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)

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