Insurance market/ 3-month: The biggest "shrink", the others grow

2024-04-30 07:45:12, Ekonomi CNA

The Non-Life insurance market has shown a more balanced distribution according to different companies in the first quarter of this year.

The market share of the top two companies, measured by gross written premiums, has declined, while other companies have gained ground.

According to data reported by the Financial Supervisory Authority (AMF), for the first quarter of 2024, Sigal Uniqa Group Austria has maintained its leadership in the market, with 24.5% of gross written premiums. However, Sigal's market share has fallen from the 28.2% level it held in the same period last year.

It follows Albsig, which for the first quarter owned 20.9% of gross written premiums in the Non-Life market. Even the company of the Kastrati group has suffered a decrease in its market share, from the level of 23.3% it held a year ago.

Analyzing the first quarter data, the decline in Sigal's market share can be largely explained by the contraction of the voluntary insurance segment. Sigal and Albsig are the two companies that have the highest weight of voluntary products in the structure of gross written premiums. The decline of this market segment has also negatively affected the market share of the two largest companies.

Insurance market/ 3-month: The biggest "shrink", the others grow

Meanwhile, all other companies have increased their market share compared to a year ago. Sigma Vienna Insurance Group has reached almost 13.8% of the market, from the 11.4% it held a year ago. The largest company of the Viennese group in Albania also recorded the highest increase in gross written premiums for the quarter, with 21.6% more compared to the same period a year ago.

It follows Eurosig, which for the quarter held 13.4% of gross written premiums, from 12.1% it held a year ago.

Also growing is Intersig Vienna Insurance Group, which has reached 8.7% of the market (from 8.1% a year ago, Insig, which has reached 6.6% (from 6.2% a year ago), Atlantik, to 6.3% ( from 5.2% a year ago) and Ansig, to 6% (from 5.6% it held a year ago).

Divided according to the owning insurance groups, the market for the first quarter of this year is also led by Uniqa Group Austria, with 24.5% of gross written premiums.

It follows the Vienna Insurance Group (Sigma and Intersig), with 22.5% and the Eurosig group (Eurosig and Insig), with 20% of gross written premiums.

According to the origin of the capital, however, this year the market is also dominated by companies with Albanian capital. The market share of companies with Albanian capital reached 53%, from 52.3% in the same period last year.

For more than a decade, the insurance market has not seen the entry of new investors and remains divided between two Austrian groups and companies with local capital./ Monitor.al