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The Albanian Insurance Sector

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Avni Ponari, General Director SIGAL UNIQA Insurance Group. Vienna Economic Forum ... 7 Credit and Suretyship Insurance. 8 Life Insurance ... – PowerPoint PPT presentation

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Title: The Albanian Insurance Sector


1
The Albanian Insurance Sector
  • Avni Ponari, General Director SIGAL UNIQA
    Insurance GroupVienna Economic ForumJune, 8th
    and 9th 2008

2
SIGAL a member of UNIQA Group Austria

UNIQA in EUROPE stands for
1 Group 20 Markets 1,800 Locations 17,500
Employees 19,000 Agents 5,700,000 Customers
13,000,000 Contracts
3
Presence of SIGAL
  • SIGAL is the largest insurance group on the
    Albanian market and has been represented since
    1999
  • SIGAL offers all classes of insurances
  • 1 Accidents and health insurance
  • 2 Motor Insurance
  • 3 Marine and transport Insurance
  • 4 Aviation Insurance
  • 5 Insurance against fire and other damages to
    property
  • 6 Liability Insurance
  • 7 Credit and Suretyship Insurance
  • 8 Life Insurance

4
  • SIGAL is also present in Macedonia and in Kosovo
  • SIGAL is the first Albanian insurance Company to
    have a foreign shareholder AAEF in 2003
  • SIGAL HOLDING is made of
  • 1. SIGAL Non-Life Albania
  • 2. SIGAL Kosova
  • 3. SIGAL Macedonia
  • 4. SIGAL Life Albania
  • 5. SIGAL Reinsurance Albania
  • SIGAL is the only company to have the reinsurance
    license in the region.

5
SIGAL shareholders
  • UNIQA is the largest shareholder (46) and will
    increase its stake in 2010
  • American Albanian Enterprise Fund 13.3
  • Albanian shareholders 40.7
  • 60 of shareholders of SIGAL are strategic
    foreign shareholders.

6
SIGAL the Best Insurance Company in Albania
For the third consecutive year SIGAL is awarded
by the prestigious magazine Finance Central
Europe as
  • The Best Insurance Company in Albania
  • The Best Insurance Company in Albania for the
    Total of Premiums
  • The Best Insurance Company in Albania for the
    Return on Assets
  • The Best Insurance Company in Albania for the
    Gross Profit

7
Number of Insurance Companies Market Share 2007
0,14
-2,58
-0,49
1,26
Number of insurance companies
0,83
0,92
1,82
-2,23
0,32
8
The Albanian Insurance Market Market Potential
9
Some of the Requirements to meet European
standards
  • The interest that Albania Government has on
    Insurance industry is clearly shown in two
    meetings the Prime Minister himself has had with
    representatives of this sector.
  • Nevertheless, the reaction of Albanian Financial
    Supervisory Authority has been vague.

10
To meet European standards we recommend
  • An obligatory insurance against Natural
    Catastrophes via a pool solution should be
    established!
  • An obligatory basic accident cover for employees
    and pupils should be established!
  • Private Health Insurance should be developed by a
    clear legal differentiation between Public Health
    System Private Health Insurance, by giving tax
    advantages for employers individuals and by
    establishing occupational health as a
    door-opener.
  • Life Endowment Insurance and Unit-Linked Life
    Insurance should be developed by setting
    investment rules based on EU-standards and by
    giving tax-incentives for employers for
    individuals.
  • The combination of MTPL Green Card should be
    established in medium-term to meet the European
    standard.

11
Your competent partner in Albania
  • SIGAL is the leading insurance company in Albania
    and one of the strongest in the region.
  • SIGAL has experience, know how and a strong
    international partner.
  • Albania's economy did a great job in the last
    years and has a large potential ahead. Therefore,
    SIGAL strongly invites international companies to
    invest in the region.
  • 4. SIGAL will be your partner and your main
    supporter to develop your business in Albania.

12
Your contact in Albania
We would be pleased to support you in all
insurance matters! Please dont hesitate to
contact us SIGAL Insurance Blv. Zog I, Nr.
1 Tirana-Albania Phone 355 4 253 407/8 E-Mail
info_at_sigal.com.al
13
Thank you very much for your attention!
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