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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
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