At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.
There are about 15,600 businesses registered for the first time in Albania's fiscal administration during 2016, the data published by the General Taxation Directorate showed Thursday.
The Albanian insurance market reached over ALL 10.8 billion (EUR 78.6 milion) for the period January - September 2016, or 7.2% more y-o-y, according to the quarterly market statistics published by AFSA - Albanian Financial Supervisory Authority. During the analysed period, the number of issued insurance contracts reached 808,881 showing a decrease of 0.4% y-o-y. The total of paid claims was about ALL 2.9 million or 27.8% more, compared to the period 3Q 2015.
Albanian insurers' gross written premiums rose 4.6% on the year, reaching 9.4 billion leks (68.4 milion euro) for the first eight months of 2016, the country's financial supervisory authority AMF said on Friday.
Albanian insurers' gross written premiums rose 3% on the year to 7.96 billion leks (64.9 million euro) in the first seven months of 2016, the country's financial supervisory authority said.
At the end of June 2016, the Albanian insurance market totalled ALL 6.62 billion (~EUR 48 million), 3% up y-o-y, while the total amount of paid claims was of ALL 1.89 billion (~EUR 14 million) - or 30% more y-o-y, according to the figures published by the local market authority.
The Albanian insurance market reached GWP of over ALL 2,939 million (EUR 21.2 million) for the period January-March 2016, or 2.70% less y-o-y. During the analysed period, the number of issued insurance contracts reached 222,422 showing a decrease of 1.29% y-o-y.
BFC was contracted by EFSE to conduct a feasibility study on the
potential for agricultural insurance products and services, particularly
in rural areas of Albania and Bosnia.
Albania's government said it chose local non-life insurance company Eurosig as the buyer of 100% of life and non-life insurer Insig for 2.2 billion leks (15.9 million euro). The buyer should transfer the agreed price within 30 days of the decision's publication in the Official Gazette, the government said in a notice published on its website on Wednesday.
Albanian finance ministry said it has received four offers in a tender
for the privatisation of 100% of the country's former insurance monopoly
INSIG, with the highest bid standing at 2.2 billion Albanian leks (16
Year 2015 ended for the Albanian insurance market with GWP of EUR 102.6 million, 23.7% up y-o-y and a total amount of paid claims of EUR 26.5 million, almost 31% up y-o-y.
The Albanian government is making a new attempt to privatize INSIG, offering the whole state owned package of shares for EUR 15.3 million. There were several other tenders opened in the past with the same purpose, the highest being placed in 2009 by American Reserve life Insurance, amounting to EUR 25 million for 61% of the share capital. At the time the sale failed because of the financial crisis.
Albanian's insurance market uptrend continued in the third quarter of 2015, with GWP increasing by about 17% y-o-y, to ALL 10.07 billion (EUR 71.76 million). However, as compared with the results reported in the previous quarters, the market dynamic is slowing down, as the impact of the strong increase in the MTPL prices is somehow dissipating after more than one year from the FSA's corrective measures enforcement.
The Albanian insurance market closed the first half of 2015 with GWP amounting to EUR 45.8 million (or ALL 6.42 billion) 20.9% up y-o-y. According to the Albanian FSA data, the number of issued insurance contracts reached 488,172 showing an increase of 9.15% y-o-y.
The combined premium income of Albanian insurers rose by an annual 21% to some 7.7 billion leks in the seven months through July, official statistics indicated.
The Albanian insurance market reached ALL 3.02 billion (EUR 21.53 million) in the January-March 2015 period, or 14.41% more y-o-y, the official statistics published by the Albanian Financial Supervisory Authority - AFSA indicated. The value of claims paid by local insurers increased by 18.61%, to ALL 705.51 million.
The Vienna Insurance Group (VIG) said its gross written premiums from operations in Albania rose 40.4% in 2014. VIG
said on Tuesday it achieved a double-digit increase in premiums of
14.5% in local currency in its Remaining markets region, comprising
Albania, Bosnia and Herzegovina, Bulgaria, Germany, Estonia, Finland,
Georgia, Croatia, Hungary, Lithuania, Latvia, Moldova, Macedonia,
Serbia, Turkey, and Ukraine.
The combined premium income of Albanian insurers rose by an annual 18.8%
to about 1.2 billion leks in January, official statistics indicated. The
number of signed insurance contracts increased by 2.1% year-on-year to
74,401 in January, the Albanian Financial Supervisory Authority said in a
statement published on Wednesday on its website.
Albanian insurers reported gross written premiums of ALL 11.6 billion (EUR 83 million) at the end of 2014, or 36.2% more y-o-y, being strongly influenced by the positive growth rates recorded by the three compulsory motor classes: DMTPL (+89%), Green Card (+57%) and Border policies (+50%). At the same time, the aggregate value of paid claims was approximately ALL 2.8 billion (EUR 20 million) or 4.7% more compared with FY2013, according to the financial data published by the Albanian Financial Supervisory Authority (AFSA). "The number of issued insurance contracts reached 1,032,554 showing an increase of 3.69% compared to last year", the AFSA said in a statement published on its website.
In its plenary session, the Albanian Parliament approved today, on 24
December 2014, three nominees as the Board members of Financial
Supervision Authority (FSA). With the majority of votes were
approved Mrs. Enkeleda Shehi, Mrs. Mimoza Kaci and Mr. Arjan Salati as
members of the Board of FSA. Mrs. Enkeleda Shehi, proposed by the
Council of Ministers, will hold the position of Executive General
Director. Mrs. Mimoza Ka