Albanian insurers written premiums down 1% y/y in Jan-Aug 2012.

By bne IntelliNews September 26, 2012
The Albanian insurers reported a combined gross written premium income of ALL 5.8bn (EUR 41.7mn) in January to August 2012, down 1% on the year, the Financial Supervisory Authority said in a statement. The drop reflected a decline in the number of policies in both the general and the life insurance segments - by 7.1% y/y and 28% y/y, respectively. The premium income in the general insurance segment increased by 1.9% y/y and accounted for 90.3% of the overall insurance market. A total of nine non-life insurers are active on local market as one newcomer launched activities in late June 2012. On the other hand, life insurance premiums were down, by 22% y/y. They accounted for 9.7% of Jan-Aug total, down from 12.2% a year earlier. Regarding premiums in the general insurance segment, the steepest decline was registered in aircraft liability (down 80.5% y/y) and accidents insurance (down by 46.2% y/y). Premiums from third-party liability advanced by 4.7% y/y, offsetting the drop in the former two categories. Among the different market players, insurer Interalbanian, owned by Austrias VIG, saw a strong 37.7% y/y increase in non-life premium income. The company boosted its market share by 3.7pps y/y to 14.1% as of end-August, ranking the second largest in terms of income in the general insurance segment. By contrast, market leader Sigal lost 1.8pps of its market share (down to 30.6%) after its premium income registers a 3.9% y/y decline. VIGs two other Albanian general insurers, Sigma and Intersig, had a market share of 12.5% and 8.7%, respectively.
Insurance premiums, Jan-Aug, ALL 000
Value Change, % y/y Share in total value
2011 2012 2011 2012
Life Insurance 722,488 563,657 -22.0 12.2 9.7
Sigal Life Uniqa Group Austria 342,670 276,740 -19.2 47.4 49.1
Insig 171,734 168,043 -2.1 23.8 29.8
Sicred 208,085 118,874 -42.9 28.8 21.1
Non-Life Insurance 5,175,742 5,274,540 1.9 87.8 90.3
Sigal Uniqa Group Austria 1,678,942 1,614,187 -3.9 32.4 30.6
Interalbanian 540,104 743,656 37.7 10.4 14.1
Sigma Vienna Insurance Group 725,898 657,522 -9.4 14.0 12.5
Eurosig 378,886 473,103 24.9 7.3 9.0
Albsig 420,294 460,977 9.7 8.1 8.7
Intersig Vienna Insurance Group 494,313 458,229 -7.3 9.6 8.7
Atlantik 488,588 443,271 -9.3 9.4 8.4
Insig 448,717 382,828 -14.7 8.7 7.3
Ansig 40,767 0.8
TOTAL 5,898,231 5,838,196 -1.0 100 100
Source: Financial Supervisory Authority

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