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'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'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.

The Albanian government decided this week to liberalize insurance premium rates regarding the compulsory motor vehicle insurance.

After several failed attempts to sell Albania's state-owned insurance company INSIG, the Albanian government has decided to make changes to the law on the privatization of the company by removing the minimum bid requirement, Top Channel reports.

Albania's government will offer for sale up to 100 percent of state-owned insurer INSIG after its last U.S. buyer backed out of a deal two years ago, a government official said on Thursday reports Reuters.

After several failed attempts for the privatization of Albania's state-owned insurance company, the Albanian government decided to change the privatization formula this week, daily Panorama reports. The changes in the form and formula for the privatization of INSIG come as a result of reportedly positive signals for its sale.

The end of last week had scheduled the signing of the agreement regarding the acquisition of the Albanian insurance company ALBSIG by the Slovenian insurance group TRIGLAV. So far, TRIGLAV held 9.9 percent of the ALBSIG shares, but "this figure will be increased to at least 50% in the next period", according to Slovenian publication FINANCE.

The UNIQA Group will acquire another 23% of the shares of the Albanian insurance company SIGAL, that will increase its share in the Albanian market leader to 68.7%. The agreements with the former shareholders were signed on Wednesday, 11 November 2009, in Tirana, according to UNIQA officials.