STATISTICS: ALBANIA 3Q2015: Life insurance loses ground; non-life remains in the double digit growth territory

Albanian's insurance market uptrend continued in the third quarter of 2015, with GWP increasing by about 17% y-o-y, to ALL 10.07 billion (EUR 71.76 million). However, as compared with the results reported in the previous quarters, the market dynamic is slowing down, as the impact of the strong increase in the MTPL prices is somehow dissipating after more than one year from the FSA's corrective measures enforcement.

Thus, according the FSA data, during the 2015's first three quarters, the compulsory motor insurance premiums were about ALL 6.1 billion, showing an increase by 21.38% compared with 3Q2014:
  • GWP in Domestic MTPL insurance, increased by 27.39% , while the number of insurance contracts also increased by 6.79% y-o-y;
  • GWP in Border Insurance decreased by 15.96%. The number of contracts also decreased by 26.47% compared to the period January-September 2014;
  • GWP in Green Card insurance, increased by 17.77% y-o-y. The number of contracts increased by 19.00% y-o-y.
Voluntary Non-Life insurance lines experienced an increase by 17.82% y-o-y.

The total revenues in the portfolios of property, liability and guarantee insurance, were about ALL 1.85 billion, the biggest share of this portfolio, of71.92%, being taken by the Fire and other property damage insurance, followed by General liability insurance with about 19.29%.

It is worth noting that GWP for the insurance against fire and natural forces line, decreased by 0.22% in 3Q2015 although the number of contracts increased by 5.02% y-o-y.

The Life insurance remained on a negative path, with GWP decreasing by almost 10% y-o-y. to ALL 688.1 million (EUR 4.9 million). Life insurance segment's weight in the market portfolio not only remained very small, but further decreased from 8.85% by the end of 3Q2014, to 6.8% in September 2015.

Access www.xprimm.com and download the 3Q2015 Albanian insurance market statistics.

Market indicators (in EUR and ALL):
  • GWP
  • Claims 
  • Growth rates
  • Portfolio
Market rankings (in EUR and ALL) - GWP/Claims/Growth rates/Market shares:

Related articles

STATISTICS: ALBANIAN insurers posted about EUR 79 million in GWP at the end of September

The Albanian insurance market reached over ALL 10.8 billion (EUR 78.6 milion) for the period January - September 2016, or 7.2% more y-o-y, according to the quarterly market statistics published by AFSA - Albanian Financial Supervisory Authority. During the analysed period, the number of issued insurance contracts reached 808,881 showing a decrease of 0.4% y-o-y. The total of paid claims was about ALL 2.9 million or 27.8% more, compared to the period 3Q 2015.

2016-11-03

STATISTICS: ALBANIAN insurers GWP down by 2.7% y-o-y in Q1

The Albanian insurance market reached GWP of over ALL 2,939 million (EUR 21.2 million) for the period January-March 2016, or 2.70% less y-o-y. During the analysed period, the number of issued insurance contracts reached 222,422 showing a decrease of 1.29% y-o-y.

2016-06-23

ALBANIA: New attempt for INSIG's privatization

The Albanian government is making a new attempt to privatize INSIG, offering the whole state owned package of shares for EUR 15.3 million. There were several other tenders opened in the past with the same purpose, the highest being placed in 2009 by American Reserve life Insurance, amounting to EUR 25 million for 61% of the share capital. At the time the sale failed because of the financial crisis.

2016-01-27

STATISTICS: ALBANIAN insurers' GWP up 14.41% in Q1

The Albanian insurance market reached ALL 3.02 billion (EUR 21.53 million) in the January-March 2015 period, or 14.41% more y-o-y, the official statistics published by the Albanian Financial Supervisory Authority - AFSA indicated. The value of claims paid by local insurers increased by 18.61%, to ALL 705.51 million.

2015-05-13

ON THE MOVE

TOP EVENT

VIDEO: GIF 2017, LONDON: HRH The Prince of Wales welcome address

"Insurers have to play an important part not only in managing current risks, but also in modelling the future by contributing to a better understanding of risks, to closing the insurance gap and setting an example of responsible investment policy," HRH The Prince of Wales said in his welcome address at GIF 2017.

20.07.2017

See all