STATISTICS: ALBANIA: Paid claims and indemnities expanded by a quarter during 2018
The Albanian insurance industry totaled over ALL 16.19 billion (~EUR 136.7 million) at the end of 2018, or 4.7% more y-o-y. The number of issued insurance contracts reached 1,309,143 showing a y-o-y increase of 5.89%, according to data published by the Albanian Financial Supervisory Authority (AFSA).
STATISTICS: ALBANIA timeline 2008 - 2017: the market increased twofold, but life insurance remained underdeveloped
The Albanian insurance market grew between 2008-2017 on all segments, both in GWP and in paid claims terms. There is only one exception to this generalized upward trend, that is, the indemnities paid chapter on the property class " fire and allied perils insurance", which dropped 18.04%.
STATISTICS: ALBANIA 3Q2018: motor insurance lines' market weight increased to nearly 70%
Albanian insurers have reported GWP worth EUR 98.7 million (ALL 12.46 billion) in 3Q2018, up by 9.73% y-o-y. For the same period, paid claims have decreased by 3.12% y-o-y, to EUR 26.86 million. The local subsidiaries of the Austrian group UNIQA lead both the life and non-life insurance segments.
STATISTICS: ALBANIA, 1H2018: domestic mandatory motor TPL insurance reins the market, increasing its weight by 2 pp
The about 5% appreciation of the Albanian Lek against EURO has favored the market results denominated in European currency, showing a higher growth rate than in local currency. Thus, in EUR, GWP increased overall by 9.43%, to EUR 61.2 million.
Albania: Insurance market on positive track after the first five months of the year
GWP written for the first five months (January to May) 2018 by Albanian insurers amounted to over ALL 6,277 million, or 3.01% more y-o-y, while the number of related insurance contracts reached to 462,260 with an increase of 7.30% y-o-y, Albanian FSA data show.
STATISTICS: ALBANIA, 1Q2018: Slight increase in GWP and number of policies
The Albanian insurance market reached over ALL 3.55 billion (EUR 27.2 million) during Q1 2018, or 2.53% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.
STATISTICS: Albania, 2017: UNIQA units have the largest market share on all major business lines
The Albanian insurance industry amounted over ALL 16.19 billion (~EUR 122 million) at the end of 2017, or 5.38% y-o-y. During the analysed period, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016.
Albania takes steps to improve households' and businesses' insurance coverage against floods
Albania will undertake a legal initiative to insure households and businesses from floods, the country's Prime Minister Edi Rama announced on Manday, reads xinhuanet.com.
STATISTICS: ALBANIA 3Q2017: Double-digit increase in GWP, claims and the number of issued contracts
Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%.
Albania: the Competition Commission authorized the sale of INSIG Life
Albanian Competition Commission said it has approved the sale and transfer of 90% shares of the life insurer INSIG Jete (INSIG Life), from local insurer EUROSIG to two local businessmen: Shefqet KASTRATI and Samir MANE.
ON THE MOVE
Bulgaria: Boiko ATANASSOV appointed as FSC's head
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
TALANX announced finalization of generational renewal at Board level
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
New appointments within SCOR Global P&C; Michel BLANC is the new CEO of Reinsurance
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
ASIROM VIG names Wolfgang HAJEK new CFO
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
Conclusions: TBILISI - the first Georgian International Insurance Conference
The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Did you book your seat at one of the key European events dedicated to property and cyber insurance?
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.