The Insurance Industry in Albania, Key Trends and Opportunities to 2019

Published: May, 2016 | Pages: 180 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'The Insurance Industry in Albania, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Albanian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Albanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Albania, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Albanian insurance industry, including:

- The Albanian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Albanian economy and demographics
- The detailed competitive landscape in Albanian insurance industry
- The various distribution channels in Albanian insurance industry
- Details of regulatory policy applicable to the Albanian insurance industry
- Analysis of natural hazards in Albania

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 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
- It offers a detailed analysis of the key segments in the Albanian insurance industry, with market forecasts to 2019.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
- It analyzes the various distribution channels in Albania.
- It profiles the top insurance companies in Albania, and outlines key regulations affecting them.

Reasons To Buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Albanian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Albanian insurance industry.
- Assess the competitive dynamics in the Albanian insurance industry.
- Identify growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Albanian insurance industry and their impact on companies and the industry's future.

Key Highlights

- The Albanian insurance industry grew at a review-period CAGR of 7.6%.
- In January 2015, the Albanian government launched a new social pension scheme for people aged over 70 years who are unable to meet the conditions for a public pension scheme.
- The Albanian insurance industry's growth is highly dependent on motor third-party liability insurance.
- An increase in the number of agriculture and related businesses is expected to support private agriculture insurance over the forecast period.
- Increased emigration and a falling fertility rate decreased the country’s population from 3.06 million in 2001 to 2.88 million in 2016.
- In July 2014, the World Bank initiated the Albania Insurance Market Reform project, which seeks to assist the Albanian Financial Supervisory Authority in implementing legal and regulatory reforms to enhance the insurance industry’s supervision and regulation.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Albanian Insurance Industry Overview

5 Life Insurance
5.1 Individual Life Insurance
5.2 Group Life Insurance
5.3 Life Insurance by Category
5.3.1 Individual whole life insurance
5.3.2 Individual endowment insurance
5.3.3 Other individual insurance
5.3.4 Group whole life insurance

6 Non-Life Insurance
6.1 Property Insurance
6.2 Motor Insurance
6.3 Liability Insurance
6.4 Marine, Aviation and Transit Insurance

7 Personal Accident and Health Insurance
7.1 Personal Accident Insurance
7.2 Health Insurance
7.3 Travel Insurance

8 Reinsurance

9 Natural Hazards
9.1 Floods
9.2 Extreme Temperatures
9.3 Earthquakes
9.4 Exposure

10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Sigal Uniqa Group Austria sh.a - company overview
10.2.2 Intersig Vienna Insurance Group sh.a - company overview
10.2.3 Eurosig sh.a - company overview
10.2.4 Sigma Interalbanian Vienna Insurance Group sh.a - company overview
10.2.5 Albsig sh.a - company overview

11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulations
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Social Security Insurance
11.4.3 Professional indemnity insurance for insurance brokers
11.4.4 Marine liability insurance
11.4.5 Aviation liability insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Financial Supervisory Authority
11.6 Non-Admitted Insurance Regulation
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and penalties
11.7 Company Registration and Operations
11.7.1 Types of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margins
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution (ADR)

12 Definitions and Methodology
12.1 Definitions
12.2 Methodology

13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Disclaimer

List of Tables

Table 1: Albanian Insurance Industry - Key Facts
Table 2: Albanian Insurance Industry - Market Shares of the Leading Insurers (%), 2014
Table 3: Albanian Government Credit Ratings
Table 4: Albanian Insurance Gross Written Premium by Segment (ALL Million), 2010-2014
Table 5: Albanian Insurance Gross Written Premium by Segment (ALL Million), 2014-2019
Table 6: Albanian Life Insurance - Gross Written Premium by Sub-Segment (ALL Million), 2010-2014
Table 7: Albanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 8: Albanian Life Insurance - Gross Written Premium by Sub-Segment (ALL Million), 2014-2019
Table 9: Albanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 10: Albanian Life Insurance - Segmentation by Gross Written Premium (%), 2010-2019
Table 11: Albanian Life Insurance - Direct Written Premium by Sub-Segment (ALL Million), 2010-2014
Table 12: Albanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 13: Albanian Life Insurance - Direct Written Premium by Sub-Segment (ALL Million), 2014-2019
Table 14: Albanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 15: Albanian Life Insurance - Segmentation by Direct Written Premium (%), 2010-2019
Table 16: Albanian Life Insurance - Paid Claims (ALL Million), 2010-2014
Table 17: Albanian Life Insurance - Paid Claims (ALL Million), 2014-2019
Table 18: Albanian Life Insurance - Incurred Loss (ALL Million), 2010-2014
Table 19: Albanian Life Insurance - Incurred Loss (ALL Million), 2014-2019
Table 20: Albanian Life Insurance - Net Written Premium (Percentage of GWP), 2010-2014
Table 21: Albanian Life Insurance - Net Written Premium (Percentage of GWP), 2014-2019
Table 22: Albanian Life Insurance - Total Assets (ALL Billion), 2010-2014
Table 23: Albanian Life Insurance - Total Assets (ALL Billion), 2014-2019
Table 24: Albanian Life Insurance - Total Investment Income (ALL Million), 2010-2014
Table 25: Albanian Life Insurance - Total Investment Income (ALL Million), 2014-2019
Table 26: Albanian Life Insurance - Net Written Premium (ALL Million), 2010-2014
Table 27: Albanian Life Insurance - Net Written Premium (ALL Million), 2014-2019
Table 28: Albanian Individual Life Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
Table 29: Albanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 30: Albanian Individual Life Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
Table 31: Albanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 32: Albanian Individual Life Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
Table 33: Albanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 34: Albanian Individual Life Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
Table 35: Albanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 36: Albanian Group Life Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 37: Albanian Group Life Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 38: Albanian Individual Whole Life Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 39: Albanian Individual Whole Life Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 40: Albanian Individual Endowment Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 41: Albanian Individual Endowment Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 42: Albanian Other Individual Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 43: Albanian Other Individual Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 44: Albanian Group Whole Life Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 45: Albanian Group Whole Life Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 46: Albanian Motor Third-Party Liability Insurance - Gross Written Premium and Paid Claims (ALL Million), 2014-2015
Table 47: Albanian Non-Life Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
Table 48: Albanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 49: Albanian Non-Life Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
Table 50: Albanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 51: Albanian Non-Life Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
Table 52: Albanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 53: Albanian Non-Life Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
Table 54: Albanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 55: Albanian Non-Life Insurance - Paid Claims (ALL Million), 2010-2014
Table 56: Albanian Non-Life Insurance - Paid Claims (ALL Million), 2014-2019
Table 57: Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2010-2014
Table 58: Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2014-2019
Table 59: Albanian Non-Life Insurance - Loss Ratio (%), 2010-2014
Table 60: Albanian Non-Life Insurance - Loss Ratio (%), 2014-2019
Table 61: Albanian Non-Life Insurance - Combined Ratio (%), 2010-2014
Table 62: Albanian Non-Life Insurance - Combined Ratio (%), 2014-2019
Table 63: Albanian Non-Life Insurance - Total Assets (ALL Billion), 2010-2014
Table 64: Albanian Non-Life Insurance - Total Assets (ALL Billion), 2014-2019
Table 65: Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2010-2014
Table 66: Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2014-2019
Table 67: Albanian Non-Life Insurance - Net Written Premium (ALL Million), 2010-2014
Table 68: Albanian Non-Life Insurance - Net Written Premium (ALL Million), 2014-2019
Table 69: Albanian Property Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 70: Albanian Property Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 71: Albanian Motor Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 72: Albanian Motor Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 73: Albanian Liability Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 74: Albanian Liability Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 75: Albanian Marine, Aviation and Transit Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 76: Albanian Marine, Aviation and Transit Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 77: Albanian Personal Accident and Health Insurance - Gross Written Premium and Paid Claims (ALL Million), 2014-2015
Table 78: Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
Table 79: Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 80: Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
Table 81: Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 82: Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
Table 83: Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 84: Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
Table 85: Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 86: Albanian Personal Accident and Health Insurance - Paid Claims (ALL Million), 2010-2014
Table 87: Albanian Personal Accident and Health Insurance - Paid Claims (ALL Million), 2014-2019
Table 88: Albanian Personal Accident and Health Insurance - Incurred Loss (ALL Million), 2010-2014
Table 89: Albanian Personal Accident and Health Insurance - Incurred Loss (ALL Million), 2014-2019
Table 90: Albanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 91: Albanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 92: Albanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 93: Albanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 94: Albanian Personal Accident and Health Insurance - Total Assets (ALL Billion), 2010-2014
Table 95: Albanian Personal Accident and Health Insurance - Total Assets (ALL Billion), 2014-2019
Table 96: Albanian Personal Accident and Health Insurance - Total Investment Income (ALL Million), 2010-2014
Table 97: Albanian Personal Accident and Health Insurance - Total Investment Income (ALL Million), 2014-2019
Table 98: Albanian Personal Accident and Health Insurance - Net Written Premium (ALL Million), 2010-2014
Table 99: Albanian Personal Accident and Health Insurance - Net Written Premium (ALL Million), 2014-2019
Table 100: Albanian Personal Accident Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 101: Albanian Personal Accident Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 102: Albanian Health Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 103: Albanian Health Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 104: Albanian Travel Insurance - Gross Written Premium (ALL Million), 2010-2014
Table 105: Albanian Travel Insurance - Gross Written Premium (ALL Million), 2014-2019
Table 106: Albanian Reinsurance Accepted - By Category (ALL Million and US$ Million), 2010-2014
Table 107: Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (ALL Million), 2010-2014
Table 108: Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
Table 109: Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (ALL Million), 2014-2019
Table 110: Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
Table 111: Albanian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 112: Albanian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 113: Albanian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 114: Albanian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 115: Albanian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 116: Albanian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 117: Albanian Average Annual Loss by Hazard
Table 118: Albanian Insurance - Industry Shares, 2014
Table 119: Albanian Life Insurance - Segment Shares, 2014
Table 120: Albanian Non-Life Insurance - Segment Shares, 2014
Table 121: Sigal Uniqa Group Austria sh.a - Key Facts
Table 122: Intersig Vienna Insurance Group sh.a - Key Facts
Table 123: Eurosig sh.a - Key Facts
Table 124: Sigma Interalbanian Vienna Insurance Group sh.a - Key Facts
Table 125: Albsig sh.a - Key Facts
Table 126: Albania - Insurance Regulatory Framework Key Features
Table 127: Albania - Life Insurance Regulatory Framework
Table 128: Albania - Property Insurance Regulatory Framework
Table 129: Albania - Motor Insurance Regulatory Framework
Table 130: Albania - Liability Insurance Regulatory Framework
Table 131: Albania - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 132: Albania - Corporate Taxes for Financial Year 2015
Table 133: Insurance Industry Definitions