Albania

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe, bordering the Adriatic Sea and Ionian Sea;
- Neighbours: Greece, Montenegro, Kosovo, Serbia, Macedonia.

Climate:
- mild temperate;
- cool, cloudy, wet winters;
- hot, clear, dry summers;
- interior is cooler and wetter.

Natural hazards:
- destructive earthquakes;
- tsunamis occur along southwestern coast;
- floods;
- drought.


Macro indicators (* 2018 estimates)
Surface:28,748km2
Population*:2.9million
Pop. density*:99.8people/km2
GDP*:13.4EUR billion
GDP/capita*:4,648.9EUR

European Union:
Official candidate


Currency: Lek
Code: ALL
Since: 1926

Exchange rates at December 31st:

1 EUR = 123.42 ALL (2018)
1 EUR = 132.95 ALL (2017)
1 EUR = 135.23 ALL (2016)
1 EUR = 137.28 ALL (2015)
1 EUR = 140.14 ALL (2014)
1 EUR = 140.20 ALL (2013)
1 EUR = 139.59 ALL (2012)
1 EUR = 138.93 ALL (2011)
1 EUR = 138.77 ALL (2010)


Sources:





 


Statistics

Abania 1Q2019 Market Portfolio

Albania 1Q19 Insurance Companies Ranking


See all statistics

Latest news



ALBANIA: Auto Insurance Rates to Undergo Reform

Auto insurance rates in Albania will undergo reform in upcoming months and they will be depending on factors related to the degree of vulnerability for an accident, Top Channel reported on Tuesday referring to Albania's Financial Supervisory Authority.

ALBANIA: Car Registration Procedures Made Easier

Albania's Ministry of Transportation has facilitated the procedures for registering a motor vehicle in the country, local media reports. The only required documents now are the ownership certificate and the ID card. The law took effect on February 13, 2012.



ALBANIA, FY2011: GWP over the EUR 60 million threshold

Albania's insurance market grew in local currency 2.3% in 2011 compared to the previous year (excluding reinsurance written premiums), according to data published by Albania's Financial Supervisory Authority (AFSA). In European currency, insurance premium revenues were about EUR 60.01 million. At the same time, the number of insurance contracts was of 1,306,602, up by 77.5% compared with year 2010.


The total insurance premium volume rose slightly to 7.1 billion ALL in the period January - October 2011, up 4.5% compared to the same period in 2010. The liberalization of tariffs regarding the compulsory vehicle insurance has contributed to the sluggish growth of the Albanian insurance market.


ALBANIA: More than 5% market increase in 3Q 2011

Insurance premium revenues in January - September 2011 were about ALL 6.52 billion (EUR 46.27 million), or 5.2% (in local currency) more than the same period in 2010, according to Albania's Financial Supervisory Authority.

Exchange of experience in Tirana between supervisory authorities from 10 countries

Albanian Financial Supervisory Authority (AFSA) in cooperation with the Hungarian Financial Supervisory Authority (HFSA), held on October 10th-11th, in Tirana, the second regional meeting with the Insurance Supervisors from Central Europe, Eastern and South-Eastern Europe countries (CESEE). The meeting had a wide presence from homologue supervisory authorities from Albania, Austria, Hungary, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia and Slovakia.

Albanian market grew by 5% in 1H/2011

The first six months of this year marked a 5% increase for the Albanian insurance market, the total volume of underwritings reaching about EUR 30.4 million, according to preliminary results released by the Albanian Financial Supervisory Authority.

New acquisitions in Albania for VIG

VIG signed last week an agreement to acquire a majority share in the Albanian insurance company INTERSIG. As a result of this transaction, subject to official approval, VIG will acquire 75% of the shares plus one share of the company from private ownership. The parties have agreed not to disclose the purchase price.

ALBANIA: Insurance Market in Albania Is Becoming Less Concentrated

The top three insurance companies that operate in Albania accounted for 58% of the insurance market for the first five months of this year, down from 60% they occupied a year ago. Sigal Uniqa Group Austria continued to be the company with the biggest share of the market, respectively 35%, followed by Sigma Vienna Insurance Group with 13.6% and Interalbanian with 9.7%.

ALBANIA: Compulsory Vehicle Insurance in Albania Liberalized

Albania's Parliamentary Committee on the Economy approved on Tuesday changes to the law on compulsory auto insurance, which were aimed at liberalizing the market, Tv Klan reports. According to the changes, insurance companies in Albania will be allowed to set prices independently based on the market.

ALBANIA: Insurance Market Grew 8.5% in H1

Albania's insurance market grew by 8.5% in the first half of 2011. According to data published by Albania's Financial Supervisory Authority, the premium volume of the Albanian insurance market totaled 4.3 billion Leks in the period between January and June 2011.