The Insurance Industry in Albania, Key Trends and Opportunities to 2017

Published: Jan, 2014 | Pages: 154 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Albania, including:
The Albanian insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Albanian insurance industry
The current trends and drivers of the Albanian insurance industry
Challenges facing the Albanian insurance industry
The detailed regulatory framework of the Albanian insurance industry

Summary
Albania has a small but developing insurance industry, which is recovering from the effects of the global financial crisis in 2009 and 2010. Three life and nine non-life insurance companies were operative by the end of 2012 in Albania. In 2012, due to the influence of mandatory motor insurance, 83.2% of the industry's overall written premium was generated by the non-life segment. The Albanian insurance industry registered a slight decline during the review period (2008-2012) at a compound annual growth rate (CAGR) of -0.5%. However, the large uninsured population in the country provides the industry with forecast-period (2012-2017) growth potential.
Scope
This report provides a comprehensive analysis of the insurance industry in Albania:
It provides historical values for the Albanian insurance industry for the report's 2008-2012 review period, and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and categories in the Albanian insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Albania, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Albanian insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Albanian insurance industry.
Assess the competitive dynamics in the Albanian insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Albanian insurance industry and its impact on companies and the industry's future.
Key Highlights
Albania has a small but developing insurance industry.
Three life insurers and nine non-life insurers operated in the country by the end of 2012.
In terms of written premium, the industry declined from ALL84.3 million (US$1.0 million) in 2008 to ALL82.7 million (US$0.8 million) in 2012, at a review-period CAGR of -0.5%, due to the effects of the global financial crisis in 2009 and 2010.
The Albanian insurance industry is underdeveloped when compared to other European countries. The country's insurance penetration and density is the lowest among Balkan countries, with a penetration of 0.66% in 2012.
Albania's aging population is expected to change the country's demographic structure over the forecast period.
Public healthcare is free to all Albanian citizens under social insurance.
With motor third-party liability insurance compulsory in Albania, car owners are required by law take out cover, and there are no substitutes for liability insurance.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Albanian Insurance Industry Overview
3.1 Albanian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Group life insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation Trends by Type of Insurance
5.2.1 Life insurance regulatory trends
5.2.2 Property insurance regulatory trends
5.2.3 Motor insurance regulatory trends
5.2.4 Liability insurance regulatory trends
5.2.5 Marine, aviation and transit insurance regulatory trends
5.2.6 Persol accident insurance regulatory trends
5.2.7 Health insurance regulatory trends
5.3 Compulsory Insurance
5.3.1 Compulsory insurance in transportation sector
5.3.2 Compulsory social insurance
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors
5.4.2 European Insurance and Occupatiol Pensions Authority
5.4.3 Fincial Supervisory Authority
5.5 Non-Admitted Insurance Regulatory
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market Practices
5.5.4 Fines and Pelties
5.6 Company Registration and Operations
5.6.1 Types of Insurance Organisation
5.6.2 Establishing a Domestic Company
5.6.3 Foreign Ownership
5.6.4 Types of License
5.6.5 Capital Requirements
5.6.6 Solvency Margins
5.6.7 Reserve Requirements
5.6.8 Investment Regulations
5.6.9 Statutory Return Requirements
5.6.10 Policy Terms and Conditions
5.7 Taxation
5.7.1 Corporate Tax
5.7.2 VAT
5.7.3 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to Court
5.8.3 Altertive Dispute Resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Sigal Uniqa Insurance Austria - company overview
6.2.2 Insurance Institute SA (Insig SA) - company overview
6.2.3 SiCRED sh. a. - company overview
6.2.4 Sigma Vien Insurance Group - company overview
6.2.5 Interalbanian Vien Insurance Group - company overview
6.2.6 Eurosig JSC - company overview
7 Economic Indicators
7.1 Economic Indicators
7.1.1 GDP at constant prices (US$)
7.1.2 GDP per capita at constant prices (US$)
7.1.3 GDP at current prices (US$)
7.1.4 GDP per capita at current prices (US$)
7.1.5 Inflation rate
7.1.6 Exports as a percentage of GDP
7.1.7 Imports as a percentage of GDP
7.1.8 Total internet subscribers
7.1.9 Labor force
7.1.10 Unemployment rate
7.1.11 Total population
7.1.12 Urban and rural population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Albanian Insurance - Overall Written Premium by Segment (ALL Million), 2008-2012
Table 3: Albanian Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Albanian Insurance - Overall Written Premium by Segment (ALL Million), 2012-2017
Table 5: Albanian Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Albanian Insurance - Segmentation (Percentage Share), 2008-2017
Table 7: Albanian Life Insurance - Written Premium by Category (ALL Million), 2008-2012
Table 8: Albanian Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Albanian Life Insurance - Written Premium by Category (ALL Million), 2012-2017
Table 10: Albanian Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Albanian Life Insurance - Paid Claims (ALL Million), 2008-2012
Table 12: Albanian Life Insurance - Paid Claims (ALL Million), 2012-2017
Table 13: Albanian Life Insurance - Incurred Loss (ALL Million), 2008-2012
Table 14: Albanian Life Insurance - Incurred Loss (ALL Million), 2012-2017
Table 15: Albanian Life Insurance - Loss Ratio (%), 2008-2012
Table 16: Albanian Life Insurance - Loss Ratio (%), 2012-2017
Table 17: Albanian Life Insurance - Combined Ratio (%), 2008-2012
Table 18: Albanian Life Insurance - Combined Ratio (%), 2012-2017
Table 19: Albanian Life Insurance - Total Assets (ALL Million), 2008-2012
Table 20: Albanian Life Insurance - Total Assets (ALL Million), 2012-2017
Table 21: Albanian Life Insurance - Total Investment Income (ALL Million), 2008-2012
Table 22: Albanian Life Insurance - Total Investment Income (ALL Million), 2012-2017
Table 23: Albanian Life Insurance - Retentions (ALL Million), 2008-2012
Table 24: Albanian Life Insurance - Retentions (ALL Million), 2012-2017
Table 25: Albanian Individual Life Insurance - Written Premium (ALL Million), 2008-2012
Table 26: Albanian Individual Life Insurance - Written Premium (ALL Million), 2012-2017
Table 27: Albanian Group Life Insurance - Written Premium (ALL Million), 2008-2012
Table 28: Albanian Group Life Insurance - Written Premium (ALL Million), 2012-2017
Table 29: Albanian Non-Life Insurance - Written Premium by Category (ALL Million), 2008-2012
Table 30: Albanian Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 31: Albanian Non-Life Insurance - Written Premium by Category (ALL Million), 2012-2017
Table 32: Albanian Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 33: Albanian Non-Life Insurance - Paid Claims (ALL Million), 2008-2012
Table 34: Albanian Non-Life Insurance - Paid Claims (ALL Million), 2012-2017
Table 35: Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2008-2012
Table 36: Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2012-2017
Table 37: Albanian Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 38: Albanian Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 39: Albanian Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 40: Albanian Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 41: Albanian Non-Life Insurance - Total Assets (ALL Million), 2008-2012
Table 42: Albanian Non-Life Insurance - Total Assets (ALL Million), 2012-2017
Table 43: Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2008-2012
Table 44: Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2012-2017
Table 45: Albanian Non-Life Insurance - Retentions (ALL Million), 2008-2012
Table 46: Albanian Non-Life Insurance - Retentions (ALL Million), 2012-2017
Table 47: Albanian Property Insurance - Written Premium (ALL Million), 2008-2012
Table 48: Albanian Property Insurance - Written Premium (ALL Million), 2012-2017
Table 49: Albanian Motor Insurance - Written Premium (ALL Million), 2008-2012
Table 50: Albanian Motor Insurance - Written Premium (ALL Million), 2012-2017
Table 51: Albanian Liability Insurance - Written Premium (ALL Million), 2008-2012
Table 52: Albanian Liability Insurance - Written Premium (ALL Million), 2012-2017
Table 53: Albanian Marine, Aviation and Transit Insurance - Written Premium (ALL Million), 2008-2012
Table 54: Albanian Marine, Aviation and Transit Insurance - Written Premium (ALL Million), 2012-2017
Table 55: Albanian Persol Accident and Health Insurance - Written Premiums (ALL Million), 2008-2012
Table 56: Albanian Persol Accident and Health Insurance - Written Premiums (ALL Million), 2012-2017
Table 57: Albanian Persol Accident and Health Insurance - Paid Claims (ALL Million), 2008-2012
Table 58: Albanian Persol Accident and Health Insurance - Paid Claims (ALL Million), 2012-2017
Table 59: Albanian Persol Accident and Health Insurance - Incurred Loss (ALL Million), 2008-2012
Table 60: Albanian Persol Accident and Health Insurance - Incurred Loss (ALL Million), 2012-2017
Table 61: Albanian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 62: Albanian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 63: Albanian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 64: Albanian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 65: Albanian Persol Accident and Health Insurance - Retentions (ALL Million), 2008-2012
Table 66: Albanian Persol Accident and Health Insurance - Retentions (ALL Million), 2012-2017
Table 67: Albanian Reinsurance Ceded by Insurance Segment (ALL Million), 2008-2012
Table 68: Albanian Reinsurance Ceded by Insurance Segment (US$ Million), 2008-2012
Table 69: Albanian Reinsurance Ceded by Insurance Segment (ALL Million), 2012-2017
Table 70: Albanian Reinsurance Ceded by Insurance Segment (US$ Million), 2012-2017
Table 71: Albanian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 72: Albanian Life Insurance - Percentage of Reinsurance Ceded (%),2012-2017
Table 73: Albanian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 74: Albanian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 75: Albanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 76: Albanian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 77: Liability Limit for Aircraft in Albania
Table 78: Other Taxes on Companies in Albania
Table 79: Albanian Life Insurance - Segment Shares (%), 2012
Table 80: Albanian Non-Life Insurance - Segment Shares (%), 2012
Table 81: Albanian Persol Accident and Health Insurance - Segment Shares (%), 2012
Table 82: Sigal Uniqa Insurance Austria, Main Products
Table 83: Insig SA, Main Products
Table 84: SiCRED sh. a., Main Products
Table 85: SiCRED sh. a., Key Employees
Table 86: Sigma Vien Insurance Group, Main Products
Table 87: Interalbanian Vien Insurance Group, Main Products
Table 88: Interalbanian Vien Insurance Group, Key Employees
Table 89: Eurosig JSC, Main Products
Table 90: Eurosig JSC, Key Employees