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.
|
Albania has called a tender to select a company to supervise the construction and supplies for a sewerage system and waste water treatment plant in Velipoja area, the European Commission informed ... more
The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press ... more
The economy and finance committee of Albanias Parliament has approved a EUR 12.7mn loan from the European Bank for Reconstruction and Development (EBRD) to be used to fund a project for upgrading ... more