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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Albanian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Albania's insurance sector. Systematic updates are published throughout the cycle. to the latest developments in the Albanian non-life (P&C) market as well as trends by line of business. Axco analysts also report on Albania's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers,
The report describes Albanian insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Albania, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Albania, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Albania with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Albanian insurance market has developed only since the fall of the Communist regime in the early 1990s. The political and economic history of the country left a legacy of problems that were reflected in the insurance market: the absence of a complete, coherent legislative framework, a shortage of technical and professional expertise at supervisory and company level and the absence of an insurance culture and tradition among the population. The position today is that the industry is professionally regulated, there is a comprehensive insurance law and the number of foreign equity participants in the market is increasing. Compulsory MTPL still accounts for ....
This is a brief extract of information; more updated information may be available in the latest published report.