 2012
The gross premium income collected by insurers operating on the Albanian market decreased by 31.8% y/y to ALL 584.5 (EUR 4.2mn) in January 2012, the Financial Supervisory Authority said. The drop reflected the decline in the number of policies in both general and life insurance segment, which fell by 13.5% y/y and 32.5% y/y, respectively. General insurance premium income dropped by 35.3% y/y and accounted for 80% of the overall. Life insurance premiums were also down by 13.1% y/y. They accounted for 20% of total in January, up from 15.8% a year earlier. Regarding premiums in general insurance segment, the most pronounced drop was registered in accidents insurance (down by 59.2% y/y), motor third-party liability (down by 30.2% y/y) and insurance against fire and natural forces (down by 45% y/y). All general insurance companies witnessed annual decline in revenues in January, with Albanias leading market player Sigal posting the largest decrease of 48.3% y/y. It lost 8.4pps of its market share, which stood at 33.4% at end-January.
Insurance premiums, January, ALL 000
Value Change, % y/y Share in total value
2011 2012 2011 2012
Life Insurance 135,219 117,542 -13.1 15.8 20.1
Sigal Life Uniqa Group Austria 43,974 32,491 -26.1 39.6 27.6
Sicred 37,748 32,941 -12.7 27.9 28.0
Insig 53,497 52,110 -2.6 32.5 44.3
Non-Life Insurance 721,989 466,913 -35.3 84.2 79.9
Sigal Uniqa Group Austria 301,413 155,838 -48.3 41.7 33.4
Sigma Vienna Insurance Group 92,216 62,308 -32.4 12.8 13.3
Interalbanian 70,657 52,663 -25.5 9.8 11.3
Atlantik 54,187 45,653 -15.7 7.5 9.8
Eurosig 48,935 42,355 -13.4 6.8 9.1
Intersig 63,833 37,808 -40.8 8.8 8.1
Albsig 46,685 37,373 -19.9 6.5 8.0
Insig 44,063 32,914 -25.3 6.1 7.0
TOTAL 857,208 584,454 -31.8 100 100
Source: Financial Supervisory Authority
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