STATISTICS: ALBANIA, 1H2017: Double-digit increase for the number of issued contracts

The Albanian insurance market reached over ALL 7,415 million (EUR 56 million) during the period January - June 2017, or 12.03% more compared with 1H2016, the Financial Supervisory Authority informed.

The total of paid claims during the period January - June 2017 was about ALL 2,706 million (~EUR 20 million) or 44.02% more, compared to the period January - June 2016.

During the analysed period, the number of issued insurance contracts reached 551,848 showing an increase of 14.69 % compared to January - June 2016.

The GWP aggregate portfolio continued to be dominated by non-life insurance, which share was 91.99% of the total premium volume, life insurance and reinsurance market share was respectively 7.57% and 0.44%. At the same time, market shares of voluntary and compulsory insurance GWP were respectively 41.46% and 58.54%.

According to the half-year figures publised on AFSA's website, of total GWP, the largest share was accounted by the the Compulsory MTPL class (Domestic MTPL, Green Card and Border policies, summed-up): GWP of about ALL 4,322 million (EUR 32.6 million) - about 58% of total GWP, 11.43% more y-o-y. Of this total, Domestic MTPL insurance GWP increased by 14.35% y-o-y to ALL 3,477 million, while the number of insurance contracts also increased by 6.46% y-o-y.

Read more about the Albanian insurance market evolution in 1H2017 in the forthcoming issue of XPRIMM Insurance Report 1H2017, to be released on October, 22nd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Access www.xprimm.com and download the 1H2017 Albanian insurance market statistics.

Market portfolio (in EUR and ALL):

- Gross written premiums
- Paid claims
- Growth rates

Market rankings (GWP/Market shares/Growth rates - in EUR and ALL):

- Life insurance
- Non-life insurance
- Overall motor / DMTPL / Green Card
- Overall property

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

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