Albania

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Location map
author: OCHA/ ReliefWeb


Location:
- Southeastern Europe, bordering the Adriatic Sea and Ionian Sea;
- Neighbours: Greece, Montenegro, Kosovo, Serbia, Macedonia.

Climate:
- mild temperate;
- cool, cloudy, wet winters;
- hot, clear, dry summers;
- interior is cooler and wetter.

Natural hazards:
- destructive earthquakes;
- tsunamis occur along southwestern coast;
- floods;
- drought.


Macro indicators (* 2018 estimates)
Surface:28,748km2
Population*:2.9million
Pop. density*:99.8people/km2
GDP*:13.4EUR billion
GDP/capita*:4,648.9EUR

European Union:
Official candidate


Currency: Lek
Code: ALL
Since: 1926

Exchange rates at December 31st:

1 EUR = 123.42 ALL (2018)
1 EUR = 132.95 ALL (2017)
1 EUR = 135.23 ALL (2016)
1 EUR = 137.28 ALL (2015)
1 EUR = 140.14 ALL (2014)
1 EUR = 140.20 ALL (2013)
1 EUR = 139.59 ALL (2012)
1 EUR = 138.93 ALL (2011)
1 EUR = 138.77 ALL (2010)


Sources:





 


Statistics

Abania 1Q2019 Market Portfolio

Albania 1Q19 Insurance Companies Ranking


See all statistics

Latest news



STATISTICS: ALBANIAN insurers' GWP up 14.41% in Q1

The Albanian insurance market reached ALL 3.02 billion (EUR 21.53 million) in the January-March 2015 period, or 14.41% more y-o-y, the official statistics published by the Albanian Financial Supervisory Authority - AFSA indicated. The value of claims paid by local insurers increased by 18.61%, to ALL 705.51 million.

VIG's gross written premiums in ALBANIA rise 40.4% in 2014

The Vienna Insurance Group (VIG) said its gross written premiums from operations in Albania rose 40.4% in 2014. VIG said on Tuesday it achieved a double-digit increase in premiums of 14.5% in local currency in its Remaining markets region, comprising Albania, Bosnia and Herzegovina, Bulgaria, Germany, Estonia, Finland, Georgia, Croatia, Hungary, Lithuania, Latvia, Moldova, Macedonia, Serbia, Turkey, and Ukraine.

ALBANIA insurers' premium income rises 18.8% in Jan

The combined premium income of Albanian insurers rose by an annual 18.8% to about 1.2 billion leks in January, official statistics indicated. The number of signed insurance contracts increased by 2.1% year-on-year to 74,401 in January, the Albanian Financial Supervisory Authority said in a statement published on Wednesday on its website.

STATISTICS: Compulsory motor insurance pushed up the ALBANIAN market by 36.2% in 2014

Albanian insurers reported gross written premiums of ALL 11.6 billion (EUR 83 million) at the end of 2014, or 36.2% more y-o-y, being strongly influenced by the positive growth rates recorded by the three compulsory motor classes: DMTPL (+89%), Green Card (+57%) and Border policies (+50%). At the same time, the aggregate value of paid claims was approximately ALL 2.8 billion (EUR 20 million) or 4.7% more compared with FY2013, according to the financial data published by the Albanian Financial Supervisory Authority (AFSA). "The number of issued insurance contracts reached 1,032,554 showing an increase of 3.69% compared to last year", the AFSA said in a statement published on its website.

ALBANIAN Parliament approves the nominations for Board members of the FSA

In its plenary session, the Albanian Parliament approved today, on 24 December 2014, three nominees as the Board members of Financial Supervision Authority (FSA). With the majority of votes were approved Mrs. Enkeleda Shehi, Mrs. Mimoza Kaci and Mr. Arjan Salati as members of the Board of FSA. Mrs. Enkeleda Shehi, proposed by the Council of Ministers, will hold the position of Executive General Director. Mrs. Mimoza Ka

STATISTICS: ALBANIA 3Q2014: The stabilization of MTPL tariffs pushed up the market by more than 45%

The insurance premium revenues for January-September 2014 were about ALL 8,585 million (EUR 61.4 million), or 45.21% more compared to the January-September 2013, Albanian Financial Supervisory Authority (AFSA) informed. Payment of claims, during the period January-September 2014, increased by 1.40% compared to January-September 2013. Most of the gross paid claims were related to motor insurance, about ALL 1,662 million (EUR 11.9 million) or 83.08% of total gross paid claims.


ALBANIAN insurers' GWP rises 34.6% during first half

For the first six months of the current year, Albanian insurers reported gross written premiums of ALL 5.32 billion (~EUR 38 million), 34.6% more y-o-y, the official statistics published by Albanian Financial Supervisory Authority (AFSA) indicated. The number of new insurance contracts decreased by 1.34% y-o-y to 447,244 through June, AFSA noted in a statement.


MTPL pushed the ALBANIAN market by 26.6% y-o-y in Q1

According to the Albanian FSA - the insurance premium revenues for January-March 2014 were about ALL 2,640 million (~EUR 18.8 million), or 26.61% more y-o-y. At the same time, during the analyzed period, the number of signed insurance contracts was 204,660, showing a decrease of 12.08% compared to January-March 2013. The market continued to be dominated by non-life insurance (89.36% of the total premium volume). The life insurance market held 10.06% and reinsurance - 0.58%.

ALBANIA FY2013: insurers' GWP fell by 4.6% y-o-y

Albanian insurance market totaled ALL 8.53 billion (EUR 60.88 million) at the end of 2013, or 4.63% less y-o-y, according to the preliminary financial data published by the Albanian Financial Supervisory Authority (FSA). The downward trend was felt in the decrease of the number of insurance contracts, which showed a 5.87% decrease y-o-y to 995,732.

ALBANIAN insurers reported a decrease of 9.3% y-o-y in 3Q2013

Albanian insurance companies posted gross written premiums for the period January-September 2013 of ALL 5.92 billion (EUR 41.9), or a 9.28% decrease compared to the same period last year, according to data provided by the Albanian Financial Supervisory Authority. During the analyzed period, the number of signed insurance contracts was 757,328 showing a decrease of 3.05% y-o-y.

ALBANIA looks to regional insurance

As disasters continue to cost Albania dearly the country is cooperating on the launch of an innovative regional insurance scheme to complement a stronger domestic approach to disaster risk management.

ALBANIA, 1H2013: compulsory insurance lines account for 43% of GWP

MTPL remains the most important product sold on the market, while on the life insurance side, debtors' life is the main product, where banks are the beneficiaries. According to Enkeleda SHEHI, Chairperson for the Albanian FSA, "in terms of potential for future growth, health and life insurance have shown to have a high potential for growth in the last years. However, it should be noted that the low penetration on the market (0.67%) could be interpreted as an indication that the market is not only underserved and operating far from its potential, but also in general it presents opportunities to unlock in the future, especially in property, life and health insurance."

ALBANIA: 40% of vehicles without insurance

Nearly 40 percent, or more than 100.000 vehicles circulating in Albania's roads have no car insurance at all, according to the data unveiled by country's finance authorities.

ALBANIAN market totaled EUR 15 million at the end of March

At the end of March, 2013, the Albanian insurance market totaled ALL 2,085 million (EUR 14.9 million), or 11.96% more compared with the same of period last year, according to the figures published by the Albanian Financial Supervisory Authority (AFSA).

ALBANIAN insurers FY2012 GWP up 7.4% y-o-y

Albanian insurance companies posted combined gross written premiums of ALL 8.9 billion (EUR 64 million) at the end of 2012, or 7.38% more y-o-y, according to the financial data published by the Albanian Financial Supervisory Authority (FSA). Despite this increase, during FY2012, the number of signed insurance contracts was 1,057,821 or 19% less compared with year 2011.

ALBANIA: Independence of the financial regulators under debate

"Regulator independence is a necessity for achieving and consolidating market development. A transparent and stable environment promotes consumer confidence and encourages free and fair competition among all market participants", stated Enkeleda SHEHI, Chairperson of the Albanian Financial Supervisory Authority in her opening speech to the international conference organized by AFSA under the title "Independence of the Financial Sector Regulators: Reemphasized".