Leading companies in the Albanian insurance market lost some ground over the past year. According to data from the Financial Supervisory Authority (AMF), Sigal Uniqa Group Austria remained the market leader in 2024 based on gross written premiums. However, its market share declined to 25.49% from 26.06% the previous year.
Albsig retained second place in 2024 but also experienced a slight decrease in market share, dropping to 19.23% from 19.46% in 2023. Meanwhile, Eurosig consolidated its third-place position with 13.8% of gross written premiums, up from 13.68% the previous year, Monitor reports.
Sigma Vienna Insurance Group ranked fourth in 2024, holding 12.59% of the market, up from 12.29% in 2023. Another Vienna Insurance Group company, Intersig, accounted for 9.43% of the market, marking a decline from 9.19% the previous year. Despite this, both Intersig and Sigma achieved the highest growth in gross written premiums, with Intersig increasing by 9.4% and Sigma by 9.25%.
The ranking continues with Insig, which grew to 6.94% from 6.87% in 2023, followed by Ansig with 6.37%, up from 6.35%. Atlantik closed the ranking with a slight increase to 6.15% from 6.11% in the previous year.
At the group level, the 2024 ranking was once again led by Uniqa Group Austria, with a 25.49% market share (down from 26.06% in 2023), followed by Vienna Insurance Group with 22.01% (up from 21.48% in 2023) and the Eurosig Group with 20.74% (up from 20.54% in 2023).
The market structure by capital origin remained relatively stable. Companies with Albanian capital controlled 52.49% of the market in 2024, compared to 52.46% in 2023, while foreign-capital companies saw a slight decline to 47.51% from 47.54%.
For years, the Albanian insurance market has been divided between companies with domestic capital and Austrian-owned groups, specifically Uniqa and Vienna Insurance Group. However, last year, Uniqa put Sigal Uniqa Group Austria up for sale, including its subsidiaries in Kosovo and North Macedonia. In November, Uniqa announced an agreement to sell its 90% stake to Avni Ponari, the minority shareholder and CEO of the company. The transaction is expected to be finalized in the first half of this year, further strengthening domestic capital’s dominance in the insurance market.
The Albanian non-life insurance sector consists of eight companies, with no new market entrants in over a decade. According to AMF data, gross written premiums in the insurance sector reached a total of 24.5 billion lekë (approximately 250 million euros) in 2024, marking a 7% increase from the previous year. The non-life insurance market accounted for the majority, with 22.4 billion lekë in premiums (91.5% of the total), reflecting a 6.7% increase compared to 2023.