VIG establishes new L&H insurance company in Albania

Vienna Insurance Group (VIG) has established ‘Vienna Life,’ a new insurer focusing on life and health (L&H) insurance in Albania, as part of its strategy to strengthen its presence in Southeast Europe.

Vienna Life was granted its corporate license by the Albanian Financial Supervisory Authority on December 24, 2024.

Vienna Life becomes the third VIG insurance company operating in Albanian, alongside SIGMA and Intersig, which focus on non-life insurance. Albania’s dynamic growth and low product density in life insurance makes it an attractive market environment for VIG.

Vienna Life will focus on offering risk products such as credit protection and term insurance while also promoting savings options like traditional life insurance and pension solutions. Health insurance will also form a significant part of its portfolio.

Christoph Rath, the VIG Board member responsible for Albania, stated, “We’ve always believed in the potential of the Albanian market. Our local presence goes back to the year 2007 – almost 20 years in which we’ve continuously expanded our product- and service-portfolio in the non-life business and thereby managed to position ourselves under the top players. With the entry into the local life insurance market, we significantly strengthen our positioning and now cover the entire spectrum of insurance solutions, addressing retail and corporate customers.”

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