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
The insurance premium revenues for January-September 2014 were about ALL 8,585 million (EUR 61.4 million), or 45.21% more compared to the January-September 2013, Albanian Financial Supervisory Authority (AFSA) informed. Payment of claims, during the period January-September 2014, increased by 1.40% compared to January-September 2013. Most of the gross paid claims were related to motor insurance, about ALL 1,662 million (EUR 11.9 million) or 83.08% of total gross paid claims.
The European Bank for Reconstruction and Development (EBRD) is extending
a 100 million euro (about 127 million U.S. dollars) stand-by credit
line to the Albanian Deposit Insurance Agency (ADIA) to strengthen the
stability of Albania's banking system.
For the first six months of the current year, Albanian insurers reported gross written premiums of ALL 5.32 billion (~EUR 38 million), 34.6% more y-o-y, the official statistics published by Albanian Financial Supervisory Authority (AFSA) indicated. The number of new insurance contracts decreased by 1.34% y-o-y to 447,244 through June, AFSA noted in a statement.
World Bank (WB) will launch an assistance project to support Albanian
Financial Supervisory Authority (AMF) in reforming the country's
insurance market, official sources said Monday.
According to the Albanian FSA - the insurance premium revenues for January-March 2014 were about ALL 2,640 million (~EUR 18.8 million), or 26.61% more y-o-y. At the same time, during the analyzed period, the number of signed insurance contracts was 204,660, showing a decrease of 12.08% compared to January-March 2013. The market continued to be dominated by non-life insurance (89.36% of the total premium volume). The life insurance market held 10.06% and reinsurance - 0.58%.
Albanian insurance market totaled ALL 8.53 billion (EUR 60.88 million) at the end of 2013, or 4.63% less y-o-y, according to the preliminary financial data published by the Albanian Financial Supervisory Authority (FSA). The downward trend was felt in the decrease of the number of insurance contracts, which showed a 5.87% decrease y-o-y to 995,732.
Albanian insurance companies posted gross written premiums for the period January-September 2013 of ALL 5.92 billion (EUR 41.9), or a 9.28% decrease compared to the same period last year, according to data provided by the Albanian Financial Supervisory Authority. During the analyzed period, the number of signed insurance contracts was 757,328 showing a decrease of 3.05% y-o-y.
As disasters continue to cost Albania dearly the country is cooperating
on the launch of an innovative regional insurance scheme to complement a
stronger domestic approach to disaster risk management.