Albania
ALBANIA, 1Q2012: GWP falls 15.7%
Albanian insurers' premiums revenues for the period January-March 2012 were about ALL 1.88 billion (EUR 13.41 million), or 15.74% less than January-March 2011, according to Albanian Financial Supervisory Authority (AFSA). "The major impact in this decrease of total gross written premium had compulsory motor insurance Green Card and accidents, with about 83% of the total decrease", showed an AFSA press release.
11 July 2012ALBANIA: Insurers' Premium Income Falls 6.8% in Jan-May
Albanian insurers' premium revenues fell by 6.8% on the year to about 3.4 billion leks ($30.7 million/24.6 million euro) in the first five months of 2012, official statistics indicated.
3 July 2012ALBANIA: Insurance market down 25% in Jan-Feb 2012
Albania's insurance market shrank by 24.61% in the first two months of 2012, according to Albania's Financial Supervisory Authority.
10 April 2012ALBANIA: Retirement Age Increase One of the Options for Pension Reform in Albania
The World Bank, which is assisting the Albanian government regarding the pension reform, has signaled that the increase of the retirement age could be one of the best options to tackle the problem.
22 March 2012ALBANIA: Business Consultative Council Meets on Insurance, VAT Draft Laws
The Business Consultative Council chaired by Albania's Minister of Economy Nasip Naco met on Tuesday to discuss about two important draft laws such as that on insurance and VAT in Albania.
15 March 2012ALBANIA: 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.
15 March 2012ALBANIA: 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.
28 February 2012ALBANIA: Insurance Market Plummeted in January 2012
Albania's insurance market suffered a sharp decline by 31.82% in January 2012, according to Albania's Financial Supervisory Authority.
28 February 2012ALBANIA: Competition Authority to investigate compulsory vehicle insurance rates
Albania's competition watchdog will launch an investigation regarding the sudden increase of car insurance rates to establish whether insurance companies in Albania have conspired to fix prices, local media reports.
14 February 2012ALBANIA, 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.
10 February 2012ALBANIA: Insurance Market Registered Modest Growth in 2011
The total insurance premium volume in Albania rose slightly to 7.7
billion ALL in the period January - November 2011 registering an
increase of 5.3% compared to the same period a year ago, Tv Scan
reported on Monday.
27 December 2011ALBANIA: Insurance Companies in Albania Paid Out Less in Claims in 2011
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.
15 December 2011ALBANIA: Liberalization of Compulsory Motor Insurance Leads to Lower Revenues for Insurance Companies
The liberalization of tariffs regarding the compulsory vehicle insurance has led to lower revenues for insurance companies operating in the Albanian market. The total compulsory vehicle insurance premiums in the period January-September 2011 were ALL 3,009 million, down 7.82% compared to the same period the previous year, according to Albania's Financial Supervisory Authority.
9 November 2011ALBANIA: 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.
1 November 2011Exchange 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.
13 October 2011Albanian 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.
30 August 2011New 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.
29 August 2011ALBANIA: 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.
15 August 2011ALBANIA: 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%.
15 August 2011ALBANIA: 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.
15 August 2011
