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