Albanian insurers written premiums remain flat y/y in Jan-Sep 2012.

By bne IntelliNews October 26, 2012
The Albanian insurers reported a combined gross written premium income of ALL 6.5bn (EUR 46.7mn) in January to September 2012, virtually unchanged on the year, the Financial Supervisory Authority said in a statement. However, the number of policies in both the general and the life insurance segments were still down - by 7% y/y and 24.4% y/y, respectively. The premium income in the general insurance segment increased by 3% y/y and accounted for 90.4% of the overall insurance market. A total of nine non-life insurers are active on local market after one newcomer launched activities in late June 2012. On the other hand, life insurance premiums were down 21.5% y/y. They accounted for 9.6% of Jan-Sep total, down from 12.3% a year earlier. Regarding premiums in the general insurance segment, the steepest decline was registered in aircraft liability (down 61% y/y) and accidents insurance (down by 45.9% y/y). Premiums from third-party liability advanced 8.4% y/y, offsetting the drop in the former two categories. Among the different market players, insurer Interalbanian, owned by Austrias VIG, saw a strong 33.5% y/y increase in non-life premium income. The company boosted its market share by 3.1pps y/y to 13.5% as of end-September, ranking the second largest in terms of income in the general insurance segment. By contrast, market leader Sigal lost 2.3pps of its market share (down to 30%) after its premium income registers a 4.4% y/y decline. VIGs two other Albanian general insurers, Sigma and Intersig, had a market share of 12.6% and 8.8%, respectively.
Insurance premiums, Jan-Sep, ALL 000
Value Change, % y/y Share in total value
2011 2012 2011 2012
Life Insurance 798,891 627,188 -21.5 12.3 9.6
Sigal Life Uniqa Group Austria 383,673 322,081 -16.1 48.0 51.4
Insig 180,795 175,483 -2.9 22.6 28.0
Sicred 234,423 129,625 -44.7 29.3 20.7
Non-Life Insurance 5,715,247 5,887,991 3.0 87.7 90.4
Sigal Uniqa Group Austria 1,848,167 1,767,596 -4.4 32.3 30.0
Interalbanian VIG 597,150 796,975 33.5 10.4 13.5
Sigma VIG 775,050 740,584 -4.4 13.6 12.6
Eurosig 452,102 560,727 24.0 7.9 9.5
Intersig VIG 551,436 517,421 -6.2 9.6 8.8
Albsig 463,776 515,663 11.2 8.1 8.8
Atlantik 557,192 499,543 -10.3 9.7 8.5
Insig 470,374 423,504 -10.0 8.2 7.2
Ansig 65,977 1.1
TOTAL 6,514,138 6,515,179 0.0 100 100
Source: Financial Supervisory Authority
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