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The Albanian Insurance Sector. Avni Ponari, General Director SIGAL – UNIQA Insurance Group Vienna Economic Forum June, 8 th and 9 th 2008. 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

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the albanian insurance sector

The Albanian Insurance Sector

Avni Ponari, General Director SIGAL – UNIQA Insurance GroupVienna Economic ForumJune, 8th and 9th 2008

slide2

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
presence of sigal
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

slide4
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.
sigal shareholders
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.
slide6

SIGAL – the Best Insurance Company in Albania

  • 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

For the third consecutive year SIGAL is awarded by the prestigious magazine “Finance Central Europe” as:

slide7

Anzahl der Versicherer

Number of Insurance Companies & Market Share2007

+ 0,14%*

-2,58%

-0,49%

+ 1,26%

Number of insurance companies

+ 0,83%

+ 0,92%

-2,23%

+1,82%

+ 0,32%

slide9

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.
to meet european standards we recommend
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.
slide11

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.
slide12

Your contact in Albania

We would be pleased to support you in all insurance matters!

Please don’t hesitate to contact us:

SIGAL Insurance

Blv. “Zog I”, Nr. 1

Tirana-Albania

Phone: +355 4 253 407/8

E-Mail: info@sigal.com.al