Insurance, pension companies on the up despite crisis

TIRANA, Oct 20؇rowth of the banking sector slowed in the first half but private insurance, pensions, and savings and credit firms increased their revenues, local media reported.
Citing data from the Bank of Albania, total assets of insurance and reinsurance companies in the first quarter were 16.5 billion ALL (119.5 million euro), up 13.4% on the year. The number of insurance contracts rose by 29%; and damages payouts, capitalization and profit margins also rose.
Private pensions showed a rise in contributions to total 60 million ALL (0.4 million euro) in the first half but the market comprises an almost negligible part of the financial system and gross domestic product.
Finally, savings and credit societies registered a 2% increase in the first half of 2009 on the year with total assets of savings and credit firms at 4.4 billion ALL (31.8 million euro), accounting for around 12.4% of assets of non-bank financial institutions, including insurance companies and pension funds. Credit remains the main activity at 81% of assets.