During January-September 2012, the Albanian insurance market experienced a decrease of 0.18% to ALL 6.52 billion, according to data provided by the Albanian Financial Supervisory Authority. In European currency, due to the appreciation of ALL in relation to EUR, the local insurance market reported a 0.36% increase to EUR 46.50 million.

Insurance companies pay fewer damages to citizens compared to the cashed premiums. The instant payment of the damage is 36 percent of the total of premiums that insurance companies benefit. Mati Pepa, deputy director of the Financial Supervisory Authority (FSA) in an interview for AS, explains the premium-damage ratio in the insurance market.

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.

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.

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.

Albania's insurance market shrank by 24.61% in the first two months of 2012, according to Albania's Financial Supervisory Authority.

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.

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.

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'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's insurance market suffered a sharp decline by 31.82% in January 2012, according to Albania's Financial Supervisory Authority.

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.

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 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.

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.

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.

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.

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.

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.

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.