Albania

MAI CEE is the only international insurance and reinsurance broker to have a presence in Albania, yet the country offers a wealth of opportunity, and is attracting substantial inward investment for major infrastructure projects. Currently MAI Albania is working on projects in energy, transportation and telecommunications.

The Albanian insurance market is still relatively small, but is going through a period of growth. Despite strong price sensitivity, premium income is rising by between 7% and 10% this year compared to 2012.

Strong growth in non-life

Premium income to insurers from non-life voluntary products grew by over 200% in 2011 compared to the previous year.

Much of this growth came in personal lines and health products as well as property, casualty and credit guarantee insurance. Fire and property damage insurance account for over 40% of the portfolio. Motor insurance remains the largest sector of the general Albanian insurance market.

This growth underlines the increasing awareness in Albania of the need for insurance cover, and the appetite for competitive terms.

Building a broking business

One of the most interesting aspects of being the first insurance broker operating in Albania is that traditionally clients and carriers have dealt directly with each other, often as a result of there being limited competition, so the concept of working with a broker such as MAI CEE is unusual.

MAI CEE’s offering is very attractive to insured’s, as we are providing service levels that are often well above those which insureds are used to receiving, especially in negotiating wider terms and conditions, and getting claims settled quickly.