ALBANIA: from January to November 2019 over 55% of paid claims fell on motor insurance

7 January 2020 — Marina MAGNAVAL
Between January and November 2019, the Albanian insurance market exceeded ALL 15.63 billion/ EUR 0.13 billion (+3.20% y-o-y) in premiums. Market paid claims for the period amounted to about ALL 5.48 billion (11.13% less y-o-y), as the data of the Financial supervisory authority (AMF) show.

According to the report of AMF, the total number of insurance contracts during the period increased by 3.14% and the market continues to be dominated by non-life sector, which accounts for 92.76% of the portfolio, while life insurance and reinsurance shares are 6.83% and 0.41% accordingly. Voluntary insurance reached 36.13% of the market GWP and compulsory insurance 63.87%.

GWP of the compulsory motor insurance increased by 4.45%, to about ALL 9.98 billion (~EUR 0.08 billion). Domestic MTPL saw an increase by 5.01% y-o-y, Green Card increased by 5.55%, while border insurance dropped by 7.24%. It is worth noting that most of the market paid claims fell on motor insurance (~ALL 3.05 billion, or 55.64%).

GWP of the voluntary classes reached about ALL 5.65 billion (+1.06% y-o-y). Property, liability and guarantee insurance accounted for over ALL 2.23 billion, with the biggest share (73.11%) taken by fire and other property damage insurance.

GWP of life insurance for 11 months of 2019 exceeded ALL 1.06 billion, which is 6.38% more y-o-y.



* EUR 1 = ALL 122.61 (as of Dec 2, 2019)

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