Albania Insurance Industry – Key Trends and Opportunities to 2027

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Albania Insurance Market Report Overview

The gross written premium of the Albania insurance market was ALL21 billion ($186.1 million) in 2022. The market is expected to achieve a CAGR of more than 9% during 2023-2027. The Albania insurance market research report provides in-depth market analysis, information, and insights into the Albania insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.

Albania Insurance Market Outlook, 2022-2027 (ALL Billion)

Albania Insurance Market Outlook, 2022-2027 (ALL Billion)

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The Albania insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Albanian economy and demographics. It further evaluates the competitive landscape, which entails 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.

Market Size (2022) ALL21 billion ($186.1 million)
CAGR (2023-2027) >9%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Segments ·        General Insurance

·        Life Insurance

Leading Companies ·        Sigal

·        Albsig

·        Eurosig

·        Insig Jete

·        Sigma

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Albania Insurance Market Trends

The key trends impacting the Albania insurance market are the rising focus on environmental, social, and governance factors; the implementation of laws to make home insurance mandatory owing to natural disasters; and launch of telehealth services. For instance, in August 2023, the government of Albania submitted a new draft law for consultation that proposes making home insurance mandatory for all categories of housing. Under this proposal, funds will be allocated to the state budget to support citizens who cannot afford this insurance.

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Albania Insurance Market by Segments

The key segments in the Albania insurance market are life insurance and general insurance. The general insurance segment dominated the Albania insurance market in 2022. General insurance lines of business include property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Motor insurance was the dominant line of business in 2022.

Albania Insurance Market Analysis by Segments, 2022 (%)

Albania Insurance Market Analysis by Segments, 2022 (%)

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Albania Insurance Market – Competitive Landscape

Sigal was the largest insurer within the total industry in 2022

A few of the key companies in the Albania insurance market are:

  • Sigal
  • Albsig
  • Eurosig
  • Insig Jete
  • Sigma

Sigal offers personal insurance and business insurance products and services. The company markets its products via a network of agents and brokers located across Albania. In 2022, Sigal was followed by Albsig Jete and Eurosig.

Albania Insurance Market Analysis by Companies, 2022(%)

Albania Insurance Market Analysis by Companies, 2022(%)

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Albania Insurance Market – Latest Developments

  • On June 22, 2023, the Financial Action Task Force issued a report on Albania’s progress in strengthening measures to tackle money laundering and terrorist financing.
  • On July 1, 2021, compulsory transport insurance came into effect. Insurers were also directed to develop internal control procedures for the rapid handling of compensation claims.

Albania Insurance Market Segments Outlook (Value, ALL Billion, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Albania insurance industry. It also offers:

  • Historical values for the Albania insurance industry for the 2018-2022 review period, and projected figures for the 2023-2027 forecast period.
  • A detailed analysis of the key categories in the Albania insurance industry and market forecasts to 2027.
  • Insights on top life insurance companies in Albania and outlines the key regulations affecting them.
  • Analysis of distribution channels operating in the segment, an overview of the Albania economy and demographics, and also detailed information on the competitive landscape in the country.
  • Values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.

Key Highlights

The report provides:

  • Key insights and dynamics of the Albania insurance industry.
  • A comprehensive overview of the Albania economy, government initiatives, and investment opportunities.
  • The Albania insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • The Albania insurance industry’s structure and details of lines of business.
  • Albania’s reinsurance business’s market structure and details of the premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the Albania insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Albania insurance industry.
  • Assess the competitive dynamics in the Albania insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Sigal
Intersig
Albsig
Insig
Eurosig
Ansig
Sigma
Atlantik

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LOB

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Reinsurance

Appendix

Frequently asked questions

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