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In 2024, insurance companies in Albania are expanding their services to cater to the evolving needs of customers. With the aim of providing top-class insurance coverage, these companies are constantly striving to offer exceptional services and ensure customer satisfaction. In this blog post, we will highlight the top 7 insurance companies in Albania for the year 2024, based on their reputation, coverage options, and customer feedback.
1. ALBSIG Insurance
ALBSIG Insurance is a leading insurance company in Albania, known for its comprehensive coverage and excellent customer service. With a wide range of insurance products, including auto, home, health, and life insurance, ALBSIG Insurance caters to the diverse needs of its customers. The company prides itself on its quick claim settlement process and personalized assistance, making it a top choice for insurance seekers.
Albsig s.a. was established in 2004 as an insurance company located in Albania. Albsig is a joint-stock company with joint capital, registered according to Albanian Law no. 7638, dated November 19, 1992 “On Commercial Companies”, and registered in the Commercial Registry of Albania by decision of the District Court of Tirana, No. 28154, dated January 9, 2004. Our company operates under the license issued by the Financial Supervisory Authority (FSA), for the trading of general insurance policies according to the rules of the FSA in the territory of Albania. The authorization to undertake non-life insurance activities was obtained on June 19, 2004, while the license specifying the classes of activities was issued on September 10, 2004. Since 2019, Albsig offers new products of the Class 14 of non-life “Credit Insurance”.
Since 2004, we have built the business around the needs of the customers, and upon the foundations of the common values that accompany us in every step of the work. As a joint-stock company, part of the Kastrati GROUP, our company has extended its activity throughout the territory of Albania thanks to the quality and speed of service, being close to customers with 28 branches, as well as through cooperation with over 400 agencies that operate throughout the territory of Albania. Albsig has a portfolio of more than 35 insurance products, which enables us to meet every need of today’s market; from voluntary motor insurance policies, accident and fire insurance, to liability insurance for small, medium and large businesses. For purchasing the insurance plan visit the official website of ALBSIG.
2. Atlantik Insurance
Atlantik Insurance is another top insurance company in Albania that has gained a reputation for its reliability and trustworthiness. The company offers a range of insurance policies, including property, liability, and travel insurance, among others. Atlantik Insurance stands out for its competitive premiums and flexible coverage options, making it a preferred choice for individuals and businesses alike.
ATLANTIK Insurance Company operates in the field of Non-Life insurance for insurance classes with Authorization No. 5 dated 04.13.2001, of the Insurance Supervisory Commission – AMF.
ATLANTIK Company is the third private company opened in the insurance market in the country, founded in June 2001 with sole shareholder Mr.ย Dritan Celaj who owns 100% of the shares.
The Supervisory Council is the body that has the right to evaluate the implementation of policies and monitor compliance with the laws and acts of the company and currently consists of 3 members headed by Mr.ย Luan Bregasi and his two members.ย The daily activity of the company is managed by the General Director Mr.ย Dritan Celaj. this is 2nd largest insurance company of Albania. If you like to purchase any insurance you may purchase from here. The Atlantik insurance company providing different types of Insurance like.
3. Fondi Sigal Insurance
Fondi Sigal Insurance is a well-established insurance company that has been operating in Albania for several years. The company is known for its strong financial stability and commitment to customer satisfaction. Fondi SiGAL Insurance offers a wide array of insurance products, including motor, property, and health insurance, ensuring that customers have access to comprehensive coverage options that meet their specific needs. This is 3rd insurance company in Albania which is providing best insurance plan to each individuals.
4. Vienna Insurance
Vienna Insurance is a reputable insurance company that has been serving the Albanian market for many years. The company focuses on providing personalized insurance solutions tailored to the unique requirements of its customers. Vienna Insurance offers a range of insurance products, including home, travel, and business insurance, and is recognized for its efficient claims handling process and dedicated customer support.
Vienna Insurance Group (VIG) is well established in all lines of business and thus offers a comprehensive customer-oriented portfolio of products and services with more than 50 Group companies and around 23,000 employees in 25 countries. The Group generated around EUR 9 billion in premiums in 2016, further strengthening its market leader position in Austria and in Central and Eastern Europe (CEE), where VIG has been operating for more than 25 years.
VIGโs successful expansion into the CEE region
VIGโs roots reach back more than 190 years in Austria, during which time the Company developed from its start as a local insurer in 1824 to an international insurance group. In 1990, visionaries in Wiener Stรคdtische recognised the many opportunities offered by the CEE region and took the chance of entering the market in the former Czechoslovakia. The expansion continued in following years. From Estonia to Albania and Germany to Georgia, the entire region was slowly covered. The 2014 entry into the market in the Republic of Moldova filled the final remaining gap in coverage of the CEE region.
Using its combined strengths to become number 1
VIG has worked its way to the top of the insurance market in many countries in previous years. Using a focused growth strategy and long-term perspective, it created a stable base that led to double-digit market shares in many markets.
The figures for the region show that the decision to expand into the CEE region was correct. In 2016, around half of VIGโs total premium volume of around EURย 9 billion was generated in the CEE markets. The Group continues to believe in the potential offered by the ongoing economic growth in the region, which brings with it a rising demand for insurance products.
The importance of the region was confirmed by another decision by the Group in 2008 to establish the registered office of the internal Group reinsurance company VIG Re in the Czech Republic.
Focusing together on the core business
The decisions above underscore the path followed by VIG and strengthen the focus on insurance as the clear core business. It pursues a progressive and highly risk-conscious insurance strategy. Reliability, trustworthiness and solidity define its relationships with business partners, employees and shareholders.
This fundamental approach is also reflected in its strategy of continuous sustainable growth and excellent creditworthiness. The international rating agency Standard & Poorโs has confirmed VIGโs development with an A+ rating with stable outlook for many years. VIG continues to have the best rating of all companies in the ATX, the leading index of the Vienna Stock Exchange.
Side-by-side with our customers
Customer loyalty and customer proximity are major factors in VIGโs success. Our local employees know the needs of their customers the best, which is why VIG places its trust in these employees and local entrepreneurship.
In order to create stability and trust, the Group uses a multi-brand strategy that retains established brands and unites them under the Vienna Insurance Group umbrella. This also allows a wide variety of distribution channels to be used. The Companyโs strategic orientation is rounded off by a conservative investment and reinsurance policy.
Erste Group and VIG: strong together
Erste Group is strongly anchored in Austria and is one of the top players in the CEE region. The strategic partnership between Erste Group and VIG began in 2008 and has grown and strengthened over the past eight years. VIG Group companies offer Erste Group products, and Erste Group branches sell VIG insurance products in return.
Stable dividend policy of the Group
VIG has been listed on the Vienna stock exchange since 1994. Today, it is one of the top companies in the โprime marketโ segment, and offers an attractive dividend policy with a dividend payout ratio of at least 30% of Group profits (after taxes and non-controlling interests) for shareholders.
The significance of the Central and Eastern European economic area was once again underscored by the Companyโs second listing on the Prague Stock Exchange in February 2008. VIG shares have also established themselves as one of the top companies there.
The shareholder structure has remained stable since the capital increase in 2005. Around 70% of the shares are held by its principal shareholder, Wiener Stรคdtische Versicherungsverein. The remaining 30% of the shares are in free float.
Searching for the best together
All VIG Group companies strive to attract the most talented and intelligent employees. As a result, identifying and developing individual skills is a central priority in the companyโs human resources management. Promoting diversity is also highly important, as is creating a framework that offers appropriate development opportunities for employees. This is because it is clear to VIG that its success is built on the dedication of its 23,000 employees.
Further information on Vienna Insurance Group is available atย www.vig.comย or in the VIG Group Annual Report.
5.Sigal Uniqa Insurance
Sigal Uniqa Insurance is a prominent insurance company in Albania, known for its extensive network and wide range of coverage options. The company offers various insurance policies, including car, property, and health insurance, with flexible terms and competitive premiums. Sigal Uniqa Insurance prides itself on its transparent communication and commitment to delivering prompt and reliable services to its customers.
SIGAL Sh.a is the first company to attract foreign capital in the Albanian insurance market. In 2003, Albanian-American Fund of Enterprise, founded by the Department of States of the United States of America, became one of the shareholders by acquiring 13.3% of companyโs shares.
In March 2007, SIGAL Sh.a and UNIQA Group Austria signed an Agreement with one of the most powerful financial groups in Central and Eastern Europe. UNIQA Group Austria is the biggest shareholder of SIGAL UNIQA by 86.9% of shares.
6. Sicred sh.a Insurance
GHI Insurance is a trusted insurance company that has been operating in Albania for several years. The company focuses on building long-term relationships with its customers by providing comprehensive insurance solutions and exceptional customer service. GHI Insurance offers a range of insurance products, including life, travel, and property insurance, with a strong emphasis on affordability and flexibility.
7. Sigma Interalbanin VIG Insurance
Sigma Interalbanin Insurance is a leading insurance company in Albania, known for its innovative insurance solutions and customer-centric approach. The company offers a wide range of insurance products, including motor, home, and health insurance, with customizable coverage options. Sigma Interalbanin Insurance stands out for its user-friendly online platform, making it convenient for customers to manage their policies and file claims.
When choosing an insurance company, it is essential to consider factors such as coverage options, financial stability, customer service, and reputation. The top 7 insurance companies listed above have proven their commitment to providing exceptional services and meeting the diverse insurance needs of customers in Albania. Whether you require auto, home, health, or life insurance, these companies offer reliable coverage options and prioritize customer satisfaction.
As the insurance industry continues to evolve, these top insurance companies in Albania are at the forefront of providing innovative solutions and ensuring that customers receive the protection they need. When considering insurance options, it is always recommended to research and compare different companies based on your specific requirements and preferences. By choosing a reputable insurance company, you can have peace of mind knowing that your assets and well-being are protected.
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