Albania: Insurance market on positive track after the first five months of the year

GWP written for the first five months (January to May) 2018 by Albanian insurers amounted to over ALL 6,277 million, or 3.01% more y-o-y, while the number of related insurance contracts reached to 462,260 with an increase of 7.30% y-o-y, Albanian FSA data show.

Non-Life insurance brought 93.02% of the total premium volume, leaving respectively life assurance with 6.89% and reinsurance activity at 0.09%. By type of insurance, voluntary insurance lines account for 39.37% of the total market GWP, the largest share of the portfolio, of 60.63% being held by mandatory insurance.

Gross claims paid in the same period amounted to about ALL 1,940 million, or 17.57% less y-o-y. Claims paid for motor insurance contracts amounted to ALL 1.326 million, or 68.33% of the total.

Compulsory MTPL premiums amounted to ALL 3.806 million, 7.97% up y-o-y.

  • Domestic MTPL: GWP - 10.59% growth; number of contracts - up by 7.05%
  • Green Card: GWP - 2.49% decrease; number of contracts - up by 7.43%
  • Border Insurance: GWP - 4.57% decrease; number of contracts - up by 26%
On the Voluntary insurance segment, GWP decreased by 3.79% y-o-y, to ALL 2,471 million, although the total number of contracts grew by 6.44%.

Property insurance lines provided for GWP worth 1,098 million, the largest share of this volume, 69.94%, belonging to the fire and other damage to the property line for which GWP increased by 17.12% for 11.01% more contracts.

1 EUR = 125.92 Albanian Lek (ALL) (as at 31 May, 2018)

1 EUR = 134.19 Albanian Lek (ALL) (as at 31 May, 2018)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all