Albanian insurers written premiums rise 4.4% y/y in Jan-Oct 2012.

By bne IntelliNews November 26, 2012
The Albanian insurers reported a combined gross written premium income of ALL 7.4bn (EUR 52.9mn) in January to October 2012, up 4.4% y/y, the Financial Supervisory Authority said in a statement. The positive outcome was due to an improved performance in the general insurance segment. However, the number of policies in both the general and the life insurance segments were still down - by 6.7% y/y and 20.1% y/y, respectively. The premium income in the general insurance segment increased by 7.8% y/y and accounted for 90.5% 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 19.4% y/y. They accounted for 9.5% of Jan-Oct total, down from 12.3% a year earlier. Regarding types of premiums in the general insurance segment, the steepest decline was registered in aircraft liability and accidents insurance. Premiums from third-party liability advanced 13.4% y/y, offsetting the drop in the former two categories. Among the different market players, insurer Interalbanian, owned by Austrias VIG, saw a strong 32.2% y/y increase in non-life premium income. The company boosted its market share by 2.4pps y/y to 12.7% as of end-October, ranking the second largest in terms of income in the general insurance segment. By contrast, market leader Sigal lost 1ppt of its market share (down to 31.6%) despite its premium income registers a 4.5% y/y rise. VIGs two other Albanian general insurers, Sigma and Intersig, had a market share of 11.9% and 8.7%, respectively.
Insurance premiums, Jan-Oct, ALL 000
Value Change, % y/y Share in total value
2011 2012 2011 2012
Life Insurance 869,821 701,369 -19.4 12.3 9.5
Sigal Life Uniqa Group Austria 423,921 363,116 -14.3 48.7 51.8
Insig 186,621 196,472 5.3 21.5 28.0
Sicred 259,279 141,781 -45.3 29.8 20.2
Non-Life Insurance 6,205,729 6,688,411 7.8 87.7 90.5
Sigal Uniqa Group Austria 2,021,750 2,112,784 4.5 32.6 31.6
Interalbanian VIG 643,596 851,110 32.2 10.4 12.7
Sigma VIG 840,447 798,011 -5.0 13.5 11.9
Eurosig 495,583 629,841 27.1 8.0 9.4
Albsig 503,370 580,419 15.3 8.1 8.7
Intersig VIG 594,324 579,972 -2.4 9.6 8.7
Atlantik 610,001 559,831 -8.2 9.8 8.4
Insig 496,659 471,080 -5.2 8.0 7.0
Ansig 105,362 1.6
TOTAL 7,075,550 7,389,780 4.4 100 100
Source: Financial Supervisory Authority
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