Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%.

Albanian Competition Commission said it has approved the sale and transfer of 90% shares of the life insurer INSIG Jete (INSIG Life), from local insurer EUROSIG to two local businessmen: Shefqet KASTRATI and Samir MANE.

The Albanian insurance market reached over ALL 7,415 million (EUR 56 million) during the period January - June 2017, or 12.03% more compared with 1H2016, the Financial Supervisory Authority informed.

Albania's gross domestic product expanded by 3.94 percent in the first quarter of 2017 over the same three-month period of 2016, helped especially by a strong construction sector, the Institute of Statistics said on Friday.

Two of the country's biggest and richest entrepreneurs have diversified their investments in the insurance market.

The Albanian insurance market reached over ALL 3.45 billion (EUR 25.4 million) during Q1 2017, or 17.62% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.

Albanian insurer Eurosig is selling 90% of the life-insurance business of its wholly owned subsidiary Insig to two local entrepreneurs, Samir Mane and Shefqet Kastrati, according to media reports.

At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.

There are about 15,600 businesses registered for the first time in Albania's fiscal administration during 2016, the data published by the General Taxation Directorate showed Thursday.

The Albanian insurance market reached over ALL 10.8 billion (EUR 78.6 milion) for the period January - September 2016, or 7.2% more y-o-y, according to the quarterly market statistics published by AFSA - Albanian Financial Supervisory Authority. During the analysed period, the number of issued insurance contracts reached 808,881 showing a decrease of 0.4% y-o-y. The total of paid claims was about ALL 2.9 million or 27.8% more, compared to the period 3Q 2015.

Albanian insurers' gross written premiums rose 4.6% on the year, reaching 9.4 billion leks (68.4 milion euro) for the first eight months of 2016, the country's financial supervisory authority AMF said on Friday.

Albanian insurers' gross written premiums rose 3% on the year to 7.96 billion leks (64.9 million euro) in the first seven months of 2016, the country's financial supervisory authority said.

At the end of June 2016, the Albanian insurance market totalled ALL 6.62 billion (~EUR 48 million), 3% up y-o-y, while the total amount of paid claims was of ALL 1.89 billion (~EUR 14 million) - or 30% more y-o-y, according to the figures published by the local market authority.

The Albanian insurance market reached GWP of over ALL 2,939 million (EUR 21.2 million) for the period January-March 2016, or 2.70% less y-o-y. During the analysed period, the number of issued insurance contracts reached 222,422 showing a decrease of 1.29% y-o-y.

BFC was contracted by EFSE to conduct a feasibility study on the potential for agricultural insurance products and services, particularly in rural areas of Albania and Bosnia.

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 million euro).

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.