With a presence in three countries – Albania, Macedonia and Kosovo – Eurosig has been ranked as the fastest-growing company in Albania’s insurance market for the last four years. Priding itself on its European standards, the company offers coverage for vehicles, homes, health, work, property, professionals, agricultural products, livestock and more. With the country an official candidate for accession to the European Union (EU), Eurosig President Kadri Morinaj discusses his plans for expansion in Europe
How would you describe the insurance sector in Albania?
Insurance has been one of the less-developed industries in Albania since 1992, when the government introduced reforms after the fall of the old communist regime. The industry is more developed in the motor vehicle insurance segment than in voluntary insurance, which represents only a small share of the market, though it includes products like property insurance, third-party liability insurance or professional liability insurance. What we need now are deep reforms from the government and the opening of negotiations for membership with the EU so that our industry can develop the same way as it is in other countries. The Albanian insurance market has a stable financial position, but the industry needs to be on the same footing as other industries. Insurance is one of the four pillars of development of a country.
What position does Eurosig hold within the insurance sector and what are the challenges and opportunities of expansion into other countries?
The Eurosig Group is the second-largest insurer in Albania, the largest in Kosovo, and in a middle position in Macedonia. The challenge is to serve the citizens of all three countries to the same high standards. Staff training is a priority, so we can serve the citizens in those countries where the industry is not as developed as it should be. At the same time, this also poses an opportunity, as human resources are a key factor to Eurosig’s continuing growth. We currently have 3,000 employees and our ambition is to grow even more in the insurance market.
You have won many awards and were named one of the Best Managers of 2017 by the Socrates Committee in Oxford. What is your vision for this company?
What I bring to Eurosig is personal ambition, a love of the insurance industry, and a desire to be one of the best. Albania and Eurosig have to walk together in order to join the EU at the same stage of development.
When German investors or companies come to Albania, what can Eurosig do for them?
We offer all the same conditions that any German insurance company would offer them in order to protect their assets. For many years we have been partnering with several international reinsurance companies, including Hannover Re, Polish Re, Trust Re, Generali Group and Munich Re.
Albania has put a lot of effort into reform and growth. Where is the country now, and where is it going?
Politicians need to work to bring this country up to high standards. Laws have been passed, but they are not always applied. The time has come for the reforms to be implemented and not just written down. The reforms to the justice system, in particular, need to be more transparent. Without them, other reforms cannot develop. We need to show Europe and the world that we are a country that can do its best and live up to their same standards.
What should the world remember about Eurosig Group?
We call ourselves the insurance company of European standards. Our ambition is to enter the European market. Albania is a very special country: while it is not part of the EU, it has been always a part of Europe.