Sigal enters Macedonian life insurance market

TIRANA, June 13 – Albania-based Sigal Uniqa Group Austria announced on Monday it has extended its activity in neighboring Macedonia.
Uniqa a.d which is part of Sigal Albania, has been operating in the Macedonian market for seven years, however its decision to expand to the Macedonian life insurance market is a new development.
Avni Ponari, the Director General of Sigal said the licensing of Uniqa Life was the concretization of the company’s strategy for its continuous extension of activity and variety of products.
“Although life insurance is at low levels because of poor tradition and culture, it will surely take the same place as in other European countries. The life insurance market in the region accounts for only 3 to 4 Euros per capita at a time when in other European countries it exceeds 1000 Euros per capita,” stated Ponari.
Sigal Uniqa Group Austria has been operating in Albania for the past 13 years and currently leads the domestic insurance market with a 30 percent share. Sigal also operates in neighboring Kosovo.