The insurance premium revenues for the period January-June 2012 were about ALL 4.07 billion (EUR 29.5 million), or 5.56% less in local currency as compared to the same period last year, announced the Albanian Financial Supervisory Authority. During this reporting period, the number of concluded insurance contracts was 469,449 or 25.40% less, compared to the similar period of 2011. The market continued to be dominated by non-life insurance, which contributed with 88.63% of the total premium volume. Life insurance market's share was 11.26% (reaching about ALL 459 million or 10.66% less than January-June 2011) and reinsurance was 0.10% of the total premium volume, informed the market supervisory authority from Tirana.
During the first half of 2012, the total paid claims were about ALL 1.50 billion (EUR 10.9 million), showing a nominal increase in ALL of 35.96% compared to 1H2011. Most of the gross paid claims were related to motor insurance, reaching about ALL 1.05 million (EUR 7.6 million) or 69.63% of total gross paid claims.
According to the data, Albanian insurance market is dominated by the Austrian insurance group UNIQA. On the life insurance segment, the first position is held by SIGAL Life UNIQA Group Austria - EUR 1.4 million (41.8% market share). At the same time, on the general insurance segment, the leader is SIGAL UNIQA Group Austria, with underwritings amounting EUR 8.3 million (31.8% market share). The figures shows that the local subsidiary of UNIQA leads the motor, property, accidents and health insurance lines.
In 1H2012, 10 players operated in the Albanian insurance market, two of these specialized on life segment (SICRED and SIGAL Life UNIQA Group Austria), seven non-life insurers, and one (INSIG) on both market segments.
Access www.xprimm.com and download the 1H2012 Albanian insurance market statistics.
Market indicators (in EUR and ALL):
- GWP
- Claims
- Growth rates
- Portfolio
- Life
- Non-life
- Motor
- Property
- Accidents and health
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