Albanian insurers' Q1 premiums down 15.7% y/y.

By bne IntelliNews April 27, 2012
The gross premium income collected by insurers operating on the Albanian market decreased by 15.7% y/y to ALL 1.88bn (EUR 13.4mn) in Q1 2012, the Financial Supervisory Authority said. The drop reflected a decline in the number of policies in both general and life insurance segments, which fell by 25.6% y/y and 34.3% y/y, respectively. General insurance premium income dropped by 17.2% y/y and accounted for 86.4% of the overall. Life insurance premiums were also down by 4.9% y/y. They accounted for 13.6% of total in Q1 2012, up from 12% a year earlier. Regarding premiums in the general insurance segment, the most pronounced drop was registered in accidents insurance (down by 60.4% y/y), insurance against fire and natural forces (down by 31.9% y/y) and motor third-party liability (down by 11.9% y/y). Among different market players, insurer Interalbanian saw a strong 62% y/y increase in premium income. The company has raised its market share by 9pps y/y to 18.5% at end-March and ranked as second largest in terms of income. By contrast, market leader Sigal witnessed the largest decrease of 33.9% y/y. It lost 7.5pps of its market share, which stood at 29.8% at end-March 2012.
Insurance premiums, Q1, ALL 000
Value Change, % y/y Share in total value
2011 2012 2011 2012
Life Insurance 268,875 255,706 -4.9 12.0 13.6
Sigal Life Uniqa Group Austria 124,890 99,147 -20.6 25.8 38.8
Insig 69,259 83,527 20.6 46.4 32.7
Sicred 74,726 73,032 -2.3 27.8 28.6
Non-Life Insurance 1,964,805 1,626,477 -17.2 88.0 86.4
Sigal Uniqa Group Austria 733,490 484,799 -33.9 37.3 29.8
Interalbanian 185,445 300,447 62.0 9.4 18.5
Sigma Vienna Insurance Group 243,787 179,517 -26.4 12.4 11.0
Eurosig 134,802 139,040 3.1 6.9 8.5
Atlantik 175,476 136,000 -22.5 8.9 8.4
Intersig Vienna Insurance Group 181,816 131,847 -27.5 9.3 8.1
Albsig 137,247 128,305 -6.5 7.0 7.9
Insig 172,742 126,522 -26.8 8.8 7.8
TOTAL 2,233,681 1,882,184 -15.7 100 100
Source: Financial Supervisory Authority
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