Tirana, 10 March 2016/Independent Balkan News Agency
The Albanian government has put out for sale 100% of the shares of the state owned insurance company INSIG for 15 million euros. The tender procedures have been launched at the Ministry of Finance, where interested are submitting their documents. Seven companies, Albanian and foreign, have expressed their interest.
Privatization of INSIG has started since 2007, but this process has failed several times. EBRD and IFC have also been involved in the privatization efforts, but to no avail. In 2010, there were hopes for a successful privatization, after an American company declared that it would buy all the shares for 50 million USD, but this company withdrew.
Once leader in the insurance market, INSIG has lost its strong position for years and currently it is ranked last in the Albanian insurance market. Each year it has seen a drop of 15-20%. /ibna/