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

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

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.


  • Key Facts and Highlights
    • Table Albanian Insurance Industry - Key Facts
    • Table Albanian Insurance Industry - Market Shares of the Leading Insurers (%), 2014
  • Executive Summary
  • Economy and Demographics
    • Table Albanian Government Credit Ratings
  • Albanian Insurance Industry Overview
    • Table Albanian Insurance Gross Written Premium by Segment (ALL Million), 2010-2014
    • Table Albanian Insurance Gross Written Premium by Segment (ALL Million), 2014-2019
  • Life Insurance
    • Table Albanian Life Insurance - Gross Written Premium by Sub-Segment (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014
    • Table Albanian Life Insurance - Gross Written Premium by Sub-Segment (ALL Million), 2014-2019
    • Table Albanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019
    • Table Albanian Life Insurance - Segmentation by Gross Written Premium (%), 2010-2019
    • Table Albanian Life Insurance - Direct Written Premium by Sub-Segment (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014
    • Table Albanian Life Insurance - Direct Written Premium by Sub-Segment (ALL Million), 2014-2019
    • Table Albanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019
    • Table Albanian Life Insurance - Segmentation by Direct Written Premium (%), 2010-2019
    • Table Albanian Life Insurance - Paid Claims (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Paid Claims (ALL Million), 2014-2019
    • Table Albanian Life Insurance - Incurred Loss (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Incurred Loss (ALL Million), 2014-2019
    • Table Albanian Life Insurance - Net Written Premium (Percentage of GWP), 2010-2014
    • Table Albanian Life Insurance - Net Written Premium (Percentage of GWP), 2014-2019
    • Table Albanian Life Insurance - Total Assets (ALL Billion), 2010-2014
    • Table Albanian Life Insurance - Total Assets (ALL Billion), 2014-2019
    • Table Albanian Life Insurance - Total Investment Income (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Total Investment Income (ALL Million), 2014-2019
    • Table Albanian Life Insurance - Net Written Premium (ALL Million), 2010-2014
    • Table Albanian Life Insurance - Net Written Premium (ALL Million), 2014-2019
    • Individual Life Insurance
      • Table Albanian Individual Life Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
      • Table Albanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
      • Table Albanian Individual Life Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
      • Table Albanian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
      • Table Albanian Individual Life Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
      • Table Albanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
      • Table Albanian Individual Life Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
      • Table Albanian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Group Life Insurance
      • Table Albanian Group Life Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Group Life Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Life Insurance by Category
      • Individual whole life insurance
        • Table Albanian Individual Whole Life Insurance - Gross Written Premium (ALL Million), 2010-2014
        • Table Albanian Individual Whole Life Insurance - Gross Written Premium (ALL Million), 2014-2019
      • Individual endowment insurance
        • Table Albanian Individual Endowment Insurance - Gross Written Premium (ALL Million), 2010-2014
        • Table Albanian Individual Endowment Insurance - Gross Written Premium (ALL Million), 2014-2019
      • Other individual insurance
        • Table Albanian Other Individual Insurance - Gross Written Premium (ALL Million), 2010-2014
        • Table Albanian Other Individual Insurance - Gross Written Premium (ALL Million), 2014-2019
      • Group whole life insurance
        • Table Albanian Group Whole Life Insurance - Gross Written Premium (ALL Million), 2010-2014
        • Table Albanian Group Whole Life Insurance - Gross Written Premium (ALL Million), 2014-2019
  • Non-Life Insurance
    • Table Albanian Motor Third-Party Liability Insurance - Gross Written Premium and Paid Claims (ALL Million), 2014-2015
    • Table Albanian Non-Life Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Albanian Non-Life Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
    • Table Albanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Albanian Non-Life Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Albanian Non-Life Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
    • Table Albanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Albanian Non-Life Insurance - Paid Claims (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Paid Claims (ALL Million), 2014-2019
    • Table Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Incurred Loss (ALL Million), 2014-2019
    • Table Albanian Non-Life Insurance - Loss Ratio (%), 2010-2014
    • Table Albanian Non-Life Insurance - Loss Ratio (%), 2014-2019
    • Table Albanian Non-Life Insurance - Combined Ratio (%), 2010-2014
    • Table Albanian Non-Life Insurance - Combined Ratio (%), 2014-2019
    • Table Albanian Non-Life Insurance - Total Assets (ALL Billion), 2010-2014
    • Table Albanian Non-Life Insurance - Total Assets (ALL Billion), 2014-2019
    • Table Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Total Investment Income (ALL Million), 2014-2019
    • Table Albanian Non-Life Insurance - Net Written Premium (ALL Million), 2010-2014
    • Table Albanian Non-Life Insurance - Net Written Premium (ALL Million), 2014-2019
    • Property Insurance
      • Table Albanian Property Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Property Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Motor Insurance
      • Table Albanian Motor Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Motor Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Liability Insurance
      • Table Albanian Liability Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Liability Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Albanian Marine, Aviation and Transit Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Marine, Aviation and Transit Insurance - Gross Written Premium (ALL Million), 2014-2019
  • Personal Accident and Health Insurance
    • Table Albanian Personal Accident and Health Insurance - Gross Written Premium and Paid Claims (ALL Million), 2014-2015
    • Table Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (ALL Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (ALL Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Paid Claims (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Paid Claims (ALL Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Incurred Loss (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Incurred Loss (ALL Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Total Assets (ALL Billion), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Total Assets (ALL Billion), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Total Investment Income (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Total Investment Income (ALL Million), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Net Written Premium (ALL Million), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Net Written Premium (ALL Million), 2014-2019
    • Personal Accident Insurance
      • Table Albanian Personal Accident Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Personal Accident Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Health Insurance
      • Table Albanian Health Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Health Insurance - Gross Written Premium (ALL Million), 2014-2019
    • Travel Insurance
      • Table Albanian Travel Insurance - Gross Written Premium (ALL Million), 2010-2014
      • Table Albanian Travel Insurance - Gross Written Premium (ALL Million), 2014-2019
  • Reinsurance
    • Table Albanian Reinsurance Accepted - By Category (ALL Million and US$ Million), 2010-2014
    • Table Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (ALL Million), 2010-2014
    • Table Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
    • Table Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (ALL Million), 2014-2019
    • Table Albanian Reinsurance - Premiums Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
    • Table Albanian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Albanian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Albanian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Albanian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Albanian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Albanian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
  • Natural Hazards
    • Table Albanian Average Annual Loss by Hazard
    • Floods
    • Extreme Temperatures
    • Earthquakes
    • Exposure
  • Competitive Landscape
    • Overview
    • Leading Companies
      • Table Albanian Insurance - Industry Shares, 2014
      • Table Albanian Life Insurance - Segment Shares, 2014
      • Table Albanian Non-Life Insurance - Segment Shares, 2014
      • Sigal Uniqa Group Austria sh.a - company overview
        • Table Sigal Uniqa Group Austria sh.a - Key Facts
      • Intersig Vienna Insurance Group sh.a - company overview
        • Table Intersig Vienna Insurance Group sh.a - Key Facts
      • Eurosig sh.a - company overview
        • Table Eurosig sh.a - Key Facts
      • Sigma Interalbanian Vienna Insurance Group sh.a - company overview
        • Table Sigma Interalbanian Vienna Insurance Group sh.a - Key Facts
      • Albsig sh.a - company overview
        • Table Albsig sh.a - Key Facts
  • Governance, Risk and Compliance
    • Table Albania - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Albania - Life Insurance Regulatory Framework
      • Property insurance
        • Table Albania - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Albania - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Albania - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social Security Insurance
      • Professional indemnity insurance for insurance brokers
      • Marine liability insurance
      • Aviation liability insurance
        • Table Albania - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Financial Supervisory Authority
    • Non-Admitted Insurance Regulation
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Albania - Corporate Taxes for Financial Year 2015
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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