Four Albanian insurance companies on sale

Four Albanian insurance companies on sale

Four insurance companies in Albania could change ownership in the upcoming months, according to different sources. In February, 51% of the medium-sized company InterAlbanian was sold to Aspis Group of Greece, for EUR 2.1mn.

Last week, Vienna Insurance Group, agreed to buy 60% of Sigma sh.a, the second largest insurer in the country. SIGAL, is expected to sign the agreement in the next week.

Meanwhile, the Albanian government has said that it would like to sell its 51% stake in the state owned INSIG sh.a within this year.

Till now, the insurance market, which with an overall annual revenue estimatd at USD 42 million, has been under the control of local businesses. However, increasingly companies have been searching for experienced foreign investors aiming to strengthen their operations.

During last years, insurers in Albania have accumulated debts of USD 12mn. This debt has been incurred mainly from Albanian owned vehicles that have been in accidents outside of the country. The Insurance Authority has introduced new rules,