A new insurance company enters the market - The number of life insurance companies reaches 5. This category brings in only 8% of total premiums
A new life insurance company has entered the Albanian market. In December, the Financial Supervisory Authority approved the application of the company “Vienna Life Insurance”- “Vienna Sigurim Jetë” sh.a. to carry out insurance activities in life classes in our country. This company turns out to have been registered as a business on July 18 of last year.
Despite the fact that this company has already been licensed, it has not yet begun operating, meaning it has not started issuing insurance policies.
With the introduction of this new company to the market, the number of life insurance companies has reached 5. Data from the Financial Supervisory Authority show that Sigal Life Uniqa Group Austria currently owns 41% of the life market, Albsig Jeta almost 25%, Insig Jeta 20% and Sicred 14%.
On the other hand, 7 non-life insurance companies operate in Albania. Although a new company has been added to offer life insurance services, the market will continue to be dominated by non-life insurance, which brought in 91.78% of the total volume of premiums in the period January-November, while life insurance has 8.19% and reinsurance with 0.032%.
Sigal Uniqa Group Austria accounts for 26% of the non-life market, Albsig almost 20%, Eurosig 13.5%, Sigma Interalbanian Vienna Insurance Group 12%, while other companies own a smaller percentage.
In 11 months, companies' income from life insurance premiums reached 1.8 billion lek, while companies' income from non-life insurance premiums reached 20 billion lek.
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