STATISTICS: ALBANIA, 1Q2018: Slight increase in GWP and number of policies

The Albanian insurance market reached over ALL 3.55 billion (EUR 27.2 million) during Q1 2018, or 2.53% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.

During the analyzed period, the number of issued insurance contracts reached 261,173 showing an increase of 5.54% y-oy.

The market continued to be dominated by non-life insurance, which share was 93.08% of the total premium volume, life insurance and reinsurance market share was respectively 6.8% and 0.13% of the aggregate GWP.

At the same time, market shares of voluntary and compulsory insurance GWP were respectively 37.78% and 62.22%, while the total of paid claims during the period was about ALL 1.15 billion (EUR 8.8 million) or 22.03% more, compared to the period January-March 2017.

As in previous reporting periods, the largest insurance class was represented by the Compulsory Motor insurance policies, the value of GWP being about ALL 2.21 billion or more than 62% of total GWP, showing an increase by 6.48% y-o-y. It is worth mention that MTPL policies generated the largest share of total claims: ALL 641.70 million, or more than 55% of total.

As of end-March the biggest player on the life insurance segment was SIGAL Life UNIQA Austria with 60% market share, while on the non-life insurance segment, the largest insurer as GWP was the other unit of the Austrian insurer - SIGAL UNIQA Group Austria with 27.7% share.

Access and download the 1Q2018 Albanian insurance market statistics.

  • Market indicators (in EUR and ALL): GWP / Claims / Growth rates / Portfolio;
  • Life & non-life market rankings (in EUR and ALL): GWP / Claims / Rates / Shares.

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

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