Boston, MA -- (SBWIRE) -- 02/22/2013 -- Albania has a small but developing insurance industry. The Albanian economy is still undergoing a transition from an erstwhile closed economy to an open market economy. The economy also faced severe pressure as a consequence of the economic crisis sweeping the European region in 2009 and 2010. While the country’s GDP growth rate between 2004 and 2008 averaged over 8%, it dropped to under 3% between 2009 and 2011.

Key Highlights

- Mandatory motor insurance policies drove growth in the Albanian non-life insurance segment.
- The Albanian insurance industry is characterized by a low number of companies operating in the industry. There are three life insurance companies and nine non-life insurance companies in the Albanian insurance industry.
- The introduction of Foreign Direct Investment (FDI) into insurance and other sectors supported the growth of the insurance industry during the review period.
- The Albanian life insurance segment has primarily sold traditional products such as individual life, endowment and term life.
- The most significant reason for the growth in motor insurance is the compulsory nature of these products in Albania.

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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 2008–2012 review period and forecast figures for the 2013–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Albanian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Albania and outlines the key regulations affecting them

Reasons to Get this Report

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

Companies Mentioned in this Report: Sigal Uniqa Insurance Austria, Interalbanian Vienna Insurance Group, Sigal Uniqa

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