Insurance market revenues grow by 12%
Uncategorized Tuesday, February 27th, 2007
Tirana,
27 Feb. 2007 (AENews) – Albanian insurance market reported hiked revenues by
12% during 2006, Albanian insurance watchdog announced today. Revenues reached
Lek 4.507bn, (EUR 29.3mn USD 47mn).
27 Feb. 2007 (AENews) – Albanian insurance market reported hiked revenues by
12% during 2006, Albanian insurance watchdog announced today. Revenues reached
Lek 4.507bn, (EUR 29.3mn USD 47mn).
Revenues marked a strong hike for obligatory
products such Third Part Liability (TPL) for vehicles. Revenues from obligatory
products increased by 15.1% during 2006, while the number of signed contracts
increased by 5.5%.
products such Third Part Liability (TPL) for vehicles. Revenues from obligatory
products increased by 15.1% during 2006, while the number of signed contracts
increased by 5.5%.
Average
selling price for an obligatory insurance product in 2006 was Lek 9100, while
in 2005 it was Lek 8400.
selling price for an obligatory insurance product in 2006 was Lek 9100, while
in 2005 it was Lek 8400.
Prices
increased during the second half of 2006, due to the creation of a "one
shop system" by seven out of the eight insurance operators, which in
effect squelched competition between companies.
The
agreement for a joint point of sales by insurers was surprisingly approved by the
Ministry of Finance. Meanwhile, the Competition Authority ruled such an agreement
as a violation of the antimonopoly law, but its decision was ignored by the
same Ministry.
Short URL: http://www.albanianeconomy.com/news/?p=237
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on Feb 27 2007. Filed under Uncategorized.
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