STATISTICS: ALBANIA 3Q2017: Double-digit increase in GWP, claims and the number of issued contracts

Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%.

According to the quarterly market figures published by Albanian Financial Supervisory Authority, the market GWP portfolio consisted of about 93% - non life insurance (of which 61% MTPL), the remaining 7% being accounted by the life insurance segment.

In terms of claims, the Albanian insurers reported gross claims paid of about EUR 27.8 million (ALL 3.7 billion), 29.5% more y-o-y (nominal change in euro). Most of the gross paid claims were related to Motor insurance, about ALL 2.2 billion or 60.23% of total gross paid claims (MoD and MTPL, summed).

During January -September 2017, the number of issued insurance contracts reached 932,106 showing an increase of 15.23 % compared to 3Q 2016.

As in previous reporting periods, in terms of GWP, the largest insurers in the country were the two UNIQA subsidiaries. Thus, SIGAL UNIQA Life accounted for about 65% market share in life insurance segment, while SIGAL UNIQA was the largest non-life insurer (27.2% marlet share).

Access www.xprimm.com and download the 3Q2017 Albanian insurance market statistics.
  • Market portfolio (in EUR and ALL): GWP / claims / growth rates.
  • Life and non-life rankings (GWP/Market shares/claims/growth rates - in EUR and ALL).

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

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