STATISTICS: ALBANIA 3Q2018: motor insurance lines' market weight increased to nearly 70%

1 November 2018 — Daniela GHETU
Albanian insurers have reported GWP worth EUR 98.7 million (ALL 12.46 billion) in 3Q2018, up by 9.73% y-o-y. For the same period, paid claims have decreased by 3.12% y-o-y, to EUR 26.86 million. The local subsidiaries of the Austrian group UNIQA lead both the life and non-life insurance segments.

Given the Albanian Lek (ALL) appreciations against Euro, the results denominated in European currency show better growth rates.

With GWP increasing at a significantly lower pace than the market average, the life insurance segment has lost about 0.5 percentage points of its market weight. Thus, GWP for the segment amounted to EUR 6.52 million, while life insurance currently accounts for about 6.6% of the total premiums production.

On the non-life side, motor insurance lines have posted the highest growth rate, of 11.53% y-o-y. At that, the segment's weight in the market portfolio increased to 66.9% from 65.8% the previous year. The lion's part of this market share belongs to the MTPL insurance lines, premiums written on this particular segment accounting for 62.3% of the market GWP. Out of this percentage, the domestic MTPL insurance line (DMTPL) hold the largest part (48.92%), also reporting for 3Q the highest growth rate (14.57%). The Green ard line provides for 9.6% of the total GWP, while border insurance holds a 3.7% share.

Sigal Uniqa Group Austria leads both the life and non-life markets: on the life insurance side, Sigal Life Uniqa Group Austria holds a 61.3% market share, while on the non-life segment its sister company, Sigal Uniqa Group Austria accounts for almost 26% of the non-life business.

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