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.

MTPL remains the most important product sold on the market, while on the life insurance side, debtors' life is the main product, where banks are the beneficiaries. According to Enkeleda SHEHI, Chairperson for the Albanian FSA, "in terms of potential for future growth, health and life insurance have shown to have a high potential for growth in the last years. However, it should be noted that the low penetration on the market (0.67%) could be interpreted as an indication that the market is not only underserved and operating far from its potential, but also in general it presents opportunities to unlock in the future, especially in property, life and health insurance."

Nearly 40 percent, or more than 100.000 vehicles circulating in Albania's roads have no car insurance at all, according to the data unveiled by country's finance authorities.

At the end of March, 2013, the Albanian insurance market totaled ALL 2,085 million (EUR 14.9 million), or 11.96% more compared with the same of period last year, according to the figures published by the Albanian Financial Supervisory Authority (AFSA).

Albanian insurance companies posted combined gross written premiums of ALL 8.9 billion (EUR 64 million) at the end of 2012, or 7.38% more y-o-y, according to the financial data published by the Albanian Financial Supervisory Authority (FSA). Despite this increase, during FY2012, the number of signed insurance contracts was 1,057,821 or 19% less compared with year 2011.

"Regulator independence is a necessity for achieving and consolidating market development. A transparent and stable environment promotes consumer confidence and encourages free and fair competition among all market participants", stated Enkeleda SHEHI, Chairperson of the Albanian Financial Supervisory Authority in her opening speech to the international conference organized by AFSA under the title "Independence of the Financial Sector Regulators: Reemphasized".

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.